QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) | |||||||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (Commission file Number) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||
(Address, including zip code, of principal executive offices and registrant’s telephone number, including area code) |
þ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Page | |||||
Page | |||||
August 1, 2021 | November 1, 2020 | |||||||||||||
(In millions, except par value) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Trade accounts receivable, net | ||||||||||||||
Inventory | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Long-term assets: | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets, net | ||||||||||||||
Other long-term assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Employee compensation and benefits | ||||||||||||||
Current portion of long-term debt | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term liabilities: | ||||||||||||||
Long-term debt | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 11) | ||||||||||||||
Preferred stock dividend obligation | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities and equity | $ | $ |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||||
Products | $ | $ | $ | $ | ||||||||||||||||||||||
Subscriptions and services | ||||||||||||||||||||||||||
Total net revenue | ||||||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Cost of products sold | ||||||||||||||||||||||||||
Cost of subscriptions and services | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | ||||||||||||||||||||||||||
Restructuring charges | ||||||||||||||||||||||||||
Total cost of revenue | ||||||||||||||||||||||||||
Gross margin | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | ||||||||||||||||||||||||||
Restructuring, impairment and disposal charges | ||||||||||||||||||||||||||
Total operating expenses | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Other income, net | ||||||||||||||||||||||||||
Income from continuing operations before income taxes | ||||||||||||||||||||||||||
Benefit from income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Income from continuing operations | ||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes | ( | ( | ||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Dividends on preferred stock | ( | ( | ( | ( | ||||||||||||||||||||||
Net income attributable to common stock | $ | $ | $ | $ | ||||||||||||||||||||||
Basic income per share attributable to common stock: | ||||||||||||||||||||||||||
Income per share from continuing operations | $ | $ | $ | $ | ||||||||||||||||||||||
Loss per share from discontinued operations | ( | ( | ||||||||||||||||||||||||
Net income per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted income per share attributable to common stock: | ||||||||||||||||||||||||||
Income per share from continuing operations | $ | $ | $ | $ | ||||||||||||||||||||||
Loss per share from discontinued operations | ( | ( | ||||||||||||||||||||||||
Net income per share | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted-average shares used in per share calculations: | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||||
Change in actuarial loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans | ||||||||||||||||||||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ | ||||||||||||||||||||||
Three Fiscal Quarters Ended | ||||||||||||||
August 1, 2021 | August 2, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Amortization of intangible and right-of-use assets | ||||||||||||||
Depreciation | ||||||||||||||
Stock-based compensation | ||||||||||||||
Deferred taxes and other non-cash taxes | ( | ( | ||||||||||||
Loss on debt extinguishment | ||||||||||||||
Gain on investments | ( | |||||||||||||
Non-cash restructuring, impairment and disposal charges | ||||||||||||||
Non-cash interest expense | ||||||||||||||
Other | ( | ( | ||||||||||||
Changes in assets and liabilities, net of acquisitions and disposals: | ||||||||||||||
Trade accounts receivable, net | ||||||||||||||
Inventory | ( | ( | ||||||||||||
Accounts payable | ||||||||||||||
Employee compensation and benefits | ||||||||||||||
Other current assets and current liabilities | ||||||||||||||
Other long-term assets and long-term liabilities | ( | ( | ||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||
Acquisitions of businesses, net of cash acquired | ( | ( | ||||||||||||
Proceeds from sales of businesses | ||||||||||||||
Purchases of property, plant and equipment | ( | ( | ||||||||||||
Proceeds from disposals of property, plant and equipment | ||||||||||||||
Proceeds from sale of investment | ||||||||||||||
Other | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from long-term borrowings | ||||||||||||||
Payments on debt obligations | ( | ( | ||||||||||||
Other borrowings, net | ( | |||||||||||||
Payments of dividends | ( | ( | ||||||||||||
Shares repurchased for tax withholdings on vesting of equity awards | ( | ( | ||||||||||||
Issuance of common stock | ||||||||||||||
Other | ( | ( | ||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Net change in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of November 1, 2020 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for tax withholdings on vesting of equity awards | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance as of January 31, 2021 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for tax withholdings on vesting of equity awards | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance as of May 2, 2021 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for tax withholdings on vesting of equity awards | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of August 1, 2021 | $ | $ | $ | $ | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of November 3, 2019 | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of accounting change | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Fair value of partially vested equity awards assumed in connection with an acquisition | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for tax withholdings on vesting of equity awards | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance as of February 2, 2020 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for tax withholdings on vesting of equity awards | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||
Balance as of May 3, 2020 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Dividends to common stockholders | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Dividends to preferred stockholders | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased for tax withholdings on vesting of equity awards | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of August 2, 2020 | $ | $ | $ | $ | $ | ( | $ |
Fiscal Quarter Ended August 1, 2021 | ||||||||||||||||||||||||||
Americas | Asia Pacific | Europe, the Middle East and Africa | Total | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Products | $ | $ | $ | $ | ||||||||||||||||||||||
Subscriptions and services (a) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fiscal Quarter Ended August 2, 2020 | ||||||||||||||||||||||||||
Americas | Asia Pacific | Europe, the Middle East and Africa | Total | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Products | $ | $ | $ | $ | ||||||||||||||||||||||
Subscriptions and services (a) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Fiscal Quarters Ended August 1, 2021 | ||||||||||||||||||||||||||
Americas | Asia Pacific | Europe, the Middle East and Africa | Total | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Products | $ | $ | $ | $ | ||||||||||||||||||||||
Subscriptions and services (a) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Fiscal Quarters Ended August 2, 2020 | ||||||||||||||||||||||||||
Americas | Asia Pacific | Europe, the Middle East and Africa | Total | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Products | $ | $ | $ | $ | ||||||||||||||||||||||
Subscriptions and services (a) | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Contract Assets | Contract Liabilities | |||||||||||||
(In millions) | ||||||||||||||
Balance as of November 1, 2020 | $ | $ | ||||||||||||
Balance as of August 1, 2021 | $ | $ |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||
August 2, 2020 | August 2, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Pro forma net revenue | $ | $ | ||||||||||||
Pro forma net income attributable to common stock | $ | $ |
August 1, 2021 | November 1, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Finished goods | $ | $ | ||||||||||||
Work-in-process | ||||||||||||||
Raw materials | ||||||||||||||
Total inventory | $ | $ |
August 1, 2021 | November 1, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Prepaid expenses | $ | $ | ||||||||||||
Other (miscellaneous) | ||||||||||||||
Total other current assets | $ | $ |
August 1, 2021 | November 1, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Contract liabilities | $ | $ | ||||||||||||
Tax liabilities | ||||||||||||||
Interest payable | ||||||||||||||
Other (miscellaneous) | ||||||||||||||
Total other current liabilities | $ | $ |
August 1, 2021 | November 1, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Unrecognized tax benefits | $ | $ | ||||||||||||
Contract liabilities | ||||||||||||||
Other (miscellaneous) | ||||||||||||||
Total other long-term liabilities | $ | $ |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Cash paid for interest | $ | $ | $ | $ | ||||||||||||||||||||||
Cash paid for income taxes | $ | $ | $ | $ |
Semiconductor Solutions | Infrastructure Software | Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance as of November 1, 2020 | $ | $ | $ | |||||||||||||||||
Acquisition | ||||||||||||||||||||
Balance as of August 1, 2021 | $ | $ | $ |
Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
As of August 1, 2021: | ||||||||||||||||||||
Purchased technology | $ | $ | ( | $ | ||||||||||||||||
Customer contracts and related relationships | ( | |||||||||||||||||||
Order backlog | ( | |||||||||||||||||||
Trade names | ( | |||||||||||||||||||
Other | ( | |||||||||||||||||||
Intangible assets subject to amortization | ( | |||||||||||||||||||
In-process research and development | — | |||||||||||||||||||
Total | $ | $ | ( | $ | ||||||||||||||||
As of November 1, 2020: | ||||||||||||||||||||
Purchased technology | $ | $ | ( | $ | ||||||||||||||||
Customer contracts and related relationships | ( | |||||||||||||||||||
Order backlog | ( | |||||||||||||||||||
Trade names | ( | |||||||||||||||||||
Other | ( | |||||||||||||||||||
Intangible assets subject to amortization | ( | |||||||||||||||||||
In-process research and development | — | |||||||||||||||||||
Total | $ | $ | ( | $ |
Fiscal Year: | Expected Amortization Expense | |||||||
(In millions) | ||||||||
2021 (remainder) | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total | $ |
Amortizable intangible assets: | August 1, 2021 | |||||||
(In years) | ||||||||
Purchased technology | ||||||||
Customer contracts and related relationships | ||||||||
Order backlog | ||||||||
Trade names | ||||||||
Other |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | ||||||||||||||||||||||
Dividends on preferred stock | ( | ( | ( | ( | ||||||||||||||||||||||
Income from continuing operations attributable to common stock | ||||||||||||||||||||||||||
Loss from discontinued operations, net of income taxes, attributable to common stock | ( | ( | ||||||||||||||||||||||||
Net income attributable to common stock | $ | $ | $ | $ | ||||||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted-average shares outstanding - basic | ||||||||||||||||||||||||||
Dilutive effect of equity awards | ||||||||||||||||||||||||||
Weighted-average shares outstanding - diluted |
Basic income per share attributable to common stock: | ||||||||||||||||||||||||||
Income per share from continuing operations | $ | $ | $ | $ | ||||||||||||||||||||||
Loss per share from discontinued operations | ( | ( | ||||||||||||||||||||||||
Net income per share | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted income per share attributable to common stock: | ||||||||||||||||||||||||||
Income per share from continuing operations | $ | $ | $ | $ | ||||||||||||||||||||||
Loss per share from discontinued operations | ( | ( | ||||||||||||||||||||||||
Net income per share | $ | $ | $ | $ |
Effective Interest Rate | August 1, 2021 | November 1, 2020 | ||||||||||||||||||
(In millions, except percentages) | ||||||||||||||||||||
March 2021 Senior Notes - fixed rate | ||||||||||||||||||||
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June 2020 Senior Notes - fixed rate | ||||||||||||||||||||
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April 2020 Senior Notes - fixed rate | ||||||||||||||||||||
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November 2019 Term Loans - floating rate | ||||||||||||||||||||
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April 2019 Senior Notes - fixed rate | ||||||||||||||||||||
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2017 Senior Notes - fixed rate | ||||||||||||||||||||
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Effective Interest Rate | August 1, 2021 | November 1, 2020 | ||||||||||||||||||
(In millions, except percentages) | ||||||||||||||||||||
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Assumed CA Senior Notes - fixed rate | ||||||||||||||||||||
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Other borrowings | ||||||||||||||||||||
Total principal amount outstanding | ||||||||||||||||||||
Less: Unamortized discount and issuance costs | ( | ( | ||||||||||||||||||
Total debt | $ | $ |
Fiscal Year: | Future Scheduled Principal Payments | |||||||
(In millions) | ||||||||
2021 (remainder) | $ | |||||||
2022 | ||||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
Thereafter | ||||||||
Total | $ |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||
Dividends per share to common stockholders | $ | $ | $ | $ | ||||||||||||||||||||||
Dividends to common stockholders | $ | $ | $ | $ | ||||||||||||||||||||||
Dividends per share to preferred stockholders | $ | $ | $ | $ | ||||||||||||||||||||||
Dividends to preferred stockholders | $ | $ | $ | $ |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Cost of products sold | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of subscriptions and services | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Number of RSUs Outstanding | Weighted-Average Grant Date Fair Value Per Share | |||||||||||||
(In millions, except per share data) | ||||||||||||||
Balance as of November 1, 2020 | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited | ( | $ | ||||||||||||
Balance as of August 1, 2021 | $ |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||||
Semiconductor solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Infrastructure software | ||||||||||||||||||||||||||
Total net revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Operating income: | ||||||||||||||||||||||||||
Semiconductor solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Infrastructure software | ||||||||||||||||||||||||||
Unallocated expenses | ( | ( | ( | ( | ||||||||||||||||||||||
Total operating income | $ | $ | $ | $ |
Fiscal Year: | Debt Principal, Interest and Fees | Purchase Commitments | Other Contractual Commitments | |||||||||||||||||
(In millions) | ||||||||||||||||||||
2021 (remainder) | $ | $ | $ | |||||||||||||||||
2022 | ||||||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total | $ | $ | $ |
Employee Termination Costs | Other Exit Costs | Total | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance as of November 1, 2020 | $ | $ | $ | |||||||||||||||||
Restructuring charges | ||||||||||||||||||||
Utilization | ( | ( | ( | |||||||||||||||||
Balance as of August 1, 2021 (a) | $ | $ | $ |
Fiscal Quarter Ended | ||||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions) | (As a percentage of net revenue) | |||||||||||||||||||||||||
Statements of Operations Data: | ||||||||||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||||
Products | $ | 5,064 | $ | 4,125 | 75 | % | 71 | % | ||||||||||||||||||
Subscriptions and services | 1,714 | 1,696 | 25 | 29 | ||||||||||||||||||||||
Total net revenue | 6,778 | 5,821 | 100 | 100 | ||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Cost of products sold | 1,572 | 1,383 | 23 | 24 | ||||||||||||||||||||||
Cost of subscriptions and services | 157 | 154 | 2 | 3 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 851 | 953 | 13 | 16 | ||||||||||||||||||||||
Restructuring charges | 1 | 15 | — | — | ||||||||||||||||||||||
Total cost of revenue | 2,581 | 2,505 | 38 | 43 | ||||||||||||||||||||||
Gross margin | 4,197 | 3,316 | 62 | 57 | ||||||||||||||||||||||
Research and development | 1,205 | 1,228 | 18 | 21 | ||||||||||||||||||||||
Selling, general and administrative | 346 | 428 | 5 | 8 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 494 | 600 | 8 | 10 | ||||||||||||||||||||||
Restructuring, impairment and disposal charges | 26 | 52 | — | 1 | ||||||||||||||||||||||
Total operating expenses | 2,071 | 2,308 | 31 | 40 | ||||||||||||||||||||||
Operating income | $ | 2,126 | $ | 1,008 | 31 | % | 17 | % |
Three Fiscal Quarters Ended | ||||||||||||||||||||||||||
August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | |||||||||||||||||||||||
(In millions) | (As a percentage of net revenue) | |||||||||||||||||||||||||
Statements of Operations Data: | ||||||||||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||||
Products | $ | 15,128 | $ | 12,582 | 75 | % | 72 | % | ||||||||||||||||||
Subscriptions and services | 4,915 | 4,839 | 25 | 28 | ||||||||||||||||||||||
Total net revenue | 20,043 | 17,421 | 100 | 100 | ||||||||||||||||||||||
Cost of revenue: | ||||||||||||||||||||||||||
Cost of products sold | 4,792 | 4,290 | 24 | 25 | ||||||||||||||||||||||
Cost of subscriptions and services | 450 | 475 | 2 | 3 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 2,578 | 2,857 | 13 | 16 | ||||||||||||||||||||||
Restructuring charges | 17 | 30 | — | — | ||||||||||||||||||||||
Total cost of revenue | 7,837 | 7,652 | 39 | 44 | ||||||||||||||||||||||
Gross margin | 12,206 | 9,769 | 61 | 56 | ||||||||||||||||||||||
Research and development | 3,654 | 3,786 | 18 | 22 | ||||||||||||||||||||||
Selling, general and administrative | 1,010 | 1,530 | 5 | 9 | ||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 1,482 | 1,802 | 7 | 10 | ||||||||||||||||||||||
Restructuring, impairment and disposal charges | 122 | 163 | 1 | 1 | ||||||||||||||||||||||
Total operating expenses | 6,268 | 7,281 | 31 | 42 | ||||||||||||||||||||||
Operating income | $ | 5,938 | $ | 2,488 | 30 | % | 14 | % |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Revenue by Segment | August 1, 2021 | August 2, 2020 | $ Change | % Change | August 1, 2021 | August 2, 2020 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
(In millions, except for percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Semiconductor solutions | $ | 5,021 | $ | 4,219 | $ | 802 | 19 | % | $ | 14,749 | $ | 12,437 | $ | 2,312 | 19 | % | ||||||||||||||||||||||||||||||||||
Infrastructure software | 1,757 | 1,602 | 155 | 10 | % | 5,294 | 4,984 | 310 | 6 | % | ||||||||||||||||||||||||||||||||||||||||
Total net revenue | $ | 6,778 | $ | 5,821 | $ | 957 | 16 | % | $ | 20,043 | $ | 17,421 | $ | 2,622 | 15 | % |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||
Net Revenue by Segment | August 1, 2021 | August 2, 2020 | August 1, 2021 | August 2, 2020 | ||||||||||||||||||||||
(As a percentage of net revenue) | ||||||||||||||||||||||||||
Semiconductor solutions | 74 | % | 72 | % | 74 | % | 71 | % | ||||||||||||||||||
Infrastructure software | 26 | 28 | 26 | 29 | ||||||||||||||||||||||
Total net revenue | 100 | % | 100 | % | 100 | % | 100 | % |
Fiscal Year: | Unrecognized Compensation Cost, Net of Expected Forfeitures | |||||||
(In millions) | ||||||||
2021 (remainder) | $ | 413 | ||||||
2022 | 1,279 | |||||||
2023 | 896 | |||||||
2024 | 522 | |||||||
2025 | 199 | |||||||
Thereafter | 25 | |||||||
Total | $ | 3,334 |
Fiscal Quarter Ended | Three Fiscal Quarters Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income by Segment | August 1, 2021 | August 2, 2020 | $ Change | % Change | August 1, 2021 | August 2, 2020 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
(In millions, except for percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Semiconductor solutions | $ | 2,720 | $ | 2,112 | $ | 608 | 29 | % | $ | 7,828 | $ | 6,046 | $ | 1,782 | 29 | % | ||||||||||||||||||||||||||||||||||
Infrastructure software | 1,226 | 1,069 | 157 | 15 | % | 3,700 | 3,250 | 450 | 14 | % | ||||||||||||||||||||||||||||||||||||||||
Unallocated expenses | (1,820) | (2,173) | 353 | (16) | % | (5,590) | (6,808) | 1,218 | (18) | % | ||||||||||||||||||||||||||||||||||||||||
Total operating income | $ | 2,126 | $ | 1,008 | $ | 1,118 | 111 | % | $ | 5,938 | $ | 2,488 | $ | 3,450 | 139 | % |
Three Fiscal Quarters Ended | ||||||||||||||
Cash Dividends Declared and Paid | August 1, 2021 | August 2, 2020 | ||||||||||||
(In millions, except per share data) | ||||||||||||||
Dividends per share to common stockholders | $ | 10.80 | $ | 9.75 | ||||||||||
Dividends to common stockholders | $ | 4,427 | $ | 3,915 | ||||||||||
Dividends per share to preferred stockholders | $ | 60.00 | $ | 60.00 | ||||||||||
Dividends to preferred stockholders | $ | 224 | $ | 224 | ||||||||||
Three Fiscal Quarters Ended | ||||||||||||||
August 1, 2021 | August 2, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Net cash provided by operating activities | $ | 10,223 | $ | 8,713 | ||||||||||
Net cash used in investing activities | (295) | (11,009) | ||||||||||||
Net cash provided by (used in) financing activities | (6,441) | 6,098 | ||||||||||||
Net change in cash and cash equivalents | $ | 3,487 | $ | 3,802 |
Summarized Balance Sheet Information | August 1, 2021 | November 1, 2020 | ||||||||||||
(In millions) | ||||||||||||||
ASSETS | ||||||||||||||
Current assets: | ||||||||||||||
Amount due from Non-Obligor Group | $ | 1,228 | $ | 1,889 | ||||||||||
Other current assets | 9,153 | 4,091 | ||||||||||||
Total current assets | $ | 10,381 | $ | 5,980 | ||||||||||
Long-term assets: | ||||||||||||||
Amount due from Non-Obligor Group, long-term | $ | 5,825 | $ | 8,220 | ||||||||||
Goodwill | 1,380 | 1,360 | ||||||||||||
Other long-term assets | 1,530 | 1,318 | ||||||||||||
Total long-term assets | $ | 8,735 | $ | 10,898 | ||||||||||
LIABILITIES | ||||||||||||||
Current liabilities: | ||||||||||||||
Amount due to Non-Obligor Group | $ | 7,726 | $ | 7,147 | ||||||||||
Current portion of long-term debt | 255 | 807 | ||||||||||||
Other current liabilities | 587 | 601 | ||||||||||||
Total current liabilities | $ | 8,568 | $ | 8,555 | ||||||||||
Long-term liabilities: | ||||||||||||||
Amount due to Non-Obligor Group, long-term | $ | 484 | $ | — | ||||||||||
Long-term debt | 39,658 | 39,311 | ||||||||||||
Other long-term liabilities | 2,658 | 2,477 | ||||||||||||
Total long-term liabilities | $ | 42,800 | $ | 41,788 |
Three Fiscal Quarters Ended | ||||||||
Summarized Statement of Operations Information | August 1, 2021 | |||||||
(In millions) | ||||||||
Intercompany revenue with Non-Obligor Group | $ | 1,311 | ||||||
Intercompany gross margin | $ | 1,186 | ||||||
Net loss (a) | $ | (983) |
Incorporated by Reference Herein | ||||||||||||||||||||||||||
Exhibit Number | Description | Form | Filing Date | Filed Herewith | ||||||||||||||||||||||
2.1# | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | July 12, 2018 | ||||||||||||||||||||||||
2.2# | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | August 9, 2019 | ||||||||||||||||||||||||
3.1 | Broadcom Inc. Current Report on Form 8-K12B (Commission File No.001-38449) | April 4, 2018 | ||||||||||||||||||||||||
3.2 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | September 30, 2019 | ||||||||||||||||||||||||
3.3 | Broadcom Inc. Current Report on Form 8-K12B (Commission File No. 001-38449) | April 4, 2018 | ||||||||||||||||||||||||
4.1 | Broadcom Inc. Quarterly Report on Form 10-Q (Commission File No. 001-38449) | June 14, 2018 | ||||||||||||||||||||||||
4.2 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | September 30, 2019 | ||||||||||||||||||||||||
4.3 | Broadcom Inc. Annual Report on Form 10-K (Commission File No. 001-38449) | December 20, 2019 | ||||||||||||||||||||||||
4.4 | Broadcom Inc. Annual Report on Form 10-K (Commission File No. 001-38449) | December 20, 2019 | ||||||||||||||||||||||||
4.5 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | January 20, 2017 | ||||||||||||||||||||||||
4.6 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 9, 2018 | ||||||||||||||||||||||||
4.7 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 25, 2019 | ||||||||||||||||||||||||
4.8 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | January 20, 2017 | ||||||||||||||||||||||||
4.9 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | January 20, 2017 | ||||||||||||||||||||||||
4.10 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | January 20, 2017 | ||||||||||||||||||||||||
4.11 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | January 20, 2017 | ||||||||||||||||||||||||
4.12 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | October 17, 2017 | ||||||||||||||||||||||||
4.13 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 9, 2018 | ||||||||||||||||||||||||
4.14 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 25, 2019 | ||||||||||||||||||||||||
4.15 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | October 17, 2017 | ||||||||||||||||||||||||
4.16 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | October 17, 2017 | ||||||||||||||||||||||||
4.17 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | October 17, 2017 | ||||||||||||||||||||||||
4.18 | Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690) | October 17, 2017 | ||||||||||||||||||||||||
4.19 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 5, 2019 | ||||||||||||||||||||||||
4.20 | Broadcom Inc. Current Report on Form 8-K12B (Commission File No. 001-38449) | April 5, 2019 | ||||||||||||||||||||||||
4.21 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 5, 2019 | ||||||||||||||||||||||||
4.22 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 5, 2019 | ||||||||||||||||||||||||
4.23 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 5, 2019 | ||||||||||||||||||||||||
4.24 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 5, 2019 | ||||||||||||||||||||||||
4.25 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 5, 2019 | ||||||||||||||||||||||||
4.26 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 9, 2020 | ||||||||||||||||||||||||
4.27 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 9, 2020 | ||||||||||||||||||||||||
4.28 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 9, 2020 | ||||||||||||||||||||||||
4.29 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | April 9, 2020 | ||||||||||||||||||||||||
4.30 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 8, 2020 | ||||||||||||||||||||||||
4.31 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 8, 2020 | ||||||||||||||||||||||||
4.32 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 8, 2020 | ||||||||||||||||||||||||
4.33 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 8, 2020 | ||||||||||||||||||||||||
4.34 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 8, 2020 | ||||||||||||||||||||||||
4.35 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 8, 2020 | ||||||||||||||||||||||||
4.36 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 21, 2020 | ||||||||||||||||||||||||
4.37 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 21, 2020 | ||||||||||||||||||||||||
4.38 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 21, 2020 | ||||||||||||||||||||||||
4.39 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | May 21, 2020 | ||||||||||||||||||||||||
4.40 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 19, 2021 | ||||||||||||||||||||||||
4.41 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 19, 2021 | ||||||||||||||||||||||||
4.42 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 19, 2021 | ||||||||||||||||||||||||
4.43 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 19, 2021 | ||||||||||||||||||||||||
4.44 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 19, 2021 | ||||||||||||||||||||||||
4.45 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 19, 2021 | ||||||||||||||||||||||||
4.46 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | January 19, 2021 | ||||||||||||||||||||||||
4.47 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | March 31, 2021 | ||||||||||||||||||||||||
4.48 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | March 31, 2021 | ||||||||||||||||||||||||
4.49 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | March 31, 2021 | ||||||||||||||||||||||||
4.50 | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | March 31, 2021 | ||||||||||||||||||||||||
10.1+ | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | June 3, 2021 | ||||||||||||||||||||||||
10.2+ | Broadcom Inc. Current Report on Form 8-K (Commission File No. 001-38449) | June 3, 2021 | ||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||||||||||||||||
101.SCH | XBRL Schema Document | X | ||||||||||||||||||||||||
101.CAL | XBRL Calculation Linkbase Document | X | ||||||||||||||||||||||||
101.DEF | XBRL Definition Linkbase Document | X | ||||||||||||||||||||||||
101.LAB | XBRL Labels Linkbase Document | X | ||||||||||||||||||||||||
101.PRE | XBRL Presentation Linkbase Document | X | ||||||||||||||||||||||||
104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X |
# | Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Broadcom Inc. hereby undertakes to furnish supplementally copies of any omitted schedules upon request by the SEC. | |||||||
+ | Indicates a management contract or compensatory plan or arrangement. |
BROADCOM INC. | |||||||||||
By: | /s/ Kirsten M. Spears | ||||||||||
Kirsten M. Spears | |||||||||||
Chief Financial Officer |
/s/ Hock E. Tan | |||||
Hock E. Tan | |||||
Chief Executive Officer (Principal Executive Officer) |
/s/ Kirsten M. Spears | |||||
Kirsten M. Spears | |||||
Chief Financial Officer (Principal Financial Officer) |
Date: | September 9, 2021 | /s/ Hock E. Tan | |||||||||
Hock E. Tan | |||||||||||
Chief Executive Officer (Principal Executive Officer) | |||||||||||
Date: | September 9, 2021 | /s/ Kirsten M. Spears | |||||||||
Kirsten M. Spears | |||||||||||
Chief Financial Officer (Principal Financial Officer) | |||||||||||
Condensed Consolidated Balance Sheets - Unaudited Parenthetical - USD ($) shares in Millions, $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Aug. 01, 2021 |
Nov. 01, 2020 |
|
Statement of Financial Position [Abstract] | ||
Preferred stock, Par value per share | $ 0.001 | $ 0.001 |
Preferred stock, Shares authorized | 100 | 100 |
Preferred Stock, Dividend Rate, Percentage | 8.00% | 8.00% |
Preferred Stock, Liquidation Preference, Value | $ 3,738 | $ 3,738 |
Preferred stock, Shares issued | 4 | 4 |
Preferred stock, Shares outstanding | 4 | 4 |
Common stock, Par value per share | $ 0.001 | $ 0.001 |
Common stock, Shares authorized | 2,900 | 2,900 |
Common stock, Shares issued | 412 | 407 |
Common stock, Shares outstanding | 412 | 407 |
Condensed Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,876 | $ 688 | $ 4,747 | $ 1,636 |
Other comprehensive income (loss), net of tax: | ||||
Change in actuarial loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans | 0 | 0 | 2 | 1 |
Other comprehensive income, net of tax | 0 | 0 | 2 | 1 |
Comprehensive income | $ 1,876 | $ 688 | $ 4,749 | $ 1,637 |
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Cash flows from operating activities: | ||
Net income | $ 4,747 | $ 1,636 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of intangible and right-of-use assets | 4,135 | 4,746 |
Depreciation | 405 | 431 |
Stock-based compensation | 1,290 | 1,527 |
Deferred taxes and other non-cash taxes | (762) | (683) |
Loss on debt extinguishment | 198 | 153 |
Gain on investments | 90 | 0 |
Non-cash restructuring, impairment and disposal charges | 35 | 32 |
Non-cash interest expense | 67 | 83 |
Other | (8) | (43) |
Changes in assets and liabilities, net of acquisitions and disposals: | ||
Trade accounts receivable, net | 50 | 590 |
Inventory | (157) | (98) |
Accounts payable | 142 | 227 |
Employee compensation and benefits | 14 | 75 |
Other current assets and current liabilities | 363 | 462 |
Other long-term assets and long-term liabilities | (206) | (425) |
Net cash provided by operating activities | 10,223 | 8,713 |
Cash flows from investing activities: | ||
Acquisitions of businesses, net of cash acquired | (8) | (10,872) |
Proceeds from sales of businesses | 0 | 218 |
Purchases of property, plant and equipment | (355) | (361) |
Proceeds from disposals of property, plant and equipment | 4 | 10 |
Proceeds from sale of investment | 67 | 0 |
Other | (3) | (4) |
Net cash used in investing activities | (295) | (11,009) |
Cash flows from financing activities: | ||
Proceeds from long-term borrowings | 9,904 | 27,802 |
Payments on debt obligations | (10,733) | (15,814) |
Other borrowings, net | 0 | (1,285) |
Payments of dividends | (4,651) | (4,139) |
Shares repurchased for tax withholdings on vesting of equity awards | (1,033) | (580) |
Issuance of common stock | 113 | 174 |
Other | (41) | (60) |
Net cash provided by (used in) financing activities | (6,441) | 6,098 |
Net change in cash and cash equivalents | 3,487 | 3,802 |
Cash and cash equivalents at beginning of period | 7,618 | 5,055 |
Cash and cash equivalents at end of period | $ 11,105 | $ 8,857 |
Condensed Consolidated Statement of Stockholders' Equity - USD ($) shares in Millions, $ in Millions |
Total |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Cumulative Effect, Period of Adoption, Adjustment |
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
|
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
|
---|---|---|---|---|---|---|---|---|---|
Shares, Outstanding, Beginning Balance at Nov. 03, 2019 | 4 | 398 | |||||||
Beginning Balance at Nov. 03, 2019 | $ 24,941 | $ 0 | $ 0 | $ 25,081 | $ 0 | $ (140) | $ (2) | $ (10) | $ 8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 385 | 385 | |||||||
Fair value of partially vested equity awards assumed in connection with acquisitions | 1 | 1 | |||||||
Adjustments to additional paid in capital, Dividends in excess of retained earnings | (996) | ||||||||
Dividends to common stockholders | (1,297) | (301) | |||||||
Dividends to preferred stockholders | (74) | (74) | |||||||
Common stock issued, Shares | 2 | ||||||||
Common stock issued, Value | 37 | $ 0 | 37 | ||||||
Stock-based compensation | 545 | 545 | |||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Shares | (1) | ||||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Value | (168) | $ 0 | (168) | ||||||
Shares, Outstanding, Ending Balance at Feb. 02, 2020 | 4 | 399 | |||||||
Ending Balance at Feb. 02, 2020 | 24,368 | $ 0 | $ 0 | 24,500 | 0 | (132) | |||
Shares, Outstanding, Beginning Balance at Nov. 03, 2019 | 4 | 398 | |||||||
Beginning Balance at Nov. 03, 2019 | 24,941 | $ 0 | $ 0 | 25,081 | 0 | (140) | $ (2) | $ (10) | $ 8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,636 | ||||||||
Other comprehensive income (loss), net of tax | 1 | ||||||||
Shares, Outstanding, Ending Balance at Aug. 02, 2020 | 4 | 404 | |||||||
Ending Balance at Aug. 02, 2020 | 23,557 | $ 0 | $ 0 | 23,688 | 0 | (131) | |||
Shares, Outstanding, Beginning Balance at Feb. 02, 2020 | 4 | 399 | |||||||
Beginning Balance at Feb. 02, 2020 | 24,368 | $ 0 | $ 0 | 24,500 | 0 | (132) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 563 | 563 | |||||||
Other comprehensive income (loss), net of tax | 1 | 1 | |||||||
Adjustments to additional paid in capital, Dividends in excess of retained earnings | (818) | ||||||||
Dividends to common stockholders | (1,306) | (488) | |||||||
Dividends to preferred stockholders | (75) | (75) | |||||||
Common stock issued, Shares | 4 | ||||||||
Common stock issued, Value | 91 | $ 0 | 91 | ||||||
Stock-based compensation | 517 | 517 | |||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Shares | (1) | ||||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Value | (217) | $ 0 | (217) | ||||||
Shares, Outstanding, Ending Balance at May. 03, 2020 | 4 | 402 | |||||||
Ending Balance at May. 03, 2020 | 23,942 | $ 0 | $ 0 | 24,073 | 0 | (131) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 688 | 688 | |||||||
Other comprehensive income (loss), net of tax | 0 | ||||||||
Adjustments to additional paid in capital, Dividends in excess of retained earnings | (698) | ||||||||
Dividends to common stockholders | (1,312) | (614) | |||||||
Dividends to preferred stockholders | (74) | (74) | |||||||
Common stock issued, Shares | 2 | ||||||||
Common stock issued, Value | 46 | $ 0 | 46 | ||||||
Stock-based compensation | 465 | 465 | |||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Shares | 0 | ||||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Value | (198) | $ 0 | (198) | ||||||
Shares, Outstanding, Ending Balance at Aug. 02, 2020 | 4 | 404 | |||||||
Ending Balance at Aug. 02, 2020 | 23,557 | $ 0 | $ 0 | 23,688 | 0 | (131) | |||
Shares, Outstanding, Beginning Balance at Nov. 01, 2020 | 4 | 407 | |||||||
Beginning Balance at Nov. 01, 2020 | 23,874 | $ 0 | $ 0 | 23,982 | 0 | (108) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,378 | 1,378 | |||||||
Other comprehensive income (loss), net of tax | 1 | 1 | |||||||
Adjustments to additional paid in capital, Dividends in excess of retained earnings | (164) | ||||||||
Dividends to common stockholders | (1,468) | (1,304) | |||||||
Dividends to preferred stockholders | (74) | (74) | |||||||
Common stock issued, Shares | 2 | ||||||||
Common stock issued, Value | 35 | $ 0 | 35 | ||||||
Stock-based compensation | 444 | 444 | |||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Shares | (1) | ||||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Value | (217) | $ 0 | (217) | ||||||
Shares, Outstanding, Ending Balance at Jan. 31, 2021 | 4 | 408 | |||||||
Ending Balance at Jan. 31, 2021 | 23,973 | $ 0 | $ 0 | 24,080 | 0 | (107) | |||
Shares, Outstanding, Beginning Balance at Nov. 01, 2020 | 4 | 407 | |||||||
Beginning Balance at Nov. 01, 2020 | 23,874 | $ 0 | $ 0 | 23,982 | 0 | (108) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 4,747 | ||||||||
Other comprehensive income (loss), net of tax | 2 | ||||||||
Shares, Outstanding, Ending Balance at Aug. 01, 2021 | 4 | 412 | |||||||
Ending Balance at Aug. 01, 2021 | 24,340 | $ 0 | $ 0 | 24,126 | 320 | (106) | |||
Shares, Outstanding, Beginning Balance at Jan. 31, 2021 | 4 | 408 | |||||||
Beginning Balance at Jan. 31, 2021 | 23,973 | $ 0 | $ 0 | 24,080 | 0 | (107) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,493 | 1,493 | |||||||
Other comprehensive income (loss), net of tax | 1 | 1 | |||||||
Adjustments to additional paid in capital, Dividends in excess of retained earnings | (60) | ||||||||
Dividends to common stockholders | (1,477) | (1,417) | |||||||
Dividends to preferred stockholders | (76) | (76) | |||||||
Common stock issued, Shares | 3 | ||||||||
Common stock issued, Value | 71 | $ 0 | 71 | ||||||
Stock-based compensation | 425 | 425 | |||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Shares | (1) | ||||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Value | (471) | $ 0 | (471) | ||||||
Shares, Outstanding, Ending Balance at May. 02, 2021 | 4 | 410 | |||||||
Ending Balance at May. 02, 2021 | 23,939 | $ 0 | $ 0 | 24,045 | 0 | (106) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 1,876 | 1,876 | |||||||
Other comprehensive income (loss), net of tax | 0 | ||||||||
Dividends to common stockholders | (1,482) | (1,482) | |||||||
Dividends to preferred stockholders | (74) | (74) | |||||||
Common stock issued, Shares | 2 | ||||||||
Common stock issued, Value | 7 | $ 0 | 7 | ||||||
Stock-based compensation | 421 | 421 | |||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Shares | 0 | ||||||||
Shares repurchased for tax withholdings upon vesting of equity awards, Value | (347) | $ 0 | (347) | ||||||
Shares, Outstanding, Ending Balance at Aug. 01, 2021 | 4 | 412 | |||||||
Ending Balance at Aug. 01, 2021 | $ 24,340 | $ 0 | $ 0 | $ 24,126 | $ 320 | $ (106) |
Condensed Consolidated Statement of Stockholders' Equity - Unaudited Parenthetical |
9 Months Ended | |
---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Preferred Stock, Dividend Rate, Percentage | 8.00% | |
Preferred Stock | ||
Preferred Stock, Dividend Rate, Percentage | 8.00% | 8.00% |
Overview, Basis of Presentation and Significant Accounting Policies |
9 Months Ended |
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Aug. 01, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview, Basis of Presentation and Significant Accounting Policies | Overview, Basis of Presentation and Significant Accounting Policies Overview Broadcom Inc. (“Broadcom”), a Delaware corporation, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. We develop semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products. We have a history of innovation in the semiconductor industry and offer thousands of products that are used in end products such as enterprise and data center networking, home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays. Our infrastructure software solutions enable customers to plan, develop, automate, manage and secure applications across mainframe, distributed, mobile and cloud platforms. Our portfolio of mainframe and BizOps software solutions enables customers to leverage the benefits of agility, automation, insights, resiliency and security in managing business processes and technology investments. We offer a cyber security solutions portfolio, including endpoint, network, information and identity security solutions. We also offer mission critical fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products. Unless stated otherwise or the context otherwise requires, references to “Broadcom,” “we,” “our” and “us” mean Broadcom and its consolidated subsidiaries. We have two reportable segments: semiconductor solutions and infrastructure software. Basis of Presentation We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31 in a 52-week year and the first Sunday in November in a 53-week year. Our fiscal year ending October 31, 2021 (“fiscal year 2021”) is a 52-week fiscal year. The first quarter of our fiscal year 2021 ended on January 31, 2021, the second quarter ended on May 2, 2021 and the third quarter ended on August 1, 2021. Our fiscal year ended November 1, 2020 (“fiscal year 2020”) was also a 52-week fiscal year. The accompanying condensed consolidated financial statements include the accounts of Broadcom and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The November 1, 2020 condensed consolidated balance sheet data were derived from Broadcom’s audited consolidated financial statements included in its Annual Report on Form 10-K for fiscal year 2020 as filed with the Securities and Exchange Commission. All intercompany transactions and balances have been eliminated in consolidation. The operating results for the fiscal quarter and three fiscal quarters ended August 1, 2021 are not necessarily indicative of the results that may be expected for fiscal year 2021, or for any other future period. Significant Accounting Policies Use of estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The inputs into certain of these estimates and assumptions include the consideration of the economic impact of the COVID-19 pandemic. Actual results could differ materially from these estimates, and such differences could affect the results of operations reported in future periods. As the impact of the COVID-19 pandemic continues to develop, many of these estimates could require increased judgment and carry a higher degree of variability and volatility, and may change materially in future periods.
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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers We account for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable we will collect substantially all of the consideration we are entitled to. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. Disaggregation We have considered (1) information that is regularly reviewed by our Chief Executive Officer, who has been identified as the Chief Operating Decision Maker (the “CODM”) as defined by the authoritative guidance on segment reporting, in evaluating financial performance and (2) disclosures presented outside of our financial statements in our earnings releases and used in investor presentations to disaggregate revenues. The principal category we use to disaggregate revenues is the nature of our products and subscriptions and services, as presented in our condensed consolidated statements of operations. In addition, revenues by reportable segment are presented in Note 10. “Segment Information”. The following tables present revenue disaggregated by type of revenue and by region for the periods presented:
________________________________ (a) Subscriptions and services predominantly include software licenses with termination for convenience clauses. Although we recognize revenue for the majority of our products when title and control transfer in Penang, Malaysia, we disclose net revenue by region based primarily on the geographic shipment location or delivery location specified by our distributors, original equipment manufacturer customers, contract manufacturers, channel partners, or software customers. Contract Balances Contract assets and contract liabilities balances were as follows:
Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer’s payment. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. We recognize a contract asset when we transfer products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. We recognize contract liabilities when we have received consideration or an amount of consideration is due from the customer and we have a future obligation to transfer products or services. Contract liabilities include amounts billed or collected and advanced payments on contracts or arrangements, which may include termination for convenience provisions. The amount of revenue recognized during the three fiscal quarters ended August 1, 2021 that was included in the contract liabilities balance as of November 1, 2020 was $2,330 million. The amount of revenue recognized during the three fiscal quarters ended August 2, 2020 that was included in the contract liabilities balance as of November 3, 2019 was $1,315 million. Remaining Performance Obligations Revenue allocated to remaining performance obligations represents the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. Remaining performance obligations include unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, but do not include contracts for software, subscriptions or services where the customer is not committed. The customer is not considered committed when termination for convenience without payment of a substantive penalty exists, either contractually or through customary business practice. The majority of our customer software contracts include termination for convenience clauses without a substantive penalty and are not considered committed. Additionally, as a practical expedient, we have not included contracts that have an original duration of one year or less, nor have we included contracts with sales-based or usage-based royalties promised in exchange for a license of intellectual property (“IP”). Certain multi-year customer contracts in our semiconductor solutions segment contain firmly committed amounts and the remaining performance obligations under these contracts as of August 1, 2021 were approximately $12.1 billion. We expect approximately 31% of this amount to be recognized as revenue over the next 12 months. Although the majority of our software contracts are not deemed to be committed, our customers generally do not exercise their termination for convenience rights. In addition, the majority of our contracts for products, subscriptions and services have a duration of one year or less. Accordingly, our remaining performance obligations disclosed above are not indicative of revenue for future periods.
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Acquisitions |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions Acquisition of the Symantec Corporation Enterprise Security Business On November 4, 2019, we completed the purchase of certain assets and assumed certain liabilities of the Symantec Corporation Enterprise Security business (the “Symantec Business”), which was an established leader in cyber security, for $10.7 billion in cash (the “Symantec Asset Purchase”). We acquired the Symantec Business to expand our footprint of mission critical infrastructure software with our existing customer base. Unaudited Pro Forma Information The following unaudited pro forma financial information presents combined results of operations for the periods presented, as if we had completed the Symantec Asset Purchase as of the beginning of our fiscal year ended November 3, 2019 (“fiscal year 2019”). The unaudited pro forma information includes adjustments to amortization and depreciation for intangible assets and property, plant and equipment acquired, adjustments to interest expense for the additional indebtedness incurred to complete the acquisition, restructuring charges related to the acquisition and transaction costs. The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2019 or of the results of our future operations of the combined business.
Other Acquisitions During the fiscal quarter ended February 2, 2020, we also completed three other acquisitions qualifying as business combinations for total consideration of $201 million, of which $109 million was allocated to goodwill and $46 million was allocated to intangible assets. These acquisitions are not material, individually or in the aggregate, to our condensed consolidated statements of operations.
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Supplemental Financial Information |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | Supplemental Financial Information Cash Equivalents Cash equivalents included $3,880 million and $2,471 million of time deposits and $1,555 million and $790 million of money-market funds as of August 1, 2021 and November 1, 2020, respectively. For time deposits, carrying value approximates fair value due to the short-term nature of the instruments. The fair value of money-market funds, which was consistent with their carrying value, was determined using unadjusted prices in active, accessible markets for identical assets, and as such, they were classified as Level 1 assets in the fair value hierarchy. Accounts Receivable Factoring We sell certain of our trade accounts receivable on a non-recourse basis to third-party financial institutions pursuant to factoring arrangements. We account for these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the condensed consolidated statements of cash flows. Total trade accounts receivable sold under the factoring arrangements were $1,000 million and $2,827 million during the fiscal quarter and three fiscal quarters ended August 1, 2021, respectively, and $927 million and $2,754 million for the fiscal quarter and three fiscal quarters ended August 2, 2020, respectively. Factoring fees for the sales of receivables were recorded in other income, net and were not material for any of the periods presented. Inventory
Other Current Assets
Other Current Liabilities
Other Long-Term Liabilities
Supplemental Cash Flow Information
As of August 1, 2021 and August 2, 2020, $20 million and $37 million, respectively, of unpaid purchases of property, plant and equipment were included in accounts payable. Amounts reported as unpaid purchases are presented as cash outflows from investing activities for purchases of property, plant and equipment in the condensed consolidated statements of cash flows in the period in which they are paid.
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Goodwill and Intangible Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets |
Intangible Assets
Based on the amount of intangible assets subject to amortization at August 1, 2021, the expected amortization expense for each of the next five years and thereafter was as follows: The weighted-average remaining amortization periods by intangible asset category were as follows:
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Net Income Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | Net Income Per Share Basic net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. Diluted shares outstanding include the dilutive effect of unvested restricted stock units (“RSUs”), in-the-money stock options and employee stock purchase plan rights under the Broadcom Inc. Employee Stock Purchase Plan, as amended (“ESPP”), (collectively referred to as “equity awards”), as well as Mandatory Convertible Preferred Stock, as defined in Note 8. “Stockholders’ Equity.” Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share. The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and purchasing shares under the ESPP and the amount of compensation cost for future service that we have not yet recognized are collectively assumed to be used to repurchase shares. The dilutive effect of Mandatory Convertible Preferred Stock is calculated using the if-converted method. The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extent that the effect is dilutive. For each of the fiscal quarter and three fiscal quarters ended August 1, 2021 and August 2, 2020, diluted net income per share excluded the potentially dilutive effect of 12 million shares of common stock issuable upon the conversion of Mandatory Convertible Preferred Stock as their effect was antidilutive. The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented:
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Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | Borrowings
As of August 1, 2021 and November 1, 2020, short-term finance lease liabilities of $24 million and $20 million, respectively, were included in the current portion of long-term debt and long-term finance lease liabilities of $34 million and $48 million, respectively, were included in long-term debt. March 2021 Senior Notes In March 2021, we completed our private offers to exchange $5.5 billion of certain of our outstanding notes maturing between 2024 and 2027 (the “Exchange Offer”) for $2,250 million of 3.419% new senior unsecured notes due April 2033 and $3,250 million of 3.469% new senior unsecured notes due April 2034 (collectively, the “March 2021 Senior Notes”). As a result of the Exchange Offer, we paid premiums of $581 million, which were included in unamortized discount and issuance costs. At our option, we may redeem or purchase, in whole or in part, any of the March 2021 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the March 2021 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. As of August 1, 2021, the March 2021 Senior Notes were recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings. In connection with the Exchange Offer, Broadcom Corporation and Broadcom Technologies Inc. were automatically and unconditionally released from their guarantees in accordance with the respective indentures governing the January 2021 Senior Notes, June 2020 Senior Notes, May 2020 Senior Notes, April 2020 Senior Notes, and April 2019 Senior Notes. January 2021 Senior Notes In January 2021, we issued $10 billion of senior unsecured notes (the “January 2021 Senior Notes”). At our option, we may redeem or purchase, in whole or in part, any of the January 2021 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the January 2021 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. As of August 1, 2021, the January 2021 Senior Notes were recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings. During the fiscal quarter ended January 31, 2021, we used the net proceeds from the January 2021 Senior Notes to repay an aggregate of $5,888 million, or the outstanding balance, of our unsecured term A-3 facility and unsecured term A-5 facility under the credit agreement entered into on November 4, 2019 (the “November 2019 Credit Agreement”). Additionally, pursuant to a cash tender offer that we announced on January 4, 2021 (the “Tender Offer”), we early settled and repurchased $2,902 million of certain of our outstanding notes maturing between 2021 and 2023. As a result of these transactions, we incurred premiums of $128 million and wrote off $44 million of unamortized discount and issuance costs, both of which were included in interest expense. We also repaid $282 million of our 2.200% notes upon maturity in January 2021. During the fiscal quarter ended May 2, 2021, we completed the Tender Offer and repurchased an additional $9 million of certain outstanding notes maturing between 2021 and 2023. Using the remaining proceeds from the January 2021 Senior Notes, we repurchased $606 million, or the outstanding balances, of our 3.125% notes due April 2021, 3.125% notes due October 2022, and 3.600% notes due August 2022 and repurchased $314 million of our 3.000% notes due January 2022. As a result of these repurchases, we incurred premiums of $23 million. January 2021 Credit Agreement In January 2021, we entered into a credit agreement (the “January 2021 Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility (the “Revolving Facility”), of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit and certain other instruments would reduce the aggregate amount otherwise available under the Revolving Facility for revolving loans. Subject to the terms of the January 2021 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 19, 2026 and (b) the date of termination in whole of the revolving lenders’ commitments under the January 2021 Credit Agreement. In connection with the January 2021 Credit Agreement, we terminated the credit agreement entered into on May 7, 2019, which provided for a five-year $5 billion unsecured revolving credit facility, and the November 2019 Credit Agreement. As of August 1, 2021, we had no borrowings outstanding under the Revolving Facility. Commercial Paper In February 2019, we established a commercial paper program pursuant to which we may issue unsecured commercial paper notes (“Commercial Paper”) in principal amount of up to $2 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial Paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of their issuance. The discount associated with the Commercial Paper is amortized to interest expense over its term. Outstanding Commercial Paper reduces the amount that would otherwise be available to borrow for general corporate purposes under the Revolving Facility. As our commercial paper program is supported by the Revolving Facility, we have the ability and intent to continuously refinance Commercial Paper. As of August 1, 2021 and November 1, 2020, we had no Commercial Paper outstanding. Fair Value of Debt As of August 1, 2021, the estimated aggregate fair value of debt was $45,379 million. The fair value of our senior notes was determined using quoted prices from less active markets. All of our debt obligations are categorized as Level 2 instruments. Future Principal Payments of Debt The future scheduled principal payments of debt as of August 1, 2021 were as follows:
As of August 1, 2021 and November 1, 2020, we accrued interest payable of $471 million and $304 million, respectively, and were in compliance with all debt covenants.
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Mandatory Convertible Preferred Stock On September 30, 2019, we completed an offering of approximately 4 million shares of 8.00% Mandatory Convertible Preferred Stock, Series A, $0.001 par value per share (“Mandatory Convertible Preferred Stock”). On September 30, 2022, unless earlier converted, each outstanding share of Mandatory Convertible Preferred Stock will automatically convert into shares of our common stock at a rate between the then minimum and maximum conversion rates. At any time prior to September 30, 2022, holders may elect to convert each share of Mandatory Convertible Preferred Stock into shares of our common stock at the then minimum conversion rate. The conversion rates are subject to anti-dilution adjustments. As of August 1, 2021, the minimum conversion rate was 3.0763 and the maximum conversion rate was 3.5957. As of each August 1, 2021 and November 1, 2020, we recognized $27 million of accrued preferred stock dividends, which were presented as temporary equity on our condensed consolidated balance sheets. Cash Dividends Declared and Paid
Stock-Based Compensation Expense
As of August 1, 2021, the total unrecognized compensation cost related to unvested stock-based awards was $3,334 million, which is expected to be recognized over the remaining weighted-average service period of 3.1 years. Equity Incentive Award Plans During the fiscal quarter ended May 2, 2021, our stockholders approved the amendment and restatement of our 2012 stock incentive plan, now called Broadcom Inc. 2012 Stock Incentive Plan (the “Amended 2012 Plan”). Under the Amended 2012 Plan, we may grant to all employees stock options and stock appreciation rights with an exercise price that is no less than the fair market value on the date of grant, and time- and market-based RSUs. The Amended 2012 Plan reduced the number of shares available for new equity award grants to 20 million shares and removed the annual share replenishment provision. We will make no further equity award grants under our LSI Corporation 2003 Equity Incentive Plan. A summary of time- and market-based RSU activity is as follows:
The aggregate fair value of time- and market-based RSUs that vested during the three fiscal quarters ended August 1, 2021 was $2,888 million, which represented the market value of our common stock on the date that the RSUs vested. The number of RSUs vested included shares of common stock that we withheld for settlement of employees’ tax obligations due upon the vesting of RSUs.
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Income Taxes |
9 Months Ended |
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Aug. 01, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The benefit from income taxes was $150 million and $151 million for the fiscal quarter and three fiscal quarters ended August 1, 2021, respectively, compared to $96 million and $331 million for the fiscal quarter and three fiscal quarters ended August 2, 2020, respectively. The benefit from income taxes for the fiscal quarter ended August 1, 2021 was primarily due to excess tax benefits from stock-based awards, the recognition of gross unrecognized tax benefits as a result of lapses of statutes of limitations and audit settlements, and the jurisdictional mix of income and expense. The benefit from income taxes for three fiscal quarters ended August 1, 2021 reflected excess tax benefits from stock-based awards and the recognition of gross unrecognized tax benefits as a result of lapses of statutes of limitations and audit settlements, offset in part by higher taxes on income from continuing operations. The benefit from income taxes for the fiscal quarter and three fiscal quarters ended August 2, 2020 was primarily due to the jurisdictional mix of income and expense, the remeasurement of certain foreign deferred tax assets and liabilities, and excess tax benefits from stock-based awards. Uncertain Tax Positions The balance of gross unrecognized tax benefits was $4,893 million and $4,748 million as of August 1, 2021 and November 1, 2020, respectively. Accrued interest and penalties are included in other long-term liabilities on the condensed consolidated balance sheets. As of August 1, 2021 and November 1, 2020, the combined amount of cumulative accrued interest and penalties was approximately $354 million and $340 million, respectively. As of August 1, 2021 and November 1, 2020, approximately $5,247 million and $5,088 million, respectively, of the unrecognized tax benefits, including accrued interest and penalties, would affect our effective tax rate if favorably resolved. We are subject to U.S. income tax examination for fiscal years 2016 and later. Certain of our acquired companies are subject to tax examinations in major jurisdictions outside of the U.S. for fiscal years 2008 and later. It is possible that our existing unrecognized tax benefits may change up to $277 million as a result of lapses of the statute of limitations for certain audit periods and/or audit examinations expected to be completed within the next 12 months.
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Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Reportable Segments We have two reportable segments: semiconductor solutions and infrastructure software. Each segment represents components for which separate financial information is available that is utilized on a regular basis by the CODM in determining how to allocate resources and evaluate performance. The reportable segments are determined based on several factors including, but not limited to, customer base, homogeneity of products, technology, delivery channels and similar economic characteristics. Semiconductor solutions. We provide semiconductor solutions for managing the movement of data in data center, telecom, enterprise and embedded networking applications. We provide a broad variety of radio frequency semiconductor devices, wireless connectivity solutions and custom touch controllers for mobile applications. We also provide semiconductor solutions for enabling the set-top box and broadband access markets and for enabling secure movement of digital data to and from host machines, such as servers, personal computers and storage systems, to the underlying storage devices, such as hard disk drives and solid state drives. We also provide a broad variety of products for the general industrial and automotive markets. Our semiconductor solutions segment also includes our IP licensing. Infrastructure software. We provide a portfolio of software solutions that enables customers to plan, develop, automate, manage and secure applications across mainframe, distributed, mobile and cloud platforms. Our portfolio of mainframe and BizOps software solutions enables customers to leverage the benefits of agility, automation, insights, resiliency and security in managing business processes and technology investments. Our cyber security solutions portfolio includes endpoint, network, information and identity security solutions. We also offer mission critical FC SAN products and related software. Our CODM assesses the performance of each segment and allocates resources to each segment based on net revenue and operating results and does not evaluate each segment using discrete asset information. Operating results by segment include items that are directly attributable to each segment and also include shared expenses such as global operations, including manufacturing support, logistics and quality control, expenses associated with selling, general and administrative activities, facilities and information technology (“IT”) expenses. Shared expenses are primarily allocated based on revenue and headcount. During the fourth quarter of fiscal year 2020, we refined our allocation methodology for certain selling, general and administrative expenses to more closely align these costs with the segment benefiting from the shared expenses. Prior period segment results have been recast to conform to the current presentation. Unallocated Expenses Unallocated expenses include amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, charges related to inventory step-up to fair value, and other costs, which are not used in evaluating the results of, or in allocating resources to, our segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses. Depreciation expense directly attributable to each reportable segment is included in the operating results of each segment. However, the CODM does not evaluate depreciation expense by operating segment and, therefore, it is not separately presented. There was no inter-segment revenue for any of the periods presented. The accounting policies of the segments are the same as those described in the “Summary of Significant Accounting Policies” included in the Annual Report on Form 10-K for fiscal year 2020.
Significant Customer Information We sell our products through our direct sales force and a select network of distributors and channel partners globally. One customer accounted for 12% of our net accounts receivable balance as of August 1, 2021, while no customer accounted for more than 10% of our net accounts receivable balance as of November 1, 2020. One customer accounted for 16% and 17% of our net revenue for the fiscal quarter and three fiscal quarters ended August 1, 2021, respectively, and 12% of our net revenue for the three fiscal quarters ended August 2, 2020, while no customer accounted for more than 10% of our net revenue for the fiscal quarter ended August 2, 2020. Net revenue from this customer was included in our semiconductor solutions segment.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Commitments The following table summarizes contractual obligations and commitments as of August 1, 2021 that materially changed from the end of fiscal year 2020:
Debt Principal, Interest and Fees. Represents principal, interest and fees on our borrowings. Purchase Commitments. Represents unconditional purchase obligations that include agreements to purchase goods or services, primarily inventory, that are enforceable and legally binding on us and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions, and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable without penalty. Other Contractual Commitments. Represents amounts payable pursuant to agreements related to IT, human resources, and other service agreements. Due to the inherent uncertainty with respect to the timing of future cash outflows associated with our unrecognized tax benefits at August 1, 2021, we are unable to reliably estimate the timing of cash settlement with the respective taxing authorities. Therefore, $3,282 million of unrecognized tax benefits and accrued interest classified within other long-term liabilities on our condensed consolidated balance sheet as of August 1, 2021 have been excluded from the table above. Standby Letters of Credit As of August 1, 2021 and November 1, 2020, we had standby letters of credit of $52 million and $65 million, respectively. Standby letters of credit are financial guarantees provided by third parties for leases, customs, taxes and certain self-insured risks. If the guarantees are called, we must reimburse the provider of the guarantees. Contingencies From time to time, we are involved in litigation that we believe is of the type common to companies engaged in our lines of business, including commercial disputes, employment issues, tax disputes and disputes involving claims by third parties that our activities infringe their patent, copyright, trademark or other IP rights, as well as regulatory investigations or inquiries. Legal proceedings and regulatory investigations or inquiries are often complex, may require the expenditure of significant funds and other resources, and the outcome of such proceedings is inherently uncertain, with material adverse outcomes possible. IP property claims generally involve the demand by a third-party that we cease the manufacture, use or sale of the allegedly infringing products, processes or technologies and/or pay substantial damages or royalties for past, present and future use of the allegedly infringing IP. Claims that our products or processes infringe or misappropriate any third-party IP rights (including claims arising through our contractual indemnification of our customers) often involve highly complex, technical issues, the outcome of which is inherently uncertain. Moreover, from time to time, we pursue litigation to assert our IP rights. Regardless of the merit or resolution of any such litigation, complex IP litigation is generally costly and diverts the efforts and attention of our management and technical personnel. Lawsuits Relating to California Institute of Technology California Institute of Technology ("Caltech") filed a complaint against Broadcom and Apple Inc. on May 26, 2016 in the United States District Court for the Central District of California (the “U.S. Central District Court”), and an amended complaint adding Cypress Semiconductor Corporation as a defendant on August 15, 2016. The amended complaint alleged that chips that support certain error correction codes as specified in IEEE Standards 802.11n and 802.11ac willfully infringed four patents related to error correction coding: U.S. Patent Nos. 7,116,710; 7,421,032; 7,916,781; and 8,284,833 (“’833 patent”). Prior to trial, Caltech dismissed its claims against Cypress and withdrew its infringement allegations as to ‘833 patent. The complaint sought a preliminary and permanent injunction, damages, pre- and post-judgment interest, as well as attorneys’ fees, costs, and expenses. The trial was held in January 2020, and on January 29, 2020, the jury issued its verdict finding infringement and awarding Caltech past damages of $270.2 million from Broadcom and $837.8 million from Apple, for which Apple is seeking indemnification from Broadcom. On August 3, 2020, the U.S. Central District Court issued its judgment, awarding Caltech past damages in the amounts awarded by the jury, as well as pre- and post-judgment interest. Additionally, the U.S. Central District Court awarded Caltech an unspecified amount of ongoing royalties to be determined after the anticipated appeals process is resolved. Neither the jury nor the U.S. Central District Court found willful infringement, which if it had, could have resulted in enhanced damages up to three times the amount awarded. Broadcom and Apple have appealed to the United States Court of Appeals for the Federal Circuit (the “Federal Circuit Court”) and oral arguments were heard on September 1, 2021. We are unable to predict the date on which the Federal Circuit Court will issue its decision. We believe that the evidence and the law do not support the U.S. Central District Court’s findings of infringement or the award of damages, including ongoing royalties, and do not believe a material loss is probable at this time. We believe that there are strong grounds for appeal, and we intend to vigorously challenge the U.S. Central District Court’s judgment and rulings. As a result, we have not recorded a reserve with respect to this litigation, in accordance with the applicable accounting standards. We believe the low end of the possible range of loss is zero, but we cannot reasonably estimate the ultimate outcome, as a number of factors (including the appeal by Broadcom and Apple) could significantly change the assessment of damages. Other Matters In addition to the matters discussed above, we are currently engaged in a number of legal actions in the ordinary course of our business. Contingency Assessment We do not believe, based on currently available facts and circumstances, that the final outcome of any pending legal proceedings or ongoing regulatory investigations, taken individually or as a whole, will have a material adverse effect on our condensed consolidated financial statements. However, lawsuits may involve complex questions of fact and law and may require the expenditure of significant funds and other resources to defend. The results of litigation or regulatory investigations are inherently uncertain, and material adverse outcomes are possible. From time to time, we may enter into confidential discussions regarding the potential settlement of such lawsuits. Any settlement of pending litigation could require us to incur substantial costs and other ongoing expenses, such as future royalty payments in the case of an intellectual property dispute. During the periods presented, no material amounts have been accrued or disclosed in the accompanying condensed consolidated financial statements with respect to loss contingencies associated with any other legal proceedings or regulatory investigations, as potential losses for such matters are not considered probable and ranges of losses are not reasonably estimable. These matters are subject to many uncertainties and the ultimate outcomes are not predictable. There can be no assurances that the actual amounts required to satisfy any liabilities arising from the matters described above will not have a material adverse effect on our condensed consolidated financial statements. Other Indemnifications As is customary in our industry and as provided for in local law in the U.S. and other jurisdictions, many of our standard contracts provide remedies to our customers and others with whom we enter into contracts, such as defense, settlement, or payment of judgment for IP claims related to the use of our products. From time to time, we indemnify customers, as well as our suppliers, contractors, lessors, lessees, companies that purchase our businesses or assets and others with whom we enter into contracts, against combinations of loss, expense, or liability arising from various triggering events related to the sale and the use of our products, the use of their goods and services, the use of facilities and state of our owned facilities, the state of the assets and businesses that we sell and other matters covered by such contracts, usually up to a specified maximum amount. In addition, from time to time we also provide protection to these parties against claims related to undiscovered liabilities, additional product liabilities or environmental obligations. In our experience, claims made under such indemnifications are rare and the associated estimated fair value of the liability is not material.
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Restructuring, Impairment and Disposal Charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure | Restructuring Charges The following is a summary of significant restructuring expense recognized primarily in operating expenses: •During fiscal year 2021, we initiated cost reduction activities associated with plans to align our workforce with strategic business activities and to improve efficiencies in our operations. As a result, we recognized $25 million and $123 million of restructuring expense primarily related to employee termination costs during the fiscal quarter and three fiscal quarters ended August 1, 2021, respectively. •We recognized $64 million and $173 million of restructuring expense primarily related to employee termination costs during the fiscal quarter and three fiscal quarters ended August 2, 2020, respectively. The restructuring expense during the fiscal quarter ended August 2, 2020 was primarily related to cost reduction activities associated with the Symantec Asset Purchase. The restructuring expense during the three fiscal quarters ended August 2, 2020 was related to cost reduction activities related to the Symantec Asset Purchase of $151 million and cost reduction activities related to our acquisition of CA, Inc. of $22 million. The following table summarizes the significant activities within, and components of, the restructuring liabilities during the three fiscal quarters ended August 1, 2021:
_________________________________ (a) We expect the majority of the employee termination costs balance to be paid within the next three months. Restructuring, impairment and disposal charges in our condensed consolidated statement of operations for the three fiscal quarters ended August 1, 2021 included $24 million for the write-down of certain lease-related right-of-use assets and other lease-related charges. As of August 1, 2021, short-term and long-term lease liabilities included $69 million of liabilities related to restructuring activities.
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Subsequent Events |
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Aug. 01, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Preferred Stock Cash Dividends Declared On September 1, 2021, our Board of Directors declared a quarterly cash dividend of $20.00 per share on our Mandatory Convertible Preferred Stock, payable on September 30, 2021 to stockholders of record on September 15, 2021. Common Stock Cash Dividends Declared On September 1, 2021, our Board of Directors declared a quarterly cash dividend of $3.60 per share on our common stock, payable on September 30, 2021 to stockholders of record on September 22, 2021.
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Overview, Basis of Presentation and Significant Accounting Policies (Policies) |
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Aug. 01, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal periods | We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31 in a 52-week year and the first Sunday in November in a 53-week year. Our fiscal year ending October 31, 2021 (“fiscal year 2021”) is a 52-week fiscal year. The first quarter of our fiscal year 2021 ended on January 31, 2021, the second quarter ended on May 2, 2021 and the third quarter ended on August 1, 2021. Our fiscal year ended November 1, 2020 (“fiscal year 2020”) was also a 52-week fiscal year. |
Basis of presentation | The accompanying condensed consolidated financial statements include the accounts of Broadcom and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The November 1, 2020 condensed consolidated balance sheet data were derived from Broadcom’s audited consolidated financial statements included in its Annual Report on Form 10-K for fiscal year 2020 as filed with the Securities and Exchange Commission. All intercompany transactions and balances have been eliminated in consolidation. The operating results for the fiscal quarter and three fiscal quarters ended August 1, 2021 are not necessarily indicative of the results that may be expected for fiscal year 2021, or for any other future period. |
Use of estimates | Use of estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The inputs into certain of these estimates and assumptions include the consideration of the economic impact of the COVID-19 pandemic. Actual results could differ materially from these estimates, and such differences could affect the results of operations reported in future periods. As the impact of the COVID-19 pandemic continues to develop, many of these estimates could require increased judgment and carry a higher degree of variability and volatility, and may change materially in future periods. |
Revenue from Contracts with Customers | We account for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable we will collect substantially all of the consideration we are entitled to. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. |
Net income per share | Basic net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. Diluted shares outstanding include the dilutive effect of unvested restricted stock units (“RSUs”), in-the-money stock options and employee stock purchase plan rights under the Broadcom Inc. Employee Stock Purchase Plan, as amended (“ESPP”), (collectively referred to as “equity awards”), as well as Mandatory Convertible Preferred Stock, as defined in Note 8. “Stockholders’ Equity.” Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share. The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and purchasing shares under the ESPP and the amount of compensation cost for future service that we have not yet recognized are collectively assumed to be used to repurchase shares. The dilutive effect of Mandatory Convertible Preferred Stock is calculated using the if-converted method. The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extent that the effect is dilutive.
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Segment reporting | Each segment represents components for which separate financial information is available that is utilized on a regular basis by the CODM in determining how to allocate resources and evaluate performance. The reportable segments are determined based on several factors including, but not limited to, customer base, homogeneity of products, technology, delivery channels and similar economic characteristics. |
Revenue from Contracts with Customers (Tables) |
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Disaggregation | The following tables present revenue disaggregated by type of revenue and by region for the periods presented:
________________________________ (a) Subscriptions and services predominantly include software licenses with termination for convenience clauses.
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Contract balances | Contract assets and contract liabilities balances were as follows:
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Acquisitions (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Pro Forma Information |
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Supplemental Financial Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventory |
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Summary of Other Current Assets |
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Summary of Other Current Liabilities |
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Summary of Other Long-Term Liabilities |
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Schedule of Cash Flow, Supplemental Disclosures |
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Goodwill and Intangible Assets (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill
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Schedule of Intangible Assets by Major Class |
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Finite-lived Intangible Assets Remaining Amortization Expense | Based on the amount of intangible assets subject to amortization at August 1, 2021, the expected amortization expense for each of the next five years and thereafter was as follows:
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Finite-lived Intangible Assets Remaining Weighted Average Amortization Period | The weighted-average remaining amortization periods by intangible asset category were as follows:
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Net Income Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented:
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Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Schedule of future principal payments of debt | The future scheduled principal payments of debt as of August 1, 2021 were as follows:
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Dividends Declared and Paid |
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Summary of Stock-Based Compensation Expense |
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Summary of RSU Activity | A summary of time- and market-based RSU activity is as follows:
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Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting |
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contractual Obligations and Commitments | The following table summarizes contractual obligations and commitments as of August 1, 2021 that materially changed from the end of fiscal year 2020:
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Restructuring, Impairment and Disposal Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Aug. 01, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the significant activities within, and components of, the restructuring liabilities during the three fiscal quarters ended August 1, 2021:
_________________________________ (a) We expect the majority of the employee termination costs balance to be paid within the next three months.
|
Overview, Basis of Presentation and Significant Accounting Policies (Textuals) (Details) |
9 Months Ended |
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Aug. 01, 2021
segment
| |
Number of reportable segments | 2 |
Fiscal period end | 52- or 53-week |
Revenue from Contracts with Customers 1 (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
|||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | $ 6,778 | $ 5,821 | $ 20,043 | $ 17,421 | ||
Americas | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 1,588 | 1,410 | 4,503 | 4,415 | ||
Asia Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 4,321 | 3,742 | 13,060 | 10,962 | ||
Europe, the Middle East and Africa | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 869 | 669 | 2,480 | 2,044 | ||
Products | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 5,064 | 4,125 | 15,128 | 12,582 | ||
Products | Americas | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 438 | 410 | 1,299 | 1,340 | ||
Products | Asia Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 4,129 | 3,393 | 12,484 | 10,282 | ||
Products | Europe, the Middle East and Africa | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 497 | 322 | 1,345 | 960 | ||
Subscriptions and services | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | [1] | 1,714 | 1,696 | 4,915 | 4,839 | |
Subscriptions and services | Americas | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 1,150 | 1,000 | 3,204 | 3,075 | ||
Subscriptions and services | Asia Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | 192 | 349 | 576 | 680 | ||
Subscriptions and services | Europe, the Middle East and Africa | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total net revenue | $ 372 | $ 347 | $ 1,135 | $ 1,084 | ||
|
Revenue from Contracts with Customers 2 (Details) - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Contract Assets | ||
Contract with Customer, Asset, Net | $ 142 | $ 158 |
Contract Liabilities | ||
Contract with Customer, Liability | $ 3,628 | $ 3,443 |
Revenue from Contracts with Customers 3 (Textuals) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized during period that was included in contract liabilities at beginning of period | $ 2,330 | $ 1,315 |
Revenue, Remaining Performance Obligation, Amount | $ 12,100 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-02 | ||
Revenue from Contract with Customer [Abstract] | ||
Revenue, Remaining Performance Obligation, Percentage | 31.00% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Acquisitions (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Nov. 04, 2019
USD ($)
|
Aug. 02, 2020
USD ($)
|
Aug. 01, 2021
USD ($)
|
Aug. 02, 2020
USD ($)
|
|
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Goodwill, Acquired During Period | $ 10 | |||
Symantec Asset Purchase [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Pro forma net revenue | $ 5,687 | $ 16,894 | ||
Pro forma net income attributable to common stock | $ 549 | 1,181 | ||
Business Combination, Consideration Transferred | $ 10,700 | |||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Business Combination, Consideration Transferred | $ 201 | |||
Number of Businesses Acquired | 3 | |||
Goodwill, Acquired During Period | $ 109 | |||
Identified finite-lived intangible assets | $ 46 |
Supplemental Financial Information (Cash Equivalents) (Details) - Cash Equivalents - Fair Value, Inputs, Level 1 - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | $ 3,880 | $ 2,471 |
Money-market funds | $ 1,555 | $ 790 |
Supplemental Financial Information (Accounts Receivable Factoring) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Accounts Receivable Factoring [Abstract] | ||||
Accounts Receivable, Sale | $ 1,000 | $ 927 | $ 2,827 | $ 2,754 |
Supplemental Financial Information (Inventory) (Details) - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Balance Sheet Related Disclosures [Abstract] | ||
Finished goods | $ 329 | $ 323 |
Work-in-process | 673 | 558 |
Raw materials | 158 | 122 |
Total inventory | $ 1,160 | $ 1,003 |
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid expenses | $ 509 | $ 387 |
Other (miscellaneous) | 628 | 590 |
Total other current assets | $ 1,137 | $ 977 |
Supplemental Financial Information (Other Current Liabilities) (Details) - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Other Liabilities, Current [Abstract] | ||
Contract liabilities | $ 3,008 | $ 2,620 |
Tax liabilities | 492 | 440 |
Interest payable | 471 | 304 |
Other (miscellaneous) | 390 | 467 |
Total other current liabilities | $ 4,361 | $ 3,831 |
Supplemental Financial Information (Other Long-Term Liabilities) (Details) - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Other Liabilities, Noncurrent [Abstract] | ||
Unrecognized tax benefits | $ 3,282 | $ 3,185 |
Contract liabilities | 620 | 823 |
Other (miscellaneous) | 932 | 1,418 |
Total other long-term liabilities | $ 4,834 | $ 5,426 |
Supplemental Financial Information (Supplemental Cash Flow) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Supplemental Cash Flow Elements [Abstract] | ||||
Cash paid for interest | $ 253 | $ 269 | $ 994 | $ 1,025 |
Cash paid for income taxes | $ 167 | $ 44 | 607 | 299 |
Capital expenditures incurred but not yet paid | $ 20 | $ 37 |
Goodwill and Intangible Assets (Goodwill Rollforward) (Details) $ in Millions |
9 Months Ended |
---|---|
Aug. 01, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 43,447 |
Goodwill, Acquired During Period | 10 |
Goodwill, Ending Balance | 43,457 |
Semiconductor Solutions | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 25,959 |
Goodwill, Acquired During Period | 0 |
Goodwill, Ending Balance | 25,959 |
Infrastructure Software | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | 17,488 |
Goodwill, Acquired During Period | 10 |
Goodwill, Ending Balance | $ 17,498 |
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 36,148 | $ 36,136 |
Accumulated amortization | (23,448) | (19,379) |
Finite-lived intangible assets, net book value | 12,700 | 16,757 |
Intangible assets, gross | 36,167 | 36,161 |
Intangible assets, net book value | 12,719 | 16,782 |
In-process research and development | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
In-process research and development | 19 | 25 |
Purchased technology | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 24,132 | 24,119 |
Accumulated amortization | (16,498) | (13,925) |
Finite-lived intangible assets, net book value | 7,634 | 10,194 |
Customer contracts and related relationships | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 8,392 | 8,389 |
Accumulated amortization | (4,218) | (3,179) |
Finite-lived intangible assets, net book value | 4,174 | 5,210 |
Order backlog | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 2,579 | 2,579 |
Accumulated amortization | (2,223) | (1,836) |
Finite-lived intangible assets, net book value | 356 | 743 |
Trade names | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 797 | 797 |
Accumulated amortization | (378) | (322) |
Finite-lived intangible assets, net book value | 419 | 475 |
Other | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 248 | 252 |
Accumulated amortization | (131) | (117) |
Finite-lived intangible assets, net book value | $ 117 | $ 135 |
Goodwill and Intangible Assets (Intangible Asset Amortization) (Details) - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Finite-lived intangible assets future amortization expense | ||
2021 (Remainder) | $ 1,347 | |
2022 | 4,367 | |
2023 | 3,239 | |
2024 | 2,369 | |
2025 | 659 | |
Thereafter | 719 | |
Finite-lived intangible assets, net book value | $ 12,700 | $ 16,757 |
Goodwill and Intangible Assets (Intangible Asset Life) (Details) |
9 Months Ended |
---|---|
Aug. 01, 2021 | |
Purchased technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period (in years) | 4 years |
Customer-Related Intangible Assets | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period (in years) | 3 years |
Order backlog | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period (in years) | 2 years |
Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period (in years) | 9 years |
Other | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period (in years) | 9 years |
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 12 | 12 | 12 | 12 |
Numerator - Basic: | ||||
Income from continuing operations | $ 1,876 | $ 689 | $ 4,747 | $ 1,637 |
Dividends on preferred stock | (74) | (74) | (224) | (223) |
Income from continuing operations attributable to common stock | 1,802 | 615 | 4,523 | 1,414 |
Income (loss) from discontinued operations, net of income taxes, attributable to common stock | 0 | (1) | 0 | (1) |
Net income attributable to common stock | $ 1,802 | $ 614 | $ 4,523 | $ 1,413 |
Denominator: | ||||
Weighted-average shares outstanding - basic | 411 | 403 | 409 | 401 |
Dilutive effect of equity awards | 18 | 19 | 20 | 19 |
Weighted-average shares outstanding - diluted | 429 | 422 | 429 | 420 |
Basic income per share: | ||||
Income per share from continuing operations (in dollars per share) | $ 4.38 | $ 1.53 | $ 11.06 | $ 3.53 |
Income (loss) per share from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | (0.01) |
Net income per share (in dollars per share) | 4.38 | 1.52 | 11.06 | 3.52 |
Diluted income per share: | ||||
Income per share from continuing operations (in dollars per share) | 4.20 | 1.46 | 10.54 | 3.37 |
Income (loss) per share from discontinued operations (in dollars per share) | 0 | (0.01) | 0 | (0.01) |
Net income per share (in dollars per share) | $ 4.20 | $ 1.45 | $ 10.54 | $ 3.36 |
Borrowings (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
May 02, 2021 |
Jan. 31, 2021 |
Aug. 01, 2021 |
Aug. 02, 2020 |
Jan. 19, 2021 |
Nov. 01, 2020 |
May 07, 2019 |
Feb. 28, 2019 |
|
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 41,499 | $ 41,498 | ||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 1,100 | 504 | ||||||
Long-term Debt | 40,399 | 40,994 | ||||||
Finance Lease, Liability, Current | 24 | 20 | ||||||
Finance Lease, Liability, Noncurrent | 34 | 48 | ||||||
Debt repayment | $ 606 | 10,733 | $ 15,814 | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 23 | $ 128 | ||||||
Write off of Deferred Debt Issuance Cost | 44 | |||||||
Interest payable | 471 | 304 | ||||||
Commercial paper, Maximum borrowing capacity | $ 2,000 | |||||||
Fair Value, Inputs, Level 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Fair Value | 45,379 | |||||||
Revolving Facility | January 2021 Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,500 | |||||||
Revolving Facility | May 2019 Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||||||
Foreign Line of Credit | January 2021 Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500 | |||||||
April 2033 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 2,250 | 0 | ||||||
Fixed interest rate | 3.419% | |||||||
Effective interest rate | 4.66% | |||||||
April 2034 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 3,250 | 0 | ||||||
Fixed interest rate | 3.469% | |||||||
Effective interest rate | 4.63% | |||||||
March 2021 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 5,500 | 0 | ||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 581 | |||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||||||
February 2028 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 750 | 0 | ||||||
Fixed interest rate | 1.95% | |||||||
Effective interest rate | 2.10% | |||||||
February 2031 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 2,750 | 0 | ||||||
Fixed interest rate | 2.45% | |||||||
Effective interest rate | 2.56% | |||||||
February 2033 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 1,750 | 0 | ||||||
Fixed interest rate | 2.60% | |||||||
Effective interest rate | 2.70% | |||||||
February 2041 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 3,000 | 0 | ||||||
Fixed interest rate | 3.50% | |||||||
Effective interest rate | 3.60% | |||||||
February 2051 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 1,750 | 0 | ||||||
Fixed interest rate | 3.75% | |||||||
Effective interest rate | 3.84% | |||||||
January 2021 Senior Notes Tranche | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 10,000 | 0 | ||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||||||
September 2026 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 1,695 | $ 1,695 | ||||||
Fixed interest rate | 3.459% | 3.459% | ||||||
Effective interest rate | 4.19% | 4.19% | ||||||
September 2028 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 2,222 | $ 2,222 | ||||||
Fixed interest rate | 4.11% | 4.11% | ||||||
Effective interest rate | 5.02% | 5.02% | ||||||
June 2020 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 3,917 | $ 3,917 | ||||||
November 2023 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 105 | $ 1,000 | ||||||
Fixed interest rate | 2.25% | 2.25% | ||||||
Effective interest rate | 2.40% | 2.40% | ||||||
November 2025 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 1,418 | $ 2,250 | ||||||
Fixed interest rate | 3.15% | 3.15% | ||||||
Effective interest rate | 3.29% | 3.29% | ||||||
November 2030 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 2,750 | $ 2,750 | ||||||
Fixed interest rate | 4.15% | 4.15% | ||||||
Effective interest rate | 4.27% | 4.27% | ||||||
November 2032 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 2,000 | $ 2,000 | ||||||
Fixed interest rate | 4.30% | 4.30% | ||||||
Effective interest rate | 4.39% | 4.39% | ||||||
May 2020 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 6,273 | $ 8,000 | ||||||
April 2025 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 1,247 | $ 2,250 | ||||||
Fixed interest rate | 4.70% | 4.70% | ||||||
Effective interest rate | 4.88% | 4.88% | ||||||
April 2030 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 2,250 | $ 2,250 | ||||||
Fixed interest rate | 5.00% | 5.00% | ||||||
Effective interest rate | 5.18% | 5.18% | ||||||
April 2020 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 3,497 | $ 4,500 | ||||||
Term Loan through November 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | $ 1,819 | ||||||
Effective interest rate | 1.54% | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.125% | |||||||
Term Loan through November 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | $ 4,069 | ||||||
Effective interest rate | 1.56% | |||||||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.25% | |||||||
November 2019 Term Loans | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | $ 5,888 | ||||||
Debt repayment | 5,888 | |||||||
April 2021 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | $ 525 | ||||||
Fixed interest rate | 3.125% | |||||||
Effective interest rate | 3.61% | |||||||
October 2022 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | $ 693 | ||||||
Fixed interest rate | 3.125% | |||||||
Effective interest rate | 3.53% | |||||||
October 2024 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 622 | $ 1,044 | ||||||
Fixed interest rate | 3.625% | 3.625% | ||||||
Effective interest rate | 3.98% | 3.98% | ||||||
April 2026 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 1,183 | $ 2,500 | ||||||
Fixed interest rate | 4.25% | 4.25% | ||||||
Effective interest rate | 4.54% | 4.54% | ||||||
April 2029 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 3,000 | $ 3,000 | ||||||
Fixed interest rate | 4.75% | 4.75% | ||||||
Effective interest rate | 4.95% | 4.95% | ||||||
April 2019 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 4,805 | $ 7,762 | ||||||
January 2021 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | $ 282 | ||||||
Fixed interest rate | 2.20% | |||||||
Effective interest rate | 2.41% | |||||||
Debt repayment | 282 | |||||||
January 2022 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 255 | $ 842 | ||||||
Fixed interest rate | 3.00% | 3.00% | ||||||
Effective interest rate | 3.21% | 3.21% | ||||||
Debt repayment | 314 | |||||||
January 2023 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 260 | $ 1,000 | ||||||
Fixed interest rate | 2.65% | 2.65% | ||||||
Effective interest rate | 2.78% | 2.78% | ||||||
January 2024 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 829 | $ 1,352 | ||||||
Fixed interest rate | 3.625% | 3.625% | ||||||
Effective interest rate | 3.74% | 3.74% | ||||||
January 2025 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 585 | $ 1,000 | ||||||
Fixed interest rate | 3.125% | 3.125% | ||||||
Effective interest rate | 3.23% | 3.23% | ||||||
January 2027 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 3,813 | $ 4,800 | ||||||
Fixed interest rate | 3.875% | 3.875% | ||||||
Effective interest rate | 4.02% | 4.02% | ||||||
January 2028 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 1,250 | $ 1,250 | ||||||
Fixed interest rate | 3.50% | 3.50% | ||||||
Effective interest rate | 3.60% | 3.60% | ||||||
2017 Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 6,992 | $ 10,526 | ||||||
August 2022 Senior Notes | CA Technologies, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | 0 | $ 283 | ||||||
Fixed interest rate | 3.60% | |||||||
Effective interest rate | 4.07% | |||||||
August 2023 Senior Notes | CA Technologies, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 143 | $ 250 | ||||||
Fixed interest rate | 4.50% | 4.50% | ||||||
Effective interest rate | 4.10% | 4.10% | ||||||
March 2027 Senior Notes | CA Technologies, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 350 | $ 350 | ||||||
Fixed interest rate | 4.70% | 4.70% | ||||||
Effective interest rate | 5.15% | 5.15% | ||||||
Assumed CA Senior Notes | CA Technologies, Inc. | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 493 | $ 883 | ||||||
August 2022 - August 2034 Senior Notes | Broadcom Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 22 | $ 22 | ||||||
August 2022 - August 2034 Senior Notes | Minimum [Member] | Broadcom Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed interest rate | 2.50% | 2.50% | ||||||
Effective interest rate | 2.59% | 2.59% | ||||||
August 2022 - August 2034 Senior Notes | Maximum [Member] | Broadcom Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed interest rate | 4.50% | 4.50% | ||||||
Effective interest rate | 4.55% | 4.55% | ||||||
2021 Tendered Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt repayment | $ 9 | $ 2,902 | ||||||
Revolver Borrowings | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 0 | |||||||
Commercial Paper Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt, Gross | $ 0 | $ 0 |
Borrowings (Future Principal Payments) (Details) $ in Millions |
Aug. 01, 2021
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2021 (Remainder) | $ 0 |
2022 | 264 |
2023 | 403 |
2024 | 1,563 |
2025 | 1,832 |
Thereafter | 37,437 |
Long-term Debt, Maturity, Repayments of Principal | $ 41,499 |
Stockholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Aug. 01, 2021 |
Nov. 01, 2020 |
Nov. 03, 2019 |
|
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 4,000,000 | ||
Preferred stock, dividend rate, Percentage | 8.00% | 8.00% | 8.00% |
Preferred stock, Par value per share | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock dividend obligation | $ 27 | $ 27 | |
Minimum [Member] | |||
Class of Stock [Line Items] | |||
Convertible preferred stock, Shares issuable upon conversion | 3.0763 | ||
Maximum [Member] | |||
Class of Stock [Line Items] | |||
Convertible preferred stock, Shares issuable upon conversion | 3.5957 |
Stockholders' Equity (Dividends and Distributions) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Equity [Abstract] | ||||
Dividends per share to common stockholders | $ 3.60 | $ 3.25 | $ 10.80 | $ 9.75 |
Dividends to common stockholders | $ 1,482 | $ 1,312 | $ 4,427 | $ 3,915 |
Dividends per share to preferred stockholders | $ 20.00 | $ 20.00 | $ 60.00 | $ 60.00 |
Dividends to preferred stockholders | $ 74 | $ 74 | $ 224 | $ 224 |
Stockholders' Equity (Stock-based Compensation Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
|
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Unrecognized compensation cost related to unvested stock-based awards | $ 3,334 | $ 3,334 | ||
Unrecognized compensation cost, Remaining weighted-average service period | 3 years 1 month 6 days | |||
Stock-based compensation expense | 421 | $ 465 | $ 1,290 | $ 1,527 |
Cost of products sold | ||||
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 18 | 26 | 59 | 84 |
Cost of subscriptions and services | ||||
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 18 | 11 | 47 | 37 |
Research and development | ||||
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 285 | 337 | 920 | 1,101 |
Selling, general and administrative | ||||
Employee Service Stock-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 100 | $ 91 | $ 264 | $ 305 |
Stockholders' Equity (RSU Activity) (Details) $ / shares in Units, $ in Millions |
9 Months Ended |
---|---|
Aug. 01, 2021
USD ($)
$ / shares
shares
| |
Stock-based Compensation Arrangement by Stock-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 20,000,000 |
RSUs | |
RSUs, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance | 32,000,000 |
Granted | 1,000,000 |
Vested | (6,000,000) |
Forfeited | (2,000,000) |
Ending balance | 25,000,000 |
RSUs, Weighted Average Grant Date Fair Value per Share | |
Beginning balance, Weighted average grant date fair value per share | $ / shares | $ 188.35 |
Granted, Weighted average grant date fair value per share | $ / shares | 404.43 |
Vested, Weighted average grant date fair value per share | $ / shares | 211.74 |
Forfeited, Weighted average grant date fair value per share | $ / shares | 187.68 |
Ending balance, Weighted average grant date fair value per share | $ / shares | $ 200.55 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |
Aggregate market value of RSUs vested | $ | $ 2,888 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
Nov. 01, 2020 |
|
Income Tax Contingency [Line Items] | |||||
Benefit from income taxes | $ (150) | $ (96) | $ (151) | $ (331) | |
Unrecognized tax benefits | 4,893 | 4,893 | $ 4,748 | ||
Unrecognized tax benefits, Accrued interest and penalties | 354 | 354 | 340 | ||
Unrecognized tax benefits, including accrued interest and penalties, that would impact effective tax rate | 5,247 | 5,247 | $ 5,088 | ||
Possible change of existing unrecognized tax benefits | $ 277 | $ 277 |
Segment Information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Aug. 01, 2021
USD ($)
Customer
|
Aug. 02, 2020
USD ($)
Customer
|
Aug. 01, 2021
USD ($)
segment
Customer
|
Aug. 02, 2020
USD ($)
Customer
|
Nov. 01, 2020
Customer
|
|
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 2 | ||||
Total net revenue | $ 6,778 | $ 5,821 | $ 20,043 | $ 17,421 | |
Total operating income | 2,126 | 1,008 | 5,938 | 2,488 | |
Semiconductor Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | 5,021 | 4,219 | 14,749 | 12,437 | |
Total operating income | 2,720 | 2,112 | 7,828 | 6,046 | |
Infrastructure Software | |||||
Segment Reporting Information [Line Items] | |||||
Total net revenue | 1,757 | 1,602 | 5,294 | 4,984 | |
Total operating income | 1,226 | 1,069 | 3,700 | 3,250 | |
Unallocated Expenses | |||||
Segment Reporting Information [Line Items] | |||||
Total operating income | $ (1,820) | $ (2,173) | $ (5,590) | $ (6,808) | |
Customer Concentration Risk | Trade accounts receivable, net | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Number of Major Customers | Customer | 1 | 0 | |||
Customer Concentration Risk | Trade accounts receivable, net | Major Customer One | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 12.00% | ||||
Customer Concentration Risk | Sales Revenue, Net [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Number of Major Customers | Customer | 1 | 0 | 1 | 1 | |
Customer Concentration Risk | Sales Revenue, Net [Member] | Major Customer One | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 16.00% | 17.00% | 12.00% |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
Aug. 01, 2021 |
Nov. 01, 2020 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Debt principal, interest and fees, Due in 2021 (remainder) | $ 558 | |
Debt principal, interest and fees, Due in 2022 | 1,819 | |
Debt principal, interest and fees, Due in 2023 | 1,950 | |
Debt principal, interest and fees, Due in 2024 | 3,084 | |
Debt principal, interest and fees, Due in 2025 | 3,276 | |
Debt principal, interest and fees, Thereafter | 46,048 | |
Debt principal, interest and fees, Total | 56,735 | |
Purchase commitments | ||
Purchase commitments, Due in 2021 (remainder) | 1,305 | |
Purchase commitments, Due in 2022 | 78 | |
Purchase commitments, Due in 2023 | 58 | |
Purchase commitments, Due in 2024 | 0 | |
Purchase commitments, Due in 2025 | 0 | |
Purchase commitments, Thereafter | 0 | |
Purchase commitments, Total | 1,441 | |
Other contractual commitments | ||
Other contractual commitments, Due in 2021 (remainder) | 54 | |
Other contractual commitments, Due in 2022 | 239 | |
Other contractual commitments, Due in 2023 | 226 | |
Other contractual commitments, Due in 2024 | 162 | |
Other contractual commitments, Due in 2025 | 74 | |
Other contractual commitments, Thereafter | 248 | |
Other contractual commitments, Total | 1,003 | |
Unrecognized tax benefits and accrued interest | 3,282 | $ 3,185 |
Standby letters of credit | $ 52 | $ 65 |
Commitment and Contingencies (Details) 2 - Caltech [Member] - Pending Litigation [Member] $ in Millions |
9 Months Ended |
---|---|
Aug. 01, 2021
USD ($)
| |
Loss Contingencies [Line Items] | |
Litigation Settlement, Amount Awarded to Other Party | $ 270.2 |
Loss Contingency, Damages Sought, Value | $ 837.8 |
Restructuring, Impairment and Disposal Charges (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Aug. 01, 2021 |
Aug. 02, 2020 |
Aug. 01, 2021 |
Aug. 02, 2020 |
Nov. 01, 2020 |
|||||
Restructuring and Related Activities [Abstract] | |||||||||
Write-down of restructured lease-related right-of-use assets and other lease-related charges | $ 24 | ||||||||
Restructured lease liability | $ 69 | 69 | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring reserve | 6 | 6 | $ 34 | ||||||
Restructuring charges | 25 | $ 64 | 123 | $ 173 | |||||
Utilization of restructuring reserve | (127) | ||||||||
Symantec [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | 151 | ||||||||
CA Technologies, Inc. | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | $ 22 | ||||||||
Symantec and CA Technologies, Inc. | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | $ 64 | ||||||||
Employee Termination Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring reserve | 6 | [1] | 6 | [1] | 34 | ||||
Restructuring charges | 89 | ||||||||
Utilization of restructuring reserve | (117) | ||||||||
Other Exit Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring reserve | $ 0 | 0 | $ 0 | ||||||
Restructuring charges | 10 | ||||||||
Utilization of restructuring reserve | (10) | ||||||||
Employee Termination and Other Exit Costs | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring charges | $ 99 | ||||||||
|
Subsequent Events - Cash Dividends (Details) - Subsequent Event - $ / shares |
Sep. 30, 2021 |
Sep. 22, 2021 |
Sep. 15, 2021 |
Sep. 01, 2021 |
---|---|---|---|---|
Dividends Payable [Line Items] | ||||
Dividends payable, Date declared | Sep. 01, 2021 | |||
Dividends payable, Date to be paid | Sep. 30, 2021 | |||
Preferred Stock | ||||
Dividends Payable [Line Items] | ||||
Preferred Stock, Dividends Per Share, Declared | $ 20.00 | |||
Dividends payable, Date of record | Sep. 15, 2021 | |||
Common Stock | ||||
Dividends Payable [Line Items] | ||||
Dividends declared (in dollars per share) | $ 3.60 | |||
Dividends payable, Date of record | Sep. 22, 2021 |
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