Revision of Prior Period Consolidated Financial Statements (Tables)

12 Months Ended

Oct. 31, 2022

A summary of revisions to the Company’s previously reported financial statements is presented below.

Revised Consolidated Statements of Earnings


	For the fiscal year ended October 31, 2022
	As reported		Adjustment		As revised
	In millions, except per share amounts
Net revenue	$	62,983	$	(73)	$	62,910

Cost of revenue	$	50,648	$	(1)	$	50,647
Research and development	$	1,593	$	60	$	1,653

Restructuring and other charges	$	233	$	(15)	$	218



Total costs and expenses	$	58,307	$	44	$	58,351
Earnings from operations	$	4,676	$	(117)	$	4,559

Earnings before taxes	$	4,441	$	(117)	$	4,324
Provision for taxes	$	(1,238)	$	46	$	(1,192)
Net earnings	$	3,203	$	(71)	$	3,132


Basic earnings per share	$	3.09	$	(0.07)	$	3.02
Diluted earnings per share	$	3.05	$	(0.07)	$	2.98


	For the fiscal year ended October 31, 2021
	As reported		Adjustment		As revised
	In millions, except per share amounts
Net revenue	$	63,487	$	(27)	$	63,460

Cost of revenue	$	50,070	$	(17)	$	50,053
Research and development	$	1,907	$	(59)	$	1,848
Selling, general and administrative	$	5,741	$	(14)	$	5,727
Restructuring and other charges	$	245	$	6	$	251



Total costs and expenses	$	58,185	$	(84)	$	58,101
Earnings from operations	$	5,302	$	57	$	5,359

Earnings before taxes	$	7,511	$	57	$	7,568
Provision for taxes	$	(1,008)	$	(19)	$	(1,027)
Net earnings	$	6,503	$	38	$	6,541

Basic earnings per share	$	5.38	$	0.03	$	5.41
Diluted earnings per share	$	5.33	$	0.03	$	5.36


	For the fiscal year ended October 31, 2020
	As reported		Adjustment		As revised
	In millions, except per share amounts
Net revenue	$	56,639	$	(1)	$	56,638

Cost of revenue	$	46,202	$	15	$	46,217
Research and development	$	1,478	$	(1)	$	1,477
Selling, general and administrative	$	4,906	$	(5)	$	4,901
Restructuring and other charges	$	462	$	10	$	472



Total costs and expenses	$	53,177	$	19	$	53,196
Earnings from operations	$	3,462	$	(20)	$	3,442

Earnings before taxes	$	3,231	$	(20)	$	3,211
Provision for taxes	$	(387)	$	(9)	$	(396)
Net earnings	$	2,844	$	(29)	$	2,815

Basic earnings per share	$	2.01	$	(0.02)	$	1.99
Diluted earnings per share	$	2.00	$	(0.02)	$	1.98

Revised Consolidated Statements of Comprehensive Income


	For the fiscal year ended October 31, 2022
	As reported		Adjustment		As revised
	In millions
Net earnings	$	3,203	$	(71)	$	3,132
Gains (losses) on unrealized components of defined benefit plans	$	4	$	(58)	$	(54)
Other comprehensive income before taxes	$	697	$	(58)	$	639
Provision for taxes	$	(124)	$	15	$	(109)
Other comprehensive income, net of taxes	$	573	$	(43)	$	530
Comprehensive income	$	3,776	$	(114)	$	3,662


	For the fiscal year ended October 31, 2021
	As reported		Adjustment		As revised
	In millions
Net earnings	$	6,503	$	38	$	6,541
Gains on unrealized components of defined benefit plans	$	1,008	$	21	$	1,029
Other comprehensive income before taxes	$	1,196	$	21	$	1,217
Provision for taxes	$	(213)	$	(6)	$	(219)
Other comprehensive income, net of taxes	$	983	$	15	$	998
Comprehensive income	$	7,486	$	53	$	7,539


	For the fiscal year ended October 31, 2020
	As reported		Adjustment		As revised
	In millions
Net earnings	$	2,844	$	(29)	$	2,815




Comprehensive income	$	2,826	$	(29)	$	2,797

Revised Consolidated Balance Sheets


	For the fiscal years ended October 31
	2022						2021
	As reported		Adjustment		As revised		As reported		Adjustment		As revised
	In millions
Accounts receivable, net	$	4,546	$	—	$	4,546	$	5,511	$	25	$	5,536
Inventory	$	7,595	$	19	$	7,614	$	7,930	$	—	$	7,930
Other current assets	$	4,515	$	(84)	$	4,431	$	4,430	$	(27)	$	4,403
Total current assets	$	19,801	$	(65)	$	19,736	$	22,170	$	(2)	$	22,168
Other non-current assets	$	7,471	$	(28)	$	7,443	$	7,091	$	(3)	$	7,088
Total assets	$	38,587	$	(93)	$	38,494	$	38,610	$	(5)	$	38,605
Accounts payable	$	15,284	$	19	$	15,303	$	16,075	$	—	$	16,075
Other current liabilities	$	10,651	$	17	$	10,668	$	11,915	$	(35)	$	11,880
Total current liabilities	$	26,153	$	36	$	26,189	$	29,096	$	(35)	$	29,061
Other non-current liabilities	$	4,556	$	(22)	$	4,534	$	4,778	$	24	$	4,802
Accumulated deficit	$	(4,413)	$	(79)	$	(4,492)	$	(2,461)	$	(9)	$	(2,470)
Accumulated other comprehensive income (loss)	$	313	$	(28)	$	285	$	(260)	$	15	$	(245)
Total stockholders’ deficit	$	(2,918)	$	(107)	$	(3,025)	$	(1,650)	$	6	$	(1,644)
Total liabilities and stockholders’ deficit	$	38,587	$	(93)	$	38,494	$	38,610	$	(5)	$	38,605

Revised Consolidated Statements of Cash Flows


	For the fiscal year ended October 31, 2022
	As reported		Adjustment		As revised
	In millions
Cash flows from operating activities:
Net earnings	$	3,203	$	(71)	$	3,132
Restructuring and other charges	$	233	$	(15)	$	218
Deferred taxes on earnings	$	574	$	3	$	577
Accounts receivable	$	1,260	$	25	$	1,285
Inventory	$	233	$	(19)	$	214
Accounts payable	$	(928)	$	19	$	(909)
Taxes on earnings	$	(83)	$	(51)	$	(134)
Other assets and liabilities	$	(1,227)	$	109	$	(1,118)
Net cash provided by operating activities	$	4,463	$	—	$	4,463


	For the fiscal year ended October 31, 2021
	As reported		Adjustment		As revised
	In millions
Cash flows from operating activities:
Net earnings	$	6,503	$	38	$	6,541
Restructuring and other charges	$	245	$	6	$	251
Deferred taxes on earnings	$	(605)	$	23	$	(582)
Accounts receivable	$	(80)	$	(25)	$	(105)
Inventory	$	(2,164)	$	(16)	$	(2,180)

Taxes on earnings	$	64	$	(5)	$	59
Other assets and liabilities	$	(13)	$	(21)	$	(34)
Net cash provided by operating activities	$	6,409	$	—	$	6,409


	For the fiscal year ended October 31, 2020
	As reported		Adjustment		As revised
	In millions
Cash flows from operating activities:
Net earnings	$	2,844	$	(29)	$	2,815
Restructuring and other charges	$	462	$	10	$	472
Deferred taxes on earnings	$	70	$	(27)	$	43

Inventory	$	(386)	$	16	$	(370)

Taxes on earnings	$	(147)	$	35	$	(112)
Other assets and liabilities	$	(32)	$	(5)	$	(37)
Net cash provided by operating activities	$	4,316	$	—	$	4,316