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Income Taxes (Tables)

12 Months Ended

Oct. 30, 2021

Schedule of income tax provision reconciliation

The reconciliation of income tax computed at the U.S. federal statutory rates to income tax expense for fiscal 2021, fiscal 2020 and fiscal 2019 is as follows:


	2021			2020			2019
U.S. federal statutory tax rate	21.0		%	21.0		%	21.0		%
Income tax provision reconciliation:
Tax at statutory rate	$	279,030		$	275,439		$	312,003
Net foreign income subject to lower tax rate	(227,470)			(225,937)			(242,893)
State income taxes, net of federal benefit	(28,052)			(23,537)			(31,265)
Valuation allowance	13,263			13,655			34,069
Federal research and development tax credits	(37,902)			(31,055)			(50,769)
Change in uncertain tax positions	(1,061)			(13,304)			7,233
Amortization of purchased intangibles	146,094			101,906			111,547
Acquisition and integration costs	11,367			1,714			—
Taxes attributable to the Tax Cuts and Jobs Act of 2017	—			—			(7,500)
U.S. effects of international operations	(24,624)			11,903			19,782
Windfalls (under ASU 2016-09)	(26,365)			(16,240)			(28,677)

Intra-entity transfer of intangible assets	(188,804)			—			—
Other, net	22,816			(3,688)			(813)
Total income tax (benefit) provision	$	(61,708)		$	90,856		$	122,717

Schedule of income before income tax domestic and foreign

Income before income taxes for fiscal 2021, fiscal 2020 and fiscal 2019 includes the following components:


Income before income taxes (1)	2021		2020		2019

Domestic	$	508,100	$	355,442	$	484,876
Foreign	820,614		956,175		1,000,852
Income before income taxes	$	1,328,714	$	1,311,617	$	1,485,728

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(1)Income before income taxes reflects deemed intercompany royalties in all periods presented.

Schedule of components of the (benefit from) provision for income taxes

The components of the (benefit from) provision for income taxes for fiscal 2021, fiscal 2020 and fiscal 2019 are as follows:


	2021		2020		2019
Current:
Federal tax	$	134,652	$	64,876	$	74,049
State	7,772		4,882		2
Foreign	202,790		135,046		139,919
Total current	$	345,214	$	204,804	$	213,970
Deferred:
Federal	$	515,541	$	(159,229)	$	(158,472)
State	(12,444)		(12,684)		(3,627)
Foreign	(910,019)		57,965		70,846
Total deferred	$	(406,922)	$	(113,948)	$	(91,253)
(Benefit from) provision for income tax	$	(61,708)	$	90,856	$	122,717

Schedule of deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets and liabilities for fiscal 2021 and fiscal 2020 are as follows:


	2021		2020
Deferred tax assets:
Inventory reserves	$	—	$	17,074

Reserves for compensation and benefits	64,274		54,428
Tax credit carryovers	295,345		163,507

Stock-based compensation	26,541		12,758


Net operating losses	62,876		8,546
Intra-entity transfer of intangible assets	2,002,041		1,479,944
Lease liability	60,954		55,250
Other	248,075		159,838
Total gross deferred tax assets	2,760,106		1,951,345
Valuation allowance	(315,434)		(154,130)
Total deferred tax assets	2,444,672		1,797,215
Deferred tax liabilities:
Inventory reserves	(18,570)		—
Depreciation	(91,846)		(7,409)
Deferred GILTI tax liabilities	(3,059,919)		(1,183,955)
Right of use asset	(53,686)		(51,055)
Acquisition-related intangible	(892,212)		(971,327)

Total gross deferred tax liabilities	(4,116,233)		(2,213,746)
Net deferred tax liabilities	$	(1,671,561)	$	(416,531)

Schedule of changes in unrealized tax benefits

The following table summarizes the changes in the total amounts of unrealized tax benefits for fiscal 2019 through fiscal 2021:


	Unrealized Tax Benefits

























Balance, November 3, 2018	$	13,256
Additions for tax positions related to current year	3,398

Additions for tax positions related to prior years	18,613
Reductions due to lapse of applicable statute of limitations	(924)
Balance, November 2, 2019	$	34,343
Additions for tax positions related to current year	3,270
Reductions for tax positions related to prior years	(16,152)
Reductions due to lapse of applicable statute of limitations	(170)
Balance, October 31, 2020	$	21,291
Additions for tax positions related to current year	4,713
Additions for tax positions related to the Acquisition	91,179
Additions for tax positions related to prior years	19,790
Reductions due to lapse of applicable statute of limitations	(4,452)
Balance, October 30, 2021	$	132,521