Income Taxes (Tables)

12 Months Ended

Nov. 02, 2024

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 2024, fiscal 2023 and fiscal 2022 is as follows:


	2024			2023			2022
U.S. federal statutory tax rate	21.0		%	21.0		%	21.0		%
Income tax provision reconciliation:
Tax at statutory rate	$	373,241		$	757,681		$	650,737
Net foreign income subject to lower tax rate	(219,294)			(358,944)			(358,725)
State income taxes, net of federal benefit	(10,646)			4,453			(15,615)
Valuation allowance	10,615			(6,641)			29,737
Federal research and development tax credits	(53,420)			(65,391)			(58,625)
Change in uncertain tax positions	(19,514)			17,985			19,394
Amortization of purchased intangibles	114,679			142,358			142,375

Taxes attributable to the Tax Cuts and Jobs Act of 2017	(3,977)			(81,695)			—
U.S. effects of international operations	(6,300)			(98,286)			(47,665)
Windfalls (under ASU 2016-09)	(22,985)			(24,211)			(16,717)


Other, net	(20,332)			6,115			5,292
Total income tax provision	$	142,067		$	293,424		$	350,188

Schedule of income before income tax domestic and foreign

Income before income taxes for fiscal 2024, fiscal 2023 and fiscal 2022 includes the following components:


Income before income taxes (1)	2024		2023		2022

Domestic	$	517,555	$	846,592	$	958,465
Foreign	1,259,785		2,761,411		2,140,284
Income before income taxes	$	1,777,340	$	3,608,003	$	3,098,749

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

Schedule of components of the provision for income taxes

The components of the provision for income taxes for fiscal 2024, fiscal 2023 and fiscal 2022 are as follows:


	2024		2023		2022
Current:
Federal tax	$	348,144	$	303,146	$	304,556
State	14,399		11,772		13,214
Foreign	147,087		431,452		359,173
Total current	$	509,630	$	746,370	$	676,943
Deferred:
Federal	$	(492,578)	$	(508,741)	$	(341,777)
State	3,579		2,063		(612)
Foreign	121,436		53,732		15,634
Total deferred	$	(367,563)	$	(452,946)	$	(326,755)
Provision for income tax	$	142,067	$	293,424	$	350,188

Schedule of deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets and liabilities for fiscal 2024 and fiscal 2023 are as follows:


	2024		2023
Deferred tax assets:
Inventory reserves	$	29,139	$	20,159

Reserves for compensation and benefits	48,801		57,603
Tax credit carryovers	318,469		313,891

Stock-based compensation	22,290		10,734


Net operating losses	41,340		42,825
Intangible assets	1,871,218		1,955,752
Lease liability	74,715		82,305
Capitalization of R&D expenses (1)	624,682		421,485
Other	71,049		88,164
Total gross deferred tax assets	3,101,703		2,992,918
Valuation allowance	(343,079)		(332,464)
Total deferred tax assets	2,758,624		2,660,454
Deferred tax liabilities:

Depreciation	(139,556)		(122,125)
Deferred GILTI tax liabilities	(2,442,068)		(2,654,817)
Right of use asset	(53,303)		(60,343)
Acquisition-related intangibles	(664,337)		(727,749)

Total gross deferred tax liabilities	(3,299,264)		(3,565,034)
Net deferred tax liabilities	$	(540,640)	$	(904,580)

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(1) The Company included the effects of the mandatory capitalization and amortization of research and development expenses which began in fiscal 2023 under the Tax Cuts and Jobs Act.

Schedule of changes unrealized tax benefits

The following table summarizes the changes in the total amounts of unrealized tax benefits for fiscal 2022 through fiscal 2024:


	Unrealized Tax Benefits

























Balance, October 30, 2021	$	132,521
Additions for tax positions related to the Acquisition	15,267

Additions for tax positions related to current year	11,800
Additions for tax positions related to prior years	9,704
Reductions due to lapse of applicable statute of limitations	(3,965)
Balance, October 29, 2022	$	165,327

Additions for tax positions related to current year	5,895
Additions for tax positions related to prior years	17,096
Reductions due to lapse of applicable statute of limitations	(903)
Balance, October 28, 2023	$	187,415


Additions for tax positions related to current year	5,793
Reductions for tax positions related to prior years	(27,499)
Reductions due to lapse of applicable statute of limitations	(3,013)
Balance, November 2, 2024	$	162,696