(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
☑ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Page | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
Item 1: | ||||||||
Item 2: | ||||||||
Item 3: | ||||||||
Item 4: | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1: | ||||||||
Item 1A: | ||||||||
Item 2: | ||||||||
Item 3: | ||||||||
Item 4: | ||||||||
Item 5: | ||||||||
Item 6: | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of products sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research, development and engineering | |||||||||||||||||||||||
Marketing and selling | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Severance and related charges | ( | ||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest and other income (expense), net | ( | ||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of shares: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Change in unrealized gain (loss) on available-for-sale investments | ( | ( | |||||||||||||||||||||
Change in unrealized net loss on derivative instruments | ( | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
July 30, 2023 | October 30, 2022 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Long-term investments | |||||||||||
Property, plant and equipment, net | |||||||||||
Goodwill | |||||||||||
Purchased technology and other intangible assets, net | |||||||||||
Deferred income taxes and other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | $ | |||||||||
Accounts payable and accrued expenses | |||||||||||
Contract liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Income taxes payable | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended July 30, 2023 | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of April 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net issuance under stock plans | — | — | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Common stock repurchases | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Balance as of July 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 30, 2023 | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of October 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net issuance under stock plans | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Balance as of July 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended July 31, 2022 | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of May 1, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net issuance under stock plans | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Balance as of July 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended July 31, 2022 | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of October 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Net issuance under stock plans | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Balance as of July 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ |
Nine Months Ended | |||||||||||
July 30, 2023 | July 31, 2022 | ||||||||||
(Unaudited) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments required to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Severance and related charges | ( | ||||||||||
Share-based compensation | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
Inventories | ( | ||||||||||
Other current and non-current assets | ( | ||||||||||
Accounts payable and accrued expenses | ( | ||||||||||
Contract liabilities | |||||||||||
Income taxes payable | ( | ||||||||||
Other liabilities | |||||||||||
Cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Cash paid for acquisitions, net of cash acquired | ( | ( | |||||||||
Proceeds from sales and maturities of investments | |||||||||||
Purchases of investments | ( | ( | |||||||||
Cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from commercial paper | |||||||||||
Repayments of commercial paper | ( | ||||||||||
Proceeds from common stock issuances | |||||||||||
Common stock repurchases | ( | ( | |||||||||
Tax withholding payments for vested equity awards | ( | ( | |||||||||
Payments of dividends to stockholders | ( | ( | |||||||||
Repayments of principal on finance leases | ( | ||||||||||
Cash used in financing activities | ( | ( | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash equivalents | ( | ||||||||||
Cash, cash equivalents and restricted cash equivalents — beginning of period | |||||||||||
Cash, cash equivalents and restricted cash equivalents — end of period | $ | $ | |||||||||
Reconciliation of cash, cash equivalents and restricted cash equivalents | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash equivalents included in deferred income taxes and other assets | |||||||||||
Total cash, cash equivalents and restricted cash equivalents | $ | $ | |||||||||
Supplemental cash flow information: | |||||||||||
Cash payments for income taxes | $ | $ | |||||||||
Cash refunds from income taxes | $ | $ | |||||||||
Cash payments for interest | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Effect of weighted dilutive restricted stock units and employee stock purchase plan shares | |||||||||||||||||||||||
Denominator for diluted earnings per share | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Potentially weighted dilutive securities |
July 30, 2023 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Cash | $ | $ | — | $ | — | $ | |||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds* | — | — | |||||||||||||||||||||
Commercial paper, corporate bonds and medium-term notes | — | — | |||||||||||||||||||||
Total Cash equivalents | — | — | |||||||||||||||||||||
Total Cash and Cash equivalents | $ | $ | — | $ | — | $ | |||||||||||||||||
Short-term and long-term investments: | |||||||||||||||||||||||
Bank certificates of deposit and time deposits | $ | $ | $ | $ | |||||||||||||||||||
U.S. Treasury and agency securities | |||||||||||||||||||||||
Non-U.S. government securities** | |||||||||||||||||||||||
Municipal securities | |||||||||||||||||||||||
Commercial paper, corporate bonds and medium-term notes | |||||||||||||||||||||||
Asset-backed and mortgage-backed securities | |||||||||||||||||||||||
Total fixed income securities | |||||||||||||||||||||||
Publicly traded equity securities | |||||||||||||||||||||||
Equity investments in privately held companies | |||||||||||||||||||||||
Total equity investments | |||||||||||||||||||||||
Total short-term and long-term investments | $ | $ | $ | $ | |||||||||||||||||||
Total Cash, Cash equivalents and Investments | $ | $ | $ | $ |
October 30, 2022 | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Cash | $ | $ | — | $ | — | $ | |||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds* | — | — | |||||||||||||||||||||
U.S. Treasury and agency securities | — | — | |||||||||||||||||||||
Municipal securities | — | — | |||||||||||||||||||||
Commercial paper, corporate bonds and medium-term notes | — | — | |||||||||||||||||||||
Total Cash equivalents | — | — | |||||||||||||||||||||
Total Cash and Cash equivalents | $ | $ | — | $ | — | $ | |||||||||||||||||
Short-term and long-term investments: | |||||||||||||||||||||||
Bank certificates of deposit | $ | $ | $ | $ | |||||||||||||||||||
U.S. Treasury and agency securities | |||||||||||||||||||||||
Non-U.S. government securities** | |||||||||||||||||||||||
Municipal securities | |||||||||||||||||||||||
Commercial paper, corporate bonds and medium-term notes | |||||||||||||||||||||||
Asset-backed and mortgage-backed securities | |||||||||||||||||||||||
Total fixed income securities | |||||||||||||||||||||||
Publicly traded equity securities | |||||||||||||||||||||||
Equity investments in privately held companies | |||||||||||||||||||||||
Total equity investments | |||||||||||||||||||||||
Total short-term and long-term investments | $ | $ | $ | $ | |||||||||||||||||||
Total Cash, Cash equivalents and Investments | $ | $ | $ | $ |
Cost | Estimated Fair Value | ||||||||||
(In millions) | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due after one through five years | |||||||||||
Due after five years | |||||||||||
No single maturity date* | |||||||||||
Total | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Publicly traded equity securities | |||||||||||||||||||||||
Unrealized gain | $ | $ | $ | $ | |||||||||||||||||||
Unrealized loss | ( | ( | ( | ( | |||||||||||||||||||
Realized gain on sales and dividends | |||||||||||||||||||||||
Realized loss on sales | ( | ||||||||||||||||||||||
Equity investments in privately held companies | |||||||||||||||||||||||
Unrealized gain | |||||||||||||||||||||||
Unrealized loss | ( | ( | ( | ( | |||||||||||||||||||
Realized gain on sales and dividends | |||||||||||||||||||||||
Realized loss on sales and impairments | ( | ( | ( | ( | |||||||||||||||||||
Total gain (loss) on equity investments, net | $ | ( | $ | ( | $ | ( | $ |
July 30, 2023 | October 30, 2022 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Available-for-sale debt security investments | |||||||||||||||||||||||||||||||||||
Money market funds* | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Bank certificates of deposit and time deposits | |||||||||||||||||||||||||||||||||||
U.S. Treasury and agency securities | |||||||||||||||||||||||||||||||||||
Non-U.S. government securities | |||||||||||||||||||||||||||||||||||
Municipal securities | |||||||||||||||||||||||||||||||||||
Commercial paper, corporate bonds and medium-term notes | |||||||||||||||||||||||||||||||||||
Asset-backed and mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Total available-for-sale debt security investments | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Equity investments with readily determinable values | |||||||||||||||||||||||||||||||||||
Publicly traded equity securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total equity investments with readily determinable values | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | ( | $ | ||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | ||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||||
Total Amount Presented in the Consolidated Condensed Statement of Operations in which the Effects of Cash Flow Hedges are Recorded | Amount of Gain or (Loss) Reclassified from AOCI into Consolidated Condensed Statement of Operations | Amount of Gain (Loss) Excluded from Effectiveness Testing Recognized in Consolidated Condensed Statement of Operations | Total Amount Presented in the Consolidated Condensed Statement of Operations in which the Effects of Cash Flow Hedges are Recorded | Amount of Gain or (Loss) Reclassified from AOCI into Consolidated Condensed Statement of Operations | Amount of Gain (Loss) Excluded from Effectiveness Testing Recognized in Consolidated Condensed Statement of Operations | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts: | |||||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Cost of products sold | $ | $ | ( | ||||||||||||||||||||||||||||||||
Research, development and engineering | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
Marketing and selling | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
General and administrative | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||||||||||||||||||
Interest expense | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
$ | ( | $ | $ | $ |
Nine Months Ended | |||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | ||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Derivatives in Cash Flow Hedging Relationships | ||||||||||||||||||||||||||||||||||
Total Amount Presented in the Consolidated Condensed Statement of Operations in which the Effects of Cash Flow Hedges are Recorded | Amount of Gain or (Loss) Reclassified from AOCI into Consolidated Condensed Statement of Operations | Amount of Gain (Loss) Excluded from Effectiveness Testing Recognized in Consolidated Condensed Statement of Operations | Total Amount Presented in the Consolidated Condensed Statement of Operations in which the Effects of Cash Flow Hedges are Recorded | Amount of Gain or (Loss) Reclassified from AOCI into Consolidated Condensed Statement of Operations | Amount of Gain (Loss) Excluded from Effectiveness Testing Recognized in Consolidated Condensed Statement of Operations | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts: | |||||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Cost of products sold | $ | $ | ( | ||||||||||||||||||||||||||||||||
Research, development and engineering | $ | ( | $ | ( | ( | ||||||||||||||||||||||||||||||
Marketing and selling | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
General and administrative | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
Interest Rate Contracts: | |||||||||||||||||||||||||||||||||||
Interest expense | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | ( |
Amount of Gain or (Loss) Recognized in Consolidated Condensed Statement of Operations | |||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Location of Gain or (Loss) Recognized in Consolidated Condensed Statement of Operations | July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||||||||||||||||
Foreign exchange contracts | Interest and other income, net | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total return swaps - deferred compensation | Cost of products sold | ( | |||||||||||||||||||||||||||
Total return swaps - deferred compensation | Operating expenses | ( | |||||||||||||||||||||||||||
Total return swaps - deferred compensation | Interest and other income, net | ( | ( | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
July 30, 2023 | October 30, 2022 | ||||||||||
(In millions) | |||||||||||
Contract assets | $ | $ | |||||||||
Contract liabilities | $ | $ |
July 30, 2023 | October 30, 2022 | ||||||||||
(In millions) | |||||||||||
Inventories | |||||||||||
Customer service spares | $ | $ | |||||||||
Raw materials | |||||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Deferred cost of sales | |||||||||||
Evaluation inventory | |||||||||||
Manufactured on-hand inventory | |||||||||||
Total finished goods | |||||||||||
Total inventories | $ | $ |
July 30, 2023 | October 30, 2022 | ||||||||||
(In millions) | |||||||||||
Other Current Assets | |||||||||||
Prepaid income taxes and income taxes receivable | $ | $ | |||||||||
Prepaid expenses and other | |||||||||||
$ | $ |
Useful Life | July 30, 2023 | October 30, 2022 | |||||||||||||||
(In years) | (In millions) | ||||||||||||||||
Property, Plant and Equipment, Net | |||||||||||||||||
Land and improvements | $ | $ | |||||||||||||||
Buildings and improvements | |||||||||||||||||
Demonstration and manufacturing equipment | |||||||||||||||||
Furniture, fixtures and other equipment | |||||||||||||||||
Construction in progress | |||||||||||||||||
Gross property, plant and equipment | |||||||||||||||||
Accumulated depreciation | ( | ( | |||||||||||||||
$ | $ |
July 30, 2023 | October 30, 2022 | ||||||||||
(In millions) | |||||||||||
Deferred Income Taxes and Other Assets | |||||||||||
Non-current deferred income taxes | $ | $ | |||||||||
Operating lease right-of-use assets | |||||||||||
Finance lease right-of-use assets | |||||||||||
Income tax receivables and other assets | |||||||||||
$ | $ |
July 30, 2023 | October 30, 2022 | ||||||||||
(In millions) | |||||||||||
Accounts Payable and Accrued Expenses | |||||||||||
Accounts payable | $ | $ | |||||||||
Compensation and employee benefits | |||||||||||
Warranty | |||||||||||
Dividends payable | |||||||||||
Income taxes payable | |||||||||||
Other accrued taxes | |||||||||||
Interest payable | |||||||||||
Operating lease liabilities, current | |||||||||||
Finance lease liabilities, current | |||||||||||
Other | |||||||||||
$ | $ |
July 30, 2023 | October 30, 2022 | ||||||||||
(In millions) | |||||||||||
Other Liabilities | |||||||||||
Defined and postretirement benefit plans | $ | $ | |||||||||
Operating lease liabilities, non-current | |||||||||||
Finance lease liabilities, non-current | |||||||||||
Other | |||||||||||
$ | $ |
July 30, 2023 | October 30, 2022 | ||||||||||
(In millions) | |||||||||||
Goodwill by reportable segment | |||||||||||
Semiconductor Systems | $ | $ | |||||||||
Applied Global Services | |||||||||||
Display and Adjacent Markets | |||||||||||
Corporate and Other | |||||||||||
$ | $ |
July 30, 2023 | October 30, 2022 | ||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||||||||||||||
Semiconductor Systems | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Applied Global Services | ( | ( | |||||||||||||||||||||||||||||||||
Display and Adjacent Markets | ( | ( | |||||||||||||||||||||||||||||||||
Corporate and Other | ( | ( | |||||||||||||||||||||||||||||||||
Total intangible assets with finite lives | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||||||||||||||
Semiconductor Systems | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Corporate and Other | — | — | |||||||||||||||||||||||||||||||||
Total intangible assets with indefinite lives | $ | $ | — | $ | $ | $ | — | $ | |||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
Amortization Expense | |||||
(In millions) | |||||
2023 (remaining 3 months) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
Principal Amount | |||||||||||||||||||||||
July 30, 2023 | October 30, 2022 | Effective Interest Rate | Interest Pay Dates | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
$ | $ | April 1, October 1 | |||||||||||||||||||||
April 1, October 1 | |||||||||||||||||||||||
June 1, December 1 | |||||||||||||||||||||||
April 1, October 1 | |||||||||||||||||||||||
June 15, December 15 | |||||||||||||||||||||||
April 1, October 1 | |||||||||||||||||||||||
June 1, December 1 | |||||||||||||||||||||||
Total unamortized discount | ( | ( | |||||||||||||||||||||
Total unamortized debt issuance costs | ( | ( | |||||||||||||||||||||
Total long-term debt | $ | $ | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets | $ | $ | |||||||||||||||||||||
Interest on lease liabilities | $ | $ | |||||||||||||||||||||
Weighted-average remaining lease term (in years) - operating leases | |||||||||||||||||||||||
Weighted-average remaining lease term (in years) - finance leases | n/a | ||||||||||||||||||||||
Weighted-average discount rate - operating leases | |||||||||||||||||||||||
Weighted-average discount rate - finance leases | n/a |
Nine Months Ended | |||||||||||
July 30, 2023 | July 31, 2022 | ||||||||||
(In millions) | |||||||||||
Operating cash flows paid for operating leases | $ | $ | |||||||||
Operating cash flows paid for finance leases | $ | $ | |||||||||
Financing cash flows paid for finance leases | $ | $ | |||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | |||||||||
Right-of-use assets obtained in exchange for finance lease liabilities | $ | $ |
Operating Leases | Finance Leases | ||||||||||
Fiscal | (In millions) | ||||||||||
2023 (remaining 3 months) | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total lease payments | $ | $ | |||||||||
Less imputed interest | ( | ( | |||||||||
Total | $ | $ |
Unrealized Gain (Loss) on Investments, Net | Unrealized Gain (Loss) on Derivative Instruments Qualifying as Cash Flow Hedges | Defined and Postretirement Benefit Plans | Cumulative Translation Adjustments | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance as of October 30, 2022 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified out of AOCI | ( | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ( | |||||||||||||||||||||||||||
Balance as of July 30, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Unrealized Gain (Loss) on Investments, Net | Unrealized Gain (Loss) on Derivative Instruments Qualifying as Cash Flow Hedges | Defined and Postretirement Benefit Plans | Cumulative Translation Adjustments | Total | |||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Balance as of October 31, 2021 | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||||||||||||||
Amounts reclassified out of AOCI | ( | ( | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||||||||||||||||||||
Balance as of July 31, 2022 | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(in millions, except per share amount) | |||||||||||||||||||||||
Shares of common stock repurchased | |||||||||||||||||||||||
Cost of stock repurchased | $ | $ | $ | $ | |||||||||||||||||||
Average price paid per share | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Cost of products sold | $ | $ | $ | $ | |||||||||||||||||||
Research, development and engineering | |||||||||||||||||||||||
Marketing and selling | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total share-based compensation | $ | $ | $ | $ |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
(In millions, except per share amounts) | |||||||||||
Outstanding as of October 30, 2022 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Canceled | $ | ||||||||||
Outstanding as of July 30, 2023 | $ |
Nine Months Ended | |||||||||||
July 30, 2023 | July 31, 2022 | ||||||||||
Dividend yield | |||||||||||
Expected volatility | |||||||||||
Risk-free interest rate | |||||||||||
Expected life (in years) | |||||||||||
Weighted average estimated fair value | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30 2023 | July 31 2022 | July 30 2023 | July 31 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Warranties issued | |||||||||||||||||||||||
Change in reserves related to preexisting warranty | ( | ||||||||||||||||||||||
Consumption of reserves | ( | ( | ( | ( | |||||||||||||||||||
Ending balance | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
Net Sales | Operating Income (Loss) | Net Sales | Operating Income (Loss) | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
July 30, 2023: | |||||||||||||||||||||||
Semiconductor Systems | $ | $ | $ | $ | |||||||||||||||||||
Applied Global Services | |||||||||||||||||||||||
Display and Adjacent Markets | |||||||||||||||||||||||
Corporate and Other | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
July 31, 2022: | |||||||||||||||||||||||
Semiconductor Systems | $ | $ | $ | $ | |||||||||||||||||||
Applied Global Services | |||||||||||||||||||||||
Display and Adjacent Markets | |||||||||||||||||||||||
Corporate and Other | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China | $ | % | $ | % | ( | % | $ | % | $ | % | ( | % | |||||||||||||||||||||||||||||||||||||||||||||||
Korea | % | % | ( | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Taiwan | % | % | ( | % | % | % | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Japan | % | % | % | % | % | ( | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Southeast Asia | % | % | ( | % | % | % | ( | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | % | % | ( | % | % | % | ( | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
United States | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe | % | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | % | $ | % | ( | % | $ | % | $ | % | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
Foundry, logic and other | % | % | % | % | |||||||||||||||||||
Dynamic random-access memory (DRAM) | % | % | % | % | |||||||||||||||||||
Flash memory | % | % | % | % | |||||||||||||||||||
% | % | % | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Unallocated net sales | $ | $ | $ | $ | |||||||||||||||||||
Unallocated cost of products sold and expenses | ( | ( | ( | ( | |||||||||||||||||||
Share-based compensation | ( | ( | ( | ( | |||||||||||||||||||
Severance and related charges | |||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( |
Percentage of Net Sales | |||||
Taiwan Semiconductor Manufacturing Company Limited | % | ||||
Samsung Electronics Co., Ltd. | % | ||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||
(In millions, except per share amounts and percentages) | |||||||||||||||||||||||||||||||||||
Net sales | $ | 6,425 | $ | 6,520 | $ | (95) | $ | 19,794 | $ | 19,036 | $ | 758 | |||||||||||||||||||||||
Gross margin | 46.3 | % | 46.1 | % | 0.2 points | 46.6 | % | 46.7 | % | (0.1) points | |||||||||||||||||||||||||
Operating income | $ | 1,802 | $ | 1,924 | $ | (122) | $ | 5,683 | $ | 5,794 | $ | (111) | |||||||||||||||||||||||
Operating margin | 28.0 | % | 29.5 | % | (1.5) points | 28.7 | % | 30.4 | % | (1.7) points | |||||||||||||||||||||||||
Net income | $ | 1,560 | $ | 1,606 | $ | (46) | $ | 4,852 | $ | 4,934 | $ | (82) | |||||||||||||||||||||||
Earnings per diluted share | $ | 1.85 | $ | 1.85 | $ | — | $ | 5.73 | $ | 5.59 | $ | 0.14 | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Semiconductor Systems | $ | 4,676 | 73 | % | $ | 4,734 | 73 | % | (1) | % | $ | 14,815 | 75 | % | $ | 13,759 | 72 | % | 8 | % | |||||||||||||||||||||||||||||||||||||||
Applied Global Services | 1,464 | 23 | % | 1,420 | 22 | % | 3 | % | 4,261 | 21 | % | 4,123 | 22 | % | 3 | % | |||||||||||||||||||||||||||||||||||||||||||
Display and Adjacent Markets | 235 | 3 | % | 333 | 5 | % | (29) | % | 570 | 3 | % | 1,080 | 6 | % | (47) | % | |||||||||||||||||||||||||||||||||||||||||||
Corporate and Other | 50 | 1 | % | 33 | — | % | 52 | % | 148 | 1 | % | 74 | — | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,425 | 100 | % | $ | 6,520 | 100 | % | (1) | % | $ | 19,794 | 100 | % | $ | 19,036 | 100 | % | 4 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
China | $ | 1,734 | 27 | % | $ | 1,797 | 27 | % | (4) | % | $ | 4,284 | 22 | % | $ | 5,917 | 31 | % | (28) | % | |||||||||||||||||||||||||||||||||||||||
Korea | 988 | 15 | % | 1,224 | 19 | % | (19) | % | 3,864 | 19 | % | 3,313 | 18 | % | 17 | % | |||||||||||||||||||||||||||||||||||||||||||
Taiwan | 1,345 | 21 | % | 1,537 | 24 | % | (12) | % | 4,748 | 24 | % | 4,194 | 22 | % | 13 | % | |||||||||||||||||||||||||||||||||||||||||||
Japan | 478 | 8 | % | 438 | 7 | % | 9 | % | 1,394 | 7 | % | 1,406 | 7 | % | (1) | % | |||||||||||||||||||||||||||||||||||||||||||
Southeast Asia | 180 | 3 | % | 270 | 4 | % | (33) | % | 590 | 3 | % | 633 | 3 | % | (7) | % | |||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | 4,725 | 74 | % | 5,266 | 81 | % | (10) | % | 14,880 | 75 | % | 15,463 | 81 | % | (4) | % | |||||||||||||||||||||||||||||||||||||||||||
United States | 1,039 | 16 | % | 725 | 11 | % | 43 | % | 3,203 | 16 | % | 2,274 | 12 | % | 41 | % | |||||||||||||||||||||||||||||||||||||||||||
Europe | 661 | 10 | % | 529 | 8 | % | 25 | % | 1,711 | 9 | % | 1,299 | 7 | % | 32 | % | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 6,425 | 100 | % | $ | 6,520 | 100 | % | (1) | % | $ | 19,794 | 100 | % | $ | 19,036 | 100 | % | 4 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||
Gross margin | 46.3 | % | 46.1 | % | 0.2 points | 46.6 | % | 46.7 | % | (0.1) points | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Research, development and engineering | $ | 767 | $ | 705 | $ | 62 | $ | 2,313 | $ | 2,045 | $ | 268 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Marketing and selling | $ | 193 | $ | 180 | $ | 13 | $ | 584 | $ | 520 | $ | 64 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
General and administrative | $ | 214 | $ | 197 | $ | 17 | $ | 635 | $ | 537 | $ | 98 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Interest expense | $ | 60 | $ | 56 | $ | 4 | $ | 180 | $ | 171 | $ | 9 | |||||||||||||||||||||||
Interest and other income (expense), net | $ | 64 | $ | (7) | $ | 71 | $ | 41 | $ | 27 | $ | 14 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||||||||||||||
Provision for income taxes | $ | 246 | $ | 255 | $ | (9) | $ | 692 | $ | 716 | $ | (24) | |||||||||||||||||||||||
Effective income tax rate | 13.6 | % | 13.7 | % | (0.1) points | 12.5 | % | 12.7 | % | (0.2) points |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages and ratios) | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 4,676 | $ | 4,734 | $ | (58) | (1) | % | $ | 14,815 | $ | 13,759 | $ | 1,056 | 8 | % | |||||||||||||||||||||||||||||||
Operating income | $ | 1,618 | $ | 1,701 | $ | (83) | (5) | % | $ | 5,299 | $ | 5,120 | $ | 179 | 3 | % | |||||||||||||||||||||||||||||||
Operating margin | 34.6 | % | 35.9 | % | (1.3) points | 35.8 | % | 37.2 | % | (1.4) points | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | July 30, 2023 | July 31, 2022 | ||||||||||||||||||||
Foundry, logic and other | 79 | % | 66 | % | 80 | % | 64 | % | |||||||||||||||
Dynamic random-access memory (DRAM) | 17 | % | 15 | % | 14 | % | 20 | % | |||||||||||||||
Flash memory | 4 | % | 19 | % | 6 | % | 16 | % | |||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages and ratios) | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,464 | $ | 1,420 | $ | 44 | 3 | % | $ | 4,261 | $ | 4,123 | $ | 138 | 3 | % | |||||||||||||||||||||||||||||||
Operating income | $ | 429 | $ | 434 | $ | (5) | (1) | % | $ | 1,226 | $ | 1,259 | $ | (33) | (3) | % | |||||||||||||||||||||||||||||||
Operating margin | 29.3 | % | 30.6 | % | (1.3) points | 28.8 | % | 30.5 | % | (1.7) points | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
July 30, 2023 | July 31, 2022 | Change | July 30, 2023 | July 31, 2022 | Change | ||||||||||||||||||||||||||||||||||||||||||
(In millions, except percentages and ratios) | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 235 | $ | 333 | $ | (98) | (29) | % | $ | 570 | $ | 1,080 | $ | (510) | (47) | % | |||||||||||||||||||||||||||||||
Operating income | $ | 37 | $ | 69 | $ | (32) | (46) | % | $ | 66 | $ | 226 | $ | (160) | (71) | % | |||||||||||||||||||||||||||||||
Operating margin | 15.7 | % | 20.7 | % | (5.0) points | 11.6 | % | 20.9 | % | (9.3) points | |||||||||||||||||||||||||||||||||||||
July 30, 2023 | October 30, 2022 | ||||||||||
(In millions) | |||||||||||
Cash and cash equivalents | $ | 6,025 | $ | 1,995 | |||||||
Short-term investments | 510 | 586 | |||||||||
Long-term investments | 2,177 | 1,980 | |||||||||
Total cash, cash-equivalents and investments | $ | 8,712 | $ | 4,561 |
Nine Months Ended | |||||||||||
July 30, 2023 | July 31, 2022 | ||||||||||
(In millions) | |||||||||||
Cash provided by operating activities | $ | 7,145 | $ | 4,542 | |||||||
Cash used in investing activities | $ | (1,046) | $ | (1,167) | |||||||
Cash used in financing activities | $ | (2,066) | $ | (5,416) |
Period | Total Number of Shares Purchased | Average Price Paid per Share * | Aggregate Price Paid* | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Dollar Value of Shares That May Yet be Purchased Under the Program* | ||||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||||||||
Month #1 | |||||||||||||||||||||||||||||
(May 1, 2023 to May 28, 2023) | 1.1 | $ | 115.53 | $ | 125 | 1.1 | $ | 13,743 | |||||||||||||||||||||
Month #2 | |||||||||||||||||||||||||||||
(May 29, 2023 to June 25, 2023) | 1.1 | $ | 137.78 | 155 | 1.1 | $ | 13,588 | ||||||||||||||||||||||
Month #3 | |||||||||||||||||||||||||||||
(June 26, 2023 to July 30, 2023) | 1.2 | $ | 139.09 | 163 | 1.2 | $ | 13,425 | ||||||||||||||||||||||
Total | 3.4 | $ | 131.09 | $ | 443 | 3.4 |
Incorporated by Reference | |||||||||||||||||||||||||||||
Exhibit No. | Description | Form | File No. | Exhibit No. | Filing Date | ||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document‡ | ||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document‡ | ||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document‡ | ||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document‡ | ||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document‡ | ||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
APPLIED MATERIALS, INC. | ||||||||
August 24, 2023 | By: | /s/ BRICE HILL | ||||||
Brice Hill | ||||||||
Senior Vice President, Chief Financial Officer (Principal Financial Officer) |
August 24, 2023 | By: | /s/ JEFF BODNER | ||||||
Jeff Bodner | ||||||||
Corporate Vice President, Corporate Controller and Chief Accounting Officer (Principal Accounting Officer) |
/s/ GARY E. DICKERSON | ||
Gary E. Dickerson | ||
President, Chief Executive Officer |
/s/ BRICE HILL | ||
Brice Hill | ||
Senior Vice President, Chief Financial Officer |
/s/ GARY E. DICKERSON | ||
Gary E. Dickerson | ||
President, Chief Executive Officer |
/s/ BRICE HILL | ||
Brice Hill | ||
Senior Vice President, Chief Financial Officer |
Consolidated Condensed Statements of Operations - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Income Statement [Abstract] | ||||
Net sales | $ 6,425 | $ 6,520 | $ 19,794 | $ 19,036 |
Cost of products sold | 3,449 | 3,514 | 10,579 | 10,144 |
Gross profit | 2,976 | 3,006 | 9,215 | 8,892 |
Operating expenses: | ||||
Research, development and engineering | 767 | 705 | 2,313 | 2,045 |
Marketing and selling | 193 | 180 | 584 | 520 |
General and administrative | 214 | 197 | 635 | 537 |
Severance and related charges | 0 | 0 | 0 | (4) |
Total operating expenses | 1,174 | 1,082 | 3,532 | 3,098 |
Income from operations | 1,802 | 1,924 | 5,683 | 5,794 |
Interest expense | 60 | 56 | 180 | 171 |
Interest and other income (expense), net | 64 | (7) | 41 | 27 |
Income before income taxes | 1,806 | 1,861 | 5,544 | 5,650 |
Provision for income taxes | 246 | 255 | 692 | 716 |
Net income | $ 1,560 | $ 1,606 | $ 4,852 | $ 4,934 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.86 | $ 1.86 | $ 5.76 | $ 5.63 |
Diluted (in dollars per share) | $ 1.85 | $ 1.85 | $ 5.73 | $ 5.59 |
Weighted average number of shares: | ||||
Basic (in shares) | 838 | 864 | 842 | 877 |
Diluted (in shares) | 843 | 869 | 846 | 883 |
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,560 | $ 1,606 | $ 4,852 | $ 4,934 |
Other comprehensive income (loss), net of tax: | ||||
Change in unrealized gain (loss) on available-for-sale investments | (3) | 3 | 25 | (45) |
Change in unrealized net loss on derivative instruments | 15 | 13 | (46) | 46 |
Other comprehensive income (loss), net of tax | 12 | 16 | (21) | 1 |
Comprehensive income | $ 1,572 | $ 1,622 | $ 4,831 | $ 4,935 |
Consolidated Condensed Statements of Stockholders' Equity (Parenthetical) - $ / shares |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|---|
Jun. 01, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | |||||||
Dividends declared per share (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.26 | $ 0.32 | $ 0.26 | $ 0.90 | $ 0.76 |
Basis of Presentation |
9 Months Ended |
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Jul. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Basis of Presentation In the opinion of our management, the unaudited interim consolidated condensed financial statements of Applied Materials, Inc. and its subsidiaries (we, us, and our) included herein have been prepared on a basis consistent with the October 30, 2022 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly state the information set forth therein. These unaudited interim consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 30, 2022 (2022 Form 10-K). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Our results of operations for the three and nine months ended July 30, 2023 are not necessarily indicative of future operating results. Our fiscal year ends on the last Sunday in October of each year. Fiscal 2023 and 2022 contain 52 weeks each and the first nine months of fiscal 2023 and 2022 each contained 39 weeks. Recent Accounting Pronouncements Accounting Standards Not Yet Adopted Disclosures by Business Entities about Government Assistance. In November 2021, the Financial Accounting Standards Board (FASB) issued an accounting standard update which requires annual disclosures related to certain government assistance received by business entities (Topic 832) including (1) the types of assistance, (2) the entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. This authoritative guidance is effective for us in our fiscal 2023 Form 10-K. The adoption of this authoritative guidance is not expected to have a significant impact to our financial results and only impacts the disclosures in our notes to consolidated financial statements. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. In June 2022, the FASB issued an accounting standard update which clarifies how the fair value of equity securities subject to contractual sale restrictions is determined (Topic 820). The amendment clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires certain qualitative and quantitative disclosures related to equity securities subject to contractual sale restrictions. This authoritative guidance will be effective for us in the first quarter of fiscal 2025, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated condensed financial statements. Contract Assets and Contract Liabilities from Revenue Contracts with Customers in a Business Combination. In October 2021, the FASB issued an accounting standard update to improve the accounting for contract assets and contract liabilities from revenue contracts with customers in a business combination (Topic 805). This amendment improves comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. This authoritative guidance will be effective for us in the first quarter of fiscal 2024, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated condensed financial statements.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is determined using the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined using the weighted average number of common shares and potential common shares (representing the dilutive effect of restricted stock units and employee stock purchase plan shares) outstanding during the period. Our net income has not been adjusted for any period presented for purposes of computing basic or diluted earnings per share due to our non-complex capital structure.
Potentially weighted dilutive securities attributable to outstanding restricted stock units are excluded from the calculation of diluted earnings per share where the combined exercise price and average unamortized fair value are greater than the average market price of our common stock, and therefore their inclusion would be anti-dilutive.
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Cash, Cash Equivalents and Investments |
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Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments Summary of Cash, Cash Equivalents and Investments The following tables summarize our cash, cash equivalents and investments by security type:
_________________________ *Excludes restricted cash equivalents invested in money market funds related to deferred compensation plans. **Includes Canadian provincial government debt.
_________________________ *Excludes restricted cash equivalents invested in money market funds related to deferred compensation plans. **Includes Canadian provincial government debt. Maturities of Investments The following table summarizes the contractual maturities of our investments as of July 30, 2023:
_________________________ *Securities with no single maturity date include publicly traded and privately held equity securities and asset-backed and mortgage-backed securities. Gains and Losses on Investments During the three and nine months ended July 30, 2023 and July 31, 2022 gross realized gains and losses on our fixed income portfolio were not material. As of July 30, 2023 and October 30, 2022, gross unrealized losses related to our fixed income portfolio were not material. We regularly review our fixed income portfolio to identify and evaluate investments that have indications of possible impairment from credit losses or other factors. Factors considered in determining whether an unrealized loss is considered to be a credit loss include: the significance of the decline in value compared to the cost basis; the financial condition; credit quality and near-term prospects of the investee; and whether it is more likely than not that we will be required to sell the security prior to recovery. Credit losses related to available-for-sale debt securities are recorded as an allowance for credit losses through interest and other income (expense), net. Any additional changes in fair value that are not related to credit losses are recognized in accumulated other comprehensive income (loss) (AOCI). During the three and nine months ended July 30, 2023 and July 31, 2022, we did not recognize material credit losses and the ending allowance for credit losses was not material to our fixed income portfolio. The components of gain (loss) on equity investments for the three and nine months ended July 30, 2023 and July 31, 2022 were as follows:
Impairment losses on equity investments in privately held companies, included in the above table, were not material during the three months ended July 30, 2023 and were $119 million during the nine months ended July 30, 2023. Impairment losses on equity investments were not material during the three and nine months ended July 31, 2022. These impairment losses are included in interest and other income (expense), net in the Consolidated Condensed Statement of Operations.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Our financial assets are measured and recorded at fair value on a recurring basis, except for equity investments in privately held companies. These equity investments are generally accounted for under the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes and are periodically assessed for impairment when events or circumstances indicate that a decline in value may have occurred. Our nonfinancial assets, such as goodwill, intangible assets, and property, plant and equipment, are recorded at cost and are assessed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Fair Value Hierarchy We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 — Quoted prices in active markets for identical assets or liabilities; •Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our investments consist primarily of debt securities that are classified as available-for-sale and recorded at their fair values. In determining the fair value of investments, we use pricing information from pricing services that value securities based on quoted market prices and models that utilize observable market inputs. In the event a fair value estimate is unavailable from a pricing service, we generally obtain non-binding price quotes from brokers. In addition, to validate pricing information obtained from pricing services, we periodically perform supplemental analysis on a sample of securities. We review any significant unanticipated differences identified through this analysis to determine the appropriate fair value. As of July 30, 2023, substantially all of our available-for-sale, short-term and long-term investments were recognized at fair value that was determined based upon observable inputs or quoted prices. Our equity investments with readily determinable values consist of publicly traded equity securities. These investments are measured at fair value using quoted prices for identical assets in an active market and the changes in fair value of these equity investments are recognized in the consolidated statements of operations. Investments with remaining effective maturities of 12 months or less from the balance sheet date are classified as short-term investments. Investments with remaining effective maturities of more than 12 months from the balance sheet date are classified as long-term investments. Assets Measured at Fair Value on a Recurring Basis Financial assets (excluding cash balances) measured at fair value on a recurring basis are summarized below:
_________________________ *Amounts as of July 30, 2023 and October 30, 2022 include $108 million and $105 million, respectively, invested in money market funds related to deferred compensation plans. Due to restrictions on the distribution of these funds, they are classified as restricted cash equivalents and are included in in the Consolidated Condensed Balance Sheets. We did not have any financial assets measured at fair value on a recurring basis within Level 3 fair value measurements as of July 30, 2023 or October 30, 2022. Assets and Liabilities without Readily Determinable Values Measured on a Non-recurring Basis Our equity investments without readily determinable values consist of equity investments in privately held companies. We elected the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes on a prospective basis for certain equity investments without readily determinable fair values and is required to account for any subsequent observable changes in fair value within the statements of operations. These investments are classified as Level 3 within the fair value hierarchy and periodically assessed for impairment when an event or circumstance indicates that a decline in value may have occurred. Impairment losses on equity investments in privately held companies were not material during the three months ended July 30, 2023 and were $119 million during the nine months ended July 30, 2023. Impairment losses on equity investments in privately held companies were not material during the three and nine months ended July 31, 2022. These impairment losses are included in interest and other income (expense), net in the Consolidated Condensed Statement of Operations. Other The carrying amounts of our financial instruments, including cash and cash equivalents, restricted cash equivalents, accounts receivable, commercial paper notes, and accounts payable and accrued expenses, approximate fair value due to their short maturities. As of July 30, 2023, the aggregate principal amount of long-term senior unsecured notes was $5.5 billion and the estimated fair value was $5.1 billion. As of October 30, 2022, the aggregate principal amount of long-term senior unsecured notes was $5.5 billion and the estimated fair value was $4.8 billion. The estimated fair value of long-term senior unsecured notes is determined by Level 2 inputs and is based primarily on quoted market prices for the same or similar issues. See Note 10 of the Notes to the Consolidated Condensed Financial Statements for further detail of existing debt.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivative Financial Instruments We conduct business in a number of foreign countries, with certain transactions denominated in local currencies, such as the Japanese yen, Israeli shekel, euro and Taiwanese dollar. We use derivative financial instruments, such as foreign currency forward and option contracts, to hedge certain forecasted foreign currency denominated transactions expected to occur typically within the next 24 months. The purpose of our foreign currency management is to mitigate the effect of exchange rate fluctuations on certain foreign currency denominated revenues, costs and eventual cash flows. The terms of currency instruments used for hedging purposes are generally consistent with the timing of the transactions being hedged. We do not use derivative financial instruments for trading or speculative purposes. Derivative instruments and hedging activities, including foreign exchange and interest rate contracts, are recognized on the balance sheet at fair value. Changes in the fair value of derivatives that do not qualify for hedge accounting treatment are recognized currently in earnings. All of our derivative financial instruments are recorded at their fair value in other current assets or in accounts payable and accrued expenses. Hedges related to anticipated transactions are designated and documented at the inception of the hedge as cash flow hedges and foreign exchange derivatives are typically entered into once per month. Cash flow hedges are evaluated for effectiveness quarterly. The effective portion of the gain or loss on these hedges is reported as a component of AOCI in stockholders’ equity and is reclassified into earnings when the hedged transaction affects earnings. The majority of the after-tax net income or loss related to foreign exchange derivative instruments included in AOCI as of July 30, 2023 is expected to be reclassified into earnings within 12 months. Changes in fair value caused by changes in time value of option contracts designated as cash flow hedges are excluded from the assessment of effectiveness. The initial value of this excluded component is amortized on a straight-line basis over the life of the hedging instrument and recognized in the financial statement line item to which the hedge relates. If the transaction being hedged is probable not to occur, we immediately recognize the gain or loss on the associated financial instrument in the consolidated condensed statement of operations. The amount recognized due to discontinuance of cash flow hedges that were probable of not occurring by the end of the originally specified time period was not significant for the three and nine months ended July 30, 2023 and July 31, 2022. Foreign currency forward contracts are generally used to hedge certain foreign currency denominated assets or liabilities. Accordingly, changes in the fair value of these hedges are recorded in earnings to offset the changes in the fair value of the assets or liabilities being hedged. As of July 30, 2023 and October 30, 2022, the total outstanding notional amounts of foreign exchange contracts were $1.8 billion and $2.1 billion, respectively. The fair values of foreign exchange derivative instruments as of July 30, 2023 and October 30, 2022 were not material. The gain (loss) on derivatives in cash flow hedging relationships recognized in AOCI for derivatives designated as hedging instruments for the indicated periods were as follows:
The effects of derivative instruments and hedging activities on the Consolidated Condensed Statements of Operations were as follows:
Credit Risk Contingent Features If our credit rating were to fall below investment grade, we would be in violation of credit risk contingent provisions of the derivative instruments discussed above, and certain counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all derivative instruments with credit-risk related contingent features that were in a net liability position was immaterial as of July 30, 2023. Entering into derivative contracts with banks exposes us to credit-related losses in the event of the banks’ nonperformance. However, our exposure is not considered significant.
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Accounts Receivable, Net |
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Jul. 30, 2023 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net We have agreements with various financial institutions to sell accounts receivable and discount promissory notes from selected customers. We sell our accounts receivable generally without recourse. From time to time, we also discount letters of credit issued by customers through various financial institutions. The discounting of letters of credit depends on many factors, including the willingness of financial institutions to discount the letters of credit and the cost of such arrangements. We sold $90 million and $619 million of account receivables during the three and nine months ended July 30, 2023, respectively. We sold $251 million and $821 million of account receivables during the three and nine months ended July 31, 2022, respectively. We did not discount letters of credit issued by customers or discount promissory notes during the nine months ended July 30, 2023 and July 31, 2022. Financing charges on the sale of receivables and discounting of letters of credit are included in interest expense in the accompanying Consolidated Condensed Statements of Operations and were not material for all periods presented. Accounts receivable are presented net of allowance for credit losses of $29 million as of July 30, 2023 and as of October 30, 2022. We sell our products principally to manufacturers within the semiconductor and display industries. While we believe that our allowance for credit losses is adequate and represents our best estimate as of July 30, 2023, we continue to closely monitor customer liquidity and industry and economic conditions, which may result in changes to our estimates.
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Contract Balances and Performance Obligations |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Balances and Performance Obligations | Contract Balances and Performance Obligations Contract Assets and Liabilities Contract assets primarily result from receivables for goods transferred to customers where payment is conditional upon technical sign off and not just the passage of time. Contract liabilities consist of unsatisfied performance obligations related to advance payments received and billings in excess of revenue recognized. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets are generally classified as current and are included in Other Current Assets in the Consolidated Condensed Balance Sheets. Contract liabilities are classified as current or non-current based on the timing of when performance obligations will be satisfied and associated revenue is expected to be recognized. Contract balances at the end of each reporting period were as follows:
The increase in contract assets during the nine months ended July 30, 2023 was primarily due to an increase in unsatisfied performance obligations related to goods transferred to customers where payment was conditional upon technical sign off. During the nine months ended July 30, 2023, we recognized revenue of approximately $2.6 billion related to contract liabilities at October 30, 2022. Contract liabilities increased during the nine months ended July 30, 2023 due to new billings for products and services for which there were unsatisfied performance obligations to customers and revenue had not yet been recognized as of July 30, 2023, partially offset by revenue recognized related to contract liabilities at October 30, 2022. There were no credit losses recognized on our accounts receivables and contract assets during both the nine months ended July 30, 2023 and July 31, 2022. Performance Obligations As of July 30, 2023, the amount of remaining unsatisfied performance obligations on contracts, primarily consisting of written purchase orders received from customers, with an original estimated duration of one year or more was approximately $4.9 billion, of which approximately 56% is expected to be recognized within 12 months and the remainder is expected to be recognized within the following 24 months thereafter. We have elected the available practical expedient to exclude the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less.
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Balance Sheet Detail |
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Balance Sheet Detail [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Detail | Balance Sheet Detail
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Goodwill and Intangible Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill and intangible assets with indefinite useful lives are not amortized but are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Goodwill As of July 30, 2023, our reporting units include Semiconductor Products Group and Imaging and Process Control Group, Applied Global Services, Display and Adjacent Markets and other reporting units recorded under Corporate and Other. The Semiconductor Products Group and Imaging and Process Control Group combine to form the Semiconductor Systems reporting segment. Details of goodwill as of July 30, 2023 and October 30, 2022 were as follows:
From time to time, we acquire companies related to our existing or new markets. During the first nine months of fiscal 2023, goodwill increased primarily due to the preliminary purchase accounting for acquisitions, net of adjustments, which were not material to our results of operations or to our balance sheet. Intangible Assets Details of intangible assets other than goodwill were as follows:
The increase in intangible assets with finite lives during the first nine months of fiscal 2023 was primarily due to the preliminary purchase accounting for acquisitions during the first nine months of fiscal 2023, which were not material to our results of operations. Intangible assets with indefinite lives that are not subject to amortization consist primarily of in-process technology, which will be subject to amortization upon commercialization. If an in-process technology project is abandoned, the acquired technology attributable to the project will be written-off. Amortization expense of intangible assets were $11 million and $34 million during the three and nine months ended months ended July 30, 2023, respectively. Amortization expense of intangible assets were $11 million and $30 million during the three and nine months ended and July 31, 2022, respectively. As of July 30, 2023, future estimated amortization expense of intangible assets with finite lives is expected to be as follows:
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Borrowing Facilities and Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing Facilities and Debt | Borrowing Facilities and Debt Revolving Credit Facilities In February 2020, we entered into a five-year $1.5 billion committed unsecured revolving credit agreement (Revolving Credit Agreement) with a group of banks. The Revolving Credit Agreement includes a provision under which we may request an increase in the amount of the facility of up to $500 million for a total commitment of no more than $2.0 billion, subject to the receipt of commitments from one or more lenders for any such increase and other customary conditions. In February 2023, we entered into an agreement with our lenders to extend the termination date of the Revolving Credit Agreement to February 2026. The termination date may be further extended as permitted under the Revolving Credit Agreement. The Revolving Credit Agreement provides for borrowings that bear interest for each advance at one of two rates selected by us, plus an applicable margin, which varies according to our public debt credit ratings. No amounts were outstanding under the Revolving Credit Agreement as of July 30, 2023 and October 30, 2022. In addition, we have revolving credit facilities with Japanese banks pursuant to which we may borrow up to approximately $57 million in aggregate at any time. Our ability to borrow under these facilities is subject to bank approval at the time of the borrowing request, and any advances will be at rates indexed to the banks’ prime reference rate denominated in Japanese yen. As of July 30, 2023 and October 30, 2022, no amounts were outstanding under these revolving credit facilities. Short-term Commercial Paper We have a short-term commercial paper program under which we may issue unsecured commercial paper notes of up to a total amount of $1.5 billion. The proceeds from the issuances of the commercial paper program are used for general corporate purposes. As of July 30, 2023, we had commercial paper notes outstanding with an aggregate principal amount of $200 million, which were recorded as short-term debt with a weighted-average interest rate of 5.26% and maturities of 63 days. We did not have any commercial paper notes outstanding as of October 30, 2022. Senior Unsecured Notes Debt outstanding as of July 30, 2023 and October 30, 2022 was as follows:
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases A contract contains a lease when we have the right to control the use of an identified asset for a period of time in exchange for consideration. A majority of our lease arrangements are operating leases. We also have certain leases that qualify as finance leases. We lease certain facilities, vehicles and equipment under non-cancelable operating leases, many of which include options to renew. Options that are reasonably certain to be exercised are included in the calculation of the right-of-use asset and lease liability. Our finance leases are those that contain a purchase option which we are reasonably certain to exercise at the end of the lease term. Our leases do not contain residual value guarantees or significant restrictions that impact the accounting for leases. As implicit rates are not available for the leases, we use the incremental borrowing rate as of the lease commencement date in order to measure the right-of-use asset and liability. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease expense is generally recognized on a straight-line basis over the life of the underlying leased asset. We elected the practical expedient to account for lease and non-lease components as a single lease component for all leases. For leases with a term of one year or less, we elected not to record a right-of-use asset or lease liability and to account for the associated lease payments as they become due. The components of lease expense and supplemental information were as follows:
Supplemental cash flow information related to leases are as follows:
As of July 30, 2023, the maturities of lease liabilities are as follows:
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Leases | Leases A contract contains a lease when we have the right to control the use of an identified asset for a period of time in exchange for consideration. A majority of our lease arrangements are operating leases. We also have certain leases that qualify as finance leases. We lease certain facilities, vehicles and equipment under non-cancelable operating leases, many of which include options to renew. Options that are reasonably certain to be exercised are included in the calculation of the right-of-use asset and lease liability. Our finance leases are those that contain a purchase option which we are reasonably certain to exercise at the end of the lease term. Our leases do not contain residual value guarantees or significant restrictions that impact the accounting for leases. As implicit rates are not available for the leases, we use the incremental borrowing rate as of the lease commencement date in order to measure the right-of-use asset and liability. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease expense is generally recognized on a straight-line basis over the life of the underlying leased asset. We elected the practical expedient to account for lease and non-lease components as a single lease component for all leases. For leases with a term of one year or less, we elected not to record a right-of-use asset or lease liability and to account for the associated lease payments as they become due. The components of lease expense and supplemental information were as follows:
Supplemental cash flow information related to leases are as follows:
As of July 30, 2023, the maturities of lease liabilities are as follows:
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Stockholders' Equity, Comprehensive Income and Share-Based Compensation |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity, Comprehensive Income and Share-Based Compensation | Stockholders’ Equity, Comprehensive Income and Share-Based Compensation Accumulated Other Comprehensive Income (Loss) Changes in the components of accumulated other comprehensive income (loss) (AOCI), net of tax, were as follows:
The tax effects on net income of amounts reclassified from AOCI for the three and nine months ended July 30, 2023 and July 31, 2022 were not material. Stock Repurchase Program In March 2023, our Board of Directors approved a common stock repurchase program authorizing $10.0 billion in repurchases, which supplemented the previously existing $6.0 billion authorization approved in March 2022. As of July 30, 2023, approximately $13.4 billion remained available for future stock repurchases under the repurchase program. The following table summarizes our stock repurchases, including excise tax, for the three and nine months ended July 30, 2023 and July 31, 2022:
Effective January 1, 2023, stock repurchase amounts in the above table include the 1% surcharge on stock repurchases under the Inflation Reduction Act’s excise tax. This excise tax is recorded in equity and reduces the amount available under the repurchase program, as applicable. Excluding this excise tax, total cost of stock repurchased were $439 million, or $129.86 per share, and $1,489 million, or $116.70 per share, for the three and nine months ended July 30, 2023, respectively. We record treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid in capital. If we reissue treasury stock at an amount below our acquisition cost and additional paid in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against retained earnings. Dividends In June 2023, March 2023 and December 2022, our Board of Directors declared quarterly cash dividends, in the amount of $0.32, $0.32, and $0.26 per share, respectively. The dividend declared in June 2023 is payable in September 2023. Dividends paid during the nine months ended July 30, 2023 and July 31, 2022 totaled $707 million and $650 million, respectively. We currently anticipate that cash dividends will continue to be paid on a quarterly basis, although the declaration of any future cash dividend is at the discretion of the Board of Directors and will depend on our financial condition, results of operations, capital requirements, business conditions and other factors, as well as a determination by the Board of Directors that cash dividends are in the best interests of our stockholders. Share-Based Compensation We have a stockholder-approved equity plan, the Employee Stock Incentive Plan (ESIP), which permits grants to employees of share-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, performance share units and performance units. In addition, the plan provides for the automatic grant of restricted stock units to non-employee directors and permits the grant of share-based awards to non-employee directors and consultants. Share-based awards made under the plan may be subject to accelerated vesting under certain circumstances in the event of a change in control. In addition, we have an Omnibus Employees’ Stock Purchase Plan (ESPP), which enables eligible employees to purchase our common stock. During the three and nine months ended July 30, 2023 and July 31, 2022, we recognized share-based compensation expense related to equity awards and ESPP shares. The effect of share-based compensation on the results of operations was as follows:
The cost associated with share-based awards is recognized over the awards’ service period for the entire award on a straight-line basis, adjusting for estimated forfeitures. We calculate estimated forfeiture rate on an annual basis, based on historical forfeiture activities. Share-based awards granted to certain members of senior management allow for partial accelerated vesting in the event of a qualifying retirement based on age and years of service. The cost associated with performance-based equity awards, which include performance and/or market goals, is recognized for each tranche over the service period. The cost of the portion of performance-based equity awards subject to performance goals is recognized based on an assessment of the likelihood that the applicable performance goals will be achieved, and the cost of the portion of performance-based equity awards subject to market goals is recognized based on the assumption of 100% achievement of the goal. As of July 30, 2023, we had $854 million in total unrecognized compensation expense, net of estimated forfeitures, related to grants of share-based awards under the ESIP and shares issued under the ESPP, which will be recognized over a weighted average period of 2.7 years. As of July 30, 2023, there were 25 million shares available for grant of share-based awards under the ESIP, and an additional 13 million shares available for issuance under the ESPP. Restricted Stock Units, Restricted Stock, Performance Share Units and Performance Units A summary of the changes in restricted stock units, restricted stock, performance share units and performance units outstanding under our equity compensation plans during the nine months ended July 30, 2023 is presented below:
As of July 30, 2023, 0.8 million additional performance-based awards could be earned based upon achievement of certain levels of specified performance and/or market goals. During the first quarter of fiscal 2023, certain members of senior management were granted awards that are subject to the achievement of targeted levels of adjusted operating margin and targeted levels of total shareholder return (TSR) relative to the TSR of the companies in the Standard & Poor's 500 Index. Each of these two metrics will be weighted 50% and will be measured over a three-year period. The awards become eligible to vest only if the goals are achieved and will vest only if the grantee remains employed by us through each applicable vesting date, subject to a qualifying retirement based on age and years of service. The number of shares that may vest in full after three years ranges from 0% to 200% of the target amount. The awards provide for a partial vesting based on actual performance at the conclusion of the three-year performance period in the event of a qualifying retirement. The fair value of the portion of the awards subject to targeted levels of adjusted operating margin is estimated on the date of grant. If the performance goals are not met as of the end of the performance period, no compensation expense is recognized and any previously recognized compensation expense is reversed. The expected cost is based on the portion of the awards that is probable to vest and is reflected over the service period and reduced for estimated forfeitures. The fair value of the portion of the awards subject to targeted levels of relative TSR is estimated on the date of grant using a Monte Carlo simulation model. Compensation expense is recognized based upon the assumption of 100% achievement of the TSR goal and will not be reversed even if the threshold level of TSR is never achieved, and is reflected over the service period and reduced for estimated forfeitures. Employee Stock Purchase Plans Under the ESPP, substantially all employees may purchase our common stock through payroll deductions at a price equal to 85 percent of the lower of the fair market value of our common stock at the beginning or end of each 6-month purchase period, subject to certain limits. Our purchasing cycles begin in March and September of each of fiscal year. We issued a total of 1 million shares in each of the nine months ended July 30, 2023 and July 31, 2022. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. Underlying assumptions used in the model are outlined in the following table:
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Income Taxes |
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Jul. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our provision for income taxes and effective tax rate are affected by the geographical composition of pre-tax income which includes jurisdictions with differing tax rates, conditional reduced tax rates and other income tax incentives. It is also affected by events that vary from period to period, such as changes in income tax laws and the resolution of prior years’ income tax filings. Our effective tax rates for the third quarter of fiscal 2023 and 2022 were 13.6 percent and 13.7 percent, respectively. Our effective tax rates for the first nine months of fiscal 2023 and 2022 were 12.5 percent and 12.7 percent, respectively. The effective tax rate for the first nine months of fiscal 2023 was lower than the same period in the prior fiscal year primarily due to a reduction of deferred tax assets related to a new tax incentive in Singapore in fiscal 2022, offset in part by larger excess tax benefits from share-based compensation in fiscal 2022.
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Warranty, Guarantees, Commitments and Contingencies |
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Warranty, Guarantees, Commitments and Contingencies | Warranty, Guarantees, Commitments and Contingencies Warranty Changes in the warranty reserves are presented below:
Our products are generally sold with a warranty for a 12-month period following installation. The provision for the estimated cost of warranty is recorded when revenue is recognized. Parts and labor are covered under the terms of the warranty agreement. The warranty provision is based on historical experience by product, configuration and geographic region. Quarterly warranty consumption is generally associated with sales that occurred during the preceding four quarters, and quarterly warranty provisions are generally related to the current quarter’s sales. Guarantees In the ordinary course of business, we provide standby letters of credit or other guarantee instruments to third parties as required for certain transactions initiated by either us or our subsidiaries. As of July 30, 2023, the maximum potential amount of future payments that we could be required to make under these guarantee agreements was approximately $422 million. We have not recorded any liability in connection with these guarantee agreements beyond that required to appropriately account for the underlying transaction being guaranteed. We do not believe, based on historical experience and information currently available, that it is probable that any amounts will be required to be paid under these guarantee agreements. We also have agreements with various banks to facilitate subsidiary banking operations worldwide, including overdraft arrangements, issuance of bank guarantees, and letters of credit. As of July 30, 2023, we have provided parent guarantees to banks for approximately $296 million to cover these arrangements. Legal Matters From time to time, we receive notification from third parties, including customers and suppliers, seeking indemnification, litigation support, payment of money or other actions by us in connection with claims made against them. In addition, from time to time, we receive notification from third parties claiming that we may be or are infringing or misusing their intellectual property or other rights. We also are subject to various other legal proceedings, regulatory investigations or inquiries, and claims, both asserted and unasserted, that arise in the ordinary course of business. These matters are subject to uncertainties, and we cannot predict the outcome of these matters, or governmental inquiries or proceedings that may occur. Although the outcome of the above-described matters, claims and proceedings cannot be predicted with certainty, we do not believe at this time that any of these matters will have a material effect on our consolidated financial condition or results of operations. In August 2022, we received a subpoena from the U.S. Attorney’s Office for the District of Massachusetts requesting information relating to certain China customer shipments. We are cooperating fully with the government. This matter is subject to uncertainties, and we cannot predict the outcome, nor reasonably estimate a range of loss or penalties, if any, relating to this matter.
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Industry Segment Operations |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industry Segment Operations | Industry Segment Operations Our three reportable segments are: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. As defined under the accounting literature, our chief operating decision-maker has been identified as the President and Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. Segment information is presented based upon our management organization structure as of July 30, 2023 and the distinctive nature of each segment. Future changes to this internal financial structure may result in changes to our reportable segments. The Semiconductor Systems reportable segment includes semiconductor capital equipment for etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation. The Applied Global Services segment provides integrated solutions to optimize equipment and fab performance and productivity, including spares, upgrades, services, certain remanufactured earlier generation equipment and factory automation software for semiconductor, display and other products. The Display and Adjacent Markets segment includes products for manufacturing liquid crystal displays (LCDs), organic light-emitting diodes (OLEDs), equipment upgrades and other display technologies for TVs, monitors, laptops, personal computers, smart phones, other consumer-oriented devices and solar energy cells. Each operating segment is separately managed and has separate financial results that are reviewed by our chief operating decision-maker. Each reportable segment contains closely related products that are unique to the particular segment. Segment operating income is determined based upon internal performance measures used by our chief operating decision-maker. The chief operating decision-maker does not evaluate operating segments using total asset information. We derive the segment results directly from our internal management reporting system. The accounting policies we use to derive reportable segment results are substantially the same as those used for external reporting purposes. Management measures the performance of each reportable segment based upon several metrics including orders, net sales and operating income. Management uses these results to evaluate the performance of, and to assign resources to, each of the reportable segments. The Corporate and Other category includes revenues from products, as well as costs of products sold, for fabricating solar photovoltaic cells and modules, and certain operating expenses that are not allocated to our reportable segments and are managed separately at the corporate level. These operating expenses include costs related to share-based compensation; certain management, finance, legal, human resources, and research, development and engineering functions provided at the corporate level; and unabsorbed information technology and occupancy. In addition, we do not allocate to our reportable segments restructuring, severance and asset impairment charges and any associated adjustments related to restructuring actions, unless these actions pertain to a specific reportable segment. Segment operating income also excludes interest income/expense and other financial charges and income taxes. Management does not consider the unallocated costs in measuring the performance of the reportable segments. Net sales and operating income (loss) for each reportable segment were as follows:
Semiconductor Systems and Display and Adjacent Markets revenues are recognized at a point in time. Applied Global Services revenue is recognized at a point in time for tangible goods such as spare parts and equipment, and over time for service agreements. The majority of revenue recognized over time is recognized within 12 months of the contract inception. Net sales by geographic region, determined by the location of customers’ facilities to which products were shipped to, were as follows:
Net sales for Semiconductor Systems by end use application for the periods indicated were as follows:
The reconciling items included in Corporate and Other were as follows:
The following customers accounted for at least 10 percent of our net sales for the nine months ended July 30, 2023, and sales to these customers included products and services from multiple reportable segments.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
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Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
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Pay vs Performance Disclosure | ||||
Net income | $ 1,560 | $ 1,606 | $ 4,852 | $ 4,934 |
Insider Trading Arrangements |
3 Months Ended |
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Jul. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies) |
9 Months Ended |
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Jul. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | In the opinion of our management, the unaudited interim consolidated condensed financial statements of Applied Materials, Inc. and its subsidiaries (we, us, and our) included herein have been prepared on a basis consistent with the October 30, 2022 audited consolidated financial statements and include all material adjustments, consisting of normal recurring adjustments, necessary to fairly state the information set forth therein. These unaudited interim consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended October 30, 2022 (2022 Form 10-K). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Our results of operations for the three and nine months ended July 30, 2023 are not necessarily indicative of future operating results. Our fiscal year ends on the last Sunday in October of each year. Fiscal 2023 and 2022 contain 52 weeks each and the first nine months of fiscal 2023 and 2022 each contained 39 weeks. |
Recent Accounting Pronouncements | Accounting Standards Not Yet Adopted Disclosures by Business Entities about Government Assistance. In November 2021, the Financial Accounting Standards Board (FASB) issued an accounting standard update which requires annual disclosures related to certain government assistance received by business entities (Topic 832) including (1) the types of assistance, (2) the entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. This authoritative guidance is effective for us in our fiscal 2023 Form 10-K. The adoption of this authoritative guidance is not expected to have a significant impact to our financial results and only impacts the disclosures in our notes to consolidated financial statements. Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. In June 2022, the FASB issued an accounting standard update which clarifies how the fair value of equity securities subject to contractual sale restrictions is determined (Topic 820). The amendment clarifies that a contractual sale restriction should not be considered in measuring fair value. It also requires certain qualitative and quantitative disclosures related to equity securities subject to contractual sale restrictions. This authoritative guidance will be effective for us in the first quarter of fiscal 2025, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated condensed financial statements. Contract Assets and Contract Liabilities from Revenue Contracts with Customers in a Business Combination. In October 2021, the FASB issued an accounting standard update to improve the accounting for contract assets and contract liabilities from revenue contracts with customers in a business combination (Topic 805). This amendment improves comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. This authoritative guidance will be effective for us in the first quarter of fiscal 2024, with early adoption permitted. We are currently evaluating the effect of this new guidance on our consolidated condensed financial statements.
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Fair Value Measurement | Our financial assets are measured and recorded at fair value on a recurring basis, except for equity investments in privately held companies. These equity investments are generally accounted for under the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes and are periodically assessed for impairment when events or circumstances indicate that a decline in value may have occurred. Our nonfinancial assets, such as goodwill, intangible assets, and property, plant and equipment, are recorded at cost and are assessed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Fair Value Hierarchy We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 — Quoted prices in active markets for identical assets or liabilities; •Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and •Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our investments consist primarily of debt securities that are classified as available-for-sale and recorded at their fair values. In determining the fair value of investments, we use pricing information from pricing services that value securities based on quoted market prices and models that utilize observable market inputs. In the event a fair value estimate is unavailable from a pricing service, we generally obtain non-binding price quotes from brokers. In addition, to validate pricing information obtained from pricing services, we periodically perform supplemental analysis on a sample of securities. We review any significant unanticipated differences identified through this analysis to determine the appropriate fair value. As of July 30, 2023, substantially all of our available-for-sale, short-term and long-term investments were recognized at fair value that was determined based upon observable inputs or quoted prices. Our equity investments with readily determinable values consist of publicly traded equity securities. These investments are measured at fair value using quoted prices for identical assets in an active market and the changes in fair value of these equity investments are recognized in the consolidated statements of operations. Investments with remaining effective maturities of 12 months or less from the balance sheet date are classified as short-term investments. Investments with remaining effective maturities of more than 12 months from the balance sheet date are classified as long-term investments.
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Assets and Liabilities without Readily Determinable Values Measured on a Non-recurring Basis | Assets and Liabilities without Readily Determinable Values Measured on a Non-recurring Basis Our equity investments without readily determinable values consist of equity investments in privately held companies. We elected the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes on a prospective basis for certain equity investments without readily determinable fair values and is required to account for any subsequent observable changes in fair value within the statements of operations. These investments are classified as Level 3 within the fair value hierarchy and periodically assessed for impairment when an event or circumstance indicates that a decline in value may have occurred. Impairment losses on equity investments in privately held companies were not material during the three months ended July 30, 2023 and were $119 million during the nine months ended July 30, 2023. Impairment losses on equity investments in privately held companies were not material during the three and nine months ended July 31, 2022. These impairment losses are included in interest and other income (expense), net in the Consolidated Condensed Statement of Operations.
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Derivatives | We do not use derivative financial instruments for trading or speculative purposes. Derivative instruments and hedging activities, including foreign exchange and interest rate contracts, are recognized on the balance sheet at fair value. Changes in the fair value of derivatives that do not qualify for hedge accounting treatment are recognized currently in earnings. All of our derivative financial instruments are recorded at their fair value in other current assets or in accounts payable and accrued expenses. Hedges related to anticipated transactions are designated and documented at the inception of the hedge as cash flow hedges and foreign exchange derivatives are typically entered into once per month. Cash flow hedges are evaluated for effectiveness quarterly. The effective portion of the gain or loss on these hedges is reported as a component of AOCI in stockholders’ equity and is reclassified into earnings when the hedged transaction affects earnings. The majority of the after-tax net income or loss related to foreign exchange derivative instruments included in AOCI as of July 30, 2023 is expected to be reclassified into earnings within 12 months. Changes in fair value caused by changes in time value of option contracts designated as cash flow hedges are excluded from the assessment of effectiveness. The initial value of this excluded component is amortized on a straight-line basis over the life of the hedging instrument and recognized in the financial statement line item to which the hedge relates. If the transaction being hedged is probable not to occur, we immediately recognize the gain or loss on the associated financial instrument in the consolidated condensed statement of operations. Foreign currency forward contracts are generally used to hedge certain foreign currency denominated assets or liabilities. Accordingly, changes in the fair value of these hedges are recorded in earnings to offset the changes in the fair value of the assets or liabilities being hedged. |
Revenue Recognition from Contracts with Customers | Contract Balances and Performance Obligations Contract Assets and Liabilities Contract assets primarily result from receivables for goods transferred to customers where payment is conditional upon technical sign off and not just the passage of time. Contract liabilities consist of unsatisfied performance obligations related to advance payments received and billings in excess of revenue recognized. Our contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets are generally classified as current and are included in Other Current Assets in the Consolidated Condensed Balance Sheets. Contract liabilities are classified as current or non-current based on the timing of when performance obligations will be satisfied and associated revenue is expected to be recognized.
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Goodwill and Purchased Intangible Assets | Goodwill and intangible assets with indefinite useful lives are not amortized but are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Goodwill As of July 30, 2023, our reporting units include Semiconductor Products Group and Imaging and Process Control Group, Applied Global Services, Display and Adjacent Markets and other reporting units recorded under Corporate and Other. The Semiconductor Products Group and Imaging and Process Control Group combine to form the Semiconductor Systems reporting segment.
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Finite-Lived Purchased Intangible Assets | The increase in intangible assets with finite lives during the first nine months of fiscal 2023 was primarily due to the preliminary purchase accounting for acquisitions during the first nine months of fiscal 2023, which were not material to our results of operations. Intangible assets with indefinite lives that are not subject to amortization consist primarily of in-process technology, which will be subject to amortization upon commercialization. If an in-process technology project is abandoned, the acquired technology attributable to the project will be written-off.
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Leases | A contract contains a lease when we have the right to control the use of an identified asset for a period of time in exchange for consideration. A majority of our lease arrangements are operating leases. We also have certain leases that qualify as finance leases. We lease certain facilities, vehicles and equipment under non-cancelable operating leases, many of which include options to renew. Options that are reasonably certain to be exercised are included in the calculation of the right-of-use asset and lease liability. Our finance leases are those that contain a purchase option which we are reasonably certain to exercise at the end of the lease term. Our leases do not contain residual value guarantees or significant restrictions that impact the accounting for leases. As implicit rates are not available for the leases, we use the incremental borrowing rate as of the lease commencement date in order to measure the right-of-use asset and liability. Operating lease expense is generally recognized on a straight-line basis over the lease term. Finance lease expense is generally recognized on a straight-line basis over the life of the underlying leased asset. We elected the practical expedient to account for lease and non-lease components as a single lease component for all leases. For leases with a term of one year or less, we elected not to record a right-of-use asset or lease liability and to account for the associated lease payments as they become due.
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Treasury Stock | We record treasury stock purchases under the cost method using the first-in, first-out (FIFO) method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid in capital. If we reissue treasury stock at an amount below our acquisition cost and additional paid in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded against retained earnings. |
Share-based Compensation | The cost associated with share-based awards is recognized over the awards’ service period for the entire award on a straight-line basis, adjusting for estimated forfeitures. We calculate estimated forfeiture rate on an annual basis, based on historical forfeiture activities. Share-based awards granted to certain members of senior management allow for partial accelerated vesting in the event of a qualifying retirement based on age and years of service. The cost associated with performance-based equity awards, which include performance and/or market goals, is recognized for each tranche over the service period. The cost of the portion of performance-based equity awards subject to performance goals is recognized based on an assessment of the likelihood that the applicable performance goals will be achieved, and the cost of the portion of performance-based equity awards subject to market goals is recognized based on the assumption of 100% achievement of the goal.Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. |
Performance Based Awards | During the first quarter of fiscal 2023, certain members of senior management were granted awards that are subject to the achievement of targeted levels of adjusted operating margin and targeted levels of total shareholder return (TSR) relative to the TSR of the companies in the Standard & Poor's 500 Index. Each of these two metrics will be weighted 50% and will be measured over a three-year period. The awards become eligible to vest only if the goals are achieved and will vest only if the grantee remains employed by us through each applicable vesting date, subject to a qualifying retirement based on age and years of service. The number of shares that may vest in full after three years ranges from 0% to 200% of the target amount. The awards provide for a partial vesting based on actual performance at the conclusion of the three-year performance period in the event of a qualifying retirement. The fair value of the portion of the awards subject to targeted levels of adjusted operating margin is estimated on the date of grant. If the performance goals are not met as of the end of the performance period, no compensation expense is recognized and any previously recognized compensation expense is reversed. The expected cost is based on the portion of the awards that is probable to vest and is reflected over the service period and reduced for estimated forfeitures. The fair value of the portion of the awards subject to targeted levels of relative TSR is estimated on the date of grant using a Monte Carlo simulation model. Compensation expense is recognized based upon the assumption of 100% achievement of the TSR goal and will not be reversed even if the threshold level of TSR is never achieved, and is reflected over the service period and reduced for estimated forfeitures.
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Warranty | Our products are generally sold with a warranty for a 12-month period following installation. The provision for the estimated cost of warranty is recorded when revenue is recognized. Parts and labor are covered under the terms of the warranty agreement. The warranty provision is based on historical experience by product, configuration and geographic region. Quarterly warranty consumption is generally associated with sales that occurred during the preceding four quarters, and quarterly warranty provisions are generally related to the current quarter’s sales. |
Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share |
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Cash, Cash Equivalents and Investments (Tables) |
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Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents and Investments | The following tables summarize our cash, cash equivalents and investments by security type:
_________________________ *Excludes restricted cash equivalents invested in money market funds related to deferred compensation plans. **Includes Canadian provincial government debt.
_________________________ *Excludes restricted cash equivalents invested in money market funds related to deferred compensation plans. **Includes Canadian provincial government debt.
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Schedule of Contractual Maturities of Investments | The following table summarizes the contractual maturities of our investments as of July 30, 2023:
_________________________ *Securities with no single maturity date include publicly traded and privately held equity securities and asset-backed and mortgage-backed securities.
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Schedule of Components of Gain (Loss) on Equity Investment | The components of gain (loss) on equity investments for the three and nine months ended July 30, 2023 and July 31, 2022 were as follows:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis | Financial assets (excluding cash balances) measured at fair value on a recurring basis are summarized below:
_________________________ *Amounts as of July 30, 2023 and October 30, 2022 include $108 million and $105 million, respectively, invested in money market funds related to deferred compensation plans. Due to restrictions on the distribution of these funds, they are classified as restricted cash equivalents and are included in in the Consolidated Condensed Balance Sheets.
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Derivative Instruments and Hedging Activities (Tables) |
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Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The gain (loss) on derivatives in cash flow hedging relationships recognized in AOCI for derivatives designated as hedging instruments for the indicated periods were as follows:
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Schedule of Effect of Derivative Instruments on The Consolidated Statement of Operations | The effects of derivative instruments and hedging activities on the Consolidated Condensed Statements of Operations were as follows:
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Schedule of Derivatives Not Designated As Hedging Instruments in Statement of Operations |
|
Contract Balances and Performance Obligations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Balances | Contract balances at the end of each reporting period were as follows:
|
Balance Sheet Detail (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Detail [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories |
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Schedule of Other Current Assets |
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Schedule of Property, Plant and Equipment, Net |
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Schedule of Deferred Income Taxes and Other Assets |
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Schedule of Accounts Payable and Accrued Expenses |
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Schedule of Other Liabilities |
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Goodwill and Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Details of goodwill as of July 30, 2023 and October 30, 2022 were as follows:
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Schedule of Finite-Lived Intangible Assets | Details of intangible assets other than goodwill were as follows:
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Schedule of Future Estimated Amortization Expense | As of July 30, 2023, future estimated amortization expense of intangible assets with finite lives is expected to be as follows:
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Borrowing Facilities and Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Outstanding | Debt outstanding as of July 30, 2023 and October 30, 2022 was as follows:
|
Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Expense | The components of lease expense and supplemental information were as follows:
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Schedule of Operating Lease, Maturities of Lease Liabilities | As of July 30, 2023, the maturities of lease liabilities are as follows:
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Schedule of finance lease maturities | As of July 30, 2023, the maturities of lease liabilities are as follows:
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Stockholders' Equity, Comprehensive Income and Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Loss, After-Tax Basis | Changes in the components of accumulated other comprehensive income (loss) (AOCI), net of tax, were as follows:
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Schedule of Stock Repurchases | The following table summarizes our stock repurchases, including excise tax, for the three and nine months ended July 30, 2023 and July 31, 2022:
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Schedule of Effect of Share-Based Compensation on The Results of Operations | The effect of share-based compensation on the results of operations was as follows:
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Schedule of Restricted Stock Units And Restricted Stock Activity | A summary of the changes in restricted stock units, restricted stock, performance share units and performance units outstanding under our equity compensation plans during the nine months ended July 30, 2023 is presented below:
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Schedule of Employee Stock Purchase Plan | Underlying assumptions used in the model are outlined in the following table:
|
Warranty, Guarantees, Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in The Warranty Reserves | Changes in the warranty reserves are presented below:
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Industry Segment Operations (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Sales And Operating Income (Loss) For Each Reportable Segment | Net sales and operating income (loss) for each reportable segment were as follows:
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Schedule of Revenue From External Customers by Geographic Areas | Net sales by geographic region, determined by the location of customers’ facilities to which products were shipped to, were as follows:
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Schedule of Disaggregation of Revenue | Net sales for Semiconductor Systems by end use application for the periods indicated were as follows:
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Schedule of Reconciliations of Total Segment Operating Income To Consolidated Operating Income (Loss) | The reconciling items included in Corporate and Other were as follows:
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Schedule of Companies Accounted For At Least 10 Percent of Net Sales | The following customers accounted for at least 10 percent of our net sales for the nine months ended July 30, 2023, and sales to these customers included products and services from multiple reportable segments.
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Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Numerator: | ||||
Net income | $ 1,560 | $ 1,606 | $ 4,852 | $ 4,934 |
Denominator: | ||||
Weighted average common shares outstanding (in shares) | 838 | 864 | 842 | 877 |
Effect of weighted dilutive restricted stock units and employee stock purchase plan shares (in shares) | 5 | 5 | 4 | 6 |
Denominator for diluted earnings per share (in shares) | 843 | 869 | 846 | 883 |
Basic earnings per share (in dollars per share) | $ 1.86 | $ 1.86 | $ 5.76 | $ 5.63 |
Diluted earnings per share (in dollars per share) | $ 1.85 | $ 1.85 | $ 5.73 | $ 5.59 |
Potentially dilutive securities (in shares) | 0 | 3 | 2 | 2 |
Cash, Cash Equivalents and Investments - Summary of Contractual Maturity (Details) $ in Millions |
Jul. 30, 2023
USD ($)
|
---|---|
Contractual maturities of investments | |
Due in one year or less, Cost | $ 488 |
Due after one through five years, Cost | 964 |
Due after five years, Cost | 3 |
No single maturity date, Cost | 1,187 |
Total short-term and long-term investments cost | 2,642 |
Due in one year or less, Estimated Fair Value | 482 |
Due after one through five years, Estimated Fair Value | 938 |
Due after five years, Estimated Fair Value | 3 |
No single maturity date, Estimated Fair Value | 1,264 |
Estimated fair value of short-term and long-term investments | $ 2,687 |
Cash, Cash Equivalents and Investments - Gain (Loss) on Equity Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Gain (Loss) on Securities [Line Items] | ||||
Total gain (loss) on equity investments, net | $ (2) | $ (17) | $ (122) | $ 16 |
Publicly traded equity securities | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized gain | 12 | 3 | 31 | 21 |
Unrealized loss | (1) | (23) | (28) | (33) |
Realized gain on sales and dividends | 4 | 3 | 5 | 5 |
Realized loss on sales and impairments | 0 | 0 | (2) | 0 |
Equity investments in privately held companies | ||||
Gain (Loss) on Securities [Line Items] | ||||
Unrealized gain | 1 | 7 | 13 | 32 |
Unrealized loss | (18) | (5) | (29) | (5) |
Realized gain on sales and dividends | 2 | 0 | 7 | 2 |
Realized loss on sales and impairments | $ (2) | $ (2) | $ (119) | $ (6) |
Cash, Cash Equivalents and Investments - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Cash and Cash Equivalents [Abstract] | ||||
Impairment losses on equity investments | $ 0 | $ 0 | $ 119 | $ 0 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
Oct. 30, 2022 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment losses on equity investments | $ 0 | $ 0 | $ 119 | $ 0 | |
Senior Notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt, principal amount | 5,500 | 5,500 | $ 5,500 | ||
Senior Notes | Level 2 | Estimate of Fair Value Measurement | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-term debt fair value | $ 5,100 | $ 5,100 | $ 4,800 |
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Billions |
9 Months Ended | |
---|---|---|
Jul. 30, 2023 |
Oct. 30, 2022 |
|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Time period for hedging of foreign currency transaction | 24 months | |
Time period over which majority of after tax gain loss related to derivatives to be reclassified into earnings | 12 months | |
Foreign exchange contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, notional amount | $ 1.8 | $ 2.1 |
Derivative Instruments and Hedging Activities - Gain (Loss) on Derivatives in AOCI (Details) - Cash Flow Hedging - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion - gain (loss) recognized in AOCI | $ 15 | $ 35 | $ (32) | $ 94 |
Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Effective portion - gain (loss) recognized in AOCI | $ 15 | $ 35 | $ (32) | $ 94 |
Accounts Receivable, Net (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
Oct. 30, 2022 |
|
Receivables [Abstract] | |||||
Factored accounts receivable | $ 90,000,000 | $ 251,000,000 | $ 619,000,000 | $ 821,000,000 | |
Discounted letters of credit | 0 | 0 | |||
Discounted promissory notes | 0 | $ 0 | |||
Allowance for credit losses | $ 29,000,000 | $ 29,000,000 | $ 29,000,000 |
Contract Balances and Performance Obligations - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
Jul. 30, 2023 |
Oct. 30, 2022 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 213 | $ 173 |
Contract liabilities | $ 3,497 | $ 3,142 |
Contract Balances and Performance Obligations- Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 2,600 | |
Accounts receivable, credit losses | 0 | $ 0 |
Contract assets, credit losses | 0 | $ 0 |
Long-term Contract with Customer | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 4,900 |
Contract Balances and Performance Obligations- Expecting Timing of Satisfaction (Details) - Long-term Contract with Customer |
Jul. 30, 2023 |
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Percent of revenue expected to be recognized within twelve months | 56.00% |
Expected timing of satisfaction | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-31 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction | 24 months |
Balance Sheet Detail - Inventories (Details) - USD ($) $ in Millions |
Jul. 30, 2023 |
Oct. 30, 2022 |
---|---|---|
Inventories | ||
Customer service spares | $ 1,605 | $ 1,409 |
Raw materials | 1,762 | 1,807 |
Work-in-process | 989 | 1,029 |
Finished goods | ||
Deferred cost of sales | 493 | 704 |
Evaluation inventory | 443 | 422 |
Manufactured on-hand inventory | 517 | 561 |
Total finished goods | 1,453 | 1,687 |
Total Inventories | $ 5,809 | $ 5,932 |
Balance Sheet Detail - Other Current Assets (Details) - USD ($) $ in Millions |
Jul. 30, 2023 |
Oct. 30, 2022 |
---|---|---|
Other Current Assets [Abstract] | ||
Prepaid income taxes and income taxes receivable | $ 418 | $ 461 |
Prepaid expenses and other | 887 | 883 |
Total other current assets | $ 1,305 | $ 1,344 |
Balance Sheet Detail - Deferred Income Taxes and Other Assets (Details) - USD ($) $ in Millions |
Jul. 30, 2023 |
Oct. 30, 2022 |
---|---|---|
Balance Sheet Detail [Abstract] | ||
Non-current deferred income taxes | $ 1,813 | $ 1,395 |
Operating lease right-of-use assets | 371 | 389 |
Finance lease right-of-use assets | 108 | 0 |
Income tax receivables and other assets | 421 | 691 |
Deferred Income Taxes and Other Assets, Noncurrent | $ 2,713 | $ 2,475 |
Balance Sheet Detail - Accounts Payable and Accrued Expense (Details) - USD ($) $ in Millions |
Jul. 30, 2023 |
Oct. 30, 2022 |
---|---|---|
Accounts Payable and Accrued Expenses | ||
Accounts payable | $ 1,433 | $ 1,755 |
Compensation and employee benefits | 853 | 905 |
Warranty | 313 | 286 |
Dividends payable | 268 | 220 |
Income taxes payable | 927 | 319 |
Other accrued taxes | 40 | 30 |
Interest payable | 55 | 39 |
Operating lease liabilities, current | 84 | 85 |
Finance lease liabilities, current | 15 | 0 |
Other | 540 | 598 |
Accounts payable and accrued expenses | $ 4,528 | $ 4,237 |
Balance Sheet Detail - Other Liabilities (Details) - USD ($) $ in Millions |
Jul. 30, 2023 |
Oct. 30, 2022 |
---|---|---|
Other Liabilities | ||
Defined and postretirement benefit plans | $ 116 | $ 107 |
Operating lease liabilities, non-current | 255 | 287 |
Finance lease liabilities, non-current | 86 | 0 |
Other | 358 | 338 |
Total other liabilities | $ 815 | $ 732 |
Goodwill and Intangible Assets - Schedule of Goodwill and Other Indefinite-lived Intangible Assets (Details) - USD ($) $ in Millions |
Jul. 30, 2023 |
Oct. 30, 2022 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 3,732 | $ 3,700 |
Corporate and Other | ||
Goodwill [Line Items] | ||
Goodwill | 41 | 41 |
Semiconductor Systems | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | 2,460 | 2,428 |
Applied Global Services | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | 1,032 | 1,032 |
Display and Adjacent Markets | Operating Segments | ||
Goodwill [Line Items] | ||
Goodwill | $ 199 | $ 199 |
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense of intangible assets | $ 11 | $ 11 | $ 34 | $ 30 |
Goodwill and Intangible Assets - Estimated Amortization Expense (Details) - USD ($) $ in Millions |
Jul. 30, 2023 |
Oct. 30, 2022 |
---|---|---|
Amortization Expense | ||
2023 (remaining 3 months) | $ 11 | |
2024 | 41 | |
2025 | 40 | |
2026 | 38 | |
2027 | 25 | |
Thereafter | 148 | |
Total | $ 303 | $ 322 |
Borrowing Facilities and Debt - Narrative (Details) - USD ($) |
1 Months Ended | ||
---|---|---|---|
Feb. 29, 2020 |
Jul. 30, 2023 |
Oct. 30, 2022 |
|
Debt Instrument [Line Items] | |||
Commercial paper | $ 1,500,000,000 | ||
Short-term debt | 199,000,000 | $ 0 | |
Short Term Commercial Paper | |||
Debt Instrument [Line Items] | |||
Short-term debt | $ 200,000,000 | ||
Debt, weighted average interest rate | 5.26% | ||
Short Term Commercial Paper | Maximum | |||
Debt Instrument [Line Items] | |||
Debt securities, held-to-maturity, threshold period past due | 63 days | ||
Foreign Line of Credit | |||
Debt Instrument [Line Items] | |||
Available credit agreement | $ 57,000,000 | ||
Outstanding credit facilities | 0 | 0 | |
Unsecured Debt | Revolving Credit | |||
Debt Instrument [Line Items] | |||
Debt instrument, term | 5 years | ||
Available credit agreement | $ 1,500,000,000 | ||
Accordion feature, increase limit | 500,000,000 | ||
Accordion feature, higher borrowing capacity option | $ 2,000,000,000 | ||
Outstanding credit facilities | $ 0 | 0 | |
Commercial Paper | |||
Debt Instrument [Line Items] | |||
Short-term debt | $ 0 |
Leases - Lease Expense and Supplemental Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 25 | $ 26 | $ 78 | $ 69 |
Amortization of right-of-use assets | 1 | 0 | ||
Interest on lease liabilities | $ 2 | $ 0 | ||
Weighted-average remaining lease term (in years) - operating leases | 5 years 9 months 18 days | 7 years 2 months 12 days | 5 years 9 months 18 days | 7 years 2 months 12 days |
Weighted-average remaining lease term (in years) - finance leases | 1 year 1 month 6 days | 1 year 1 month 6 days | ||
Weighted-average discount rate - operating leases | 2.90% | 2.30% | 2.90% | 2.30% |
Weighted-average discount rate - finance leases | 4.60% | 4.60% | ||
Operating cash flows paid for operating leases | $ 89 | $ 69 | ||
Financing cash flows paid for finance leases | 8 | 0 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 83 | 192 | ||
Right-of-use assets obtained in exchange for finance lease liabilities | $ 109 | $ 0 |
Leases - Lease Maturities (Details) $ in Millions |
Jul. 30, 2023
USD ($)
|
---|---|
Operating Leases | |
2023 (remaining 3 months) | $ 21 |
2024 | 94 |
2025 | 77 |
2026 | 43 |
2027 | 33 |
Thereafter | 105 |
Total lease payments | 373 |
Less imputed interest | (34) |
Total | 339 |
Finance Leases | |
2023 (remaining 3 months) | 0 |
2024 | 106 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
Thereafter | 0 |
Total lease payments | 106 |
Less imputed interest | (5) |
Total | $ 101 |
Stockholders' Equity, Comprehensive Income and Share-Based Compensation - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Equity [Abstract] | ||||
Shares of common stock repurchases (in shares) | 4 | 10 | 13 | 37 |
Common stock repurchases | $ 443 | $ 1,000 | $ 1,497 | $ 4,603 |
Average price paid per share (in dollars per share) | $ 131.09 | $ 102.09 | $ 117.35 | $ 125.85 |
Stockholders' Equity, Comprehensive Income and Share-Based Compensation - Restricted Stock Units, Restricted Stock, Performance Shares and Performance Units (Details) - Restricted Stock Units, Restricted Stock, Performance Shares and Performance Units shares in Millions |
9 Months Ended |
---|---|
Jul. 30, 2023
$ / shares
shares
| |
Restricted stock units, restricted stock, performance shares and performance units | |
Beginning balance (in shares) | shares | 11 |
Granted (in shares) | shares | 6 |
Vested (in shares) | shares | (5) |
Canceled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 12 |
Weighted Average Grant Date Fair Value | |
Beginning of period (in dollars per share) | $ / shares | $ 92.31 |
Granted (in dollars per share) | $ / shares | 103.11 |
Vested (in dollars per share) | $ / shares | 71.61 |
Canceled (in dollars per share) | $ / shares | 103.92 |
Ending balance (in dollars per share) | $ / shares | $ 105.27 |
Stockholders' Equity, Comprehensive Income and Share-Based Compensation - Employee Stock Purchase Plan, Valuation Assumptions (Details) - Employee Stock Purchase Plan - $ / shares |
9 Months Ended | |
---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 1.09% | 0.74% |
Expected volatility | 43.30% | 45.20% |
Risk-free interest rate | 5.14% | 0.60% |
Expected life (in years) | 6 months | 6 months |
Weighted average estimated fair value (in dollars per share) | $ 32.47 | $ 35.79 |
Income Taxes (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate provision (as percent) | 13.60% | 13.70% | 12.50% | 12.70% |
Warranty, Guarantees, Commitments and Contingencies - Rollforward (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Beginning balance | $ 310 | $ 262 | $ 286 | $ 242 |
Warranties issued | 62 | 64 | 186 | 189 |
Change in reserves related to preexisting warranty | (2) | 4 | 0 | 9 |
Consumption of reserves | (57) | (57) | (159) | (167) |
Ending balance | $ 313 | $ 273 | $ 313 | $ 273 |
Warranty, Guarantees, Commitments and Contingencies - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Jul. 30, 2023
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Standard product warranty period | 12 months |
Maximum potential amount of future payments for letters of credit or other guarantee instruments | $ 422 |
Parent guarantees to banks | $ 296 |
Industry Segment Operations - Narrative (Details) |
9 Months Ended |
---|---|
Jul. 30, 2023
Segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Industry Segment Operations - Reconciliations of Total Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jul. 30, 2023 |
Jul. 31, 2022 |
Jul. 30, 2023 |
Jul. 31, 2022 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | $ 6,425 | $ 6,520 | $ 19,794 | $ 19,036 |
Share-based compensation | (114) | (95) | (375) | (314) |
Severance and related charges | 0 | 0 | 0 | 4 |
Income from operations | 1,802 | 1,924 | 5,683 | 5,794 |
Corporate and Other | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 50 | 33 | 148 | 74 |
Unallocated cost of products sold and expenses | (218) | (218) | (681) | (575) |
Share-based compensation | (114) | (95) | (375) | (314) |
Severance and related charges | 0 | 0 | 0 | 4 |
Income from operations | $ (282) | $ (280) | $ (908) | $ (811) |
Industry Segment Operations - Percentage by Customer (Details) - Customer Concentration Risk - Sales Revenue |
9 Months Ended |
---|---|
Jul. 30, 2023 | |
Taiwan Semiconductor Manufacturing Company Limited | |
Entity-Wide Revenue, Major Customer [Line Items] | |
Percentage of net sales | 22.00% |
Samsung Electronics Co., Ltd. | |
Entity-Wide Revenue, Major Customer [Line Items] | |
Percentage of net sales | 17.00% |
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