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Accounts Receivable, Net
9 Months Ended
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.