Balance Sheet Detail

9 Months Ended

Jul. 28, 2024

Balance Sheet Detail [Abstract]

Balance Sheet Detail

Balance Sheet Detail

 

	July 28, 2024		October 29, 2023
	(In millions)
Inventories
Customer service spares	$	1,727	$	1,589
Raw materials	1,688		1,653
Work-in-process	945		997
Finished goods
Deferred cost of sales	267		413
Evaluation inventory	487		423
Manufactured on-hand inventory	454		650
Total finished goods	1,208		1,486
Total inventories	$	5,568	$	5,725

 

	July 28, 2024		October 29, 2023
	(In millions)
Other Current Assets
Prepaid income taxes and income taxes receivable	$	51	$	412
Prepaid expenses and other	979		976
	$	1,030	$	1,388

	Useful Life	July 28, 2024		October 29, 2023
	(In years)	(In millions)
Property, Plant and Equipment, Net
Land and improvements		$	436	$	393
Buildings and improvements	3-30	2,314		2,194
Demonstration and manufacturing equipment	5-8	2,573		2,353
Furniture, fixtures and other equipment	3-5	806		762
Construction in progress		828		672
Gross property, plant and equipment		6,957		6,374
Accumulated depreciation		(3,857)		(3,651)
		$	3,100	$	2,723

	July 28, 2024		October 29, 2023
	(In millions)
Deferred Income Taxes and Other Assets
Non-current deferred income taxes	$	2,107	$	1,729
Operating lease right-of-use assets	355		370
Finance lease right-of-use assets	91		108
Income tax receivables and other assets	348		345
	$	2,901	$	2,552

	July 28, 2024		October 29, 2023
	(In millions)
Accounts Payable and Accrued Expenses
Accounts payable	$	1,470	$	1,478
Compensation and employee benefits	995		1,024
Warranty	347		332
Dividends payable	330		267
Income taxes payable	365		282
Other accrued taxes	74		65
Interest payable	59		38
Operating lease liabilities, current	86		84
Finance lease liabilities, current	89		102
Other	572		625
	$	4,387	$	4,297

 

	July 28, 2024		October 29, 2023
	(In millions)
Other Liabilities
Defined and postretirement benefit plans	$	121	$	126
Operating lease liabilities, non-current	239		252
Other	390		336
	$	750	$	714

Government Assistance

We receive government assistance from various domestic and foreign governments in the form of cash grants or refundable tax credits. These arrangements incentivize capital investments and research and development activities. Government incentives generally contain conditions that must be met in order for the assistance to be earned. We recognize the incentives when there is reasonable assurance that we will comply with all conditions specified in the incentive arrangement and the incentive will be received.

We record capital expenditure related incentives as an offset to the associated property, plant and equipment, net within our Consolidated Condensed Balance Sheets and recognize a reduction to depreciation expense over the useful life of the corresponding acquired asset. We record incentives related to operating activities as a reduction to expense in the same line item on the Consolidated Condensed Statements of Operations as the expenditure for which the grant is intended to compensate. Capital expenditure related incentives reduced gross property, plant and equipment, net by $279 million as of July 28, 2024. Contra-depreciation expense was not material during the three and nine months ended July 28, 2024. Operating incentives recognized as a reduction to research, development and engineering expense were $10 million and $32 million in the three and nine months ended July 28, 2024, respectively. Capital expenditure related incentives reduced our income taxes payable by $112 million as of July 28, 2024, of which $105 million is in accounts payable and accrued expenses and $7 million is in income taxes payable, in our Consolidated Condensed Balance Sheets.