Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Jul. 30, 2017 | Aug. 25, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Broadcom Ltd | |
Entity Central Index Key | 1,649,338 | |
Current Fiscal Year End Date | --10-29 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Broadcom Limited [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 407,979,354 | |
Broadcom Cayman L.P. [Member] | ||
Entity Information [Line Items] | ||
Entity Registrant Name | Broadcom Cayman L.P. | |
Entity Central Index Key | 1,649,345 | |
Current Fiscal Year End Date | --10-29 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Limited Partner [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 22,190,733 | |
General Partner [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 390,851,713 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Millions | Jul. 30, 2017 | Oct. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 5,249 | $ 3,097 |
Short-term investments | 200 | 0 |
Trade accounts receivable, net | 2,417 | 2,181 |
Inventory | 1,431 | 1,400 |
Other current assets | 646 | 447 |
Total current assets | 9,943 | 7,125 |
Long-term assets: | ||
Property, plant and equipment, net | 2,909 | 2,509 |
Goodwill | 24,706 | 24,732 |
Intangible assets, net | 11,927 | 15,068 |
Other long-term assets | 457 | 532 |
Total assets | 49,942 | 49,966 |
Current liabilities: | ||
Accounts payable | 1,158 | 1,261 |
Employee compensation and benefits | 546 | 517 |
Current portion of long-term debt | 0 | 454 |
Other current liabilities | 514 | 846 |
Total current liabilities | 2,218 | 3,078 |
Long-term liabilities: | ||
Long-term debt | 13,572 | 13,188 |
Pension and post-retirement benefit obligations | 503 | 531 |
Other long-term liabilities | 10,945 | 11,293 |
Total liabilities | 27,238 | 28,090 |
Commitments and Contingencies | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Ordinary shares, no par value | 20,180 | 19,241 |
Non-economic voting preference shares, no par value | 0 | 0 |
Accumulated deficit | (245) | (215) |
Accumulated other comprehensive loss | (133) | (134) |
Total Broadcom Limited shareholders’ equity | 19,802 | 18,892 |
Noncontrolling interest | 2,902 | 2,984 |
Total shareholders’ equity | 22,704 | 21,876 |
Total liabilities and shareholders’ equity | 49,942 | 49,966 |
Broadcom Cayman L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 4,929 | 3,044 |
Short-term investments | 200 | 0 |
Trade accounts receivable, net | 2,417 | 2,181 |
Inventory | 1,431 | 1,400 |
Other current assets | 966 | 500 |
Total current assets | 9,943 | 7,125 |
Long-term assets: | ||
Property, plant and equipment, net | 2,909 | 2,509 |
Goodwill | 24,706 | 24,732 |
Intangible assets, net | 11,927 | 15,068 |
Other long-term assets | 457 | 532 |
Total assets | 49,942 | 49,966 |
Current liabilities: | ||
Accounts payable | 1,158 | 1,261 |
Employee compensation and benefits | 546 | 517 |
Current portion of long-term debt | 0 | 454 |
Other current liabilities | 514 | 846 |
Total current liabilities | 2,218 | 3,078 |
Long-term liabilities: | ||
Long-term debt | 13,572 | 13,188 |
Pension and post-retirement benefit obligations | 503 | 531 |
Other long-term liabilities | 10,945 | 11,293 |
Total liabilities | 27,238 | 28,090 |
Commitments and Contingencies | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Common partnership units | 19,935 | 19,026 |
Restricted exchangeable units | 2,902 | 2,984 |
Accumulated other comprehensive loss | (133) | (134) |
Total partners’ capital | 22,704 | 21,876 |
Total liabilities and shareholders’ equity | $ 49,942 | $ 49,966 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets - Unaudited - (Parenthetical) - shares | Jul. 30, 2017 | Oct. 30, 2016 |
Ordinary Shares, Shares, Issued | 407,553,164 | 398,281,461 |
Special Voting Shares Outstanding | 22,199,810 | 22,804,591 |
Ordinary Shares, Shares, Outstanding | 407,553,164 | 398,281,461 |
Special Voting Shares Issued | 22,199,810 | 22,804,591 |
Broadcom Cayman L.P. [Member] | General Partner [Member] | ||
Ordinary Shares, Shares, Issued | 390,842,636 | 390,237,855 |
Ordinary Shares, Shares, Outstanding | 390,842,636 | 390,237,855 |
Broadcom Cayman L.P. [Member] | Limited Partner [Member] | ||
Ordinary Shares, Shares, Issued | 22,199,810 | 22,804,591 |
Ordinary Shares, Shares, Outstanding | 22,199,810 | 22,804,591 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - Unaudited - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | |
Net revenue | $ 4,463 | $ 3,792 | $ 12,792 | $ 9,104 |
Cost of products sold: | ||||
Cost of products sold | 1,658 | 1,520 | 4,795 | 3,656 |
Purchase accounting effect on inventory | 1 | 271 | 2 | 1,099 |
Amortization of acquisition-related intangible assets | 655 | 211 | 1,853 | 539 |
Restructuring charges | 0 | 8 | 16 | 41 |
Total cost of products sold | 2,314 | 2,010 | 6,666 | 5,335 |
Gross margin | 2,149 | 1,782 | 6,126 | 3,769 |
Research and development | 827 | 814 | 2,464 | 1,868 |
Selling, general and administrative | 200 | 230 | 605 | 582 |
Amortization of acquisition-related intangible assets | 441 | 728 | 1,323 | 1,517 |
Restructuring, impairment and disposal charges | 33 | 274 | 106 | 592 |
Total operating expenses | 1,501 | 2,046 | 4,498 | 4,559 |
Operating income (loss) | 648 | (264) | 1,628 | (790) |
Interest expense | (112) | (139) | (335) | (479) |
Loss on extinguishment of debt | 0 | (21) | (159) | (74) |
Other income, net | 12 | 4 | 46 | 1 |
Income (loss) from continuing operations before income taxes | 548 | (420) | 1,180 | (1,342) |
Provision for (benefit from) income taxes | 39 | (117) | (54) | (199) |
Income (loss) from continuing operations | 509 | (303) | 1,234 | (1,143) |
Loss from discontinued operations, net of income taxes | (2) | (12) | (11) | (50) |
Net income (loss) | 507 | (315) | 1,223 | (1,193) |
Net income (loss) attributable to noncontrolling interest | 26 | (17) | 63 | (86) |
Net income (loss) attributable to ordinary shares | $ 481 | $ (298) | $ 1,160 | $ (1,107) |
Basic income (loss) per share attributable to ordinary shares: | ||||
Income (loss) per share from continuing operations | $ 1.19 | $ (0.72) | $ 2.91 | $ (2.99) |
Loss per share from discontinued operations | (0.01) | (0.03) | (0.03) | (0.13) |
Net income (loss) per share | 1.18 | (0.75) | 2.88 | (3.12) |
Diluted income (loss) per share attributable to ordinary shares: | ||||
Income (loss) per share from continuing operations | 1.14 | (0.72) | 2.79 | (3.09) |
Loss per share from discontinued operations | 0 | (0.03) | (0.02) | (0.13) |
Net income (loss) per share | $ 1.14 | $ (0.75) | $ 2.77 | $ (3.22) |
Weighted-average shares: | ||||
Basic | 407 | 396 | 403 | 355 |
Diluted | 445 | 419 | 442 | 370 |
Common Stock, Dividends, Declared and Paid per Share | $ 1.02 | $ 0.50 | $ 3.06 | $ 1.43 |
Broadcom Cayman L.P. [Member] | ||||
Net revenue | $ 4,463 | $ 3,792 | $ 12,792 | $ 9,104 |
Cost of products sold: | ||||
Cost of products sold | 1,658 | 1,520 | 4,795 | 3,656 |
Purchase accounting effect on inventory | 1 | 271 | 2 | 1,099 |
Amortization of acquisition-related intangible assets | 655 | 211 | 1,853 | 539 |
Restructuring charges | 0 | 8 | 16 | 41 |
Total cost of products sold | 2,314 | 2,010 | 6,666 | 5,335 |
Gross margin | 2,149 | 1,782 | 6,126 | 3,769 |
Research and development | 827 | 814 | 2,464 | 1,868 |
Selling, general and administrative | 200 | 230 | 605 | 582 |
Amortization of acquisition-related intangible assets | 441 | 728 | 1,323 | 1,517 |
Restructuring, impairment and disposal charges | 33 | 274 | 106 | 592 |
Total operating expenses | 1,501 | 2,046 | 4,498 | 4,559 |
Operating income (loss) | 648 | (264) | 1,628 | (790) |
Interest expense | (112) | (139) | (335) | (479) |
Loss on extinguishment of debt | 0 | (21) | (159) | (74) |
Other income, net | 12 | 4 | 46 | 1 |
Income (loss) from continuing operations before income taxes | 548 | (420) | 1,180 | (1,342) |
Provision for (benefit from) income taxes | 39 | (117) | (54) | (199) |
Income (loss) from continuing operations | 509 | (303) | 1,234 | (1,143) |
Loss from discontinued operations, net of income taxes | (2) | (12) | (11) | (50) |
Net income (loss) | 507 | (315) | 1,223 | (1,193) |
Weighted-average shares: | ||||
General Partner's interest in net income (loss) | 481 | (298) | 1,160 | (1,484) |
Limited Partners' interest in net income (loss) | 26 | (17) | 63 | (86) |
Net income attributable to ordinary shareholders | $ 0 | $ 0 | $ 0 | $ 377 |
Cash distributions paid per restricted exchangeable partnership unit | $ 1.02 | $ 0.50 | $ 3.06 | $ 0.99 |
Cash Distribution paid to General Partner | $ 415 | $ 199 | $ 1,237 | $ 392 |
Common Stock, Dividends, Declared and Paid per Share | $ 0 | $ 0 | $ 0 | $ 0.44 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | |
Net income (loss) | $ 507 | $ (315) | $ 1,223 | $ (1,193) |
Net Income (Loss) Attributable to Parent | 481 | (298) | 1,160 | (1,107) |
Change in unrealized loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans | 0 | 1 | 1 | 1 |
Other comprehensive income | 0 | 1 | 1 | 1 |
Comprehensive income (loss) | 507 | (314) | 1,224 | (1,192) |
Comprehensive income (loss) attributable to noncontrolling interest | 26 | (17) | 63 | (86) |
Comprehensive income (loss) attributable to ordinary shares | 481 | (297) | 1,161 | (1,106) |
Broadcom Cayman L.P. [Member] | ||||
Net income (loss) | 507 | (315) | 1,223 | (1,193) |
Change in unrealized loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans | 0 | 1 | 1 | 1 |
Other comprehensive income | 0 | 1 | 1 | 1 |
Comprehensive income (loss) | $ 507 | $ (314) | $ 1,224 | $ (1,192) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Millions | 9 Months Ended | |
Jul. 30, 2017 | Jul. 31, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,223 | $ (1,193) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 3,518 | 2,342 |
Share-based compensation | 669 | 474 |
Excess tax benefits from share-based compensation | 0 | (68) |
Deferred income taxes and other noncash tax expense | (99) | (353) |
Non-cash portion of debt extinguishment loss | 159 | 51 |
Restructuring costs and asset impairment charges | 54 | 268 |
Gain on disposition of assets | (23) | 0 |
Amortization of debt issuance costs and accretion of debt discount | 19 | 27 |
Other | 21 | (10) |
Changes in assets and liabilities, net of acquisitions and disposals: | ||
Trade accounts receivable, net | (236) | (491) |
Inventory | (23) | 1,088 |
Accounts payable | (34) | (61) |
Employee compensation and benefits | 29 | 70 |
Other current assets and current liabilities | (570) | (38) |
Other long-term assets and long-term liabilities | (115) | (47) |
Net cash provided by operating activities | 4,592 | 2,059 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (836) | (530) |
Proceeds from sale of property, plant, and equipment | 1 | 5 |
Purchases of investments | (200) | (58) |
Acquisitions of businesses, net of cash acquired | (40) | (10,055) |
Proceeds from sales of businesses | 10 | 698 |
Proceeds from sales and maturities of investments | 0 | 89 |
Other | (5) | (15) |
Net cash used in investing activities | (1,070) | (9,866) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 13,550 | 15,926 |
Debt repayments | (13,668) | (6,145) |
Payment of assumed debt | 0 | (1,475) |
Payment of debt issuance costs | (127) | (108) |
Dividend and distribution payments | (1,306) | (537) |
Issuance of ordinary shares | 191 | 217 |
Excess tax benefits from share-based compensation | 0 | 68 |
Payment of capital lease obligations | (10) | 0 |
Net cash provided by (used in) financing activities | (1,370) | 7,946 |
Net change in cash and cash equivalents | 2,152 | 139 |
Cash and cash equivalents at the beginning of period | 3,097 | 1,822 |
Cash and cash equivalents at end of period | 5,249 | 1,961 |
Broadcom Cayman L.P. [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 1,223 | (1,193) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 3,518 | 2,342 |
Share-based compensation | 669 | 474 |
Excess tax benefits from share-based compensation | 0 | (68) |
Deferred income taxes and other noncash tax expense | (99) | (353) |
Non-cash portion of debt extinguishment loss | 159 | 51 |
Restructuring costs and asset impairment charges | 54 | 268 |
Gain on disposition of assets | (23) | 0 |
Amortization of debt issuance costs and accretion of debt discount | 19 | 27 |
Other | 21 | (10) |
Changes in assets and liabilities, net of acquisitions and disposals: | ||
Trade accounts receivable, net | (236) | (491) |
Inventory | (23) | 1,088 |
Accounts payable | (34) | (61) |
Employee compensation and benefits | 29 | 70 |
Other current assets and current liabilities | (570) | (38) |
Other long-term assets and long-term liabilities | (115) | (47) |
Net cash provided by operating activities | 4,592 | 2,059 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (836) | (530) |
Proceeds from sale of property, plant, and equipment | 1 | 5 |
Purchases of investments | (200) | (58) |
Acquisitions of businesses, net of cash acquired | (40) | (10,055) |
Proceeds from sales of businesses | 10 | 698 |
Proceeds from sales and maturities of investments | 0 | 89 |
Other | (5) | (15) |
Net cash used in investing activities | (1,070) | (9,866) |
Cash flows from financing activities: | ||
Proceeds from issuance of long-term debt | 13,550 | 15,926 |
Debt repayments | (13,668) | (6,145) |
Payment of assumed debt | 0 | (1,475) |
Payment of debt issuance costs | (127) | (108) |
Issuance of ordinary shares | 0 | 72 |
Capital transactions with General Partner | (76) | 99 |
Excess tax benefits from share-based compensation | 0 | 68 |
Payment of capital lease obligations | (10) | 0 |
Distributions paid to unit holders | (1,306) | (415) |
Dividend payments to ordinary shareholders | 0 | (122) |
Net cash provided by (used in) financing activities | (1,637) | 7,900 |
Net change in cash and cash equivalents | 1,885 | 93 |
Cash and cash equivalents at the beginning of period | 3,044 | 1,822 |
Cash and cash equivalents at end of period | $ 4,929 | $ 1,915 |
Overview, Basis of Presentation
Overview, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Jul. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview, Basis of Presentation and Significant Accounting Policies | Overview, Basis of Presentation and Significant Accounting Policies Overview Broadcom Limited, or Broadcom, is a leading designer, developer and global supplier of a broad range of semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products. We have a history of innovation and offer thousands of products that are used in end products such as enterprise and data center networking, home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays. We have four reportable segments: wired infrastructure, wireless communications, enterprise storage and industrial & other, which align with our principal target markets. Broadcom, a company organized under the laws of the Republic of Singapore, is the successor to Avago Technologies Limited, or Avago. Broadcom Cayman L.P., or the Partnership, is an exempted limited partnership formed under the laws of the Cayman Islands. Broadcom is the Partnership’s sole General Partner and owns a majority interest (by vote and value) in the Partnership represented by common partnership units, or Common Units. The balance of the partnership units represents restricted exchangeable limited partnership units, or Partnership REUs, the holders of which are referred to as the Limited Partners. As General Partner, Broadcom has the exclusive right, power and authority to manage, control, administer and operate the business and affairs and to make decisions regarding the undertaking and business of the Partnership in accordance with the Partnership’s amended and restated exempted limited partnership agreement, or Partnership Agreement, as amended from time to time, and applicable laws. The condensed consolidated financial statements and accompanying notes are being presented in a combined report being filed by two separate registrants: Broadcom and the Partnership. The differences in the condensed consolidated financial statements relate to the noncontrolling interest which represents the outstanding Partnership REUs and transactions between Broadcom and the Partnership, which we account for as capital transactions. Refer to Note 7. “Shareholders’ Equity” and Note 8. “Partners’ Capital” for additional information. Unless stated otherwise or the context otherwise requires, references to “Broadcom,” “we,” “our” and “us” mean Broadcom Limited and its consolidated subsidiaries, including Broadcom Cayman L.P. References to the “Partnership” mean Broadcom Cayman L.P. and its consolidated subsidiaries. Financial information and results of operations for periods prior to February 1, 2016 relate to Avago, our predecessor, and relate to Broadcom and the Partnership for the periods after February 1, 2016. Basis of Presentation We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31. Our fiscal year ending October 29, 2017 , or fiscal year 2017 , is a 52-week fiscal year. The first quarter of our fiscal year 2017 ended on January 29, 2017, the second quarter ended on April 30, 2017 and the third quarter ended on July 30, 2017. Our fiscal year ended October 30, 2016 , or fiscal year 2016 , was also a 52-week fiscal year. The accompanying condensed consolidated financial statements of Broadcom and the Partnership include the accounts of Broadcom and the Partnership, respectively, and their subsidiaries, and have been prepared by us in accordance with generally accepted accounting principles in the United States, or GAAP, for interim financial information. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The October 30, 2016 condensed consolidated balance sheet data were derived from Broadcom’s audited consolidated financial statements included in Broadcom’s Annual Report on Form 10-K for fiscal year 2016 , or 2016 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or SEC, but do not include all disclosures required by GAAP. All intercompany transactions and balances have been eliminated in consolidation. As a result of Broadcom’s controlling interest in the Partnership, we consolidate the financial results of the Partnership and present a noncontrolling interest for the portion of the Partnership we do not own in our condensed consolidated financial statements. Net income (loss) attributable to noncontrolling interest in the condensed consolidated statements of operations represents the portion of income (loss) attributable to the economic interest in the Partnership owned by the Limited Partners. The accompanying condensed consolidated financial statements include the results of operations of Broadcom Corporation, or BRCM, and other acquisitions commencing as of their respective acquisition dates. The operating results for the fiscal quarter and three fiscal quarters ended July 30, 2017 are not necessarily indicative of the results that may be expected for fiscal year 2017 , or for any other future period. Significant Accounting Policies Use of estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods. Reclassifications . Certain reclassifications have been made to the prior period condensed consolidated statement of cash flows. These reclassifications had no impact on the previously reported net cash activities. Recently Adopted Accounting Guidance In the first quarter of fiscal year 2017, we early adopted an accounting standards update issued by the Financial Accounting Standards Board, or FASB, in March 2016 that simplified the accounting for certain aspects of stock-based payments to employees. The standard eliminated (i) the requirement to report excess tax benefits and certain tax deficiencies related to share-based payment transactions as additional paid-in capital and (ii) the requirement that excess tax benefits be realized before companies can recognize them. The standard required a modified-retrospective transition method by means of a cumulative-effect adjustment as of the beginning of the period in which the guidance is adopted. As a result of adoption, we recognized tax benefits of $56 million and $237 million as discrete items for the fiscal quarter and three fiscal quarters ended July 30, 2017 , respectively, a $47 million cumulative-effect adjustment to reduce our accumulated deficit and a $3 million cumulative-effect adjustment to increase our noncontrolling interest for previously unrecognized excess tax benefits as of October 30, 2016. In connection with the adoption, we elected to present excess tax benefits within operating activities on the statement of cash flows prospectively and we continued our existing practice of estimating forfeitures. Recent Accounting Guidance Not Yet Adopted In October 2016, the FASB issued updated guidance related to the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory. This guidance will be effective for the first quarter of our fiscal year 2019; however, early adoption is permitted. The adoption of this guidance will increase our income tax provision for periods in which we perform intra-entity transfers. In August 2016, the FASB issued guidance related to the classification of certain transactions on the statement of cash flows. This guidance will be effective for the first quarter of our fiscal year 2019; however, early adoption is permitted. We will present our statements of cash flows in accordance with this guidance for the affected transactions occurring subsequent to adoption. In February 2016, the FASB issued guidance related to the accounting for leases, which among other things, requires a lessee to recognize lease assets and lease liabilities on the balance sheet for operating leases. This guidance will be effective for the first quarter of our fiscal year 2020. The new guidance is required to be applied using a modified retrospective approach. We are evaluating the impact this guidance will have on our condensed consolidated financial statements. In August 2015, the FASB deferred the effective date of the guidance that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. This guidance will be effective for the first quarter of our fiscal year 2019. Early adoption is permitted, but not before the first quarter of our fiscal year 2018. The new guidance is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. In addition, in 2016, the FASB issued amendments to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property, and narrow-scope improvements and practical expedients. We do not expect to early adopt this guidance. We have not selected a transition method and are evaluating the impact this guidance will have on our condensed consolidated financial statements. |
Acquisition
Acquisition | 9 Months Ended |
Jul. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Acquisition of Broadcom Corporation Our results of continuing operations for the fiscal quarter and three fiscal quarters ended July 31, 2016 included $2,314 million and $4,641 million of net revenue, respectively, attributable to BRCM, which we acquired on February 1, 2016, or the Acquisition Date. It is impracticable to determine the effect on net income (loss) attributable to BRCM for the periods presented as we immediately integrated BRCM into our ongoing operations. Transaction costs of $2 million and $39 million incurred related to our acquisition of BRCM, or the Broadcom Merger, are included in selling, general and administrative expense in the condensed consolidated statements of operations for the fiscal quarter and three fiscal quarters ended July 31, 2016 , respectively. Unaudited Pro Forma Information The following unaudited pro forma financial information presents combined results of operations for each of the periods presented, as if BRCM had been acquired as of the beginning of fiscal year 2015. The unaudited pro forma financial information for the three fiscal quarters ended July 31, 2016 combined the historical results of Avago for the fiscal quarter ended January 31, 2016 and the historical results of BRCM for the three months ended December 31, 2015, representing BRCM’s previous reporting period prior to the Acquisition Date, and the historical results of Broadcom for the fiscal quarters ended May 1, 2016 and July 31, 2016 . The pro forma information includes adjustments to amortization and depreciation for intangible assets and property, plant and equipment acquired, adjustments to share-based compensation expense, the purchase accounting effect on inventory acquired, interest expense for the additional indebtedness incurred to complete the acquisition, restructuring charges related to the acquisition and acquisition costs. The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2015 or of the results of future operations of the combined business (in millions, except for per share amounts): Fiscal Quarter Ended Three Fiscal Quarters Ended July 31, July 31, Pro forma net revenue $ 3,789 $ 11,148 Pro forma net loss from continuing operations $ (152 ) $ (611 ) Pro forma net loss $ (164 ) $ (661 ) Pro forma net loss attributable to ordinary shares $ (155 ) $ (625 ) Pro forma net loss per share attributable to ordinary shares - basic and diluted $ (0.39 ) $ (1.59 ) Pending Acquisition of Brocade Communications Systems, Inc. On November 2, 2016, we entered into an Agreement and Plan of Merger, or the Brocade Agreement, by and among Broadcom, BRCM, Brocade Communications Systems, Inc., a Delaware corporation, or Brocade, and Bobcat Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of BRCM, or Merger Sub. On December 18, 2016, BRCM assigned all of its rights and obligations under the Brocade Agreement and transferred all of the issued and outstanding capital stock of Merger Sub to LSI Corporation, or LSI. The Brocade Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brocade with Brocade as the surviving corporation, or the Brocade Acquisition. As a result of the Brocade Acquisition, Brocade will become an indirect subsidiary of Broadcom and the Partnership. Under the Brocade Agreement, at the effective time of the Brocade Acquisition, each issued and outstanding share of Brocade common stock held by Brocade stockholders who do not perfect their appraisal rights with respect to the Brocade Acquisition will be converted into the right to receive $12.75 in cash, without interest. As of November 2, 2016, the Brocade Acquisition was valued at approximately $5.5 billion . We intend to finance the transaction with cash on hand from both companies and new debt financing. We will also assume certain vested (to the extent not in-the-money) and all unvested Brocade stock options, restricted stock units, or RSUs, and performance stock units, or PSUs, held by continuing employees and service providers. All vested in-the-money Brocade stock options, after giving effect to any acceleration, and all other RSUs and PSUs will be cashed out at the effective time of the Brocade Acquisition. Consummation of the Brocade Acquisition is subject to the satisfaction or waiver of customary closing conditions, including the receipt of clearance from The Committee on Foreign Investment in the United States, and the absence of certain pending governmental litigation with respect to the transactions contemplated by the Brocade Agreement. The Brocade Agreement contains certain termination rights for us and Brocade, and further provides that, upon termination of the Brocade Agreement under certain specified circumstances, Brocade will be obligated to pay us a termination fee of $195 million . We expect the Brocade Acquisition to close during the fourth quarter of our fiscal year 2017, subject to the satisfaction of the remaining closing conditions. Pending Divestiture of Brocade’s IP Networking Business Under the Brocade Agreement, Brocade has agreed to cooperate with us to facilitate the sale, disposition or other transfer of its IP Networking business, including its acquired Ruckus Wireless business. The consummation of the Brocade Acquisition is not conditioned on the divestiture of Brocade’s IP Networking business. On February 22, 2017, we announced our agreement to sell a portion of Brocade’s IP Networking business, including the Ruckus Wireless and ICX Switch businesses, to ARRIS International plc for cash consideration of $800 million , plus the additional cost of unvested assumed employee stock awards. The closing is subject to regulatory approvals in various jurisdictions and other customary closing conditions but does not require shareholder approval by either company and is not subject to any financing conditions. We have also entered into an agreement to sell the data center portion of Brocade’s IP networking business to Extreme Networks, Inc. These transactions are contingent on the closing of the Brocade Acquisition and are expected to close within one month following the closing of the Brocade Acquisition. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Jul. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Cash Equivalents and Short-Term Investments Cash equivalents included $3,253 million and $1,022 million of time deposits as of July 30, 2017 and October 30, 2016 , respectively. As of July 30, 2017 , cash equivalents also included $200 million of money-market funds. As of July 30, 2017 , short-term investments included $200 million of time deposits with original maturities greater than three months but less than one year. For time deposits, carrying value approximates fair value due to the short-term nature of the instruments. The fair value of money-market funds, which was consistent with their carrying value, was determined using unadjusted prices in active, accessible markets for identical assets, and as such they were classified as Level 1 assets in the fair value hierarchy. Accounts Receivable Factoring During the fiscal quarter ended July 30, 2017, we entered into a factoring agreement with a third-party financial institution to sell certain of our trade accounts receivable on a non-recourse basis. We account for these transactions as sales of receivables and record cash proceeds when received as cash provided by operating activities in the condensed consolidated statements of cash flows. Total trade accounts receivable sold under the factoring agreement were $78 million during the fiscal quarter ended July 30, 2017 . Factoring fees for the sales of receivables were recorded in other income, net and were not material for the period presented. Inventory The following table presents details of inventory (in millions): July 30, October 30, Finished goods $ 505 $ 431 Work-in-process 689 596 Raw materials 237 373 Total inventory $ 1,431 $ 1,400 Property, Plant and Equipment In connection with our campus rationalization efforts, during our second fiscal quarter ended April 30, 2017, we entered into an agreement to sell our Irvine campus for $443 million . The sale was completed subsequent to our fiscal quarter ended July 30, 2017 and we leased back a portion of the campus at market rental rates. There was no significant gain or loss recognized upon completion of the sale. Accrued Rebate Activity The following table summarizes activities related to accrued rebates included in other current liabilities on our condensed consolidated balance sheets (in millions): Three Fiscal Quarters Ended July 30, July 31, Beginning balance $ 317 $ 26 Liabilities assumed in acquisitions — 359 Charged as a reduction of revenue 194 388 Reversal of unclaimed rebates (68 ) (3 ) Payments (305 ) (360 ) Ending balance $ 138 $ 410 We recorded customer rebate charges of $74 million and $165 million in the fiscal quarters ended July 30, 2017 and July 31, 2016 , respectively. Other Long-Term Liabilities The following table presents details of other long-term liabilities (in millions): July 30, October 30, Deferred tax liabilities $ 9,859 $ 10,287 Unrecognized tax benefits (a) 1,031 893 Other 55 113 Total other long-term liabilities $ 10,945 $ 11,293 ________________________________ (a) Includes accrued interest and penalties. Discontinued Operations During fiscal year 2016, we sold certain BRCM businesses for aggregate cash proceeds of $830 million . In connection with these sales, we provided transitional services to the buyers as short-term assistance in assuming the operations of the purchased businesses. We do not have any material continuing involvement with these businesses and have presented their results in discontinued operations. The following table summarizes the selected financial information of discontinued operations (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Net revenue $ 4 $ 35 $ 9 $ 99 Loss from discontinued operations before gain on disposals and income taxes $ (2 ) $ (54 ) $ (11 ) $ (115 ) Gain on disposals of discontinued operations — 33 — 33 Benefit from income taxes — 9 — 32 Loss from discontinued operations, net of income taxes $ (2 ) $ (12 ) $ (11 ) $ (50 ) Supplemental Cash Flow Information The following table summarizes supplemental cash flow information (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Cash paid for interest $ 206 $ 198 $ 309 $ 343 Cash paid for income taxes $ 35 $ 63 $ 241 $ 143 At July 30, 2017 and October 30, 2016 , we had $115 million and $159 million , respectively, of unpaid purchases of property, plant and equipment included in accounts payable and other current liabilities. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Jul. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table summarizes changes in goodwill by segment (in millions): Wired Infrastructure Wireless Communications Enterprise Storage Industrial & Other Total Balance as of October 30, 2016 $ 17,641 $ 5,952 $ 995 $ 144 $ 24,732 Broadcom Merger adjustments (25 ) (7 ) — — (32 ) Other 6 — — — 6 Balance as of July 30, 2017 $ 17,622 $ 5,945 $ 995 $ 144 $ 24,706 During the first fiscal quarter ended January 29, 2017, we made adjustments to certain tax balances related to the Broadcom Merger, resulting in a $32 million decrease in goodwill. Intangible Assets The following table presents details of intangible assets (in millions): Gross Carrying Amount Accumulated Amortization Net Book Value As of July 30, 2017: Purchased technology $ 12,773 $ (3,703 ) $ 9,070 Customer contracts and related relationships 4,240 (2,669 ) 1,571 Trade names 528 (107 ) 421 Other 123 (20 ) 103 Intangible assets subject to amortization 17,664 (6,499 ) 11,165 In-process research and development 762 — 762 Total $ 18,426 $ (6,499 ) $ 11,927 As of October 30, 2016: Purchased technology $ 12,182 $ (1,855 ) $ 10,327 Customer contracts and related relationships 4,231 (1,377 ) 2,854 Trade names 528 (77 ) 451 Other 107 (7 ) 100 Intangible assets subject to amortization 17,048 (3,316 ) 13,732 In-process research and development 1,336 — 1,336 Total $ 18,384 $ (3,316 ) $ 15,068 Based on the amount of intangible assets subject to amortization at July 30, 2017 , the expected amortization expense for each of the next five years and thereafter was as follows (in millions): Fiscal Year: 2017 (remainder) $ 1,102 2018 2,960 2019 2,192 2020 1,820 2021 1,435 Thereafter 1,656 Total $ 11,165 The weighted-average amortization periods remaining by intangible asset category as of July 30, 2017 were as follows (in years): Purchased technology 5 Customer contracts and related relationships 3 Trade name 13 Other 11 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Jul. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Net Income (Loss) Per Share Broadcom Basic net income (loss) per share is computed by dividing net income (loss) attributable to ordinary shares by the weighted-average number of Broadcom ordinary shares outstanding during the period. Diluted net income (loss) per share is computed by dividing net income (loss) attributable to ordinary shares and, if the Partnership REUs are dilutive, net income (loss) attributable to noncontrolling interest by the weighted-average number of Broadcom ordinary shares and potentially dilutive shares outstanding during the period. Diluted shares outstanding included the dilutive effect of in-the-money share options, RSUs and employee share purchase rights under the Amended and Restated Broadcom Limited Employee Share Purchase Plan, or ESPP, (together referred to as equity awards) for the fiscal quarter and three fiscal quarters ended July 30, 2017 . Diluted shares outstanding also included Broadcom ordinary shares issuable upon exchange of the Partnership REUs (refer to Note 8. “Partners’ Capital” for additional information) for all periods presented. The dilutive effect of equity awards is calculated based on the average share price for each fiscal period, using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising share options and to purchase shares under the ESPP and the amount of compensation cost for future service that we have not yet recognized are collectively assumed to be used to repurchase ordinary shares. For the fiscal quarter and three fiscal quarters ended July 31, 2016 , the amount of tax benefits that would be recognized when equity awards become deductible for income tax purposes was also assumed to be used to repurchase ordinary shares. The dilutive effect of the Partnership REUs is calculated using the if-converted method. The if-converted method assumes that the Partnership REUs were converted at the beginning of the reporting period. Diluted net loss per share for the fiscal quarter and three fiscal quarters ended July 31, 2016 excluded the potentially dilutive effect of weighted-average outstanding equity awards to acquire 12 million ordinary shares in each period as their effect was antidilutive. The following is a reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the periods presented (in millions, except per share data): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Numerator - Basic: Income (loss) from continuing operations $ 509 $ (303 ) $ 1,234 $ (1,143 ) Less: Income (loss) from continuing operations attributable to noncontrolling interest 26 (16 ) 63 (83 ) Income (loss) from continuing operations attributable to ordinary shares 483 (287 ) 1,171 (1,060 ) Loss from discontinued operations, net of income taxes (2 ) (12 ) (11 ) (50 ) Less: Loss from discontinued operations, net of income taxes, attributable to noncontrolling interest — (1 ) — (3 ) Loss from discontinued operations, net of income taxes, attributable to ordinary shares (2 ) (11 ) (11 ) (47 ) Net income (loss) attributable to ordinary shares $ 481 $ (298 ) $ 1,160 $ (1,107 ) Numerator - Diluted: Income (loss) from continuing operations $ 509 $ (303 ) $ 1,234 $ (1,143 ) Loss from discontinued operations, net of income taxes (2 ) (12 ) (11 ) (50 ) Net income (loss) $ 507 $ (315 ) $ 1,223 $ (1,193 ) Denominator: Weighted-average ordinary shares outstanding - basic 407 396 403 355 Dilutive effect of equity awards 16 — 16 — Exchange of noncontrolling interest for ordinary shares 22 23 23 15 Weighted-average ordinary shares outstanding - diluted 445 419 442 370 Basic income (loss) per share attributable to ordinary shares: Income (loss) per share from continuing operations $ 1.19 $ (0.72 ) $ 2.91 $ (2.99 ) Loss per share from discontinued operations, net of income taxes (0.01 ) (0.03 ) (0.03 ) (0.13 ) Net income (loss) per share $ 1.18 $ (0.75 ) $ 2.88 $ (3.12 ) Diluted income (loss) per share attributable to ordinary shares: Income (loss) per share from continuing operations $ 1.14 $ (0.72 ) $ 2.79 $ (3.09 ) Loss per share from discontinued operations, net of income taxes — (0.03 ) (0.02 ) (0.13 ) Net income (loss) per share $ 1.14 $ (0.75 ) $ 2.77 $ (3.22 ) The Partnership Income (loss) per unit for the Partnership is not required to be presented as its Common Units and Partnership REUs are not publicly traded. |
Borrowings
Borrowings | 9 Months Ended |
Jul. 30, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Senior Notes On January 19, 2017, two Broadcom subsidiaries, BRCM and Broadcom Cayman Finance Limited, or the Co-Issuers, completed the issuance and sale of senior unsecured notes, or Senior Notes, in an aggregate principal amount of $13,550 million . Each series of Senior Notes is fully and unconditionally guaranteed, jointly and severally, on an unsecured, unsubordinated basis by Broadcom, the Partnership, and BC Luxembourg S.à r.l., an indirect subsidiary of Broadcom, or collectively, the Guarantors, subject to certain release conditions described in the indenture governing the Senior Notes, or the Indenture. The Co-Issuers may redeem all or a portion of the Senior Notes at any time prior to their maturity, subject to a specified make-whole premium as set forth in the Indenture. In the event of a change of control triggering event, each holder of Senior Notes will have the right to require us to purchase for cash all or a portion of their Senior Notes at a redemption price of 101% of the aggregate principal amount of such Senior Notes plus accrued and unpaid interest. The Indenture also contains covenants that restrict, among other things, the ability of Broadcom and its subsidiaries to incur additional secured debt and consummate certain sale and leaseback transactions, and the ability of the Co-Issuers and the Guarantors to merge, consolidate or sell all or substantially all of their assets. We were in compliance with all of the covenants described in the Indenture as of July 30, 2017 . The Co-Issuers used the net proceeds, plus cash on hand, to repay all of the term loans outstanding under our guaranteed, collateralized credit agreement, or the 2016 Credit Agreement, dated February 1, 2016, in the aggregate amount of $13,555 million and to pay $127 million of related fees and expenses. Each series of Senior Notes pays interest semi-annually in cash in arrears on January 15 and July 15 of each year, which began on July 15, 2017. The Senior Notes are recorded as long-term debt, net of original issue discount and capitalized debt issuance costs. The discount and debt issuance costs associated with the issuance of the Senior Notes are amortized to interest expense over their respective terms. The effective interest rates for fixed-rate debt include the stated interest on the notes, the accretion of the original issue discount and amortization of the debt issuance costs. As a result of the repayment of the outstanding term loans under the 2016 Credit Agreement, during the three fiscal quarters ended July 30, 2017 , we wrote-off $159 million of debt issuance costs, which were included in loss on extinguishment of debt in the condensed consolidated statements of operations. In connection with the issuance of the Senior Notes, the Co-Issuers and Guarantors entered into a registration rights agreement pursuant to which they agreed to use commercially reasonable efforts to file one or more registration statements pursuant to the Securities Act of 1933, as amended, to exchange each series of Senior Notes for new notes, with terms substantially identical in all material respects to such series of Senior Notes and to cause the registration statement to be declared effective by the SEC on or before July 13, 2018. If the Co-Issuers and Guarantors do not comply with these obligations with respect to each series of the Senior Notes, they will be subject to interest penalties. The following table summarizes details of our Senior Notes: July 30, 2017 Interest Rate Effective Interest Rate Issuance Price Amount Fixed rate notes due January 2020 2.375 % 2.615 % 99.774 % $ 2,750 Fixed rate notes due January 2022 3.000 % 3.214 % 99.592 % 3,500 Fixed rate notes due January 2024 3.625 % 3.744 % 99.896 % 2,500 Fixed rate notes due January 2027 3.875 % 4.018 % 99.558 % 4,800 Unaccreted discount and unamortized debt issuance costs (117 ) Carrying value of Senior Notes $ 13,433 Revolving Credit Facility The 2016 Credit Agreement also provides for a revolving credit facility, or the 2016 Revolving Credit Facility, that permits us to borrow from time to time in an aggregate principal amount of up to $500 million for working capital and other corporate purposes, including swingline loans of up to $150 million in the aggregate and for the issuance of letters of credit of up to $100 million in the aggregate, which, in the case of swingline loans and letters of credit, reduce the available borrowing capacity under the 2016 Revolving Credit Facility on a dollar for dollar basis. As of July 30, 2017 , there were no borrowings outstanding under the 2016 Revolving Credit Facility or any material outstanding letters of credit. Unamortized debt issuance costs related to the 2016 Revolving Credit Facility were $7 million and $9 million as of July 30, 2017 and October 30, 2016 , respectively, and were included in other long-term assets on the condensed consolidated balance sheets. We were in compliance with all of the covenants described in the 2016 Credit Agreement as of July 30, 2017 . Assumed Senior Notes The following table presents the details of the outstanding long-term debt assumed in connection with the acquisition of BRCM, or the Assumed Senior Notes: July 30, 2017 Interest Rate Effective Interest Rate Amount Fixed rate notes due November 2018 2.70 % 2.70 % $ 117 Fixed rate notes due August 2022 - August 2034 2.50% - 4.50% 2.50% - 4.50% 22 Carrying value of Assumed Senior Notes $ 139 We were in compliance with all of the covenants described in the indentures governing the Assumed Senior Notes as of July 30, 2017 . Fair Value of Debt As of July 30, 2017 , the estimated fair value of the Senior Notes and the Assumed Senior Notes was $13,982 million . The fair value of the Senior Notes and the Assumed Senior Notes was classified as Level 2 as we used quoted prices from less active markets. Future Principal Payments of Debt The future scheduled principal payments for the outstanding Senior Notes and Assumed Senior Notes as of July 30, 2017 were as follows (in millions): Fiscal Year: 2017 (remainder) $ — 2018 117 2019 — 2020 2,750 2021 — Thereafter 10,822 Total $ 13,689 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Jul. 30, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Noncontrolling Interest The Limited Partners held a noncontrolling interest of approximately 5% in the Partnership through their ownership of Partnership REUs as of July 30, 2017 and October 30, 2016 . Broadcom adjusts the net income (loss) in its condensed consolidated statements of operations to exclude the noncontrolling interest’s proportionate share of the results. In addition, Broadcom presents the proportionate share of equity attributable to the noncontrolling interest as a separate component of shareholders’ equity. On January 30, 2017, Broadcom registered 23 million ordinary shares to allow for Limited Partners to exchange their Partnership REUs pursuant to the Partnership Agreement. Effective February 1, 2017, subject to certain additional requirements and potential deferrals as set forth in the Partnership Agreement, Limited Partners have the right to require the Partnership to repurchase some or all of such Limited Partner’s Partnership REUs for consideration, as determined by Broadcom in its sole discretion, of either one Broadcom ordinary share or a cash amount as determined under the Partnership Agreement for each Partnership REU submitted for repurchase. During the fiscal quarter and three fiscal quarters ended July 30, 2017 , the Partnership exchanged 0.1 million and 0.6 million Partnership REUs, respectively, pursuant to exchange notices received. In accordance with the terms of the Partnership Agreement, the exchange notices were satisfied by exchanging these Partnership REUs for the same number of newly issued Broadcom ordinary shares valued at $19 million and $79 million , respectively, for the fiscal quarter and three fiscal quarters ended July 30, 2017 . The exchanges represented increases in our ownership interest in the Partnership and were accounted for as equity transactions, with no gain or loss recorded in Broadcom’s condensed consolidated statements of operations. Pursuant to the terms of the Partnership Agreement, upon the exchange of Partnership REUs, each such Partnership REU was cancelled and the Partnership issued the same number of Common Units to the General Partner concurrently with the exchange. Dividends The following table summarizes dividend information for the periods presented (in millions, except per share data): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Cash dividends paid per ordinary share $ 1.02 $ 0.50 $ 3.06 $ 1.43 Cash dividends paid to ordinary shareholders $ 415 $ 199 $ 1,237 $ 514 Share-Based Compensation Expense The following table summarizes share-based compensation expense reported in continuing operations related to share-based awards granted to employees and directors for the periods presented (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Cost of products sold $ 18 $ 15 $ 47 $ 34 Research and development 174 144 465 294 Selling, general and administrative 59 54 156 128 Total share-based compensation expense $ 251 $ 213 $ 668 $ 456 Equity Incentive Award Plans A summary of time and market-based RSU activity is as follows (in millions, except per share data): Number of RSUs Outstanding Weighted- Average Grant Date Fair Value Per Share Balance as of October 30, 2016 17 $ 130.71 Granted 8 $ 197.55 Vested (5 ) $ 126.26 Forfeited (2 ) $ 140.00 Balance as of July 30, 2017 18 $ 161.04 During the three fiscal quarters ended July 30, 2017 , we granted market-based RSUs that included the usual service conditions as well as market conditions related to total shareholder return, or TSR, as compared to the TSR of an index group of companies. Under the terms of the agreement, grantees may receive from 0% to 450% of the original grant. Share-based compensation expense for these market-based RSUs was measured at the grant date and recognized, based on the number of shares ultimately expected to vest, using a graded vesting method over the service period of 4 years . Total grant-date fair value of RSUs vested during the three fiscal quarters ended July 30, 2017 was $633 million . Total unrecognized compensation cost related to unvested RSUs as of July 30, 2017 was $2,293 million , which is expected to be recognized over the remaining weighted-average service period of 3.1 years. A summary of time and market-based share option activity is as follows (in millions, except years and per share data): Number of Options Outstanding Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life (In years) Aggregate Intrinsic Value Balance as of October 30, 2016 15 $ 48.77 Exercised (4 ) $ 45.10 $ 562 Cancelled — * $ 65.05 Balance as of July 30, 2017 11 $ 49.50 3.06 $ 2,211 Fully vested as of July 30, 2017 9 $ 45.94 2.91 $ 1,777 Fully vested and expected to vest as of July 30, 2017 11 $ 49.50 3.06 $ 2,211 ________________________________ * Represents less than 0.5 million shares. The total unrecognized compensation cost related to unvested share options as of July 30, 2017 was $25 million , which is expected to be recognized over the remaining weighted-average service period of 0.9 years. |
Partners' Capital
Partners' Capital | 9 Months Ended |
Jul. 30, 2017 | |
Broadcom Cayman L.P. [Member] | |
Partners' Capital [Text Block] | Partners’ Capital Effective February 1, 2017, subject to certain additional requirements and potential deferrals as set forth in the Partnership Agreement, Limited Partners have the right to require the Partnership to repurchase some or all of such Limited Partner’s Partnership REUs for consideration, as determined by Broadcom in its sole discretion, of either one Broadcom ordinary share or a cash amount as determined under the Partnership Agreement for each Partnership REU submitted for repurchase. During the fiscal quarter and three fiscal quarters ended July 30, 2017 , the Partnership exchanged 0.1 million and 0.6 million Partnership REUs, respectively, pursuant to exchange notices received. In accordance with the terms of the Partnership Agreement, the exchange notices were satisfied by exchanging these Partnership REUs for the same number of newly issued Broadcom ordinary shares valued at $19 million and $79 million , respectively, for the fiscal quarter and three fiscal quarters ended July 30, 2017 . The issuances of shares were accounted for as a capital contribution by Broadcom to the Partnership. The exchanges of Partnership REUs were recorded as increases to the Common Units balance and reductions to the Partnership REUs balance within partners' capital of the Partnership’s condensed consolidated balance sheet. Pursuant to the terms of the Partnership Agreement, upon the exchange of Partnership REUs, each such Partnership REU was cancelled and the Partnership issued the same number of Common Units to the General Partner concurrently with the exchange. Share-Based Compensation Expense Share-based incentive awards are provided to employees and Broadcom’s directors under the terms of various Broadcom equity incentive plans. Refer to Note 7. “Shareholders’ Equity” for further details. Capital Transactions with General Partner The following table summarizes capital transactions with the General Partner for the periods presented (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Capital transactions made by General Partner to Partnership $ 41 $ 38 $ 191 $ 327 Distributions The following table summarizes distributions by the Partnership for the periods presented (in millions, except per Partnership REU): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Cash distributions paid to General Partner $ 415 $ 199 $ 1,237 $ 392 Cash distributions paid per Partnership REU $ 1.02 $ 0.50 $ 3.06 $ 0.99 Cash distributions paid to Limited Partners $ 23 $ 12 $ 69 $ 23 |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the fiscal quarter and three fiscal quarters ended July 30, 2017 , we had a provision for income taxes of $39 million and a benefit from income taxes of $54 million , respectively, compared to benefits from income taxes of $117 million and $199 million for the fiscal quarter and three fiscal quarters ended July 31, 2016 , respectively. The provision for income taxes for the fiscal quarter ended July 30, 2017 was primarily due to profits from continuing operations and a discrete expense of $76 million resulting from entity reorganizations, partially offset by recognition of $56 million of excess tax benefits from share-based awards that vested or were exercised during the period and the recognition of previously unrecognized tax benefits. The benefit from income taxes for the three fiscal quarters ended July 30, 2017 was primarily due to the recognition of $237 million of excess tax benefits from share-based awards that vested or were exercised during the period and the recognition of previously unrecognized tax benefits, partially offset by a discrete expense of $76 million resulting from entity reorganizations and profits from continuing operations. The benefit from income taxes in the 2016 fiscal periods was primarily due to losses from continuing operations, partially offset by discrete expenses. Discrete expense of $93 million related to the undistributed earnings of foreign operations that were previously considered indefinitely reinvested was recognized in the three fiscal quarters ended July 31, 2016. Uncertain Tax Positions We are subject to Singapore income tax examination for fiscal years 2012 and later. Certain of our acquired companies are subject to tax examinations in major jurisdictions outside Singapore for fiscal years 2010 and later. It is possible that we may recognize up to $8 million of our existing unrecognized tax benefits within the next 12 months as a result of lapses of statutes of limitations for certain audit periods. |
Segment Information
Segment Information | 9 Months Ended |
Jul. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Reportable Segments We have four reportable segments: wired infrastructure, wireless communications, enterprise storage and industrial & other. These segments align with our principal target markets. The segments represent components for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer of Broadcom, who has been identified as the Chief Operating Decision Maker, or the CODM, as defined by authoritative guidance on segment reporting, in determining how to allocate resources and evaluate performance. The segments are determined based on several factors, including client base, homogeneity of products, technology, delivery channels and similar economic characteristics. Our CODM assesses the performance of each segment and allocates resources to each segment based on net revenue and operating income and does not evaluate our segments using discrete asset information. Operating income by segment includes items that are directly attributable to each segment. Operating income by segment also includes shared expenses such as global operations, including manufacturing support, logistics and quality control, which are allocated primarily based on headcount, expenses associated with our globally integrated support organizations, such as sales and corporate marketing functions, as well as finance, information technology, human resources, legal and related corporate infrastructure costs, along with certain benefit related expenses, which are allocated primarily based on a percentage of revenue, and facilities allocated based on square footage. Unallocated Expenses Unallocated expenses include amortization of acquisition-related intangible assets, share-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, charges related to inventory step-up to fair value, and other costs, which are not used in evaluating the results of, or in allocating resources to, our segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses. Depreciation expense directly attributable to each reportable segment is included in operating income for each segment. However, the CODM does not evaluate depreciation expense by operating segment and, therefore, it is not separately presented. There was no inter-segment revenue. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The following tables present our net revenue and operating income by reportable segment for the periods presented (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Net revenue: Wired infrastructure $ 2,208 $ 2,062 $ 6,403 $ 4,508 Wireless communications 1,283 1,008 3,608 2,378 Enterprise storage 735 527 2,154 1,730 Industrial & other 237 195 627 488 Total net revenue $ 4,463 $ 3,792 $ 12,792 $ 9,104 Operating income (loss): Wired infrastructure $ 1,015 $ 846 $ 2,885 $ 1,800 Wireless communications 492 308 1,333 754 Enterprise storage 417 223 1,174 749 Industrial & other 131 102 301 256 Unallocated expenses (1,407 ) (1,743 ) (4,065 ) (4,349 ) Total operating income (loss) $ 648 $ (264 ) $ 1,628 $ (790 ) Significant Customer Information We sell our products through our direct sales force and a select network of distributors globally. One direct customer accounted for 13% and 18% of our net accounts receivable balance at July 30, 2017 and October 30, 2016 , respectively. During the fiscal quarter and three fiscal quarters ended July 30, 2017 , one direct customer represented 13% and 14% of our net revenue, respectively. During both the fiscal quarter and three fiscal quarters ended July 31, 2016 , one direct customer represented 13% of our net revenue. The majority of the revenue from this customer was included in our wireless communications and wired infrastructure segments. This customer is a contract manufacturer for a number of original equipment manufacturers. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jul. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions During the fiscal quarter and three fiscal quarters ended July 30, 2017 and July 31, 2016 , in the ordinary course of business, we purchased from, or sold to, entities of which one of our directors also serves or served as a director, or entities that are otherwise affiliated with one of our directors. The following tables summarize the transactions and balances with these entities for the indicated periods (for the portion of such period that they were considered related) (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Total net revenue $ 97 $ 101 $ 245 $ 230 Total costs and expenses, including inventory purchases $ 28 $ 17 $ 93 $ 54 July 30, October 30, Total receivables $ 31 $ 15 Total payables $ 11 $ 7 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jul. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The following table summarizes contractual obligations and commitments as of July 30, 2017 that materially changed from the end of fiscal year 2016 (in millions): Fiscal Year Total 2017 (remainder) 2018 2019 2020 2021 Thereafter Debt principal, interest and fees $ 16,698 $ 1 $ 569 $ 450 $ 3,166 $ 383 $ 12,129 Purchase commitments $ 1,144 $ 990 $ 104 $ 50 $ — $ — $ — Debt Principal, Interest and Fees. Represents principal and interest on borrowings under the Senior Notes and Assumed Senior Notes, as well as commitment fees payable under the 2016 Credit Agreement. Purchase Commitments. Represents unconditional purchase obligations that include agreements to purchase goods or services, primarily inventory, that are enforceable and legally binding on us and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions, and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable without penalty. Cancellation for outstanding purchase orders for capital expenditures in connection with internal fabrication facility expansion and construction of our new campuses is generally allowed but requires payment of all costs incurred through the date of cancellation and, therefore, cancelable purchase orders for these capital expenditures are included in the table above. Due to the inherent uncertainty with respect to the timing of future cash outflows associated with our unrecognized tax benefits at July 30, 2017 , we are unable to reliably estimate the timing of cash settlement with the respective taxing authorities. Therefore, $1,031 million of unrecognized tax benefits and accrued interest classified within other long-term liabilities on our condensed consolidated balance sheet as of July 30, 2017 have been excluded from the contractual obligations table above. There were no other substantial changes to our contractual commitments during the first three quarters of fiscal year 2017 from those disclosed in Broadcom’s 2016 Annual Report on Form 10-K. Contingencies From time to time, we are involved in litigation that we believe is of the type common to companies engaged in our line of business, including commercial disputes, employment issues and disputes involving claims by third parties that our activities infringe their patent, copyright, trademark or other intellectual property rights. Legal proceedings are often complex, may require the expenditure of significant funds and other resources, and the outcome of litigation is inherently uncertain, with material adverse outcomes possible. Intellectual property claims generally involve the demand by a third-party that we cease the manufacture, use or sale of the allegedly infringing products, processes or technologies and/or pay substantial damages or royalties for past, present and future use of the allegedly infringing intellectual property. Claims that our products or processes infringe or misappropriate any third-party intellectual property rights (including claims arising through our contractual indemnification of our customers) often involve highly complex, technical issues, the outcome of which is inherently uncertain. Moreover, from time to time we pursue litigation to assert our intellectual property rights. Regardless of the merit or resolution of any such litigation, complex intellectual property litigation is generally costly and diverts the efforts and attention of our management and technical personnel. Lawsuits Relating to the Brocade Acquisition On December 13, 2016, December 15, 2016, December 21, 2016, January 5, 2017 and January 18, 2017, six putative class action complaints were filed in the United States District Court for the Northern District of California, or the U.S. Northern District Court, captioned Steinberg v. Brocade Communications Systems, Inc., et al., No. 3:16-cv-7081-EMC, Gross v. Brocade Communications Systems, Inc., et al., No. 3:16-cv-7173-EJD, Jha v. Brocade Communications Systems, Inc., et al., No. 3:16-cv-7270-HRL, Bragan v. Brocade Communications Systems, Inc., et al., No. 3:16-cv-7271-JSD, Chuakay v. Brocade Communications Systems, Inc., et al., No. 3:17-cv-0058-PJH, and Mathew v. Brocade Communications Systems, Inc., et al., No. 3:16-cv-7271-HSG, respectively. The Steinberg, Bragan and Mathew complaints name as defendants Brocade, the members of Brocade’s board of directors, Broadcom, BRCM, and Merger Sub. The Gross, Jha and Chuakay complaints name as defendants Brocade and the members of Brocade’s board of directors. All of the complaints assert claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and Rule 14a-9 promulgated thereunder. The complaints allege, among other things, that the board of directors of Brocade failed to provide material information and/or omitted material information from the Preliminary Proxy Statement filed with the SEC on December 6, 2016 by Brocade. The complaints seek to enjoin the closing of the transaction between Brocade and Broadcom, as well as certain other equitable and declaratory relief and attorneys’ fees and costs. On January 10, 2017, January 27, 2017 and February 15, 2017, the U.S. Northern District Court granted motions to relate the cases, all of which are now related to the Steinberg action and before the Honorable Judge Edward Chen. On January 11, 2017, Plaintiff Jha filed a motion for a preliminary injunction, which was subsequently withdrawn on January 18, 2017. On February 6, 2017, Plaintiff Gross voluntarily dismissed the Gross action without prejudice, which was ordered by the U.S. Northern District Court on February 15, 2017. On April 14, 2017, the U.S. Northern District Court granted the Motion for Consolidation, Appointment as Lead Plaintiff and Approval of Lead Plaintiff’s Selection of Counsel filed by Plaintiff Giulio D. Cessario, a plaintiff in the Steinberg action, which consolidated these actions under the caption In re Brocade Communications Systems, Inc. Securities Litigation, Case No. 3:16-cv-07081-EMC. The U.S. Northern District Court has set this matter for an initial hearing on September 14, 2017. We believe these claims are all entirely without merit and intend to vigorously defend these actions. Lawsuits Relating to Tessera, Inc. On May 23, 2016, Tessera Technologies, Inc., Tessera, Inc., or Tessera, and Invensas Corp., or Invensas or collectively, the Complainants, filed a complaint to institute an investigation with the U.S. International Trade Commission, or the ITC. The Complainants allege infringement by Broadcom and our subsidiaries, BRCM, Avago and Avago Technologies U.S. Inc., or Avago U.S., or collectively, the Respondents, of three patents relating to semiconductor packaging and semiconductor manufacturing technology. The downstream respondents, which are customers of the Respondents, are Arista Networks, Inc., ARRIS International plc, ARRIS Group, Inc., ARRIS Technology, Inc., ARRIS Enterprises LLC, ARRIS Solutions, Inc., Pace Ltd., Pace Americas, LLC, Pace USA, LLC, ASUSteK Computer Inc., ASUS Computer International, Comcast Cable Communications, LLC, Comcast Cable Communications Management, LLC, Comcast Business Communications, LLC, HTC Corporation, HTC America, Inc., NETGEAR, Inc., Technicolor S.A., Technicolor USA, Inc., and Technicolor Connected Home USA LLC, or collectively, the Downstream Respondents. On July 20, 2016, the ITC instituted the investigation, or the ITC Investigation. Complainants seek the following relief: (1) a permanent limited exclusion order excluding from importation into the U.S. all of the Respondents' semiconductor devices and semiconductor device packages and Downstream Respondents’ products containing Respondents’ semiconductor devices and semiconductor device packages that infringe one or more of the three patents subject to the ITC Investigation and (2) a permanent cease and desist order prohibiting the Respondents and Downstream Respondents and related companies from importing, marketing, advertising, demonstrating, warehousing inventory for distribution, offering for sale, selling, qualifying for use in the products of others, distributing, or using the Respondents' semiconductor devices and semiconductor device packages and Downstream Respondents’ products containing Respondents’ semiconductor devices and semiconductor device packages that infringe one or more of the three patents subject to the ITC Investigation. The ITC held the hearing in March 2017. On June 30, 2017, the administrative law judge issued an initial determination finding a violation with respect to U.S. Patent No. 6,849,946 and no violation with respect to U.S. Patent Nos. 6,133,136 and 6,856,007. The administrative law judge recommended that the ITC issue limited exclusion and cease and desist orders and recommended that we post a 100% import bond during the presidential review period. Broadcom and Downstream Respondents are petitioning for ITC review of the initial determination, and the ITC will announce what issues it intends to review on September 29, 2017. The target date for completion of the investigation and the issuance of the final determination is December 1, 2017. An adverse final determination from the ITC could result in issuance of a limited exclusion order and cease and desist order, or the ITC Orders, that could prevent Broadcom and the Downstream Respondents from importing and selling in the United States certain semiconductor devices and Downstream Respondents’ products that incorporate those devices, or collectively, Covered Products. During the 60 -day presidential review period following the final determination, Broadcom and the Downstream Respondents could continue to import and sell Covered Products by paying a bond. The administrative law judge’s recommended bond is 100% of the sales price of the Covered Products. At the end of the presidential review period, if the U.S. Trade Representative does not disapprove the final determination, the ITC Orders would go into full effect. If the ITC orders go into full effect, Broadcom and its contract manufacturers would need to develop redesigned products that do not infringe, or Broadcom, its contract manufacturers, and/or the Downstream Respondents would need to obtain a license from Tessera to continue importing and selling Covered Products. It may not be possible to do this in a timely fashion or at all. In addition, any redesigned products would have to be approved by the ITC or US Customs and Border Protection before they could be imported or sold in the United States. Broadcom may not be successful in obtaining such approvals in a timely manner, or at all. Broadcom may also have to indemnify some customers. In such event, any failure to effectively redesign and obtain timely clearance for Covered Products, or to obtain a license from Tessera, may cause a disruption to Broadcom’s product shipments and materially and adversely affect Broadcom’s business, prospects, reputation, results of operations, and financial condition. On May 23, 2016, Tessera and Invensas filed a complaint against BRCM in the U.S. District Court for the District of Delaware, Case No. 1-16-cv-00379, alleging infringement of the three patents subject to the ITC Investigation. The complaint seeks compensatory damages in an unspecified amount, as well as an award of reasonable attorneys’ fees, interest, and costs. This case is stayed pending resolution of the ITC Investigation. On May 23, 2016, Tessera and Tessera Advanced Technologies, Inc. filed a complaint against BRCM in the U.S. District Court for the District of Delaware, Case No. 1-16-cv-00380, alleging infringement of four patents relating to semiconductor packaging and circuit technologies. On June 19, 2016, the complaint was amended to add three more patents relating to semiconductor packaging technologies for a total of seven patents in this matter. The complaint seeks compensatory damages in an unspecified amount, as well as an award of reasonable attorneys’ fees, interest, and costs. On May 23, 2016, Invensas filed a Writ of Summons against Broadcom, BRCM, Broadcom Netherlands B.V. and Broadcom Communications Netherlands B.V. in the Hague District Court in the Netherlands, Case No. L1422381, alleging infringement of a single European patent that is a foreign counterpart to one of the patents subject to the ITC Investigation, or the European Patent. The named defendants also include distributors EBV Elektronik GmbH, Arrow Central Europe GmbH, and Mouser Electronics Netherlands B.V. The requested relief includes a cease-and-desist order and damages in an unspecified amount. On May 23, 2016, Invensas also filed a complaint against each of (i) Broadcom Germany GmbH and Broadcom‘s German distributors, Case No. 7 O 97/16, and (ii) Broadcom and BRCM, Case No. 7 O 98/16, in the Mannheim District Court in Germany, alleging infringement of the European Patent. The required relief includes damages in an unspecified amount and an injunction preventing the sale of the accused products. On February 3, 2017, the Mannheim District Court held a hearing to determine infringement. On March 17, 2017, the Mannheim District Court issued its ruling. The court found infringement in both cases and granted injunctions preventing the commercialization of certain Broadcom products in Germany. Broadcom is appealing the decision. On March 27, 2017, Broadcom filed a brief with the appellate court in Germany in Case No. 7 O 98/16 seeking: (1) reversal on the merits, (2) a higher bond for enforcement of the injunction, and (3) a stay of enforcement pending the nullity action. On May 22, 2017, Broadcom filed its appeal of Case No. 7 O 97/16 seeking (1) reversal on the merits and (2) a stay of enforcement. On June 1, 2017, the German appellate court denied Broadcom’s request for a stay of enforcement in Case No. 7 O 98/16, but has not yet ruled on our appeal of the decision on the merits or the higher bond amount. Tessera is now enforcing the injunction in both cases against Broadcom. The nullity action, which could invalidate the patent at issue in both German cases, is scheduled to be decided in January 2018, and Broadcom expects a preliminary decision from the German appellate court on the patent’s validity in October 2017. On November 7, 2016, Invensas filed a complaint against Avago, Avago U.S., Emulex Corporation, or Emulex, LSI and PLX Technology, Inc., or PLX, in the U.S. District Court for the District of Delaware, Case No. 1-16-cv-01033, alleging infringement of two of the patents subject to the ITC Investigation. The complaint seeks compensatory damages in an unspecified amount, as well as an award of reasonable attorneys’ fees, interest, and costs. This case is stayed pending resolution of the ITC Investigation. On November 7, 2016, Tessera and Invensas filed a complaint against Avago, Avago U.S., and Avago Technologies Wireless (U.S.A.) Manufacturing Inc. in the U.S. District Court for the District of Delaware, Case No. 1-16-cv-01034, alleging infringement of two patents relating to semiconductor packaging technology. On January 31, 2017, Tessera and Invensas amended the complaint in this matter and added three additional patents related to semiconductor packaging technology, which are also at issue in case No. 1-16-cv-00379 pending in Delaware. The complaint seeks compensatory damages in an unspecified amount, as well as an award of reasonable attorneys’ fees, interest, and costs. We continue to vigorously defend these actions. Lawsuits Relating to the Acquisition of BRCM Following the announcement of the Broadcom Merger, 11 putative class action complaints were filed by and purportedly on behalf of alleged BRCM shareholders. Two putative class action complaints, or the Federal Actions, were filed in the United States District Court for the Central District of California, or the U.S. Central District Court. One putative class action complaint was filed in the Superior Court of the State of California, County of Santa Clara and eight putative class action complaints were filed in the Superior Court of the State of California, County of Orange, or the State Actions. The Federal Actions and State Actions name as defendants, among other parties, BRCM, members of BRCM’s board of directors and Avago, and allege, among other things, breaches of fiduciary duties and aiding and abetting those alleged breaches. Additionally, the Federal Actions allege violations of Sections 14(a) and 20(a) of the Exchange Act and SEC Rule 14-a9. On January 15, 2016, lead plaintiffs in the Federal Actions filed a Second Amended Consolidated Class Action Complaint, or the Federal Consolidated Complaint, which names as defendants, among other parties, members of BRCM’s board of directors and Avago, and alleges breaches of fiduciary duties and aiding and abetting those alleged breaches, as well as violation of Sections 14(a) and 20(a) of the Exchange Act and SEC Rule 14-a9. On September 23, 2016, the parties entered into a Stipulation and Agreement of Compromise and Settlement, or the Stipulation, which has been filed with the U.S. Central District Court. Pursuant to the Stipulation, BRCM agreed to confirm certain facts concerning the Broadcom Merger. Additionally, defendants agreed to pay or cause to be paid attorneys’ fees and expenses as may be awarded by the U.S. Central District Court to plaintiffs’ counsel for their efforts in prosecuting the litigation, as well as the costs of administering the settlement. The Stipulation includes a release of all claims against defendants relating to or arising from the litigation. On December 2, 2016, the U.S. Central District Court granted preliminary approval of the settlement. On February 27, 2017, the U.S. Central District Court granted final approval of the settlement. On March 16, 2017, the State Actions were dismissed with prejudice pursuant to the settlement. The settlement did not have an impact on our financial statements. We believe that the claims in the litigation, including the Federal Consolidated Complaint, were without merit and that no misconduct or damages occurred. Defendants entered into the settlement to eliminate the burden, distraction, and expense of further litigation. Lawsuits Relating to the Acquisition of Emulex On March 3, 2015, two putative shareholder class action complaints were filed in the Court of Chancery of the State of Delaware, or the Delaware Court of Chancery, against Emulex, its directors, Avago Technologies Wireless (U.S.A.) Manufacturing Inc., or AT Wireless, and Emerald Merger Sub, Inc., or Emerald Merger Sub, captioned as follows: James Tullman v. Emulex Corporation, et al., Case No. 10743-VCL (Del. Ch.); Moshe Silver ACF/Yehudit Silver U/NY/UTMA v. Emulex Corporation, et al., Case No. 10744-VCL (Del. Ch.). On March 11, 2015, a third complaint was filed in the Delaware Court of Chancery, captioned Hoai Vu v. Emulex Corporation, et al., Case No. 10776-VCL (Del. Ch.). The complaints alleged, among other things, that Emulex’s directors breached their fiduciary duties by approving the Agreement and Plan of Merger, dated February 25, 2015, by and among AT Wireless, Emerald Merger Sub and Emulex and that AT Wireless and Emerald Merger Sub aided and abetted these alleged breaches of fiduciary duty. The complaints sought, among other things, either to enjoin the transaction or to rescind it following its completion, as well as damages, including attorneys’ and experts’ fees. The Delaware Court of Chancery has entered an order consolidating the three Delaware actions under the caption In re Emulex Corporation Stockholder Litigation, Consolidated C.A. No. 10743-VCL. On May 5, 2015, we completed our acquisition of Emulex. On June 5, 2015, the Court of Chancery dismissed the consolidated action without prejudice. On April 8, 2015, a putative class action complaint was filed in the U.S. Central District Court, entitled Gary Varjabedian, et al. v. Emulex Corporation, et al., No. 8:15-cv-554-CJC-JCG. The complaint names as defendants Emulex, its directors, AT Wireless and Emerald Merger Sub, and purported to assert claims under Sections 14(d), 14(e) and 20(a) of the Exchange Act. The complaint alleged, among other things, that the board of directors of Emulex failed to provide material information and/or omitted material information from the Solicitation/Recommendation Statement on Schedule 14D-9 filed with the SEC on April 7, 2015 by Emulex, together with the exhibits and annexes thereto. The complaint sought to enjoin the tender offer to purchase all of the outstanding shares of Emulex common stock, as well as certain other equitable relief and attorneys’ fees and costs. On July 28, 2015, the U.S. Central District Court issued an order appointing the lead plaintiff and approving lead counsel for the putative class. On September 9, 2015, plaintiff filed a first amended complaint seeking rescission of the merger, unspecified money damages, other equitable relief and attorneys’ fees and costs. On October 13, 2015, defendants moved to dismiss the first amended complaint, which the U.S. Central District Court granted with prejudice on January 13, 2016. Plaintiff filed a notice of appeal to the United States Court of Appeals for the Ninth Circuit, or the Ninth Circuit Court, on January 15, 2016. The appeal is captioned Gary Varjabedian, et al. v. Emulex Corporation, et al., No. 16-55088. On June 27, 2016, the Plaintiff-Appellant filed his opening brief, on August 17 and August 22, 2016, the Defendants-Appellees filed their answering briefs, and on October 5, 2016 Plaintiff-Appellant filed his reply brief. The Ninth Circuit Court will hear oral argument on October 5, 2017. We are unable to predict the date on which the Ninth Circuit Court will issue any decision at this time. We believe these claims are all entirely without merit and intend to vigorously defend these actions. Lawsuits Relating to the Acquisition of PLX In June and July 2014, four lawsuits were filed in the Superior Court for the State of California, County of Santa Clara, or the Superior Court, challenging our acquisition of PLX. On July 22, 2014, the Superior Court consolidated these California actions under the caption In re PLX Technology, Inc. S’holder Litig., Lead Case No. 1-14-CV-267079 (Cal. Super. Ct., Santa Clara) and appointed lead counsel. That same day, the Superior Court also stayed the consolidated action, pending resolution of related actions filed in the Delaware Court of Chancery, described below. Also in June and July 2014, five similar lawsuits were filed in the Delaware Court of Chancery. On July 21, 2014, the Delaware Court of Chancery consolidated these Delaware actions under the caption In re PLX Technology, Inc. Stockholders Litigation, Consol. C.A. No. 9880-VCL (Del. Ch.), appointed lead plaintiffs and lead counsel, and designated an operative complaint for the consolidated action. On July 31, 2014, counsel for lead plaintiffs in Delaware informed the Delaware Court of Chancery that they would not seek a preliminary injunction, but intend to seek damages and pursue monetary remedies through post-closing litigation. Our acquisition of PLX closed on August 12, 2014. On October 31, 2014, lead plaintiffs filed a consolidated amended complaint. This complaint alleges, among other things, that PLX’s directors breached their fiduciary duties to PLX’s stockholders by seeking to sell PLX for an inadequate price, pursuant to an unfair process, and by agreeing to preclusive deal protections in the merger agreement. Plaintiffs also allege that Potomac Capital Partners II, L.P., Deutsche Bank Securities, AT Wireless and Pluto Merger Sub, Inc., the acquisition subsidiary, aided and abetted the alleged fiduciary breaches. Plaintiffs also allege that PLX’s Solicitation/Recommendation statement on Schedule 14D-9, as filed with the SEC, contained false and misleading statements and/or omitted material information necessary to inform the shareholder vote. The plaintiffs seek, among other things, monetary damages and attorneys’ fees and costs. On September 3, 2015, the Delaware Court of Chancery granted motions to dismiss filed by AT Wireless, the acquisition subsidiary and two PLX directors, and denied motions to dismiss filed by several other PLX directors, Potomac Capital Partners II, L.P. and Deutsche Bank Securities. On August 17, 2016, the five remaining PLX director-defendants and Deutsche Bank Securities entered into a stipulation of partial settlement to resolve claims against all of the former PLX directors and Deutsche Bank Securities asserted in the Delaware class action. The partial settlement also provides for a release of all potential claims against AT Wireless, Pluto Merger Sub, Avago and PLX. Defendant Potomac Capital Partners II, L.P. is not a party to the settlement. This partial settlement was approved by the Delaware Court of Chancery on December 20, 2016. The Delaware class litigation is on-going. On November 9, 2016, the sole remaining defendant, Potomac Capital Partners II, L.P., filed cross-claims against the named individual director defendants and Deutsche Bank for contribution. Under various contracts and statutes, PLX may owe indemnification to each of these parties. The cross-claims are now barred according to the terms of the approved partial settlement, although Potomac Capital Partners II, L.P. might be entitled to an offset (based on contributory fault) of any damages it might owe to the class. Other Matters In addition to the matters discussed above, we are currently engaged in a number of legal actions in the ordinary course of our business. We do not believe, based on currently available facts and circumstances, that the final outcome of any pending legal proceedings, taken individually or as a whole, will have a material adverse effect on our financial condition, results of operations or cash flows. However, lawsuits may involve complex questions of fact and law and may require the expenditure of significant funds and other resources to defend. The results of litigation are inherently uncertain, and material adverse outcomes are possible. From time to time, we may enter into confidential discussions regarding the potential settlement of such lawsuits. Any settlement of pending litigation could require us to incur substantial costs and other ongoing expenses, such as future royalty payments in the case of an intellectual property dispute. During the periods presented, no material amounts have been accrued or disclosed in the accompanying condensed consolidated financial statements with respect to loss contingencies associated with any legal proceedings, as potential losses for such matters are not considered probable and ranges of losses are not reasonably estimable. These matters are subject to many uncertainties and the ultimate outcomes are not predictable. There can be no assurances that the actual amounts required to satisfy any liabilities arising from the matters described above will not have a material adverse effect on our results of operations, financial position or cash flows. Other Indemnifications As is customary in our industry and as provided for in local law in the United States and other jurisdictions, many of our standard contracts provide remedies to our customers and others with whom we enter into contracts, such as defense, settlement, or payment of judgment for intellectual property claims related to the use of our products. From time to time, we indemnify customers, as well as our suppliers, contractors, lessors, lessees, companies that purchase our businesses or assets and others with whom we enter into contracts, against combinations of loss, expense, or liability arising from various triggering events related to the sale and the use of our products, the use of their goods and services, the use of facilities and state of our owned facilities, the state of the assets and businesses that we sell and other matters covered by such contracts, usually up to a specified maximum amount. In addition, from time to time we also provide protection to these parties against claims related to undiscovered liabilities, additional product liabilities or environmental obligations. In our experience, claims made under such indemnifications are rare and the associated estimated fair value of the liability is not material. |
Restructuring Charges
Restructuring Charges | 9 Months Ended |
Jul. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Charges | Restructuring, Impairment and Disposal Charges Restructuring Charges In the second quarter of fiscal year 2016, we began the implementation of cost reduction activities associated with the Broadcom Merger. Restructuring costs recorded in continuing operations were $19 million and $83 million for fiscal quarter and three fiscal quarters ended July 30, 2017 , respectively, and $57 million and $364 million for the fiscal quarter and three fiscal quarters ended July 31, 2016 , respectively. Restructuring costs in continuing operations, for each period, primarily related to employee termination costs associated with the Broadcom Merger. Approximately 3,500 employees have been terminated from our workforce across all business and functional areas on a global basis as a result of the Broadcom Merger. The following table summarizes the significant activities within, and components of, the restructuring liabilities related to continuing and discontinued operations during the three fiscal quarters ended July 30, 2017 (in millions): Employee Termination Costs Leases and Other Exit Costs Total Balance as of October 30, 2016 $ 116 $ 35 $ 151 Restructuring charges (a) 69 18 87 Utilization (154 ) (39 ) (193 ) Balance as of July 30, 2017 (b) $ 31 $ 14 $ 45 _________________________________ (a) Included $4 million of restructuring expense related to discontinued operations recognized during the three fiscal quarters ended July 30, 2017 , which was included in loss from discontinued operations in our condensed consolidated statements of operations. (b) The majority of the employee termination costs balance is expected to be paid by the fourth quarter of fiscal year 2017 . The leases and other exit costs balance represents lease obligations that are expected to be paid over their remaining terms through the third quarter of fiscal year 2018 . Impairment and Disposal Charges During the fiscal quarter and three fiscal quarters ended July 30, 2017 , we recorded impairment and disposal charges of $14 million and $39 million , respectively. These charges included impairments of property, plant and equipment and an in-process research and development, or IPR&D, project. During the fiscal quarter and three fiscal quarters ended July 31, 2016 , we recorded impairment and disposal charges of $225 million and $269 million , respectively. These charges included impairments of IPR&D projects and losses on the sale of certain fiber optics subsystem manufacturing and related assets. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jul. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Cash Dividends/Distribution Declared On August 29, 2017 , Broadcom’s Board of Directors declared an interim cash dividend of $1.02 per Broadcom ordinary share, payable on September 29, 2017 to shareholders of record at the close of business (Eastern Time) on September 19, 2017 , or the Broadcom Dividend. As a result of the Broadcom Dividend, and pursuant to the Partnership Agreement, the Partnership will pay a cash distribution in an amount equal to the aggregate amount of the Broadcom Dividend to Broadcom, as General Partner, and a $1.02 distribution per Partnership REU, payable on September 29, 2017 , to Limited Partners of record at the close of business (Eastern Time) on September 19, 2017 . |
Overview, Basis of Presentati21
Overview, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Jul. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | The segments represent components for which separate financial information is available that is utilized on a regular basis by the Chief Executive Officer of Broadcom, who has been identified as the Chief Operating Decision Maker, or the CODM, as defined by authoritative guidance on segment reporting, in determining how to allocate resources and evaluate performance. The segments are determined based on several factors, including client base, homogeneity of products, technology, delivery channels and similar economic characteristics. |
Fiscal periods | We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31. Our fiscal year ending October 29, 2017 , or fiscal year 2017 , is a 52-week fiscal year. The first quarter of our fiscal year 2017 ended on January 29, 2017, the second quarter ended on April 30, 2017 and the third quarter ended on July 30, 2017. Our fiscal year ended October 30, 2016 , or fiscal year 2016 , was also a 52-week fiscal year. |
Basis of presentation | The accompanying condensed consolidated financial statements of Broadcom and the Partnership include the accounts of Broadcom and the Partnership, respectively, and their subsidiaries, and have been prepared by us in accordance with generally accepted accounting principles in the United States, or GAAP, for interim financial information. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The October 30, 2016 condensed consolidated balance sheet data were derived from Broadcom’s audited consolidated financial statements included in Broadcom’s Annual Report on Form 10-K for fiscal year 2016 , or 2016 Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, or SEC, but do not include all disclosures required by GAAP. All intercompany transactions and balances have been eliminated in consolidation. As a result of Broadcom’s controlling interest in the Partnership, we consolidate the financial results of the Partnership and present a noncontrolling interest for the portion of the Partnership we do not own in our condensed consolidated financial statements. Net income (loss) attributable to noncontrolling interest in the condensed consolidated statements of operations represents the portion of income (loss) attributable to the economic interest in the Partnership owned by the Limited Partners. The accompanying condensed consolidated financial statements include the results of operations of Broadcom Corporation, or BRCM, and other acquisitions commencing as of their respective acquisition dates. The operating results for the fiscal quarter and three fiscal quarters ended July 30, 2017 are not necessarily indicative of the results that may be expected for fiscal year 2017 , or for any other future period. |
Use of estimates | Use of estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods. |
Reclassifications [Text Block] | Reclassifications . Certain reclassifications have been made to the prior period condensed consolidated statement of cash flows. These reclassifications had no impact on the previously reported net cash activities. |
Recent accounting guidance | Recently Adopted Accounting Guidance In the first quarter of fiscal year 2017, we early adopted an accounting standards update issued by the Financial Accounting Standards Board, or FASB, in March 2016 that simplified the accounting for certain aspects of stock-based payments to employees. The standard eliminated (i) the requirement to report excess tax benefits and certain tax deficiencies related to share-based payment transactions as additional paid-in capital and (ii) the requirement that excess tax benefits be realized before companies can recognize them. The standard required a modified-retrospective transition method by means of a cumulative-effect adjustment as of the beginning of the period in which the guidance is adopted. As a result of adoption, we recognized tax benefits of $56 million and $237 million as discrete items for the fiscal quarter and three fiscal quarters ended July 30, 2017 , respectively, a $47 million cumulative-effect adjustment to reduce our accumulated deficit and a $3 million cumulative-effect adjustment to increase our noncontrolling interest for previously unrecognized excess tax benefits as of October 30, 2016. In connection with the adoption, we elected to present excess tax benefits within operating activities on the statement of cash flows prospectively and we continued our existing practice of estimating forfeitures. Recent Accounting Guidance Not Yet Adopted In October 2016, the FASB issued updated guidance related to the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory. This guidance will be effective for the first quarter of our fiscal year 2019; however, early adoption is permitted. The adoption of this guidance will increase our income tax provision for periods in which we perform intra-entity transfers. In August 2016, the FASB issued guidance related to the classification of certain transactions on the statement of cash flows. This guidance will be effective for the first quarter of our fiscal year 2019; however, early adoption is permitted. We will present our statements of cash flows in accordance with this guidance for the affected transactions occurring subsequent to adoption. In February 2016, the FASB issued guidance related to the accounting for leases, which among other things, requires a lessee to recognize lease assets and lease liabilities on the balance sheet for operating leases. This guidance will be effective for the first quarter of our fiscal year 2020. The new guidance is required to be applied using a modified retrospective approach. We are evaluating the impact this guidance will have on our condensed consolidated financial statements. In August 2015, the FASB deferred the effective date of the guidance that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. This guidance will be effective for the first quarter of our fiscal year 2019. Early adoption is permitted, but not before the first quarter of our fiscal year 2018. The new guidance is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. In addition, in 2016, the FASB issued amendments to clarify the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting for licenses of intellectual property, and narrow-scope improvements and practical expedients. We do not expect to early adopt this guidance. We have not selected a transition method and are evaluating the impact this guidance will have on our condensed consolidated financial statements. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
BRCM [Member] | |
Business Acquisition [Line Items] | |
Schedule of pro forma information | The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of the consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2015 or of the results of future operations of the combined business (in millions, except for per share amounts): Fiscal Quarter Ended Three Fiscal Quarters Ended July 31, July 31, Pro forma net revenue $ 3,789 $ 11,148 Pro forma net loss from continuing operations $ (152 ) $ (611 ) Pro forma net loss $ (164 ) $ (661 ) Pro forma net loss attributable to ordinary shares $ (155 ) $ (625 ) Pro forma net loss per share attributable to ordinary shares - basic and diluted $ (0.39 ) $ (1.59 ) |
Supplemental Financial Inform23
Supplemental Financial Information (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of inventory | inventory (in millions): July 30, October 30, Finished goods $ 505 $ 431 Work-in-process 689 596 Raw materials 237 373 Total inventory $ 1,431 $ 1,400 |
Schedule of Accrued Rebate [Table Text Block] | The following table summarizes activities related to accrued rebates included in other current liabilities on our condensed consolidated balance sheets (in millions): Three Fiscal Quarters Ended July 30, July 31, Beginning balance $ 317 $ 26 Liabilities assumed in acquisitions — 359 Charged as a reduction of revenue 194 388 Reversal of unclaimed rebates (68 ) (3 ) Payments (305 ) (360 ) Ending balance $ 138 $ 410 |
Other Noncurrent Liabilities [Table Text Block] | other long-term liabilities (in millions): July 30, October 30, Deferred tax liabilities $ 9,859 $ 10,287 Unrecognized tax benefits (a) 1,031 893 Other 55 113 Total other long-term liabilities $ 10,945 $ 11,293 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the selected financial information of discontinued operations (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Net revenue $ 4 $ 35 $ 9 $ 99 Loss from discontinued operations before gain on disposals and income taxes $ (2 ) $ (54 ) $ (11 ) $ (115 ) Gain on disposals of discontinued operations — 33 — 33 Benefit from income taxes — 9 — 32 Loss from discontinued operations, net of income taxes $ (2 ) $ (12 ) $ (11 ) $ (50 ) |
Cash Flow, Supplemental Disclosures [Text Block] | The following table summarizes supplemental cash flow information (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Cash paid for interest $ 206 $ 198 $ 309 $ 343 Cash paid for income taxes $ 35 $ 63 $ 241 $ 143 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | The following table summarizes changes in goodwill by segment (in millions): Wired Infrastructure Wireless Communications Enterprise Storage Industrial & Other Total Balance as of October 30, 2016 $ 17,641 $ 5,952 $ 995 $ 144 $ 24,732 Broadcom Merger adjustments (25 ) (7 ) — — (32 ) Other 6 — — — 6 Balance as of July 30, 2017 $ 17,622 $ 5,945 $ 995 $ 144 $ 24,706 |
Schedule of Finite- and Indefinite-lived Intangible Assets | intangible assets (in millions): Gross Carrying Amount Accumulated Amortization Net Book Value As of July 30, 2017: Purchased technology $ 12,773 $ (3,703 ) $ 9,070 Customer contracts and related relationships 4,240 (2,669 ) 1,571 Trade names 528 (107 ) 421 Other 123 (20 ) 103 Intangible assets subject to amortization 17,664 (6,499 ) 11,165 In-process research and development 762 — 762 Total $ 18,426 $ (6,499 ) $ 11,927 As of October 30, 2016: Purchased technology $ 12,182 $ (1,855 ) $ 10,327 Customer contracts and related relationships 4,231 (1,377 ) 2,854 Trade names 528 (77 ) 451 Other 107 (7 ) 100 Intangible assets subject to amortization 17,048 (3,316 ) 13,732 In-process research and development 1,336 — 1,336 Total $ 18,384 $ (3,316 ) $ 15,068 |
Finite-lived Intangible Assets Remaining | Based on the amount of intangible assets subject to amortization at July 30, 2017 , the expected amortization expense for each of the next five years and thereafter was as follows (in millions): Fiscal Year: 2017 (remainder) $ 1,102 2018 2,960 2019 2,192 2020 1,820 2021 1,435 Thereafter 1,656 Total $ 11,165 |
Finite-lived Intangible Assets Remaining Weighted Average Amortization Period | The weighted-average amortization periods remaining by intangible asset category as of July 30, 2017 were as follows (in years): Purchased technology 5 Customer contracts and related relationships 3 Trade name 13 Other 11 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following is a reconciliation of the numerators and denominators of the basic and diluted net income (loss) per share computations for the periods presented (in millions, except per share data): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Numerator - Basic: Income (loss) from continuing operations $ 509 $ (303 ) $ 1,234 $ (1,143 ) Less: Income (loss) from continuing operations attributable to noncontrolling interest 26 (16 ) 63 (83 ) Income (loss) from continuing operations attributable to ordinary shares 483 (287 ) 1,171 (1,060 ) Loss from discontinued operations, net of income taxes (2 ) (12 ) (11 ) (50 ) Less: Loss from discontinued operations, net of income taxes, attributable to noncontrolling interest — (1 ) — (3 ) Loss from discontinued operations, net of income taxes, attributable to ordinary shares (2 ) (11 ) (11 ) (47 ) Net income (loss) attributable to ordinary shares $ 481 $ (298 ) $ 1,160 $ (1,107 ) Numerator - Diluted: Income (loss) from continuing operations $ 509 $ (303 ) $ 1,234 $ (1,143 ) Loss from discontinued operations, net of income taxes (2 ) (12 ) (11 ) (50 ) Net income (loss) $ 507 $ (315 ) $ 1,223 $ (1,193 ) Denominator: Weighted-average ordinary shares outstanding - basic 407 396 403 355 Dilutive effect of equity awards 16 — 16 — Exchange of noncontrolling interest for ordinary shares 22 23 23 15 Weighted-average ordinary shares outstanding - diluted 445 419 442 370 Basic income (loss) per share attributable to ordinary shares: Income (loss) per share from continuing operations $ 1.19 $ (0.72 ) $ 2.91 $ (2.99 ) Loss per share from discontinued operations, net of income taxes (0.01 ) (0.03 ) (0.03 ) (0.13 ) Net income (loss) per share $ 1.18 $ (0.75 ) $ 2.88 $ (3.12 ) Diluted income (loss) per share attributable to ordinary shares: Income (loss) per share from continuing operations $ 1.14 $ (0.72 ) $ 2.79 $ (3.09 ) Loss per share from discontinued operations, net of income taxes — (0.03 ) (0.02 ) (0.13 ) Net income (loss) per share $ 1.14 $ (0.75 ) $ 2.77 $ (3.22 ) |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Senior Notes [Table Text Block] | The following table summarizes details of our Senior Notes: July 30, 2017 Interest Rate Effective Interest Rate Issuance Price Amount Fixed rate notes due January 2020 2.375 % 2.615 % 99.774 % $ 2,750 Fixed rate notes due January 2022 3.000 % 3.214 % 99.592 % 3,500 Fixed rate notes due January 2024 3.625 % 3.744 % 99.896 % 2,500 Fixed rate notes due January 2027 3.875 % 4.018 % 99.558 % 4,800 Unaccreted discount and unamortized debt issuance costs (117 ) Carrying value of Senior Notes $ 13,433 |
Schedule of Assumed Senior Notes [Table Text Block] | The following table presents the details of the outstanding long-term debt assumed in connection with the acquisition of BRCM, or the Assumed Senior Notes: July 30, 2017 Interest Rate Effective Interest Rate Amount Fixed rate notes due November 2018 2.70 % 2.70 % $ 117 Fixed rate notes due August 2022 - August 2034 2.50% - 4.50% 2.50% - 4.50% 22 Carrying value of Assumed Senior Notes $ 139 |
Schedule of Future Principal Payments on Debt | The future scheduled principal payments for the outstanding Senior Notes and Assumed Senior Notes as of July 30, 2017 were as follows (in millions): Fiscal Year: 2017 (remainder) $ — 2018 117 2019 — 2020 2,750 2021 — Thereafter 10,822 Total $ 13,689 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Equity [Abstract] | |
Schedule of Dividends Paid to Ordinary Shareholders [Table Text Block] | The following table summarizes dividend information for the periods presented (in millions, except per share data): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Cash dividends paid per ordinary share $ 1.02 $ 0.50 $ 3.06 $ 1.43 Cash dividends paid to ordinary shareholders $ 415 $ 199 $ 1,237 $ 514 |
Summary of Share-based Compensation Expense | The following table summarizes share-based compensation expense reported in continuing operations related to share-based awards granted to employees and directors for the periods presented (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Cost of products sold $ 18 $ 15 $ 47 $ 34 Research and development 174 144 465 294 Selling, general and administrative 59 54 156 128 Total share-based compensation expense $ 251 $ 213 $ 668 $ 456 |
Summary of RSU Activity | A summary of time and market-based RSU activity is as follows (in millions, except per share data): Number of RSUs Outstanding Weighted- Average Grant Date Fair Value Per Share Balance as of October 30, 2016 17 $ 130.71 Granted 8 $ 197.55 Vested (5 ) $ 126.26 Forfeited (2 ) $ 140.00 Balance as of July 30, 2017 18 $ 161.04 |
Summary of Option Activity | A summary of time and market-based share option activity is as follows (in millions, except years and per share data): Number of Options Outstanding Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life (In years) Aggregate Intrinsic Value Balance as of October 30, 2016 15 $ 48.77 Exercised (4 ) $ 45.10 $ 562 Cancelled — * $ 65.05 Balance as of July 30, 2017 11 $ 49.50 3.06 $ 2,211 Fully vested as of July 30, 2017 9 $ 45.94 2.91 $ 1,777 Fully vested and expected to vest as of July 30, 2017 11 $ 49.50 3.06 $ 2,211 |
Partners' Capital Partners' Cap
Partners' Capital Partners' Capital (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Statement of Partners' Capital [Abstract] | |
Schedule of Capital Transactions with General Partner [Table Text Block] | The following table summarizes capital transactions with the General Partner for the periods presented (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Capital transactions made by General Partner to Partnership $ 41 $ 38 $ 191 $ 327 |
Schedule of Partnership Distribution [Table Text Block] | The following table summarizes distributions by the Partnership for the periods presented (in millions, except per Partnership REU): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Cash distributions paid to General Partner $ 415 $ 199 $ 1,237 $ 392 Cash distributions paid per Partnership REU $ 1.02 $ 0.50 $ 3.06 $ 0.99 Cash distributions paid to Limited Partners $ 23 $ 12 $ 69 $ 23 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following tables present our net revenue and operating income by reportable segment for the periods presented (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Net revenue: Wired infrastructure $ 2,208 $ 2,062 $ 6,403 $ 4,508 Wireless communications 1,283 1,008 3,608 2,378 Enterprise storage 735 527 2,154 1,730 Industrial & other 237 195 627 488 Total net revenue $ 4,463 $ 3,792 $ 12,792 $ 9,104 Operating income (loss): Wired infrastructure $ 1,015 $ 846 $ 2,885 $ 1,800 Wireless communications 492 308 1,333 754 Enterprise storage 417 223 1,174 749 Industrial & other 131 102 301 256 Unallocated expenses (1,407 ) (1,743 ) (4,065 ) (4,349 ) Total operating income (loss) $ 648 $ (264 ) $ 1,628 $ (790 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Related Party Transactions [Abstract] | |
Transactions and Balances with Related Parties | The following tables summarize the transactions and balances with these entities for the indicated periods (for the portion of such period that they were considered related) (in millions): Fiscal Quarter Ended Three Fiscal Quarters Ended July 30, July 31, July 30, July 31, Total net revenue $ 97 $ 101 $ 245 $ 230 Total costs and expenses, including inventory purchases $ 28 $ 17 $ 93 $ 54 July 30, October 30, Total receivables $ 31 $ 15 Total payables $ 11 $ 7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Contractual Obligations and Commitments | The following table summarizes contractual obligations and commitments as of July 30, 2017 that materially changed from the end of fiscal year 2016 (in millions): Fiscal Year Total 2017 (remainder) 2018 2019 2020 2021 Thereafter Debt principal, interest and fees $ 16,698 $ 1 $ 569 $ 450 $ 3,166 $ 383 $ 12,129 Purchase commitments $ 1,144 $ 990 $ 104 $ 50 $ — $ — $ — |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 9 Months Ended |
Jul. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the significant activities within, and components of, the restructuring liabilities related to continuing and discontinued operations during the three fiscal quarters ended July 30, 2017 (in millions): Employee Termination Costs Leases and Other Exit Costs Total Balance as of October 30, 2016 $ 116 $ 35 $ 151 Restructuring charges (a) 69 18 87 Utilization (154 ) (39 ) (193 ) Balance as of July 30, 2017 (b) $ 31 $ 14 $ 45 _________________________________ (a) Included $4 million of restructuring expense related to discontinued operations recognized during the three fiscal quarters ended July 30, 2017 , which was included in loss from discontinued operations in our condensed consolidated statements of operations. (b) The majority of the employee termination costs balance is expected to be paid by the fourth quarter of fiscal year 2017 . The leases and other exit costs balance represents lease obligations that are expected to be paid over their remaining terms through the third quarter of fiscal year 2018 . |
Overview, Basis of Presentati33
Overview, Basis of Presentation and Significant Accounting Policies (Textuals) (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Jul. 30, 2017USD ($) | Jul. 30, 2017USD ($)segmentRegistrant | |
Number of reportable segments | segment | 4 | |
Fiscal period end | 52- or 53-week | |
Number of registrants | Registrant | 2 | |
Retained Earnings [Member] | ||
Cumulative effect of new accounting pronouncement | $ 47 | $ 47 |
Noncontrolling Interest [Member] | ||
Cumulative effect of new accounting pronouncement | 3 | 3 |
ASU 2016-09 Improvements to Employee Share-Based Payment Accounting - Income Tax Benefit [Member] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 56 | $ 237 |
Acquisition (Details)
Acquisition (Details) - USD ($) | Nov. 02, 2016 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | Feb. 22, 2017 |
Business Acquisition [Line Items] | |||||
Proceeds from sales of businesses | $ 10,000,000 | $ 698,000,000 | |||
BRCM [Member] | |||||
Business Acquisition [Line Items] | |||||
Revenues | $ 2,314,000,000 | 4,641,000,000 | |||
Brocade Communications Systems, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Share Price | $ 12.75 | ||||
Business Combination, Estimated Consideration Transferred | $ 5,500,000,000 | ||||
Business Combination, Termination Fee, Specified Circumstances | $ 195,000,000 | ||||
Selling, General and Administrative Expenses [Member] | BRCM [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Acquisition Related Costs | $ 2,000,000 | $ 39,000,000 | |||
Ruckus Wireless and ICX Switch [Member] | |||||
Business Acquisition [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 800,000,000 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - BRCM [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Jul. 31, 2016 | Jul. 31, 2016 | |
Business Acquisition [Line Items] | ||
Pro forma net revenue | $ 3,789 | $ 11,148 |
Pro forma net loss from continuing operations | (152) | (611) |
Pro forma net loss | (164) | (661) |
Pro forma net loss attributable to ordinary shares | $ (155) | $ (625) |
Pro forma net loss per share attributable to ordinary shares - basic and diluted | $ (0.39) | $ (1.59) |
Supplemental Financial Inform36
Supplemental Financial Information (Cash and Investments) (Details) - Fair Value, Inputs, Level 1 [Member] - USD ($) $ in Millions | Jul. 30, 2017 | Oct. 30, 2016 |
Cash and Cash Equivalents [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time Deposits, at Carrying Value | $ 3,253 | $ 1,022 |
Money Market Funds, at Carrying Value | 200 | |
Short-term Investments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time Deposits, at Carrying Value | $ 200 |
Supplemental Financial Inform37
Supplemental Financial Information (Inventory) (Details) - USD ($) $ in Millions | Jul. 30, 2017 | Oct. 30, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||
Finished goods | $ 505 | $ 431 |
Work-in-process | 689 | 596 |
Raw materials | 237 | 373 |
Total inventory | $ 1,431 | $ 1,400 |
Supplemental Financial Inform38
Supplemental Financial Information (Accrued rebates) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | |
AccruedRebateActivityRollForward [Abstract] | ||||
Beginning balance | $ 317 | $ 26 | ||
Accrued Rebate Assumed In Acquisition | 0 | 359 | ||
Charged as a reduction of revenue | $ 74 | $ 165 | 194 | 388 |
Reversal of unclaimed rebates | (68) | (3) | ||
Payments | (305) | (360) | ||
Ending balance | $ 138 | $ 410 | $ 138 | $ 410 |
Supplemental Financial Inform39
Supplemental Financial Information (Other LT Liabilities) (Details) - USD ($) $ in Millions | Jul. 30, 2017 | Oct. 30, 2016 | |
Other Liabilities, Noncurrent [Abstract] | |||
Deferred tax liabilities | $ 9,859 | $ 10,287 | |
Unrecognized tax benefits (a) | [1] | 1,031 | 893 |
Other | 55 | 113 | |
Total other long-term liabilities | $ 10,945 | $ 11,293 | |
[1] | (a) Includes accrued interest and penalties. |
Supplemental Financial Inform40
Supplemental Financial Information (Supplemental cash flow) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | Oct. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |||||
Cash paid for interest | $ 206 | $ 198 | $ 309 | $ 343 | |
Cash paid for income taxes | $ 35 | $ 63 | 241 | $ 143 | |
Capital Expenditures Incurred but Not yet Paid | $ 115 | $ 159 |
Supplemental Financial Inform41
Supplemental Financial Information Supplement Financial Information (Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | Oct. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of businesses | $ 10 | $ 698 | |||
Net revenue | $ 4 | $ 35 | 9 | 99 | |
Loss from discontinued operations before gain on disposals and income taxes | (2) | (54) | (11) | (115) | |
Gain on disposals of discontinued operations | 0 | 33 | 0 | 33 | |
Benefit from income taxes | 0 | (9) | 0 | (32) | |
Loss from discontinued operations, net of income taxes | $ (2) | $ (12) | $ (11) | $ (50) | |
Broadcom [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of businesses | $ 830 |
Supplemental Financial Inform42
Supplemental Financial Information Supplemental Financial Information (Property, Plant and Equipment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 29, 2017 | Jul. 30, 2017 | Jul. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 1 | $ 5 | |
Subsequent Event [Member] | Irvine campus [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 443 |
Supplemental Financial Inform43
Supplemental Financial Information Supplemental Financial Information (Accounts Receivable Factoring) (Details) $ in Millions | 9 Months Ended |
Jul. 30, 2017USD ($) | |
Financing Receivable, Significant Sales [Abstract] | |
Financing Receivable, Significant Sales | $ 78 |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets (Goodwill Rollforward) (Details) $ in Millions | 9 Months Ended |
Jul. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Balance as of October 30, 2016 | $ 24,732 |
Broadcom Merger Adjustments | (32) |
Other | 6 |
Balance as of July 30, 2017 | 24,706 |
Wired Infrastructure | |
Goodwill [Roll Forward] | |
Balance as of October 30, 2016 | 17,641 |
Balance as of July 30, 2017 | 17,622 |
Wireless Communications | |
Goodwill [Roll Forward] | |
Balance as of October 30, 2016 | 5,952 |
Balance as of July 30, 2017 | 5,945 |
Enterprise Storage | |
Goodwill [Roll Forward] | |
Balance as of October 30, 2016 | 995 |
Balance as of July 30, 2017 | 995 |
Industrial & Other | |
Goodwill [Roll Forward] | |
Balance as of October 30, 2016 | 144 |
Balance as of July 30, 2017 | 144 |
Broadcom Merger adjustments | Wired Infrastructure | |
Goodwill [Roll Forward] | |
Broadcom Merger Adjustments | (25) |
Broadcom Merger adjustments | Wireless Communications | |
Goodwill [Roll Forward] | |
Broadcom Merger Adjustments | (7) |
Broadcom Merger adjustments | Enterprise Storage | |
Goodwill [Roll Forward] | |
Broadcom Merger Adjustments | 0 |
Broadcom Merger adjustments | Industrial & Other | |
Goodwill [Roll Forward] | |
Broadcom Merger Adjustments | 0 |
OtherAcquisitionsNotBroadcom [Domain] | Wired Infrastructure | |
Goodwill [Roll Forward] | |
Other | 6 |
OtherAcquisitionsNotBroadcom [Domain] | Wireless Communications | |
Goodwill [Roll Forward] | |
Other | 0 |
OtherAcquisitionsNotBroadcom [Domain] | Enterprise Storage | |
Goodwill [Roll Forward] | |
Other | 0 |
OtherAcquisitionsNotBroadcom [Domain] | Industrial & Other | |
Goodwill [Roll Forward] | |
Other | $ 0 |
Goodwill and Intangible Asset45
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions | Jul. 30, 2017 | Oct. 30, 2016 |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17,664 | $ 17,048 |
Accumulated Amortization | (6,499) | (3,316) |
Net Book Value | 11,165 | 13,732 |
Intangible assets, gross | 18,426 | 18,384 |
Intangible assets, net book value | 11,927 | 15,068 |
In-process research and development | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
In-process research and development | 762 | 1,336 |
Purchased technology | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12,773 | 12,182 |
Accumulated Amortization | (3,703) | (1,855) |
Net Book Value | 9,070 | 10,327 |
Customer contracts and related relationships | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,240 | 4,231 |
Accumulated Amortization | (2,669) | (1,377) |
Net Book Value | 1,571 | 2,854 |
Trade names | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 528 | 528 |
Accumulated Amortization | (107) | (77) |
Net Book Value | 421 | 451 |
Other | ||
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 123 | 107 |
Accumulated Amortization | (20) | (7) |
Net Book Value | $ 103 | $ 100 |
Goodwill and Intangible Asset46
Goodwill and Intangible Assets (Intangible asset amortization) (Details) - USD ($) $ in Millions | Jul. 30, 2017 | Oct. 30, 2016 |
Finite-lived intangible assets future amortization expense | ||
2017 (remainder) | $ 1,102 | |
2,018 | 2,960 | |
2,019 | 2,192 | |
2,020 | 1,820 | |
2,021 | 1,435 | |
Thereafter | 1,656 | |
Net Book Value | $ 11,165 | $ 13,732 |
Goodwill and Intangible Asset47
Goodwill and Intangible Assets (Intangible asset life) (Details) | 9 Months Ended |
Jul. 30, 2017 | |
Purchased technology | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period | 5 years |
Customer contracts and related relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period | 3 years |
Trade names | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period | 13 years |
Other | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Weighted-average remaining amortization period | 11 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,000,000 | 12,000,000 | ||
Income (loss) from continuing operations | $ 509 | $ (303) | $ 1,234 | $ (1,143) |
Less: Income (loss) from continuing operations attributable to noncontrolling interest | 26 | (16) | 63 | (83) |
Income (loss) from continuing operations attributable to ordinary shares | 483 | (287) | 1,171 | (1,060) |
Loss from discontinued operations, net of income taxes | (2) | (12) | (11) | (50) |
Less: Loss from discontinued operations, net of income taxes, attributable to noncontrolling interest | 0 | (1) | 0 | (3) |
Loss from discontinued operations, net of income taxes, attributable to ordinary shares | (2) | (11) | (11) | (47) |
Net income (loss) attributable to ordinary shares | 481 | (298) | 1,160 | (1,107) |
Net income (loss) | $ 507 | $ (315) | $ 1,223 | $ (1,193) |
Weighted-average ordinary shares outstanding - basic | 407,000,000 | 396,000,000 | 403,000,000 | 355,000,000 |
Dilutive effect of equity awards | 16,000,000 | 0 | 16,000,000 | 0 |
Exchange of noncontrolling interest for ordinary shares | 22,000,000 | 23,000,000 | 23,000,000 | 15,000,000 |
Weighted-average ordinary shares outstanding - diluted | 445,000,000 | 419,000,000 | 442,000,000 | 370,000,000 |
Basic income (loss) per share attributable to ordinary shares: | ||||
Income (loss) per share from continuing operations | $ 1.19 | $ (0.72) | $ 2.91 | $ (2.99) |
Loss per share from discontinued operations, net of income taxes | (0.01) | (0.03) | (0.03) | (0.13) |
Net income (loss) per share | 1.18 | (0.75) | 2.88 | (3.12) |
Diluted income (loss) per share attributable to ordinary shares: | ||||
Income (loss) per share from continuing operations | 1.14 | (0.72) | 2.79 | (3.09) |
Loss per share from discontinued operations, net of income taxes | 0 | (0.03) | (0.02) | (0.13) |
Net income (loss) per share | $ 1.14 | $ (0.75) | $ 2.77 | $ (3.22) |
Borrowings (Details)
Borrowings (Details) | 3 Months Ended | 9 Months Ended | ||||
Jan. 29, 2017USD ($) | Jul. 30, 2017USD ($) | Jul. 31, 2016USD ($) | Jan. 19, 2017USD ($)subsidiary | Oct. 30, 2016USD ($) | Feb. 01, 2016USD ($) | |
Debt Instrument [Line Items] | ||||||
Repayments of Debt | $ 13,668,000,000 | $ 6,145,000,000 | ||||
2016 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of Debt | $ 13,555,000,000 | |||||
Payments of Debt Extinguishment Costs | 127,000,000 | |||||
Write off of Deferred Debt Issuance Cost | $ 159,000,000 | |||||
A2017 Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of Entities Related to Debt Agreement | subsidiary | 2 | |||||
Senior Notes | $ 13,550,000,000 | |||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||||
Unaccreted discount and unamortized debt issuance costs | $ (117,000,000) | |||||
Carrying value of Senior Notes | $ 13,433,000,000 | |||||
January 2020 Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 2.375% | |||||
Effective Interest Rate | 2.615% | |||||
Issuance Price | 99.774% | |||||
Long-term Debt, Gross | $ 2,750,000,000 | |||||
January2022SeniorNotes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.00% | |||||
Effective Interest Rate | 3.214% | |||||
Issuance Price | 99.592% | |||||
Long-term Debt, Gross | $ 3,500,000,000 | |||||
January 2024 Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.625% | |||||
Effective Interest Rate | 3.744% | |||||
Issuance Price | 99.896% | |||||
Long-term Debt, Gross | $ 2,500,000,000 | |||||
January 2027 Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 3.875% | |||||
Effective Interest Rate | 4.018% | |||||
Issuance Price | 99.558% | |||||
Long-term Debt, Gross | $ 4,800,000,000 | |||||
2018 Senior Note [Member] | BRCM [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 2.70% | |||||
Effective Interest Rate | 2.70% | |||||
Long-term Debt, Gross | $ 117,000,000 | |||||
2022, 2024 & 2034 Senior Notes [Member] [Domain] | BRCM [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | 22,000,000 | |||||
BRCM Senior Notes [Member] | BRCM [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Carrying value of Senior Notes | $ 139,000,000 | |||||
Minimum [Member] | 2022, 2024 & 2034 Senior Notes [Member] [Domain] | BRCM [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 2.50% | |||||
Effective Interest Rate | 2.50% | |||||
Maximum [Member] | 2022, 2024 & 2034 Senior Notes [Member] [Domain] | BRCM [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Rate | 4.50% | |||||
Effective Interest Rate | 4.50% | |||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Fair Value | $ 13,982,000,000 | |||||
Revolving Credit Facility [Member] | 2016 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Line of Credit | 0 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | |||||
Unamortized Debt Issuance Expense | $ 7,000,000 | $ 9,000,000 | ||||
Bridge Loan [Member] | 2016 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |||||
Letter of Credit [Member] | 2016 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000,000 |
Borrowings (Future Principal Pa
Borrowings (Future Principal Payments) (Details) $ in Millions | Jul. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
2017 (remainder) | $ 0 |
2,018 | 117 |
2,019 | 0 |
2,020 | 2,750 |
2,021 | 0 |
Thereafter | 10,822 |
Total | $ 13,689 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 30, 2017 | Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | Oct. 30, 2016 |
Business Acquisition [Line Items] | ||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 19 | $ 79 | ||||
Ordinary Shares [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Common Stock, Shares Authorized In Period | 23,000,000 | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 100,000 | 600,000 | ||||
Cash dividends paid per ordinary share | $ 1.02 | $ 0.50 | $ 3.06 | $ 1.43 | ||
Cash dividends paid to ordinary shareholders | $ 415 | $ 199 | $ 1,237 | $ 514 | ||
Restricted Exchangeable Unit [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Restricted Exchangeable Units, Conversion Shares | 1 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% | 5.00% | 5.00% | |||
Partners' Capital Account, Units, Converted | 100,000 | 600,000 |
Shareholders' Equity (Share-bas
Shareholders' Equity (Share-based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 251 | $ 213 | $ 668 | $ 456 |
Cost of products sold | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 18 | 15 | 47 | 34 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | 174 | 144 | 465 | 294 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 59 | $ 54 | $ 156 | $ 128 |
Shareholders' Equity (Share-b53
Shareholders' Equity (Share-based Compensation Expense Textuals) (Details) $ in Millions | 9 Months Ended |
Jul. 30, 2017USD ($) | |
Market Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 4 years |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 633 |
Total unrecognized compensation cost, RSUs and market based RSUs | $ 2,293 |
Period for recognition | 3 years 1 month 10 days |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation cost, time and market based options | $ 25 |
Period for recognition | 10 months 27 days |
Minimum [Member] | Market Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based Compensation Arrangement By Share based Payment Award Award Payout Percentage | 0.00% |
Maximum [Member] | Market Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share based Compensation Arrangement By Share based Payment Award Award Payout Percentage | 450.00% |
Shareholders' Equity (Share-B54
Shareholders' Equity (Share-Based Compensation RSU Activity) (Details) - Restricted Stock Units (RSUs) [Member] shares in Millions | 9 Months Ended |
Jul. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning Balance (shares) | shares | 17 |
Granted (shares) | shares | 8 |
Vested (shares) | shares | (5) |
Forfeited (shares) | shares | (2) |
Ending Balance (shares) | shares | 18 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted Average Grant-Date Fair Value per Share (usd per share) | $ / shares | $ 130.71 |
Restricted stock units granted, Weighted Average Grant Date Fair Value per share (usd per share) | $ / shares | 197.55 |
Restricted stock units vested, Weighted Average Grant Date Fair value per Share (usd per share) | $ / shares | 126.26 |
Restricted stock units, cancelled, Weighted Average Grant Date Fair Value (usd per share) | $ / shares | 140 |
Ending Balance, Weighted Average Grant-Date Fair value per Share (usd per share) | $ / shares | $ 161.04 |
Shareholders' Equity (Equity In
Shareholders' Equity (Equity Incentive Award Plans) (Details) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | |
Jul. 30, 2017USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Threshold for reporting in the equity award activity table | 0.5 | |
Employee Stock Option [Member] | ||
Option Awards Outstanding: | ||
Beginning Balance (shares) | 15 | |
Exercised (shares) | (4) | |
Cancelled (shares) | 0 | [1] |
Ending Balance (shares) | 11 | |
Option Awards Outstanding, Weighted-average Exercise Price: | ||
Beginning balance weighted average exercise price per share (in dollars per share) | $ / shares | $ 48.77 | |
Exercised weighted average exercise price per share (in dollars per share) | $ / shares | 45.10 | |
Cancelled weighted average exercise price per share (in dollars per share) | $ / shares | 65.05 | |
Ending balance weighted average exercise price per share (in dollars per share) | $ / shares | $ 49.50 | |
Additional Option Disclosures: | ||
Outstanding, weighted-average remaining contractual life (years) | 3 years 23 days | |
Outstanding, aggregate intrinsic value | $ | $ 2,211 | |
Fully vested (shares) | 9 | |
Vested, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 45.94 | |
Vested, weighted-average remaining contractual life (years) | 2 years 10 months 27 days | |
Vested, aggregate intrinsic value | $ | $ 1,777 | |
Fully vested and expected to vest (shares) | 11 | |
Vested and expected to vest, weighted-average exercise price per share (in dollars per share) | $ / shares | $ 49.50 | |
Vested and expected to vest, weighted-average remaining contractual life (years) | 3 years 23 days | |
Vested and expected to vest, aggregate intrinsic value | $ | $ 2,211 | |
Total intrinsic value of options exercised | $ | $ 562 | |
[1] | * Represents less than 0.5 million shares. |
Partners' Capital (Details)
Partners' Capital (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | |
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 19 | $ 79 | ||
Capital transactions made by General Partner to Partnership | 41 | $ 38 | 191 | $ 327 |
Broadcom Cayman L.P. [Member] | ||||
Cash distributions paid to General Partner | $ 415 | $ 199 | $ 1,237 | $ 392 |
Cash distributions paid per Partnership REU | $ 1.02 | $ 0.50 | $ 3.06 | $ 0.99 |
Cash distributions paid to Limited Partners | $ 23 | $ 12 | $ 69 | $ 23 |
Restricted Exchangeable Unit [Member] | ||||
Restricted Exchangeable Units, Conversion Shares | 1 | |||
Partners' Capital Account, Units, Converted | 100,000 | 600,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | |
Income Tax Contingency [Line Items] | ||||
Provision for (benefit from) income taxes | $ 39 | $ (117) | $ (54) | $ (199) |
Deferred Tax Liability Recognized Amount for Entity Reorganization | 76 | 76 | ||
Deferred Tax Liability Recognized Amount for Undistributed Earnings of Foreign Subsidiaries | $ 93 | |||
Maximum [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized tax benefits that may be recognized | 8 | 8 | ||
Windfall Tax Benefits on Share-Based Awards [Domain] | ||||
Income Tax Contingency [Line Items] | ||||
Other Tax Expense (Benefit) | $ (56) | $ (237) |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 30, 2017USD ($)Customer | Jul. 31, 2016USD ($)Customer | Jul. 30, 2017USD ($)segmentCustomer | Jul. 31, 2016USD ($)Customer | Oct. 30, 2016Customer | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 4 | ||||
Net revenue | $ 4,463 | $ 3,792 | $ 12,792 | $ 9,104 | |
Operating Income (Loss) | 648 | (264) | 1,628 | (790) | |
Wired Infrastructure | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 2,208 | 2,062 | 6,403 | 4,508 | |
Operating Income (Loss) | 1,015 | 846 | 2,885 | 1,800 | |
Wireless Communications | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 1,283 | 1,008 | 3,608 | 2,378 | |
Operating Income (Loss) | 492 | 308 | 1,333 | 754 | |
Enterprise storage | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 735 | 527 | 2,154 | 1,730 | |
Operating Income (Loss) | 417 | 223 | 1,174 | 749 | |
Industrial & Other | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 237 | 195 | 627 | 488 | |
Operating Income (Loss) | 131 | 102 | 301 | 256 | |
Unallocated expenses | |||||
Segment Reporting Information [Line Items] | |||||
Operating Income (Loss) | $ (1,407) | $ (1,743) | $ (4,065) | $ (4,349) | |
Customer Concentration Risk | Accounts Receivable [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Number of Major Customers | Customer | 1 | 1 | |||
Customer Concentration Risk | Sales | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Number of Major Customers | Customer | 1 | 1 | 1 | 1 | |
Major Customer One | Customer Concentration Risk | Accounts Receivable [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 13.00% | 18.00% | |||
Major Customer One | Customer Concentration Risk | Sales | |||||
Segment Reporting Information [Line Items] | |||||
Concentration Risk, Percentage | 13.00% | 13.00% | 14.00% | 13.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 30, 2017 | Jul. 31, 2016 | Jul. 30, 2017 | Jul. 31, 2016 | Oct. 30, 2016 | |
Related Party Transactions [Abstract] | |||||
Total net revenue | $ 97 | $ 101 | $ 245 | $ 230 | |
Total costs and expenses, including inventory purchases | 28 | $ 17 | 93 | $ 54 | |
Total receivables | 31 | 31 | $ 15 | ||
Total payables | $ 11 | $ 11 | $ 7 |
Commitments and Contingencies60
Commitments and Contingencies (Details) $ in Millions | Jul. 30, 2017USD ($) |
Debt principal, interest and fees | |
Debt principal, interest and fees | $ 16,698 |
Debt Principal, Interest and Fees, 2017 (remainder) | 1 |
Debt Principal, Interest and Fees, due in 2018 | 569 |
Debt Principal, Interest and Fees, due in 2019 | 450 |
Debt Principal, Interest and Fees, due in 2020 | 3,166 |
Debt Principal, Interest and Fees, due in 2021 | 383 |
Debt Principal, Interest and Fees, Thereafter | 12,129 |
Purchase commitments | |
Purchase Commitments, Total | 1,144 |
Purchase Commitments, 2017 (remainder) | 990 |
Purchase Commitments, 2018 | 104 |
Purchase Commitments, 2019 | 50 |
Purchase Commitments, 2020 | 0 |
Purchase Commitments, 2021 | 0 |
Purchase Commitments, Thereafter | $ 0 |
Commitments and Contingencies61
Commitments and Contingencies (Textuals) (Details) $ in Millions | Jan. 31, 2017patent | Nov. 07, 2016patent | Jun. 19, 2016patent | May 23, 2016patent | Sep. 04, 2015lawsuit | Jan. 18, 2017lawsuit | Jul. 31, 2014lawsuit | Jul. 30, 2017USD ($) | Jul. 30, 2017USD ($)lawsuit | Jun. 30, 2017 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Unrecognized Tax Benefits Payable, Accrued Interest and Penalties | $ | $ 1,031 | $ 1,031 | ||||||||
BrocadeMerger [Member] | Pending Litigation | Northern District of California [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 6 | |||||||||
Tessera Tech, Inc., Tessera, Inc. and Invensas Corp [Member] | U.S. International Trade Commission [Domain] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 3 | |||||||||
Percentage of Bond Coverage | 100.00% | |||||||||
Presidential Review Period | 60 days | |||||||||
Tessera Tech, Inc., Tessera, Inc. and Invensas Corp [Member] | District of Delaware [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 3 | 2 | 3 | |||||||
Tessera, Tessera Advanced Technologies, Inc. [Member] | District of Delaware [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 3 | 4 | ||||||||
Tessera, Tessera Advanced Technologies, Inc. [Member] | UNITED STATES | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 7 | |||||||||
Invensas [Member] | District of Delaware [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 2 | |||||||||
Broadcom Shareholders [Member] | Settled Litigation [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 11 | |||||||||
Broadcom Shareholders [Member] | Settled Litigation [Member] | Central District of California [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 2 | |||||||||
Broadcom Shareholders [Member] | Settled Litigation [Member] | County of Santa Clara, California [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 1 | |||||||||
Broadcom Shareholders [Member] | Settled Litigation [Member] | County of Orange, California [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 8 | |||||||||
Emulex Shareholders [Member] | Pending Litigation | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 2 | |||||||||
Emulex Shareholders Consolidated [Member] | Pending Litigation | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 3 | |||||||||
In re PLX Technology, Inc. S'holder Litig. | Settled Litigation [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 4 | |||||||||
In re PLX Technology, Inc. Stockholders Litigation, Consol. | Pending Litigation | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Lawsuits filed | 5 | |||||||||
Loss Contingency, Number of Defendants, Directors | 5 | |||||||||
In re PLX Technology, Inc. Stockholders Litigation, Consol. | Motions Granted [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Loss Contingency, Number of Defendants, Directors | 2 | |||||||||
Minimum [Member] | Tessera Tech, Inc., Tessera, Inc. and Invensas Corp [Member] | U.S. International Trade Commission [Domain] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Loss Contingency, Patents Allegedly Infringed, Number | patent | 1 |
Restructuring Charges (Details)
Restructuring Charges (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 30, 2017USD ($) | Jul. 31, 2016USD ($) | Jul. 30, 2017USD ($)employees | Jul. 31, 2016USD ($) | ||
Restructuring Cost and Reserve [Line Items] | |||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (225) | $ (269) | |||
Restructuring Reserve [Roll Forward] | |||||
Balance as of October 30, 2016 | $ 151 | ||||
Restructuring charges (a) | 87 | ||||
Utilization | (193) | ||||
Balance as of July 30, 2017 (b) | $ 45 | $ 45 | |||
Employee Termination Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected completion date | Oct. 29, 2017 | ||||
Restructuring Reserve [Roll Forward] | |||||
Balance as of October 30, 2016 | $ 116 | ||||
Restructuring charges (a) | [1] | 69 | |||
Utilization | (154) | ||||
Balance as of July 30, 2017 (b) | [2] | 31 | $ 31 | ||
Leases and Other Exit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected completion date | May 31, 2018 | ||||
Restructuring Reserve [Roll Forward] | |||||
Balance as of October 30, 2016 | $ 35 | ||||
Restructuring charges (a) | [1] | 18 | |||
Utilization | (39) | ||||
Balance as of July 30, 2017 (b) | [2] | 14 | $ 14 | ||
Broadcom Limited, Avago, BRCM And Various Other Parties [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Number of Positions Eliminated | employees | 3,500 | ||||
Restructuring Charges | 19 | $ 57 | $ 83 | $ 364 | |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (14) | (39) | |||
Discontinued Operations, Held-for-sale [Member] | Broadcom Limited, Avago, BRCM And Various Other Parties [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring charges (a) | $ 4 | ||||
[1] | Included $4 million of restructuring expense related to discontinued operations recognized during the three fiscal quarters ended July 30, 2017, which was included in loss from discontinued operations in our condensed consolidated statements of operations. | ||||
[2] | The majority of the employee termination costs balance is expected to be paid by the fourth quarter of fiscal year 2017. The leases and other exit costs balance represents lease obligations that are expected to be paid over their remaining terms through the third quarter of fiscal year 2018. |
Subsequent Events - Cash Divide
Subsequent Events - Cash Dividends (Details) - Subsequent Event - $ / shares | Sep. 29, 2017 | Sep. 19, 2017 | Aug. 29, 2017 |
Dividends Payable [Line Items] | |||
Dividends payable, date declared | Aug. 29, 2017 | ||
Common Stock, Dividends, Per Share, Declared | $ 1.02 | ||
Dividends payable, date to be paid | Sep. 29, 2017 | ||
Dividends payable, date of record | Sep. 19, 2017 | ||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 1.02 | ||
Distribution Made to Limited Partner, Distribution Date | Sep. 29, 2017 | ||
Distribution Made to Limited Partner, Date of Record | Sep. 19, 2017 |