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Borrowings | 12 Months Ended
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Oct. 30, 2022
Debt Disclosure [Abstract] |
Borrowings | Borrowings
|  | Effective Interest Rate |  | October 30, 2022 |  | October 31, 2021
|  | (In millions, except percentages)
April 2022 Senior Notes - fixed rate |  |  |  |  |  |
4.000% notes due April 2029 |  | 4.17 | % |  | $ | 750 |  |  | $ | — |
4.150% notes due April 2032 |  | 4.30 | % |  | 1,200 |  |  | — |
4.926% notes due May 2037 |  | 5.33 | % |  | 2,500 |  |  | — |
|  |  |  | 4,450 |  |  | — |
September 2021 Senior Notes - fixed rate |  |  |  |  |  |
3.137% notes due November 2035 |  | 4.23 | % |  | 3,250 |  |  | 3,250 |
3.187% notes due November 2036 |  | 4.79 | % |  | 2,750 |  |  | 2,750 |
|  |  |  | 6,000 |  |  | 6,000 |
March 2021 Senior Notes - fixed rate |  |  |  |  |  |
3.419% notes due April 2033 |  | 4.66 | % |  | 2,250 |  |  | 2,250 |
3.469% notes due April 2034 |  | 4.63 | % |  | 3,250 |  |  | 3,250 |
|  |  |  | 5,500 |  |  | 5,500 |
January 2021 Senior Notes - fixed rate |  |  |  |  |  |
1.950% notes due February 2028 |  | 2.10 | % |  | 750 |  |  | 750 |
2.450% notes due February 2031 |  | 2.56 | % |  | 2,750 |  |  | 2,750 |
2.600% notes due February 2033 |  | 2.70 | % |  | 1,750 |  |  | 1,750 |
3.500% notes due February 2041 |  | 3.60 | % |  | 3,000 |  |  | 3,000 |
3.750% notes due February 2051 |  | 3.84 | % |  | 1,750 |  |  | 1,750 |
|  |  |  | 10,000 |  |  | 10,000 |
June 2020 Senior Notes - fixed rate |  |  |  |  |  |
3.459% notes due September 2026 |  | 4.19 | % |  | 752 |  |  | 752 |
4.110% notes due September 2028 |  | 5.02 | % |  | 1,118 |  |  | 1,965 |
|  |  |  | 1,870 |  |  | 2,717 |
May 2020 Senior Notes - fixed rate |  |  |  |  |  |
2.250% notes due November 2023 |  | 2.40 | % |  | 105 |  |  | 105 |
3.150% notes due November 2025 |  | 3.29 | % |  | 900 |  |  | 900 |
4.150% notes due November 2030 |  | 4.27 | % |  | 1,856 |  |  | 2,679 |
4.300% notes due November 2032 |  | 4.39 | % |  | 2,000 |  |  | 2,000 |
|  |  |  | 4,861 |  |  | 5,684 |
April 2020 Senior Notes - fixed rate |  |  |  |  |  |
4.700% notes due April 2025 |  | 4.88 | % |  | — |  |  | 1,020 |
5.000% notes due April 2030 |  | 5.18 | % |  | 606 |  |  | 1,086 |
|  |  |  | 606 |  |  | 2,106 |
April 2019 Senior Notes - fixed rate |  |  |  |  |  |
3.625% notes due October 2024 |  | 3.98 | % |  | 622 |  |  | 622 |
4.250% notes due April 2026 |  | 4.54 | % |  | — |  |  | 944 |
4.750% notes due April 2029 |  | 4.95 | % |  | 1,655 |  |  | 1,958 |
|  |  |  | 2,277 |  |  | 3,524 |
2017 Senior Notes - fixed rate |  |  |  |  |  |
3.000% notes due January 2022 |  | 3.21 | % |  | — |  |  | 255 |
2.650% notes due January 2023 |  | 2.78 | % |  | 260 |  |  | 260 |
3.625% notes due January 2024 |  | 3.74 | % |  | 829 |  |  | 829 |
|  | Effective Interest Rate |  | October 30, 2022 |  | October 31, 2021
|  | (In millions, except percentages)
3.125% notes due January 2025 |  | 3.23 | % |  | 495 |  |  | 495 |
3.875% notes due January 2027 |  | 4.02 | % |  | 2,922 |  |  | 2,922 |
3.500% notes due January 2028 |  | 3.60 | % |  | 777 |  |  | 777 |
|  |  |  | 5,283 |  |  | 5,538 |
Assumed CA Senior Notes - fixed rate |  |  |  |  |  |
4.500% notes due August 2023 |  | 4.10 | % |  | 143 |  |  | 143 |
4.700% notes due March 2027 |  | 5.15 | % |  | 215 |  |  | 265 |
|  |  |  | 358 |  |  | 408 |
Other senior notes - fixed rate |  |  |  |  |  |
2.500% notes due August 2022 |  | 2.59 | % |  | — |  |  | 9 |
3.500% notes due August 2024 |  | 3.55 | % |  | 7 |  |  | 7 |
4.500% notes due August 2034 |  | 4.55 | % |  | 6 |  |  | 6 |
|  |  |  | 13 |  |  | 22 |
Total principal amount outstanding |  |  |  | $ | 41,218 |  |  | $ | 41,499 |
Current portion of principal amount outstanding |  |  |  | $ | 403 |  |  | $ | 264 |
Short-term finance lease liabilities |  |  |  | 37 |  |  | 26 |
Total current portion of long-term debt |  |  |  | $ | 440 |  |  | $ | 290 |
Non-current portion of principal amount outstanding |  |  |  | $ | 40,815 |  |  | $ | 41,235 |
Long-term finance lease liabilities |  |  |  | 22 |  |  | 39 |
Unamortized discount and issuance costs |  |  |  | (1,762) |  |  | (1,834) |
Total long-term debt |  |  |  | $ | 39,075 |  |  | $ | 39,440 |
The senior notes are recorded net of discount and issuance costs, which are amortized to interest expense over the respective terms of such senior notes. April 2022 Senior Notes In April 2022, we issued $750 million of 4.000% senior unsecured notes due April 2029 and $1,200 million of 4.150% senior unsecured notes due April 2032. Using the net proceeds, we redeemed the outstanding balance of $1,020 million of our 4.700% notes due 2025 and $944 million of our 4.250% notes due 2026. As a result of these redemptions, we incurred premiums of $85 million and wrote off $15 million of unamortized discount and issuance costs, both of which were included in interest expense. In April 2022, we issued $2,500 million of 4.926% senior unsecured notes due May 2037 in exchange for $2,502 million of certain of our outstanding notes maturing between 2027 and 2030. As a result of this exchange, we paid premiums of $47 million, which were included in unamortized discount and issuance costs. The 4.926% notes due 2037, the 4.000% notes due 2029 and the 4.150% notes due 2032 are collectively referred as the “April 2022 Senior Notes.” We may redeem or purchase, in whole or in part, any of the April 2022 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indentures governing the April 2022 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. September 2021 Senior Notes In September 2021, we completed our private offers to exchange $6.0 billion of certain of our outstanding notes maturing between 2025 and 2030 for $3,250 million of 3.137% senior unsecured notes due November 2035 and $2,750 million of 3.187% senior unsecured notes due November 2036 (collectively, the “September 2021 Senior Notes”). As a result of this exchange, we paid premiums of $762 million, which were included in unamortized discount and issuance costs. We may redeem or purchase, in whole or in part, any of the September 2021 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the September 2021 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. March 2021 Senior Notes In March 2021, we completed our private offers to exchange $5.5 billion of certain of our outstanding notes maturing between 2024 and 2027 (the “March 2021 Exchange Offer”) for $2,250 million of 3.419% senior unsecured notes due April 2033 and $3,250 million of 3.469% senior unsecured notes due April 2034 (collectively, the “March 2021 Senior Notes”). As a result of this exchange, we paid premiums of $581 million, which were included in unamortized discount and issuance costs. We may redeem or purchase, in whole or in part, any of the March 2021 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the March 2021 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. In connection with the March 2021 Exchange Offer, Broadcom Corporation (“BRCM”) and Broadcom Technologies Inc. (“BTI”) were automatically and unconditionally released from their guarantees in accordance with the respective indentures governing the January 2021 Senior Notes, June 2020 Senior Notes, May 2020 Senior Notes, April 2020 Senior Notes, and April 2019 Senior Notes, as defined below respectively. January 2021 Senior Notes In January 2021, we issued $10 billion of senior unsecured notes (the “January 2021 Senior Notes”). We may redeem or purchase, in whole or in part, any of the January 2021 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the January 2021 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. Using the net proceeds from the January 2021 Senior Notes, we repaid the outstanding balance of $5,888 million of our unsecured term A-3 facility and unsecured term A-5 facility under the credit agreement entered into on November 4, 2019 (the “November 2019 Credit Agreement”), repurchased $3,830 million of certain of our outstanding notes maturing between 2021 and 2023 through a cash tender offer and redemption, and repaid $282 million of our 2.200% notes upon maturity in January 2021. As a result of these repayments and repurchases, we incurred premiums of $151 million and wrote off $47 million of unamortized discount and issuance costs, both of which were included in interest expense. January 2021 Credit Agreement In January 2021, we entered into a credit agreement (the “January 2021 Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility (the “Revolving Facility”), of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit and certain other instruments would reduce the aggregate amount otherwise available under the Revolving Facility for revolving loans. Subject to the terms of the January 2021 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 19, 2026 and (b) the date of termination in whole of the revolving lenders’ commitments under the January 2021 Credit Agreement. In connection with the January 2021 Credit Agreement, we terminated the credit agreement entered into on May 7, 2019 (the “May 2019 Credit Agreement”), which provided for a five-year $5 billion unsecured revolving credit facility, and the November 2019 Credit Agreement. We had no borrowings outstanding under the Revolving Facility at either October 30, 2022 or October 31, 2021. June 2020 Senior Notes In June 2020, we completed our private offers to exchange $3,742 million of certain series of our outstanding notes maturing between 2021 and 2024 for $1,695 million of senior notes due 2026 and $2,222 million of senior notes due 2028 (collectively, the “June 2020 Senior Notes”). As a result of this exchange, we paid premiums of $177 million, which were included in unamortized discount and issuance costs. We may redeem or purchase, in whole or in part, any of the June 2020 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the June 2020 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest. May 2020 Senior Notes In May 2020, we issued $8 billion of senior unsecured notes (the “May 2020 Senior Notes”). We may redeem or purchase, in whole or in part, any of the May 2020 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the May 2020 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest. The net proceeds from this issuance, together with the remaining net proceeds from the issuance of the April 2020 Senior Notes, as defined below, were used to repay an aggregate of $5,424 million of term loans outstanding under the November 2019 Credit Agreement, consisting of repayments of $2,712 million of each of our unsecured term A-3 and A-5 facilities and $3 billion of borrowings outstanding under the unsecured revolving credit facility provided by the May 2019 Credit Agreement. During fiscal year 2020, we wrote off $60 million of unamortized discount and issuance costs as a result of repayments of term loans outstanding under the November 2019 Credit Agreement, which were included in interest expense. April 2020 Senior Notes In April 2020, we issued $4.5 billion of senior unsecured notes (the “April 2020 Senior Notes”). We may redeem or purchase, in whole or in part, any of the April 2020 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the April 2020 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest. Pursuant to a cash tender offer that we completed in April 2020, we repurchased certain of outstanding notes maturing between 2021 and 2022 with the net proceeds from the April 2020 Senior Notes. As a result of these repurchases, we incurred premiums of $78 million and wrote off $15 million of unamortized discount and issuance costs, both of which were included in interest expense. April 2019 Senior Notes In April 2019, we issued $11 billion of senior unsecured notes (the “April 2019 Senior Notes”). We may redeem or purchase, in whole or in part, any of the April 2019 Senior Notes prior to their respective maturities, subject to a make-whole premium determined in accordance with the indenture governing the April 2019 Senior Notes, plus accrued and unpaid interest. Registered Exchange Offer In connection with the issuance of the June 2020 Senior Notes, the May 2020 Senior Notes, the April 2020 Senior Notes (collectively, the “2020 Senior Notes”) and the April 2019 Senior Notes, we entered into registration rights agreements, pursuant to which we were obligated to use commercially reasonable efforts to file with the Securities and Exchange Commission (the “SEC”), and cause to be declared effective, a registration statement with respect to an offer to exchange (the “Registered Exchange Offer”) each series of the 2020 Senior Notes and the April 2019 Senior Notes for notes that are registered with the SEC (the “Registered Notes”), with substantially identical terms. We completed the Registered Exchange Offer on August 10, 2020. Substantially all of our 2020 Senior Notes and April 2019 Senior Notes were tendered and exchanged for the corresponding Registered Notes in the Registered Exchange Offer. Commercial Paper In February 2019, we established a commercial paper program pursuant to which we may issue unsecured commercial paper notes (“Commercial Paper”) in principal amount of up to $2 billion outstanding at any time with maturities of up to 397 days from the date of issue. Commercial Paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of their issuance. The discount associated with the Commercial Paper is amortized to interest expense over its term. Outstanding Commercial Paper reduces the amount that would otherwise be available to borrow for general corporate purposes under our revolving credit facility. We had no Commercial Paper outstanding at either October 30, 2022 or October 31, 2021. 2017 Senior Notes During the fiscal year ended October 29, 2017, Broadcom Cayman Finance Limited, which subsequently merged into BTI during fiscal year 2019 with BTI remaining as the surviving entity, and BRCM issued $17,550 million of senior unsecured notes (the “2017 Senior Notes”). Our 2017 Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured, unsubordinated basis by Broadcom and BTI. We may redeem or purchase, in whole or in part, any of the 2017 Senior Notes prior to their respective maturities, subject to a make-whole premium determined in accordance with the indenture governing the 2017 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest. During the fiscal year ended November 4, 2018, substantially all of the 2017 Senior Notes were tendered and exchanged for notes registered with the SEC, with substantially identical terms. Assumed CA Senior Notes In connection with our acquisition of CA, Inc. (“CA”) during fiscal year 2019, we assumed $2.25 billion of CA’s outstanding senior unsecured notes (the “Assumed CA Senior Notes”). CA remains the sole obligor under the Assumed CA Senior Notes. We may redeem all or a portion of the Assumed CA Senior Notes at any time, subject to a specified make-whole premium as set forth with the indenture governing the Assumed CA Senior Notes. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest. Fair Value of Debt As of October 30, 2022, the estimated aggregate fair value of our debt was $33,014 million. The fair value of our senior notes was determined using quoted prices from less active markets. All of our debt obligations are categorized as Level 2 instruments. Future Principal Payments of Debt The future scheduled principal payments of debt as of October 30, 2022 were as follows:
Fiscal Year: |  | Future Scheduled Principal Payments
|  | (In millions)
2023 |  | $ | 403 |
2024 |  | 1,563 |
2025 |  | 495 |
2026 |  | 1,652 |
2027 |  | 3,137 |
Thereafter |  | 33,968 |
Total |  | $ | 41,218 |
As of October 30, 2022 and October 31, 2021, we were in compliance with all debt covenants.

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