Leases

12 Months Ended

Oct. 29, 2023

We have operating and finance leases for our facilities, data centers and certain equipment. Operating lease expense was $91 million, $98 million and $102 million for fiscal years 2023, 2022 and 2021, respectively. Finance lease expense was $16 million, $18 million and $16 million for fiscal years 2023, 2022 and 2021 respectively.

Other information related to leases was as follows:


	Fiscal Year
	2023			2022			2021
	(In millions)
Cash paid for operating leases included in operating cash flows	$	90		$	103		$	140

ROU assets obtained in exchange for operating lease liabilities	$	28		$	16		$	92
ROU assets obtained in exchange for finance lease liabilities	$	—		$	1		$	15

	October 29, 2023			October 30, 2022
Weighted-average remaining lease term – operating leases (In years)	10			10
Weighted-average remaining lease term – finance leases (In years)	2			2
Weighted-average discount rate – operating leases	3.90		%	3.60		%
Weighted-average discount rate – finance leases	3.09		%	3.05		%

Supplemental balance sheet information related to leases was as follows:


	Classification on the Consolidated Balance Sheets	October 29, 2023		October 30, 2022
		(In millions)
ROU assets - operating leases	Other long-term assets	$	463	$	517
ROU assets - finance leases	Property, plant and equipment, net	$	22	$	40

Short-term lease liabilities - operating leases	Other current liabilities	$	60	$	74
Long-term lease liabilities - operating leases	Other long-term liabilities	$	359	$	389
Short-term lease liabilities - finance leases	Current portion of long-term debt	$	45	$	37
Long-term lease liabilities - finance leases	Long-term debt	$	4	$	22

Future minimum lease payments under non-cancelable leases as of October 29, 2023 were as follows:


	October 29, 2023
	Operating Leases		Finance Leases

	(In millions)
2024	$	75	$	45
2025	65		2
2026	52		2
2027	46		—
2028	40		—
Thereafter	236		—
Total undiscounted liabilities	514		49
Less: interest	(95)		—
Present value of lease liabilities	$	419	$	49

As of October 29, 2023, the Company had $642 million of future payments under additional leases that will commence in fiscal year ending November 3, 2024 with a lease term of 15 years.