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v3.25.3

Income Taxes (Tables) | 12 Months Ended
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Oct. 26, 2025
Income Tax Disclosure [Abstract] |
Components of income from operations before income taxes | The components of income before income taxes for each fiscal year were as follows:
| 2025 |  | 2024 |  | 2023
| (In millions)
U.S. | $ | 56 |  |  | $ | 833 |  |  | $ | 1,234 |
Foreign | 9,215 |  |  | 7,319 |  |  | 6,482 |
Total | $ | 9,271 |  |  | $ | 8,152 |  |  | $ | 7,716 |
Components of the provision for income taxes | The components of the provision for income taxes for each fiscal year were as follows:
| 2025 |  | 2024 |  | 2023
| (In millions)
Current: |  |  |  |  |
U.S. | $ | 675 |  |  | $ | 1,254 |  |  | $ | 708 |
Foreign | 411 |  |  | 366 |  |  | 456 |
State | 34 |  |  | 33 |  |  | 54 |
| 1,120 |  |  | 1,653 |  |  | 1,218 |
Deferred: |  |  |  |  |
U.S. | 382 |  |  | (697) |  |  | (255) |
Foreign | 788 |  |  | 30 |  |  | (61) |
State | (17) |  |  | (11) |  |  | (42) |
| 1,153 |  |  | (678) |  |  | (358) |
Total | $ | 2,273 |  |  | $ | 975 |  |  | $ | 860 |
Effective income tax rate reconciliation | A reconciliation between the statutory U.S. federal income tax rate and our actual effective income tax rate for each fiscal year is presented below:
| 2025 |  | 2024 |  | 2023
Tax provision at U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Effect of foreign operations taxed at various rates | (7.3) |  |  | (7.6) |  |  | (8.2) |
Changes in prior years’ unrecognized tax benefits | — |  |  | — |  |  | (0.2) |
Resolutions of prior years’ income tax filings | 0.2 |  |  | (0.1) |  |  | (0.1) |
Research and other tax credits | (1.3) |  |  | (1.4) |  |  | (1.6) |
Remeasurement of deferred tax assets in Singapore | 7.1 |  |  | — |  |  | — |
Valuation allowance on corporate alternative minimum tax credits | 4.4 |  |  | — |  |  | — |
Other | 0.4 |  |  | 0.1 |  |  | 0.2 |
Total | 24.5 | % |  | 12.0 | % |  | 11.1 | %
Components of deferred income tax assets and liabilities | The components of deferred income tax assets and liabilities were as follows:
| October 26, 2025 |  | October 27, 2024
| (In millions)
Deferred tax assets: |  |  |
Corporate Alternative Minimum Tax | $ | 407 |  |  | $ | 410 |
Capitalized R&D expenses | 295 |  |  | 217 |
Allowance for doubtful accounts | 3 |  |  | 4 |
Inventory reserves and basis difference | 145 |  |  | 127 |
Installation and warranty reserves | 42 |  |  | 70 |
Intangible assets | 225 |  |  | 977 |
Accrued liabilities | 29 |  |  | 24 |
Deferred revenue | 61 |  |  | 72 |
Tax credits | 677 |  |  | 592 |
Deferred compensation | 265 |  |  | 261 |
Share-based compensation | 34 |  |  | 44 |
Property, plant and equipment | 192 |  |  | 101 |
Lease liability | 104 |  |  | 72 |
Other | 50 |  |  | 79 |
Gross deferred tax assets | 2,529 |  |  | 3,050 |
Valuation allowance | (1,049) |  |  | (569) |
Total deferred tax assets | 1,480 |  |  | 2,481 |
Deferred tax liabilities: |  |  |
Right of use assets | (105) |  |  | (76) |
Undistributed foreign earnings | (26) |  |  | (23) |
Investments | (133) |  |  | — |
Total deferred tax liabilities | (264) |  |  | (99) |
Net deferred tax assets | $ | 1,216 |  |  | $ | 2,382 |
Summary of valuation allowance | Changes in the valuation allowance in each fiscal year were as follows:
| 2025 |  | 2024 |  | 2023
| (In millions)
Beginning balance | $ | 569 |  |  | $ | 530 |  |  | $ | 460 |
Increases | 480 |  |  | 39 |  |  | 70 |
Ending balance | $ | 1,049 |  |  | $ | 569 |  |  | $ | 530 |
Reconciliation of gross unrecognized tax benefits | A reconciliation of the beginning and ending balances of gross unrecognized tax benefits in each fiscal year is as follows:
| 2025 |  | 2024 |  | 2023
| (In millions)
Beginning balance of gross unrecognized tax benefits | $ | 544 |  |  | $ | 510 |  |  | $ | 498 |
Lapses of statutes of limitation | (82) |  |  | — |  |  | — |
Increases in tax positions for current year | 26 |  |  | 25 |  |  | 28 |
Increases in tax positions for prior years | — |  |  | 13 |  |  | — |
Decreases in tax positions for prior years | (1) |  |  | (4) |  |  | (16) |
Ending balance of gross unrecognized tax benefits | $ | 487 |  |  | $ | 544 |  |  | $ | 510 |

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