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INCOME TAXES (Tables)

12 Months Ended

Oct. 29, 2017

INCOME TAXES

Provision for Income Taxes by Taxing Jurisdiction and by Significant Component

The provision for income taxes by taxing jurisdiction and by significant component consisted of the following in millions of dollars:

		2017			2016			2015
Current:
U.S.:
Federal		$	360		$	51		$	377
State			48			26			32
Foreign			463			340			449
Total current			871			417			858
Deferred:
U.S.:
Federal			59			297			21
State			7			11			4
Foreign			34			(25)			(43)
Total deferred			100			283			(18)
Provision for income taxes		$	971		$	700		$	840

Comparison of Statutory and Effective Income Tax Provision

A comparison of the statutory and effective income tax provision and reasons for related differences in millions of dollars follow:

		2017			2016			2015
U.S. federal income tax provision at a statutory rate of 35 percent		$	1,104		$	778		$	973
Increase (decrease) resulting from:
State and local income taxes, net of federal income tax benefit			35			26			23
Differences in taxability of foreign earnings			(83)			(107)			(449)
Nondeductible impairment charges						4
Research and business tax credits			(63)			(57)			(76)
Tax rates on foreign earnings			(86)			(27)			(36)
Valuation allowance on deferred taxes			89			79			384
Other-net			(25)			4			21
Provision for income taxes		$	971		$	700		$	840

Analysis of the Deferred Income Tax Assets and Liabilities

An analysis of the deferred income tax assets and liabilities at October 29, 2017 and October 30, 2016 in millions of dollars follows:

		2017						2016
		Deferred			Deferred			Deferred			Deferred
		Tax			Tax			Tax			Tax
		Assets			Liabilities			Assets			Liabilities
Other postretirement benefit liabilities		$	2,011					$	2,191
Lease transactions					$	933					$	817
Tax loss and tax credit carryforwards			677						661
Accrual for sales allowances			680						592
Tax over book depreciation						569						578
Pension liability - net			420						706
Foreign unrealized losses			7						472
Accrual for employee benefits			141						133
Share-based compensation			116						152
Goodwill and other intangible assets						130						89
Allowance for credit losses			107						88
Deferred compensation			59						50
Undistributed foreign earnings						21						30
Other items			432			172			471			175
Less valuation allowances			(620)						(1,029)
Deferred income tax assets and liabilities		$	4,030		$	1,825		$	4,487		$	1,689

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the total amounts of unrecognized tax benefits at October 29, 2017, October 30, 2016, and November 1, 2015 in millions of dollars follows:

		2017			2016			2015
Beginning of year balance		$	198		$	229		$	213
Increases to tax positions taken during the current year			35			14			32
Increases to tax positions taken during prior years			13			11			29
Decreases to tax positions taken during prior years			(17)			(36)			(15)
Decreases due to lapse of statute of limitations			(11)			(7)			(11)
Settlements			(1)			(5)			(6)
Foreign exchange			4			(8)			(13)
End of year balance		$	221		$	198		$	229

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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