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INCOME TAXES (Tables) | 12 Months Ended
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Oct. 30, 2022
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
Current: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S.: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 514 | ​ | $ | 899 | ​ | $ | 400 | ​
State | ​ |  | 136 | ​ |  | 183 | ​ |  | 53 | ​
Foreign | ​ |  | 1,423 | ​ |  | 1,017 | ​ |  | 640 | ​
Total current | ​ |  | 2,073 | ​ |  | 2,099 | ​ |  | 1,093 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S.: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | 29 | ​ |  | (303) | ​ |  | (68) | ​
State | ​ |  | 24 | ​ |  | (45) | ​ |  | 9 | ​
Foreign | ​ |  | (119) | ​ |  | (93) | ​ |  | 48 | ​
Total deferred | ​ |  | (66) | ​ |  | (441) | ​ |  | (11) | ​
Provision for income taxes | ​ | $ | 2,007 | ​ | $ | 1,658 | ​ | $ | 1,082 | ​
​
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
U.S. federal income tax provision at the U.S. statutory rate (21 percent) | ​ | $ | 1,917 | ​ | $ | 1,597 | ​ | $ | 815 | ​
State and local taxes, net of federal effect | ​ | ​ | 133 | ​ | ​ | 119 | ​ | ​ | 59 | ​
Other impacts of Tax Cuts and Jobs Act of 2017 | ​ | ​ | (29) | ​ | ​ | (85) | ​ | ​ | 39 | ​
Rate differential on foreign subsidiaries | ​ |  | 121 | ​ |  | 148 | ​ |  | 106 | ​
Research and business tax credits | ​ |  | (65) | ​ |  | (48) | ​ |  | (50) | ​
Excess tax benefits on equity compensation | ​ | ​ | (55) | ​ | ​ | (79) | ​ | ​ | (87) | ​
Valuation allowances | ​ |  | 179 | ​ |  | 18 | ​ |  | 139 | ​
Other - net | ​ |  | (194) | ​ | ​ | (12) | ​ | ​ | 61 | ​
Provision for income taxes | ​ | $ | 2,007 | ​ | $ | 1,658 | ​ | $ | 1,082 | ​
​
Analysis of the Deferred Income Tax Assets and Liabilities | An analysis of the deferred income tax assets and liabilities at October 30, 2022 and October 31, 2021 in millions of dollars follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​
​ | ​ | Deferred | ​ | Deferred | ​ | Deferred | ​ | Deferred | ​
​ | ​ | Tax | ​ | Tax | ​ | Tax | ​ | Tax | ​
​ |  | Assets |  | Liabilities |  | Assets |  | Liabilities |
OPEB - net | ​ | $ | 213 | ​ | ​ | ​ | ​ | $ | 676 | ​ | ​ | ​ | ​
Lessor lease transactions | ​ | ​ | ​ | ​ | $ | 310 | ​ | ​ | ​ | ​ | $ | 399 | ​
Tax loss and tax credit carryforwards | ​ |  | 1,405 | ​ | ​ | ​ | ​ |  | 1,542 | ​ | ​ | ​ | ​
Accrual for sales allowances | ​ |  | 579 | ​ | ​ | ​ | ​ |  | 466 | ​ | ​ | ​ | ​
Tax over book depreciation | ​ | ​ | ​ | ​ | ​ | 174 | ​ | ​ | ​ | ​ | ​ | 154 | ​
Goodwill and other intangible assets | ​ | ​ | ​ | ​ |  | 178 | ​ | ​ | ​ | ​ |  | 337 | ​
Pension - net | ​ |  | ​ | ​ | ​ | 532 | ​ |  | ​ | ​ | ​ | 448 | ​
Allowance for credit losses | ​ |  | 90 | ​ | ​ | ​ | ​ |  | 78 | ​ | ​ | ​ | ​
Accrual for employee benefits | ​ |  | 304 | ​ | ​ | ​ | ​ |  | 298 | ​ | ​ | ​ | ​
Share-based compensation | ​ |  | 41 | ​ | ​ | ​ | ​ |  | 53 | ​ | ​ | ​ | ​
Deferred compensation | ​ |  | 44 | ​ | ​ | ​ | ​ |  | 49 | ​ | ​ | ​ | ​
Lessee lease transactions | ​ | ​ | 62 | ​ | ​ | 57 | ​ | ​ | 46 | ​ | ​ | 43 | ​
Unearned revenue | ​ | ​ | 154 | ​ |  | ​ | ​ | ​ | 172 | ​ |  | ​ | ​
Other items | ​ |  | 487 | ​ |  | 254 | ​ |  | 333 | ​ |  | 341 | ​
Less valuation allowances | ​ |  | (1,545) | ​ | ​ | ​ | ​ |  | (1,530) | ​ | ​ | ​ | ​
Deferred income tax assets and liabilities | ​ | $ | 1,834 | ​ | $ | 1,505 | ​ | $ | 2,183 | ​ | $ | 1,722 | ​
​
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the total amounts of unrecognized tax benefits at October 30, 2022, October 31, 2021, and November 1, 2020 in millions of dollars follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
Beginning of year balance | ​ | $ | 811 | ​ | $ | 668 | ​ | $ | 553 | ​
Increases to tax positions taken during the current year | ​ |  | 98 | ​ |  | 81 | ​ |  | 63 | ​
Increases to tax positions taken during prior years | ​ |  | 29 | ​ |  | 100 | ​ |  | 95 | ​
Decreases to tax positions taken during prior years | ​ |  | (18) | ​ |  | (23) | ​ |  | (30) | ​
Decreases due to lapse of statute of limitations | ​ |  | (7) | ​ |  | (12) | ​ |  | (9) | ​
Other | ​ | ​ | 2 | ​ | ​ | (3) | ​ | ​ | (1) | ​
Foreign exchange | ​ |  | (24) | ​ |  | ​ | ​ |  | (3) | ​
End of year balance | ​ | $ | 891 | ​ | $ | 811 | ​ | $ | 668 | ​
​

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