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INCOME TAXES (Tables)
12 Months Ended
Oct. 29, 2023
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:

  

2023

  

2022

  

2021

 

Current:

             

             

             

U.S.:

Federal

$

1,803

$

514

$

899

State

 

386

 

136

 

183

Foreign

 

1,472

 

1,423

 

1,017

Total current

 

3,661

 

2,073

 

2,099

Deferred:

U.S.:

Federal

 

(485)

 

29

 

(303)

State

 

(65)

 

24

 

(45)

Foreign

 

(240)

 

(119)

 

(93)

Total deferred

 

(790)

 

(66)

 

(441)

Provision for income taxes

$

2,871

$

2,007

$

1,658

Comparison of Statutory and Effective Income Tax Provision

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

  

2023

  

2022

  

2021

 

U.S. federal income tax provision at the U.S. statutory rate (21 percent)

$

2,734

$

1,917

$

1,597

State and local taxes, net of federal effect

266

133

119

Other impacts of Tax Cuts and Jobs Act of 2017

(58)

(29)

(85)

Rate differential on foreign subsidiaries

 

142

 

121

 

148

Research and business tax credits

 

(107)

 

(65)

 

(48)

Excess tax benefits on equity compensation

(49)

(55)

(79)

Valuation allowances

 

9

 

179

 

18

Other - net

 

(66)

(194)

(12)

Provision for income taxes

$

2,871

$

2,007

$

1,658

Analysis of the Deferred Income Tax Assets and Liabilities An analysis of the deferred income tax assets and liabilities at October 29, 2023 and October 30, 2022 follows:

2023

2022

 Deferred

 Deferred

 Deferred

 Deferred

Tax

Tax

Tax

Tax

 

Assets

 

Liabilities

 

Assets

 

Liabilities

 

Accrual for employee benefits

$

439

$

304

Accrual for sales allowances

 

884

 

579

Allowance for credit losses

 

79

 

90

Amortization of R&D expenditures

492

Deferred compensation

 

45

 

44

Goodwill and other intangible assets

$

166

$

178

Lessee lease transactions

68

61

62

57

Lessor lease transactions

581

310

OPEB - net

193

213

Pension - net

 

424

 

532

Share-based compensation

 

38

 

41

Tax loss and tax credit carryforwards

 

1,518

 

1,405

Tax over book depreciation

198

174

Unearned revenue

177

 

154

 

Other items

 

681

 

278

 

487

 

254

Less: valuation allowances

 

(1,612)

 

(1,545)

Deferred income tax assets and liabilities

$

3,002

$

1,708

$

1,834

$

1,505

Reconciliation of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits at October 29, 2023, October 30, 2022, and October 31, 2021 follows:

  

2023

  

2022

  

2021

 

Beginning of year balance

$

891

$

811

$

668

Increases to tax positions taken during the current year

 

68

 

98

 

81

Increases to tax positions taken during prior years

 

164

 

29

 

100

Decreases to tax positions taken during the current year

(3)

Decreases to tax positions taken during prior years

 

(209)

 

(18)

 

(23)

Decreases due to lapse of statute of limitations

 

(10)

 

(7)

 

(12)

Other

(4)

2

(3)

Foreign exchange

 

10

 

(24)

 

End of year balance

$

907

$

891

$

811