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INCOME TAXES (Tables) | 12 Months Ended
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Oct. 27, 2024
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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
Current: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
U.S.: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 1,253 | ​ | $ | 1,803 | ​ | $ | 514 | ​
State | ​ |  | 257 | ​ |  | 386 | ​ |  | 136 | ​
Foreign | ​ |  | 878 | ​ |  | 1,472 | ​ |  | 1,423 | ​
Total current | ​ |  | 2,388 | ​ |  | 3,661 | ​ |  | 2,073 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S.: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (326) | ​ |  | (485) | ​ |  | 29 | ​
State | ​ |  | (29) | ​ |  | (65) | ​ |  | 24 | ​
Foreign | ​ |  | 61 | ​ |  | (240) | ​ |  | (119) | ​
Total deferred | ​ |  | (294) | ​ |  | (790) | ​ |  | (66) | ​
Provision for income taxes | ​ | $ | 2,094 | ​ | $ | 2,871 | ​ | $ | 2,007 | ​
​
Comparison of Statutory and Effective Income Tax Provision | A comparison of the statutory and effective income tax provision and reasons for related differences follow: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
U.S. federal income tax provision at the U.S. statutory rate (21 percent) | ​ | $ | 1,933 | ​ | $ | 2,734 | ​ | $ | 1,917 | ​
State and local taxes, net of federal effect | ​ | ​ | 179 | ​ | ​ | 266 | ​ | ​ | 133 | ​
Other impacts of Tax Cuts and Jobs Act of 2017 | ​ | ​ | (60) | ​ | ​ | (58) | ​ | ​ | (29) | ​
Rate differential on foreign subsidiaries | ​ |  | 89 | ​ |  | 142 | ​ |  | 121 | ​
Research and business tax credits | ​ |  | (99) | ​ |  | (107) | ​ |  | (65) | ​
Excess tax benefits on equity compensation | ​ | ​ | (35) | ​ | ​ | (49) | ​ | ​ | (55) | ​
Valuation allowances | ​ |  | (46) | ​ |  | 9 | ​ |  | 179 | ​
Unrecognized tax benefits | ​ | ​ | 70 | ​ |  | 4 | ​ |  | 93 | ​
Other – net | ​ |  | 63 | ​ | ​ | (70) | ​ | ​ | (287) | ​
Provision for income taxes | ​ | $ | 2,094 | ​ | $ | 2,871 | ​ | $ | 2,007 | ​
​
Analysis of the Deferred Income Tax Assets and Liabilities | An analysis of the deferred income tax assets and liabilities at October 27, 2024 and October 29, 2023 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​
​ | ​ | Deferred | ​ | Deferred | ​ | Deferred | ​ | Deferred | ​
​ | ​ | Tax | ​ | Tax | ​ | Tax | ​ | Tax | ​
​ |  | Assets |  | Liabilities |  | Assets |  | Liabilities |
Accrual for employee benefits | ​ | $ | 362 | ​ | ​ | ​ | ​ | $ | 439 | ​ | ​ | ​ | ​
Accrual for sales allowances | ​ |  | 847 | ​ | ​ | ​ | ​ |  | 884 | ​ | ​ | ​ | ​
Allowance for credit losses | ​ |  | 93 | ​ | ​ | ​ | ​ |  | 79 | ​ | ​ | ​ | ​
Amortization of R&D expenditures | ​ | ​ | 925 | ​ | ​ | ​ | ​ | ​ | 492 | ​ | ​ | ​ | ​
Deferred compensation | ​ |  | 52 | ​ | ​ | ​ | ​ |  | 45 | ​ | ​ | ​ | ​
Goodwill and other intangible assets | ​ | ​ | ​ | ​ | $ | 107 | ​ | ​ | ​ | ​ | $ | 166 | ​
Lessee lease transactions | ​ | ​ | 73 | ​ | ​ | 69 | ​ | ​ | 68 | ​ | ​ | 61 | ​
Lessor lease transactions | ​ | ​ | ​ | ​ | ​ | 449 | ​ | ​ | ​ | ​ | ​ | 581 | ​
OPEB – net | ​ | ​ | 256 | ​ | ​ | ​ | ​ | ​ | 193 | ​ | ​ | ​ | ​
Pension – net | ​ |  | ​ | ​ | ​ | 394 | ​ |  | ​ | ​ | ​ | 424 | ​
Share-based compensation | ​ |  | 50 | ​ | ​ | ​ | ​ |  | 38 | ​ | ​ | ​ | ​
Tax loss and tax credit carryforwards | ​ |  | 1,564 | ​ | ​ | ​ | ​ |  | 1,518 | ​ | ​ | ​ | ​
Tax over book depreciation | ​ | ​ | ​ | ​ | ​ | 195 | ​ | ​ | ​ | ​ | ​ | 198 | ​
Unearned revenue | ​ | ​ | 174 | ​ |  | ​ | ​ | ​ | 177 | ​ |  | ​ | ​
Other items | ​ |  | 337 | ​ |  | 313 | ​ |  | 681 | ​ |  | 278 | ​
Less: valuation allowances | ​ |  | (1,598) | ​ | ​ | ​ | ​ |  | (1,612) | ​ | ​ | ​ | ​
Total | ​ | $ | 3,135 | ​ | $ | 1,527 | ​ | $ | 3,002 | ​ | $ | 1,708 | ​
​
Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits at October 27, 2024, October 29, 2023, and October 30, 2022 follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
Beginning of year balance | ​ | $ | 907 | ​ | $ | 891 | ​ | $ | 811 | ​
Increases to tax positions taken during the current year | ​ |  | 59 | ​ |  | 68 | ​ |  | 98 | ​
Increases to tax positions taken during prior years | ​ |  | 68 | ​ |  | 164 | ​ |  | 29 | ​
Decreases to tax positions taken during the current year | ​ | ​ | (2) | ​ | ​ | (3) | ​ | ​ | ​ | ​
Decreases to tax positions taken during prior years | ​ |  | (99) | ​ |  | (209) | ​ |  | (18) | ​
Decreases due to lapse of statute of limitations | ​ |  | (7) | ​ |  | (10) | ​ |  | (7) | ​
Other | ​ | ​ | (1) | ​ | ​ | (4) | ​ | ​ | 2 | ​
Foreign exchange | ​ |  | 3 | ​ |  | 10 | ​ |  | (24) | ​
End of year balance | ​ | $ | 928 | ​ | $ | 907 | ​ | $ | 891 | ​
​

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