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INCOME TAXES (Tables)
12 Months Ended
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