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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Broadcom Inc | NASDAQ:AVGO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
36.43 | 2.94% | 1,275.00 | 1,200.00 | 1,313.30 | 1,283.88 | 1,247.14 | 1,259.00 | 2,489,757 | 05:00:07 |
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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State or Other Jurisdiction of Incorporation or Organization
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Exact Name of Registrant as Specified in Its Charter Address of Principal Executive Offices Registrant’s telephone number, including area code
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Commission File Number
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IRS Employer Identification No.
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Singapore
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Broadcom Limited
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001-37690
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98-1254807
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1 Yishun Avenue 7
Singapore 768923
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(65) 6755-7888
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Cayman Islands
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Broadcom Cayman L.P.
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333-2025938
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98-1254815
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c/o Broadcom Limited
1 Yishun Avenue 7
Singapore 768923
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(65) 6755-7888
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Broadcom Limited:
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Large accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
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Smaller reporting company
¨
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Emerging growth company
¨
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Broadcom Cayman L.P.:
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Large accelerated filer
¨
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Accelerated filer
¨
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Non-accelerated filer
þ
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Smaller reporting company
¨
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Emerging growth company
¨
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(Do not check if a smaller reporting company)
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Page
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Page
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Financial Statements of Broadcom Limited:
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Financial Statements of Broadcom Cayman L.P.:
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July 30,
2017 |
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October 30,
2016 |
||||
ASSETS
|
|
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|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
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$
|
5,249
|
|
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$
|
3,097
|
|
Short-term investments
|
|
200
|
|
|
—
|
|
||
Trade accounts receivable, net
|
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2,417
|
|
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2,181
|
|
||
Inventory
|
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1,431
|
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1,400
|
|
||
Other current assets
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646
|
|
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447
|
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Total current assets
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9,943
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7,125
|
|
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Long-term assets:
|
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|
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||||
Property, plant and equipment, net
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2,909
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2,509
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Goodwill
|
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24,706
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|
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24,732
|
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Intangible assets, net
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11,927
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15,068
|
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Other long-term assets
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457
|
|
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532
|
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Total assets
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$
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49,942
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$
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49,966
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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|
||||
Current liabilities:
|
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|
|
|
||||
Accounts payable
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$
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1,158
|
|
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$
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1,261
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Employee compensation and benefits
|
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546
|
|
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517
|
|
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Current portion of long-term debt
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—
|
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454
|
|
||
Other current liabilities
|
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514
|
|
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846
|
|
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Total current liabilities
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2,218
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|
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3,078
|
|
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Long-term liabilities:
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|
|
|
|
||||
Long-term debt
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13,572
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|
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13,188
|
|
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Pension and post-retirement benefit obligations
|
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503
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|
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531
|
|
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Other long-term liabilities
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10,945
|
|
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11,293
|
|
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Total liabilities
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27,238
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28,090
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Commitments and contingencies (Note 12)
|
|
|
|
|
|
|
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Shareholders’ equity:
|
|
|
|
|
||||
Ordinary shares, no par value; 407,553,164 shares and 398,281,461 shares issued and outstanding on July 30, 2017 and October 30, 2016, respectively
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20,180
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19,241
|
|
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Non-economic voting preference shares, no par value; 22,199,810 shares and 22,804,591 shares issued and outstanding on July 30, 2017 and October 30, 2016, respectively
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—
|
|
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—
|
|
||
Accumulated deficit
|
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(245
|
)
|
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(215
|
)
|
||
Accumulated other comprehensive loss
|
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(133
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)
|
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(134
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)
|
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Total Broadcom Limited shareholders’ equity
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19,802
|
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18,892
|
|
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Noncontrolling interest
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2,902
|
|
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2,984
|
|
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Total shareholders’ equity
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22,704
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21,876
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|
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Total liabilities and shareholders’ equity
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$
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49,942
|
|
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$
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49,966
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|
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Fiscal Quarter Ended
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Three Fiscal Quarters Ended
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||||||||||||
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July 30,
2017 |
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July 31,
2016 |
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July 30,
2017 |
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July 31,
2016 |
||||||||
Net revenue
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$
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4,463
|
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$
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3,792
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$
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12,792
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$
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9,104
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Cost of products sold:
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||||||||
Cost of products sold
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1,658
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1,520
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|
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4,795
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3,656
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|
||||
Purchase accounting effect on inventory
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1
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|
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271
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2
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|
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1,099
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Amortization of acquisition-related intangible assets
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655
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211
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1,853
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|
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539
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|
||||
Restructuring charges
|
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—
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8
|
|
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16
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41
|
|
||||
Total cost of products sold
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2,314
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|
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2,010
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6,666
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5,335
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||||
Gross margin
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2,149
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1,782
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|
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6,126
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3,769
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|
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Research and development
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827
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814
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2,464
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|
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1,868
|
|
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Selling, general and administrative
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200
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230
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605
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582
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|
||||
Amortization of acquisition-related intangible assets
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441
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|
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728
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1,323
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|
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1,517
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|
||||
Restructuring, impairment and disposal charges
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33
|
|
|
274
|
|
|
106
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|
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592
|
|
||||
Total operating expenses
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1,501
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|
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2,046
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|
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4,498
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|
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4,559
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Operating income (loss)
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648
|
|
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(264
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)
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1,628
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|
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(790
|
)
|
||||
Interest expense
|
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(112
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)
|
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(139
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)
|
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(335
|
)
|
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(479
|
)
|
||||
Loss on extinguishment of debt
|
|
—
|
|
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(21
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)
|
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(159
|
)
|
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(74
|
)
|
||||
Other income, net
|
|
12
|
|
|
4
|
|
|
46
|
|
|
1
|
|
||||
Income (loss) from continuing operations before income taxes
|
|
548
|
|
|
(420
|
)
|
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1,180
|
|
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(1,342
|
)
|
||||
Provision for (benefit from) income taxes
|
|
39
|
|
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(117
|
)
|
|
(54
|
)
|
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(199
|
)
|
||||
Income (loss) from continuing operations
|
|
509
|
|
|
(303
|
)
|
|
1,234
|
|
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(1,143
|
)
|
||||
Loss from discontinued operations, net of income taxes
|
|
(2
|
)
|
|
(12
|
)
|
|
(11
|
)
|
|
(50
|
)
|
||||
Net income (loss)
|
|
507
|
|
|
(315
|
)
|
|
1,223
|
|
|
(1,193
|
)
|
||||
Net income (loss) attributable to noncontrolling interest
|
|
26
|
|
|
(17
|
)
|
|
63
|
|
|
(86
|
)
|
||||
Net income (loss) attributable to ordinary shares
|
|
$
|
481
|
|
|
$
|
(298
|
)
|
|
$
|
1,160
|
|
|
$
|
(1,107
|
)
|
|
|
|
|
|
|
|
|
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||||||||
Basic income (loss) per share attributable to ordinary shares:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share from continuing operations
|
|
$
|
1.19
|
|
|
$
|
(0.72
|
)
|
|
$
|
2.91
|
|
|
$
|
(2.99
|
)
|
Loss per share from discontinued operations
|
|
(0.01
|
)
|
|
(0.03
|
)
|
|
(0.03
|
)
|
|
(0.13
|
)
|
||||
Net income (loss) per share
|
|
$
|
1.18
|
|
|
$
|
(0.75
|
)
|
|
$
|
2.88
|
|
|
$
|
(3.12
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per share attributable to ordinary shares:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share from continuing operations
|
|
$
|
1.14
|
|
|
$
|
(0.72
|
)
|
|
$
|
2.79
|
|
|
$
|
(3.09
|
)
|
Loss per share from discontinued operations
|
|
—
|
|
|
(0.03
|
)
|
|
(0.02
|
)
|
|
(0.13
|
)
|
||||
Net income (loss) per share
|
|
$
|
1.14
|
|
|
$
|
(0.75
|
)
|
|
$
|
2.77
|
|
|
$
|
(3.22
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
407
|
|
|
396
|
|
|
403
|
|
|
355
|
|
||||
Diluted
|
|
445
|
|
|
419
|
|
|
442
|
|
|
370
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends declared and paid per share
|
|
$
|
1.02
|
|
|
$
|
0.50
|
|
|
$
|
3.06
|
|
|
$
|
1.43
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Net income (loss)
|
|
$
|
507
|
|
|
$
|
(315
|
)
|
|
$
|
1,223
|
|
|
$
|
(1,193
|
)
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
Other comprehensive income
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
Comprehensive income (loss)
|
|
507
|
|
|
(314
|
)
|
|
1,224
|
|
|
(1,192
|
)
|
||||
Comprehensive income (loss) attributable to noncontrolling interest
|
|
26
|
|
|
(17
|
)
|
|
63
|
|
|
(86
|
)
|
||||
Comprehensive income (loss) attributable to ordinary shares
|
|
$
|
481
|
|
|
$
|
(297
|
)
|
|
$
|
1,161
|
|
|
$
|
(1,106
|
)
|
|
|
Three Fiscal Quarters Ended
|
||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
1,223
|
|
|
$
|
(1,193
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
3,518
|
|
|
2,342
|
|
||
Share-based compensation
|
|
669
|
|
|
474
|
|
||
Excess tax benefits from share-based compensation
|
|
—
|
|
|
(68
|
)
|
||
Deferred taxes and other non-cash tax expense
|
|
(99
|
)
|
|
(353
|
)
|
||
Non-cash portion of debt extinguishment loss
|
|
159
|
|
|
51
|
|
||
Non-cash restructuring, impairment and disposal charges
|
|
54
|
|
|
268
|
|
||
Gain on disposition of assets
|
|
(23
|
)
|
|
—
|
|
||
Amortization of debt issuance costs and accretion of debt discount
|
|
19
|
|
|
27
|
|
||
Other
|
|
21
|
|
|
(10
|
)
|
||
Changes in assets and liabilities, net of acquisitions and disposals:
|
|
|
|
|
||||
Trade accounts receivable, net
|
|
(236
|
)
|
|
(491
|
)
|
||
Inventory
|
|
(23
|
)
|
|
1,088
|
|
||
Accounts payable
|
|
(34
|
)
|
|
(61
|
)
|
||
Employee compensation and benefits
|
|
29
|
|
|
70
|
|
||
Other current assets and current liabilities
|
|
(570
|
)
|
|
(38
|
)
|
||
Other long-term assets and long-term liabilities
|
|
(115
|
)
|
|
(47
|
)
|
||
Net cash provided by operating activities
|
|
4,592
|
|
|
2,059
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of property, plant and equipment
|
|
(836
|
)
|
|
(530
|
)
|
||
Proceeds from disposals of properly, plant and equipment
|
|
1
|
|
|
5
|
|
||
Purchases of investments
|
|
(200
|
)
|
|
(58
|
)
|
||
Acquisitions of businesses, net of cash acquired
|
|
(40
|
)
|
|
(10,055
|
)
|
||
Proceeds from sales of businesses
|
|
10
|
|
|
698
|
|
||
Proceeds from sales and maturities of investments
|
|
—
|
|
|
89
|
|
||
Other
|
|
(5
|
)
|
|
(15
|
)
|
||
Net cash used in investing activities
|
|
(1,070
|
)
|
|
(9,866
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
|
13,550
|
|
|
15,926
|
|
||
Debt repayments
|
|
(13,668
|
)
|
|
(6,145
|
)
|
||
Payment of assumed debt
|
|
—
|
|
|
(1,475
|
)
|
||
Payment of debt issuance costs
|
|
(127
|
)
|
|
(108
|
)
|
||
Dividend and distribution payments
|
|
(1,306
|
)
|
|
(537
|
)
|
||
Issuance of ordinary shares
|
|
191
|
|
|
217
|
|
||
Excess tax benefits from share-based compensation
|
|
—
|
|
|
68
|
|
||
Payment of capital lease obligations
|
|
(10
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
|
(1,370
|
)
|
|
7,946
|
|
||
Net change in cash and cash equivalents
|
|
2,152
|
|
|
139
|
|
||
Cash and cash equivalents at the beginning of period
|
|
3,097
|
|
|
1,822
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
5,249
|
|
|
$
|
1,961
|
|
|
|
July 30,
2017 |
|
October 30,
2016 |
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
4,929
|
|
|
$
|
3,044
|
|
Short-term investments
|
|
200
|
|
|
—
|
|
||
Trade accounts receivable, net
|
|
2,417
|
|
|
2,181
|
|
||
Inventory
|
|
1,431
|
|
|
1,400
|
|
||
Other current assets
|
|
966
|
|
|
500
|
|
||
Total current assets
|
|
9,943
|
|
|
7,125
|
|
||
Long-term assets:
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
2,909
|
|
|
2,509
|
|
||
Goodwill
|
|
24,706
|
|
|
24,732
|
|
||
Intangible assets, net
|
|
11,927
|
|
|
15,068
|
|
||
Other long-term assets
|
|
457
|
|
|
532
|
|
||
Total assets
|
|
$
|
49,942
|
|
|
$
|
49,966
|
|
LIABILITIES AND PARTNERS’ CAPITAL
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
1,158
|
|
|
$
|
1,261
|
|
Employee compensation and benefits
|
|
546
|
|
|
517
|
|
||
Current portion of long-term debt
|
|
—
|
|
|
454
|
|
||
Other current liabilities
|
|
514
|
|
|
846
|
|
||
Total current liabilities
|
|
2,218
|
|
|
3,078
|
|
||
Long-term liabilities:
|
|
|
|
|
||||
Long-term debt
|
|
13,572
|
|
|
13,188
|
|
||
Pension and post-retirement benefit obligations
|
|
503
|
|
|
531
|
|
||
Other long-term liabilities
|
|
10,945
|
|
|
11,293
|
|
||
Total liabilities
|
|
27,238
|
|
|
28,090
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
||||
Partners’ capital:
|
|
|
|
|
|
|||
Common partnership units; 390,842,636 units and 390,237,855 units issued and outstanding on July 30, 2017 and October 30, 2016, respectively
|
|
19,935
|
|
|
19,026
|
|
||
Restricted exchangeable units; 22,199,810 units and 22,804,591 units issued and outstanding on July 30, 2017 and October 30, 2016, respectively
|
|
2,902
|
|
|
2,984
|
|
||
Accumulated other comprehensive loss
|
|
(133
|
)
|
|
(134
|
)
|
||
Total partners’ capital
|
|
22,704
|
|
|
21,876
|
|
||
Total liabilities and partners’ capital
|
|
$
|
49,942
|
|
|
$
|
49,966
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Net revenue
|
|
$
|
4,463
|
|
|
$
|
3,792
|
|
|
$
|
12,792
|
|
|
$
|
9,104
|
|
Cost of products sold:
|
|
|
|
|
|
|
|
|
||||||||
Cost of products sold
|
|
1,658
|
|
|
1,520
|
|
|
4,795
|
|
|
3,656
|
|
||||
Purchase accounting effect on inventory
|
|
1
|
|
|
271
|
|
|
2
|
|
|
1,099
|
|
||||
Amortization of acquisition-related intangible assets
|
|
655
|
|
|
211
|
|
|
1,853
|
|
|
539
|
|
||||
Restructuring charges
|
|
—
|
|
|
8
|
|
|
16
|
|
|
41
|
|
||||
Total cost of products sold
|
|
2,314
|
|
|
2,010
|
|
|
6,666
|
|
|
5,335
|
|
||||
Gross margin
|
|
2,149
|
|
|
1,782
|
|
|
6,126
|
|
|
3,769
|
|
||||
Research and development
|
|
827
|
|
|
814
|
|
|
2,464
|
|
|
1,868
|
|
||||
Selling, general and administrative
|
|
200
|
|
|
230
|
|
|
605
|
|
|
582
|
|
||||
Amortization of acquisition-related intangible assets
|
|
441
|
|
|
728
|
|
|
1,323
|
|
|
1,517
|
|
||||
Restructuring, impairment and disposal charges
|
|
33
|
|
|
274
|
|
|
106
|
|
|
592
|
|
||||
Total operating expenses
|
|
1,501
|
|
|
2,046
|
|
|
4,498
|
|
|
4,559
|
|
||||
Operating income (loss)
|
|
648
|
|
|
(264
|
)
|
|
1,628
|
|
|
(790
|
)
|
||||
Interest expense
|
|
(112
|
)
|
|
(139
|
)
|
|
(335
|
)
|
|
(479
|
)
|
||||
Loss on extinguishment of debt
|
|
—
|
|
|
(21
|
)
|
|
(159
|
)
|
|
(74
|
)
|
||||
Other income, net
|
|
12
|
|
|
4
|
|
|
46
|
|
|
1
|
|
||||
Income (loss) from continuing operations before income taxes
|
|
548
|
|
|
(420
|
)
|
|
1,180
|
|
|
(1,342
|
)
|
||||
Provision for (benefit from) income taxes
|
|
39
|
|
|
(117
|
)
|
|
(54
|
)
|
|
(199
|
)
|
||||
Income (loss) from continuing operations
|
|
509
|
|
|
(303
|
)
|
|
1,234
|
|
|
(1,143
|
)
|
||||
Loss from discontinued operations, net of income taxes
|
|
(2
|
)
|
|
(12
|
)
|
|
(11
|
)
|
|
(50
|
)
|
||||
Net income (loss)
|
|
$
|
507
|
|
|
$
|
(315
|
)
|
|
$
|
1,223
|
|
|
$
|
(1,193
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
General Partner's interest in net income (loss)
|
|
$
|
481
|
|
|
$
|
(298
|
)
|
|
$
|
1,160
|
|
|
$
|
(1,484
|
)
|
Limited Partners' interest in net income (loss)
|
|
$
|
26
|
|
|
$
|
(17
|
)
|
|
$
|
63
|
|
|
$
|
(86
|
)
|
Net income attributable to ordinary shareholders
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
377
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash distributions paid per restricted exchangeable partnership unit
|
|
$
|
1.02
|
|
|
$
|
0.50
|
|
|
$
|
3.06
|
|
|
$
|
0.99
|
|
Cash distributions paid to General Partner
|
|
$
|
415
|
|
|
$
|
199
|
|
|
$
|
1,237
|
|
|
$
|
392
|
|
Cash dividends paid per ordinary share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.44
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Net income (loss)
|
|
$
|
507
|
|
|
$
|
(315
|
)
|
|
$
|
1,223
|
|
|
$
|
(1,193
|
)
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Change in unrealized loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
Other comprehensive income
|
|
—
|
|
|
1
|
|
|
1
|
|
|
1
|
|
||||
Comprehensive income (loss)
|
|
$
|
507
|
|
|
$
|
(314
|
)
|
|
$
|
1,224
|
|
|
$
|
(1,192
|
)
|
|
|
Three Fiscal Quarters Ended
|
||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
1,223
|
|
|
$
|
(1,193
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
3,518
|
|
|
2,342
|
|
||
Share-based compensation
|
|
669
|
|
|
474
|
|
||
Excess tax benefits from share-based compensation
|
|
—
|
|
|
(68
|
)
|
||
Deferred taxes and other non-cash tax expense
|
|
(99
|
)
|
|
(353
|
)
|
||
Non-cash portion of debt extinguishment loss
|
|
159
|
|
|
51
|
|
||
Non-cash restructuring, impairment and disposal charges
|
|
54
|
|
|
268
|
|
||
Gain on disposition of assets
|
|
(23
|
)
|
|
—
|
|
||
Amortization of debt discount issuance costs and accretion of debt discount
|
|
19
|
|
|
27
|
|
||
Other
|
|
21
|
|
|
(10
|
)
|
||
Changes in assets and liabilities, net of acquisitions and disposals:
|
|
|
|
|
||||
Trade accounts receivable, net
|
|
(236
|
)
|
|
(491
|
)
|
||
Inventory
|
|
(23
|
)
|
|
1,088
|
|
||
Accounts payable
|
|
(34
|
)
|
|
(61
|
)
|
||
Employee compensation and benefits
|
|
29
|
|
|
70
|
|
||
Other current assets and current liabilities
|
|
(570
|
)
|
|
(38
|
)
|
||
Other long-term assets and long-term liabilities
|
|
(115
|
)
|
|
(47
|
)
|
||
Net cash provided by operating activities
|
|
4,592
|
|
|
2,059
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of property, plant and equipment
|
|
(836
|
)
|
|
(530
|
)
|
||
Proceeds from disposals of property, plant and equipment
|
|
1
|
|
|
5
|
|
||
Purchases of investments
|
|
(200
|
)
|
|
(58
|
)
|
||
Acquisitions of businesses, net of cash acquired
|
|
(40
|
)
|
|
(10,055
|
)
|
||
Proceeds from sales of businesses
|
|
10
|
|
|
698
|
|
||
Proceeds from sales and maturities of investments
|
|
—
|
|
|
89
|
|
||
Other
|
|
(5
|
)
|
|
(15
|
)
|
||
Net cash used in investing activities
|
|
(1,070
|
)
|
|
(9,866
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
|
13,550
|
|
|
15,926
|
|
||
Debt repayments
|
|
(13,668
|
)
|
|
(6,145
|
)
|
||
Payment of assumed debt
|
|
—
|
|
|
(1,475
|
)
|
||
Payment of debt issuance costs
|
|
(127
|
)
|
|
(108
|
)
|
||
Dividend payments to ordinary shareholders
|
|
—
|
|
|
(122
|
)
|
||
Distributions paid to unit holders
|
|
(1,306
|
)
|
|
(415
|
)
|
||
Issuance of ordinary shares by General Partner
|
|
—
|
|
|
72
|
|
||
Capital transactions with General Partner
|
|
(76
|
)
|
|
99
|
|
||
Excess tax benefits from share-based compensation
|
|
—
|
|
|
68
|
|
||
Payment of capital lease obligations
|
|
(10
|
)
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
|
(1,637
|
)
|
|
7,900
|
|
||
Net change in cash and cash equivalents
|
|
1,885
|
|
|
93
|
|
||
Cash and cash equivalents at the beginning of period
|
|
3,044
|
|
|
1,822
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
4,929
|
|
|
$
|
1,915
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||
|
|
July 31,
2016 |
|
July 31,
2016 |
||||
Pro forma net revenue
|
|
$
|
3,789
|
|
|
$
|
11,148
|
|
Pro forma net loss from continuing operations
|
|
$
|
(152
|
)
|
|
$
|
(611
|
)
|
Pro forma net loss
|
|
$
|
(164
|
)
|
|
$
|
(661
|
)
|
Pro forma net loss attributable to ordinary shares
|
|
$
|
(155
|
)
|
|
$
|
(625
|
)
|
Pro forma net loss per share attributable to ordinary shares - basic and diluted
|
|
$
|
(0.39
|
)
|
|
$
|
(1.59
|
)
|
|
|
July 30,
2017 |
|
October 30,
2016 |
||||
Finished goods
|
|
$
|
505
|
|
|
$
|
431
|
|
Work-in-process
|
|
689
|
|
|
596
|
|
||
Raw materials
|
|
237
|
|
|
373
|
|
||
Total inventory
|
|
$
|
1,431
|
|
|
$
|
1,400
|
|
|
|
Three Fiscal Quarters Ended
|
||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
||||
Beginning balance
|
|
$
|
317
|
|
|
$
|
26
|
|
Liabilities assumed in acquisitions
|
|
—
|
|
|
359
|
|
||
Charged as a reduction of revenue
|
|
194
|
|
|
388
|
|
||
Reversal of unclaimed rebates
|
|
(68
|
)
|
|
(3
|
)
|
||
Payments
|
|
(305
|
)
|
|
(360
|
)
|
||
Ending balance
|
|
$
|
138
|
|
|
$
|
410
|
|
|
|
July 30,
2017 |
|
October 30,
2016 |
||||
Deferred tax liabilities
|
|
$
|
9,859
|
|
|
$
|
10,287
|
|
Unrecognized tax benefits
(a)
|
|
1,031
|
|
|
893
|
|
||
Other
|
|
55
|
|
|
113
|
|
||
Total other long-term liabilities
|
|
$
|
10,945
|
|
|
$
|
11,293
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Net revenue
|
|
$
|
4
|
|
|
$
|
35
|
|
|
$
|
9
|
|
|
$
|
99
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations before gain on disposals and income taxes
|
|
$
|
(2
|
)
|
|
$
|
(54
|
)
|
|
$
|
(11
|
)
|
|
$
|
(115
|
)
|
Gain on disposals of discontinued operations
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
||||
Benefit from income taxes
|
|
—
|
|
|
9
|
|
|
—
|
|
|
32
|
|
||||
Loss from discontinued operations, net of income taxes
|
|
$
|
(2
|
)
|
|
$
|
(12
|
)
|
|
$
|
(11
|
)
|
|
$
|
(50
|
)
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Cash paid for interest
|
|
$
|
206
|
|
|
$
|
198
|
|
|
$
|
309
|
|
|
$
|
343
|
|
Cash paid for income taxes
|
|
$
|
35
|
|
|
$
|
63
|
|
|
$
|
241
|
|
|
$
|
143
|
|
|
|
Wired Infrastructure
|
|
Wireless Communications
|
|
Enterprise Storage
|
|
Industrial & Other
|
|
Total
|
||||||||||
Balance as of October 30, 2016
|
|
$
|
17,641
|
|
|
$
|
5,952
|
|
|
$
|
995
|
|
|
$
|
144
|
|
|
$
|
24,732
|
|
Broadcom Merger adjustments
|
|
(25
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|||||
Other
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Balance as of July 30, 2017
|
|
$
|
17,622
|
|
|
$
|
5,945
|
|
|
$
|
995
|
|
|
$
|
144
|
|
|
$
|
24,706
|
|
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
||||||
As of July 30, 2017:
|
|
|
|
|
|
|
||||||
Purchased technology
|
|
$
|
12,773
|
|
|
$
|
(3,703
|
)
|
|
$
|
9,070
|
|
Customer contracts and related relationships
|
|
4,240
|
|
|
(2,669
|
)
|
|
1,571
|
|
|||
Trade names
|
|
528
|
|
|
(107
|
)
|
|
421
|
|
|||
Other
|
|
123
|
|
|
(20
|
)
|
|
103
|
|
|||
Intangible assets subject to amortization
|
|
17,664
|
|
|
(6,499
|
)
|
|
11,165
|
|
|||
In-process research and development
|
|
762
|
|
|
—
|
|
|
762
|
|
|||
Total
|
|
$
|
18,426
|
|
|
$
|
(6,499
|
)
|
|
$
|
11,927
|
|
|
|
|
|
|
|
|
||||||
As of October 30, 2016:
|
|
|
|
|
|
|
||||||
Purchased technology
|
|
$
|
12,182
|
|
|
$
|
(1,855
|
)
|
|
$
|
10,327
|
|
Customer contracts and related relationships
|
|
4,231
|
|
|
(1,377
|
)
|
|
2,854
|
|
|||
Trade names
|
|
528
|
|
|
(77
|
)
|
|
451
|
|
|||
Other
|
|
107
|
|
|
(7
|
)
|
|
100
|
|
|||
Intangible assets subject to amortization
|
|
17,048
|
|
|
(3,316
|
)
|
|
13,732
|
|
|||
In-process research and development
|
|
1,336
|
|
|
—
|
|
|
1,336
|
|
|||
Total
|
|
$
|
18,384
|
|
|
$
|
(3,316
|
)
|
|
$
|
15,068
|
|
Fiscal Year:
|
|
|
||
2017 (remainder)
|
|
$
|
1,102
|
|
2018
|
|
2,960
|
|
|
2019
|
|
2,192
|
|
|
2020
|
|
1,820
|
|
|
2021
|
|
1,435
|
|
|
Thereafter
|
|
1,656
|
|
|
Total
|
|
$
|
11,165
|
|
Purchased technology
|
|
5
|
Customer contracts and related relationships
|
|
3
|
Trade name
|
|
13
|
Other
|
|
11
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Numerator - Basic:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
509
|
|
|
$
|
(303
|
)
|
|
$
|
1,234
|
|
|
$
|
(1,143
|
)
|
Less: Income (loss) from continuing operations attributable to noncontrolling interest
|
|
26
|
|
|
(16
|
)
|
|
63
|
|
|
(83
|
)
|
||||
Income (loss) from continuing operations attributable to ordinary shares
|
|
483
|
|
|
(287
|
)
|
|
1,171
|
|
|
(1,060
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations, net of income taxes
|
|
(2
|
)
|
|
(12
|
)
|
|
(11
|
)
|
|
(50
|
)
|
||||
Less: Loss from discontinued operations, net of income taxes, attributable to noncontrolling interest
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
||||
Loss from discontinued operations, net of income taxes, attributable to ordinary shares
|
|
(2
|
)
|
|
(11
|
)
|
|
(11
|
)
|
|
(47
|
)
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to ordinary shares
|
|
$
|
481
|
|
|
$
|
(298
|
)
|
|
$
|
1,160
|
|
|
$
|
(1,107
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Numerator - Diluted:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
509
|
|
|
$
|
(303
|
)
|
|
$
|
1,234
|
|
|
$
|
(1,143
|
)
|
Loss from discontinued operations, net of income taxes
|
|
(2
|
)
|
|
(12
|
)
|
|
(11
|
)
|
|
(50
|
)
|
||||
Net income (loss)
|
|
$
|
507
|
|
|
$
|
(315
|
)
|
|
$
|
1,223
|
|
|
$
|
(1,193
|
)
|
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average ordinary shares outstanding - basic
|
|
407
|
|
|
396
|
|
|
403
|
|
|
355
|
|
||||
Dilutive effect of equity awards
|
|
16
|
|
|
—
|
|
|
16
|
|
|
—
|
|
||||
Exchange of noncontrolling interest for ordinary shares
|
|
22
|
|
|
23
|
|
|
23
|
|
|
15
|
|
||||
Weighted-average ordinary shares outstanding - diluted
|
|
445
|
|
|
419
|
|
|
442
|
|
|
370
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per share attributable to ordinary shares:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share from continuing operations
|
|
$
|
1.19
|
|
|
$
|
(0.72
|
)
|
|
$
|
2.91
|
|
|
$
|
(2.99
|
)
|
Loss per share from discontinued operations, net of income taxes
|
|
(0.01
|
)
|
|
(0.03
|
)
|
|
(0.03
|
)
|
|
(0.13
|
)
|
||||
Net income (loss) per share
|
|
$
|
1.18
|
|
|
$
|
(0.75
|
)
|
|
$
|
2.88
|
|
|
$
|
(3.12
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per share attributable to ordinary shares:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) per share from continuing operations
|
|
$
|
1.14
|
|
|
$
|
(0.72
|
)
|
|
$
|
2.79
|
|
|
$
|
(3.09
|
)
|
Loss per share from discontinued operations, net of income taxes
|
|
—
|
|
|
(0.03
|
)
|
|
(0.02
|
)
|
|
(0.13
|
)
|
||||
Net income (loss) per share
|
|
$
|
1.14
|
|
|
$
|
(0.75
|
)
|
|
$
|
2.77
|
|
|
$
|
(3.22
|
)
|
|
|
July 30, 2017
|
||||||||
|
|
Interest Rate
|
|
Effective Interest Rate
|
|
Amount
(in millions) |
||||
Fixed rate notes due November 2018
|
|
2.70
|
%
|
|
2.70
|
%
|
|
$
|
117
|
|
Fixed rate notes due August 2022 - August 2034
|
|
2.50% - 4.50%
|
|
|
2.50% - 4.50%
|
|
|
22
|
|
|
Carrying value of Assumed Senior Notes
|
|
|
$
|
139
|
|
Fiscal Year:
|
|
|
||
2017 (remainder)
|
|
$
|
—
|
|
2018
|
|
117
|
|
|
2019
|
|
—
|
|
|
2020
|
|
2,750
|
|
|
2021
|
|
—
|
|
|
Thereafter
|
|
10,822
|
|
|
Total
|
|
$
|
13,689
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Cash dividends paid per ordinary share
|
|
$
|
1.02
|
|
|
$
|
0.50
|
|
|
$
|
3.06
|
|
|
$
|
1.43
|
|
Cash dividends paid to ordinary shareholders
|
|
$
|
415
|
|
|
$
|
199
|
|
|
$
|
1,237
|
|
|
$
|
514
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Cost of products sold
|
|
$
|
18
|
|
|
$
|
15
|
|
|
$
|
47
|
|
|
$
|
34
|
|
Research and development
|
|
174
|
|
|
144
|
|
|
465
|
|
|
294
|
|
||||
Selling, general and administrative
|
|
59
|
|
|
54
|
|
|
156
|
|
|
128
|
|
||||
Total share-based compensation expense
|
|
$
|
251
|
|
|
$
|
213
|
|
|
$
|
668
|
|
|
$
|
456
|
|
|
|
Number of RSUs
Outstanding
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
|||
Balance as of October 30, 2016
|
|
17
|
|
|
$
|
130.71
|
|
Granted
|
|
8
|
|
|
$
|
197.55
|
|
Vested
|
|
(5
|
)
|
|
$
|
126.26
|
|
Forfeited
|
|
(2
|
)
|
|
$
|
140.00
|
|
Balance as of July 30, 2017
|
|
18
|
|
|
$
|
161.04
|
|
|
|
Number of Options
Outstanding
|
|
|
Weighted-
Average
Exercise Price
Per Share
|
|
Weighted-
Average
Remaining
Contractual
Life (In years)
|
|
Aggregate
Intrinsic
Value
|
|||||
Balance as of October 30, 2016
|
|
15
|
|
|
|
$
|
48.77
|
|
|
|
|
|
||
Exercised
|
|
(4
|
)
|
|
|
$
|
45.10
|
|
|
|
|
$
|
562
|
|
Cancelled
|
|
—
|
|
*
|
|
$
|
65.05
|
|
|
|
|
|
||
Balance as of July 30, 2017
|
|
11
|
|
|
|
$
|
49.50
|
|
|
3.06
|
|
$
|
2,211
|
|
Fully vested as of July 30, 2017
|
|
9
|
|
|
|
$
|
45.94
|
|
|
2.91
|
|
$
|
1,777
|
|
Fully vested and expected to vest as of July 30, 2017
|
|
11
|
|
|
|
$
|
49.50
|
|
|
3.06
|
|
$
|
2,211
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Capital transactions made by General Partner to Partnership
|
|
$
|
41
|
|
|
$
|
38
|
|
|
$
|
191
|
|
|
$
|
327
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Cash distributions paid to General Partner
|
|
$
|
415
|
|
|
$
|
199
|
|
|
$
|
1,237
|
|
|
$
|
392
|
|
Cash distributions paid per Partnership REU
|
|
$
|
1.02
|
|
|
$
|
0.50
|
|
|
$
|
3.06
|
|
|
$
|
0.99
|
|
Cash distributions paid to Limited Partners
|
|
$
|
23
|
|
|
$
|
12
|
|
|
$
|
69
|
|
|
$
|
23
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
||||||||
Wired infrastructure
|
|
$
|
2,208
|
|
|
$
|
2,062
|
|
|
$
|
6,403
|
|
|
$
|
4,508
|
|
Wireless communications
|
|
1,283
|
|
|
1,008
|
|
|
3,608
|
|
|
2,378
|
|
||||
Enterprise storage
|
|
735
|
|
|
527
|
|
|
2,154
|
|
|
1,730
|
|
||||
Industrial & other
|
|
237
|
|
|
195
|
|
|
627
|
|
|
488
|
|
||||
Total net revenue
|
|
$
|
4,463
|
|
|
$
|
3,792
|
|
|
$
|
12,792
|
|
|
$
|
9,104
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Wired infrastructure
|
|
$
|
1,015
|
|
|
$
|
846
|
|
|
$
|
2,885
|
|
|
$
|
1,800
|
|
Wireless communications
|
|
492
|
|
|
308
|
|
|
1,333
|
|
|
754
|
|
||||
Enterprise storage
|
|
417
|
|
|
223
|
|
|
1,174
|
|
|
749
|
|
||||
Industrial & other
|
|
131
|
|
|
102
|
|
|
301
|
|
|
256
|
|
||||
Unallocated expenses
|
|
(1,407
|
)
|
|
(1,743
|
)
|
|
(4,065
|
)
|
|
(4,349
|
)
|
||||
Total operating income (loss)
|
|
$
|
648
|
|
|
$
|
(264
|
)
|
|
$
|
1,628
|
|
|
$
|
(790
|
)
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Total net revenue
|
|
$
|
97
|
|
|
$
|
101
|
|
|
$
|
245
|
|
|
$
|
230
|
|
Total costs and expenses, including inventory purchases
|
|
$
|
28
|
|
|
$
|
17
|
|
|
$
|
93
|
|
|
$
|
54
|
|
|
|
July 30,
2017 |
|
October 30,
2016 |
||||
Total receivables
|
|
$
|
31
|
|
|
$
|
15
|
|
Total payables
|
|
$
|
11
|
|
|
$
|
7
|
|
|
|
|
|
Fiscal Year
|
|
|||||||||||||||||||||||
|
|
Total
|
|
2017 (remainder)
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||||
Debt principal, interest and fees
|
|
$
|
16,698
|
|
|
$
|
1
|
|
|
$
|
569
|
|
|
$
|
450
|
|
|
$
|
3,166
|
|
|
$
|
383
|
|
|
$
|
12,129
|
|
Purchase commitments
|
|
$
|
1,144
|
|
|
$
|
990
|
|
|
$
|
104
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
Employee Termination Costs
|
|
Leases and Other Exit Costs
|
|
Total
|
||||||
Balance as of October 30, 2016
|
|
$
|
116
|
|
|
$
|
35
|
|
|
$
|
151
|
|
Restructuring charges
(a)
|
|
69
|
|
|
18
|
|
|
87
|
|
|||
Utilization
|
|
(154
|
)
|
|
(39
|
)
|
|
(193
|
)
|
|||
Balance as of July 30, 2017
(b)
|
|
$
|
31
|
|
|
$
|
14
|
|
|
$
|
45
|
|
•
|
Our cash, cash equivalents and short term investments were
$5,449 million
at
July 30, 2017
, compared with
$3,097 million
at
October 30, 2016
.
|
•
|
We generated
$4,592 million
of cash from operations during the
three fiscal quarters
ended
July 30, 2017
.
|
•
|
Broadcom paid aggregate cash dividends on its ordinary shares of
$1,237 million
, and the Partnership made aggregate distributions of
$69 million
on its restricted exchangeable limited partnership units, or Partnership REUs, during the
three fiscal quarters
ended
July 30, 2017
.
|
•
|
On January 19, 2017, two Broadcom subsidiaries completed the issuance and sale of senior unsecured notes, or the Senior Notes, in an aggregate principal amount of $13,550 million. The net proceeds, together with cash on hand, were used to repay all of the outstanding term loans under our guaranteed, collateralized credit agreement entered into on February 1, 2016, or the 2016 Credit Agreement, in the aggregate amount of
$13,555 million
. As a result,
|
|
|
Fiscal Quarter Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||
|
|
(In millions)
|
|
(As a percentage of net revenue)
|
||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
||||||
Net revenue
|
|
$
|
4,463
|
|
|
$
|
3,792
|
|
|
100
|
%
|
|
100
|
%
|
Cost of products sold:
|
|
|
|
|
|
|
|
|
||||||
Cost of products sold
|
|
1,658
|
|
|
1,520
|
|
|
37
|
|
|
40
|
|
||
Purchase accounting effect on inventory
|
|
1
|
|
|
271
|
|
|
—
|
|
|
7
|
|
||
Amortization of acquisition-related intangible assets
|
|
655
|
|
|
211
|
|
|
15
|
|
|
6
|
|
||
Restructuring charges
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
||
Total cost of products sold
|
|
2,314
|
|
|
2,010
|
|
|
52
|
|
|
53
|
|
||
Gross margin
|
|
2,149
|
|
|
1,782
|
|
|
48
|
|
|
47
|
|
||
Research and development
|
|
827
|
|
|
814
|
|
|
19
|
|
|
22
|
|
||
Selling, general and administrative
|
|
200
|
|
|
230
|
|
|
3
|
|
|
6
|
|
||
Amortization of acquisition-related intangible assets
|
|
441
|
|
|
728
|
|
|
10
|
|
|
19
|
|
||
Restructuring, impairment and disposal charges
|
|
33
|
|
|
274
|
|
|
1
|
|
|
7
|
|
||
Total operating expenses
|
|
1,501
|
|
|
2,046
|
|
|
33
|
|
|
54
|
|
||
Operating income (loss)
|
|
$
|
648
|
|
|
$
|
(264
|
)
|
|
15
|
%
|
|
(7
|
)%
|
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||
|
|
(In millions)
|
|
(As a percentage of net revenue)
|
||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
||||||
Net revenue
|
|
$
|
12,792
|
|
|
$
|
9,104
|
|
|
100
|
%
|
|
100
|
%
|
Cost of products sold:
|
|
|
|
|
|
|
|
|
||||||
Cost of products sold
|
|
4,795
|
|
|
3,656
|
|
|
38
|
|
|
41
|
|
||
Purchase accounting effect on inventory
|
|
2
|
|
|
1,099
|
|
|
—
|
|
|
12
|
|
||
Amortization of acquisition-related intangible assets
|
|
1,853
|
|
|
539
|
|
|
14
|
|
|
6
|
|
||
Restructuring charges
|
|
16
|
|
|
41
|
|
|
—
|
|
|
—
|
|
||
Total cost of products sold
|
|
6,666
|
|
|
5,335
|
|
|
52
|
|
|
59
|
|
||
Gross margin
|
|
6,126
|
|
|
3,769
|
|
|
48
|
|
|
41
|
|
||
Research and development
|
|
2,464
|
|
|
1,868
|
|
|
19
|
|
|
21
|
|
||
Selling, general and administrative
|
|
605
|
|
|
582
|
|
|
5
|
|
|
6
|
|
||
Amortization of acquisition-related intangible assets
|
|
1,323
|
|
|
1,517
|
|
|
10
|
|
|
17
|
|
||
Restructuring, impairment and disposal charges
|
|
106
|
|
|
592
|
|
|
1
|
|
|
6
|
|
||
Total operating expenses
|
|
4,498
|
|
|
4,559
|
|
|
35
|
|
|
50
|
|
||
Operating income (loss)
|
|
$
|
1,628
|
|
|
$
|
(790
|
)
|
|
13
|
%
|
|
(9
|
)%
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||||||||||||||||
Net Revenue
|
|
July 30, 2017
|
|
July 31, 2016
|
|
$ Change
|
|
% Change
|
|
July 30, 2017
|
|
July 31, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
|
(In millions, except for percentages)
|
||||||||||||||||||||||||||||
Wired infrastructure
|
|
$
|
2,208
|
|
|
$
|
2,062
|
|
|
$
|
146
|
|
|
7
|
%
|
|
$
|
6,403
|
|
|
$
|
4,508
|
|
|
$
|
1,895
|
|
|
42
|
%
|
Wireless communications
|
|
1,283
|
|
|
1,008
|
|
|
275
|
|
|
27
|
%
|
|
3,608
|
|
|
2,378
|
|
|
1,230
|
|
|
52
|
%
|
||||||
Enterprise storage
|
|
735
|
|
|
527
|
|
|
208
|
|
|
39
|
%
|
|
2,154
|
|
|
1,730
|
|
|
424
|
|
|
25
|
%
|
||||||
Industrial & other
|
|
237
|
|
|
195
|
|
|
42
|
|
|
22
|
%
|
|
627
|
|
|
488
|
|
|
139
|
|
|
28
|
%
|
||||||
Total net revenue
|
|
$
|
4,463
|
|
|
$
|
3,792
|
|
|
$
|
671
|
|
|
18
|
%
|
|
$
|
12,792
|
|
|
$
|
9,104
|
|
|
$
|
3,688
|
|
|
41
|
%
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||
% of Net Revenue
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
Wired infrastructure
|
|
50%
|
|
54%
|
|
50%
|
|
50%
|
Wireless communications
|
|
29
|
|
27
|
|
28
|
|
26
|
Enterprise storage
|
|
16
|
|
14
|
|
17
|
|
19
|
Industrial & other
|
|
5
|
|
5
|
|
5
|
|
5
|
Total net revenue
|
|
100%
|
|
100%
|
|
100%
|
|
100%
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||||||||||||||||
Operating Income (Loss)
|
|
July 30, 2017
|
|
July 31, 2016
|
|
$ Change
|
|
% Change
|
|
July 30, 2017
|
|
July 31, 2016
|
|
$ Change
|
|
% Change
|
||||||||||||||
|
|
(In millions, except for percentages)
|
||||||||||||||||||||||||||||
Wired infrastructure
|
|
$
|
1,015
|
|
|
$
|
846
|
|
|
$
|
169
|
|
|
20
|
%
|
|
$
|
2,885
|
|
|
$
|
1,800
|
|
|
$
|
1,085
|
|
|
60
|
%
|
Wireless communications
|
|
492
|
|
|
308
|
|
|
184
|
|
|
60
|
%
|
|
1,333
|
|
|
754
|
|
|
579
|
|
|
77
|
%
|
||||||
Enterprise storage
|
|
417
|
|
|
223
|
|
|
194
|
|
|
87
|
%
|
|
1,174
|
|
|
749
|
|
|
425
|
|
|
57
|
%
|
||||||
Industrial & other
|
|
131
|
|
|
102
|
|
|
29
|
|
|
28
|
%
|
|
301
|
|
|
256
|
|
|
45
|
|
|
18
|
%
|
||||||
Unallocated expenses
|
|
(1,407
|
)
|
|
(1,743
|
)
|
|
336
|
|
|
(19
|
)%
|
|
(4,065
|
)
|
|
(4,349
|
)
|
|
284
|
|
|
(7
|
)%
|
||||||
Total operating income (loss)
|
|
$
|
648
|
|
|
$
|
(264
|
)
|
|
$
|
912
|
|
|
345
|
%
|
|
$
|
1,628
|
|
|
$
|
(790
|
)
|
|
$
|
2,418
|
|
|
306
|
%
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Cash dividends paid per ordinary share
|
|
$
|
1.02
|
|
|
$
|
0.50
|
|
|
$
|
3.06
|
|
|
$
|
1.43
|
|
Cash dividends paid to ordinary shareholders
|
|
$
|
415
|
|
|
$
|
199
|
|
|
$
|
1,237
|
|
|
$
|
514
|
|
|
|
Fiscal Quarter Ended
|
|
Three Fiscal Quarters Ended
|
||||||||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
|
July 30,
2017 |
|
July 31,
2016 |
||||||||
Cash distributions paid to General Partner
|
|
$
|
415
|
|
|
$
|
199
|
|
|
$
|
1,237
|
|
|
$
|
392
|
|
Cash distributions paid per Partnership REU
|
|
$
|
1.02
|
|
|
$
|
0.50
|
|
|
$
|
3.06
|
|
|
$
|
0.99
|
|
Cash distributions paid to Limited Partners
|
|
$
|
23
|
|
|
$
|
12
|
|
|
$
|
69
|
|
|
$
|
23
|
|
|
|
Three Fiscal Quarters Ended
|
||||||
|
|
July 30,
2017 |
|
July 31,
2016 |
||||
|
|
(In millions)
|
||||||
Net cash provided by operating activities
|
|
$
|
4,592
|
|
|
$
|
2,059
|
|
Net cash used in investing activities
|
|
(1,070
|
)
|
|
(9,866
|
)
|
||
Net cash provided by (used in) financing activities
|
|
(1,370
|
)
|
|
7,946
|
|
||
Net change in cash and cash equivalents
|
|
$
|
2,152
|
|
|
$
|
139
|
|
•
|
customer concentration and the gain or loss of significant customers;
|
•
|
the timing of launches by our customers of new products, such as mobile handsets, in which our products are included and changes in end-user demand for the products manufactured and sold by our customers;
|
•
|
changes in our product mix or customer mix and their effect on our gross margin;
|
•
|
the timing of receipt, reduction or cancellation of significant orders by customers;
|
•
|
fluctuations in the levels of component inventories held by our customers;
|
•
|
utilization of our internal manufacturing facilities and fluctuations in manufacturing yields;
|
•
|
our ability to successfully and timely integrate, and realize the benefits of acquisitions we may make and the timing of acquisitions or dispositions of, or making and exiting investments in, other entities, businesses or technologies;
|
•
|
changes in our tax incentive arrangements or structure, which may adversely affect our net tax expense and our cash flow in any quarter in which such an event occurs;
|
•
|
our ability to develop, introduce and market new products and technologies on a timely basis;
|
•
|
the timing and extent of our non-product revenue, such as product development revenue and royalty and other payments from IP sales and licensing arrangements;
|
•
|
new product announcements and introductions by us or our competitors;
|
•
|
seasonality or other fluctuations in our markets;
|
•
|
fluctuations in currency exchange rates;
|
•
|
timing and amount of research and development and related new product expenditures, and the timing of receipt of any research and development grant monies;
|
•
|
significant warranty claims, including those not covered by our suppliers or our insurers;
|
•
|
availability and cost of raw materials and components from our suppliers;
|
•
|
IP disputes and associated litigation expense;
|
•
|
loss of key personnel or the shortage of available skilled workers; and
|
•
|
the effects of competitive pricing pressures, including decreases in average selling prices of our products.
|
•
|
reorganization or restructuring of our businesses, tangible and intangible assets, outstanding indebtedness and corporate structure;
|
•
|
jurisdictional mix of our income and assets, and the resulting tax effects of differing tax rates in different countries;
|
•
|
changes in the allocation of income and expenses, including adjustments related to changes in our corporate structure, acquisitions or tax law;
|
•
|
changes in transfer pricing rules or methods of applying these rules;
|
•
|
changes in tax laws, including in Singapore, changes to the taxation of earnings of foreign subsidiaries, the deductibility of expenses attributable to income and foreign tax credit rules;
|
•
|
tax effects of increases in non-deductible employee compensation;
|
•
|
changes in tax accounting rules or principles and in the valuation of deferred tax assets and liabilities;
|
•
|
outcomes of income tax audits; and
|
•
|
expiration, lapses or termination of tax credits or incentives.
|
•
|
cease the manufacture, use or sale of the infringing products, processes or technology and/or make changes to our processes or products;
|
•
|
pay substantial damages for past, present and future use of the infringing technology;
|
•
|
expend significant resources to develop non-infringing technology;
|
•
|
license technology from the third-party claiming infringement, which license may not be available on commercially reasonable terms, or at all;
|
•
|
enter into cross-licenses with our competitors, which could weaken our overall IP portfolio and our ability to compete in particular product categories;
|
•
|
indemnify our customers or distributors and/or recall, or accept the return of, infringing products;
|
•
|
pay substantial damages to our direct or end-customers to discontinue use or replace infringing technology with non-infringing technology; or
|
•
|
relinquish IP rights associated with one or more of our patent claims, if such claims are held invalid or otherwise unenforceable.
|
•
|
IP rights that we presently employ in our business will not lapse or be invalidated, circumvented, challenged, or, in the case of third-party IP rights licensed to us, be licensed to others;
|
•
|
our IP rights will provide competitive advantages to us;
|
•
|
rights previously granted by third parties to IP rights licensed or assigned to us, including portfolio cross-licenses, will not hamper our ability to assert our IP rights against potential competitors or hinder the settlement of currently pending or future disputes;
|
•
|
any of our pending or future patent, trademark or copyright applications will be issued or have the coverage originally sought;
|
•
|
our IP rights will be enforced in certain jurisdictions where competition may be intense or where legal protection may be weak; or
|
•
|
we have sufficient IP rights to protect our products or our business.
|
•
|
changes in political, regulatory, legal or economic conditions or geopolitical turmoil, including terrorism, war or political or military coups, or civil disturbances or political instability;
|
•
|
restrictive governmental actions, such as restrictions on the transfer or repatriation of funds and foreign investments and trade protection measures, including import/export restrictions, import/export duties and quotas, and customs duties and tariffs, all of which could increase under the current administration in the United States;
|
•
|
disruptions of capital and trading markets and currency fluctuations, which may result in our products becoming too expensive for foreign customers or foreign-sourced materials and services becoming more expensive for us;
|
•
|
difficulty in obtaining product distribution and support, and transportation delays;
|
•
|
public health or safety concerns;
|
•
|
nationalization of businesses and expropriation of assets; and
|
•
|
changes in tax laws.
|
•
|
increasing our vulnerability to adverse general economic and industry conditions;
|
•
|
requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, research and development efforts, execution of our business strategy, acquisitions and other general corporate purposes;
|
•
|
limiting our flexibility in planning for, or reacting to, changes in the economy and the semiconductor industry;
|
•
|
placing us at a competitive disadvantage compared to our competitors with less indebtedness; and
|
•
|
making it more difficult to borrow additional funds in the future to fund growth, acquisitions, working capital, capital expenditures and other purposes; and
|
•
|
exposing us to interest rate risk to the extent we incur any variable rate indebtedness, and we do not typically hedge against changes in interest rates.
|
•
|
incur additional indebtedness and issue preferred or redeemable shares;
|
•
|
incur or create liens;
|
•
|
consolidate, merge or transfer all or substantially all of their assets;
|
•
|
make investments, acquisitions, loans or advances or guarantee indebtedness;
|
•
|
transfer or sell certain assets;
|
•
|
pay dividends or make other distributions on, redeem or repurchase shares or make other restricted payments;
|
•
|
engage in transactions with affiliates; and
|
•
|
prepay certain other indebtedness.
|
•
|
actual or anticipated fluctuations in our financial condition and operating results;
|
•
|
issuance of new or updated research or reports by securities analysts;
|
•
|
fluctuations in the valuation and results of operations of our significant customers as well as companies perceived by investors to be comparable to us;
|
•
|
announcements of proposed acquisitions by us or our competitors;
|
•
|
announcements of, or expectations of additional debt or equity financing efforts;
|
•
|
share price and volume fluctuations attributable to inconsistent trading volume levels of our shares;
|
•
|
issuance of ordinary shares upon exchange of Partnership REUs; and
|
•
|
changes in our dividend or share repurchase policies.
|
|
BROADCOM LIMITED
|
||
|
By:
|
/s/ Thomas H. Krause, Jr.
|
|
|
|
Thomas H. Krause, Jr.
|
|
|
|
Vice President and Chief Financial Officer
|
|
BROADCOM CAYMAN L.P.
by Broadcom Limited, its General Partner |
||
|
By:
|
/s/ Thomas H. Krause, Jr.
|
|
|
|
Thomas H. Krause, Jr.
|
|
|
|
Vice President and Chief Financial Officer
|
|
|
|
|
Incorporated by Reference Herein
|
|
|
|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
|
2.1#
|
|
|
|
Avago Technologies Limited Current Report on Form 8-K (Commission File No. 001-34428)
|
|
April 11, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.2#
|
|
|
|
Avago Technologies Limited Current Report on Form 8-K/A (Commission File No. 001-34428)
|
|
December 16, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.3#
|
|
|
|
Avago Technologies Limited Current Report on Form 8-K (Commission File No. 001-34428)
|
|
May 29, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.4
|
|
|
|
Avago Technologies Limited Current Report on Form 8-K (Commission File No. 001-34428)
|
|
July 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.5#
|
|
|
|
Broadcom Limited Current Report on Form 8-K/A (Commission File No. 001-37690)
|
|
November 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.1
|
|
|
|
Broadcom Limited Current Report on Form 8-K12B (Commission File No. 001-37690)
|
|
February 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.2
|
|
|
|
Broadcom Limited Current Report on Form 8-K12B (Commission File No. 001-37690)
|
|
February 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.3
|
|
|
|
Broadcom Limited Current Report on Form 8-K12B (Commission File No. 001-37690)
|
|
February 2, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1
|
|
|
|
Broadcom Limited Registration Statement on Form S-3 (Commission File No. 333-209923)
|
|
March 4, 2016
|
|
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|
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|
|
Incorporated by Reference Herein
|
|
|
|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
|
|
|
|
|
|
|
|
|
|
|
4.2
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.3
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.4
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.5
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.6
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.7
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10.1+
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
June 19, 12017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incorporated by Reference Herein
|
|
|
|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
|
31.3
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
31.4
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
32.2
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
32.3
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
32.4
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
|
XBRL Instance Document
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
101.SCH
|
|
|
XBRL Schema Document
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
101.CAL
|
|
|
XBRL Calculation Linkbase Document
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
101.DEF
|
|
|
XBRL Definition Linkbase Document
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
101.LAB
|
|
|
XBRL Labels Linkbase Document
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
101.PRE
|
|
|
XBRL Presentation Linkbase Document
|
|
|
|
|
|
X
|
#
|
Schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Broadcom Limited hereby undertakes to furnish supplementally copies of any omitted schedules upon request by the SEC.
|
+
|
Indicates a management contract or compensatory plan or arrangement.
|
|
|
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