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þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Broadcom Inc.
|
|
|
|
|
(Exact name of registrant as specified in its charter)
|
|
|
|
|
|
|
|
Delaware
|
|
001-38449
|
|
35-2617337
|
(State or other jurisdiction of
incorporation or organization)
|
|
(Commission file Number)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
1320 Ridder Park Drive
San Jose, CA 95131-2313
(408) 433-8000
|
|
|
|
|
(Address, including zip code, of
principal executive offices and registrant’s
telephone number, including area code)
|
|
|
Large accelerated filer
|
þ
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
o
|
Emerging growth company
|
o
|
|
Page
|
|
Page
|
|
|
February 3,
2019 |
|
November 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions, except par value)
|
||||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
5,093
|
|
|
$
|
4,292
|
|
Trade accounts receivable, net
|
|
3,677
|
|
|
3,325
|
|
||
Inventory
|
|
1,074
|
|
|
1,124
|
|
||
Other current assets
|
|
760
|
|
|
366
|
|
||
Total current assets
|
|
10,604
|
|
|
9,107
|
|
||
Long-term assets:
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
2,684
|
|
|
2,635
|
|
||
Goodwill
|
|
36,647
|
|
|
26,913
|
|
||
Intangible assets, net
|
|
21,493
|
|
|
10,762
|
|
||
Other long-term assets
|
|
682
|
|
|
707
|
|
||
Total assets
|
|
$
|
72,110
|
|
|
$
|
50,124
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
738
|
|
|
$
|
811
|
|
Employee compensation and benefits
|
|
463
|
|
|
715
|
|
||
Current portion of long-term debt
|
|
3,537
|
|
|
—
|
|
||
Other current liabilities
|
|
3,611
|
|
|
812
|
|
||
Total current liabilities
|
|
8,349
|
|
|
2,338
|
|
||
Long-term liabilities:
|
|
|
|
|
||||
Long-term debt
|
|
34,104
|
|
|
17,493
|
|
||
Other long-term liabilities
|
|
6,433
|
|
|
3,636
|
|
||
Total liabilities
|
|
48,886
|
|
|
23,467
|
|
||
Commitments and contingencies (Note 11)
|
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
||||
Preferred stock, $0.001 par value; 100 shares authorized; no shares issued or outstanding as of February 3, 2019 or November 4, 2018
|
|
—
|
|
|
—
|
|
||
Common stock and additional paid-in capital, $0.001 par value; 2,900 shares authorized; 396 and 408 shares issued and outstanding as of February 3, 2019 and November 4, 2018, respectively
|
|
23,081
|
|
|
23,285
|
|
||
Retained earnings
|
|
259
|
|
|
3,487
|
|
||
Accumulated other comprehensive loss
|
|
(116
|
)
|
|
(115
|
)
|
||
Total stockholders’ equity
|
|
23,224
|
|
|
26,657
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
72,110
|
|
|
$
|
50,124
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions, except per share data)
|
||||||
Net revenue:
|
|
|
|
|
||||
Products
|
|
$
|
4,639
|
|
|
$
|
5,108
|
|
Subscriptions and services
|
|
1,150
|
|
|
219
|
|
||
Total net revenue
|
|
5,789
|
|
|
5,327
|
|
||
Cost of revenue:
|
|
|
|
|
||||
Cost of products sold
|
|
1,554
|
|
|
1,876
|
|
||
Cost of subscriptions and services
|
|
138
|
|
|
23
|
|
||
Purchase accounting effect on inventory
|
|
—
|
|
|
70
|
|
||
Amortization of acquisition-related intangible assets
|
|
833
|
|
|
715
|
|
||
Restructuring charges
|
|
56
|
|
|
15
|
|
||
Total cost of revenue
|
|
2,581
|
|
|
2,699
|
|
||
Gross margin
|
|
3,208
|
|
|
2,628
|
|
||
Research and development
|
|
1,133
|
|
|
925
|
|
||
Selling, general and administrative
|
|
471
|
|
|
291
|
|
||
Amortization of acquisition-related intangible assets
|
|
476
|
|
|
339
|
|
||
Restructuring, impairment and disposal charges
|
|
573
|
|
|
130
|
|
||
Total operating expenses
|
|
2,653
|
|
|
1,685
|
|
||
Operating income
|
|
555
|
|
|
943
|
|
||
Interest expense
|
|
(345
|
)
|
|
(183
|
)
|
||
Other income, net
|
|
68
|
|
|
35
|
|
||
Income from continuing operations before income taxes
|
|
278
|
|
|
795
|
|
||
Benefit from income taxes
|
|
(203
|
)
|
|
(5,786
|
)
|
||
Income from continuing operations
|
|
481
|
|
|
6,581
|
|
||
Loss from discontinued operations, net of income taxes
|
|
(10
|
)
|
|
(15
|
)
|
||
Net income
|
|
471
|
|
|
6,566
|
|
||
Net income attributable to noncontrolling interest
|
|
—
|
|
|
336
|
|
||
Net income attributable to common stock
|
|
$
|
471
|
|
|
$
|
6,230
|
|
|
|
|
|
|
||||
Basic income (loss) per share:
|
|
|
|
|
||||
Income per share from continuing operations
|
|
$
|
1.20
|
|
|
$
|
15.23
|
|
Loss per share from discontinued operations
|
|
(0.03
|
)
|
|
(0.03
|
)
|
||
Net income per share
|
|
$
|
1.17
|
|
|
$
|
15.20
|
|
|
|
|
|
|
||||
Diluted income (loss) per share:
|
|
|
|
|
||||
Income per share from continuing operations
|
|
$
|
1.15
|
|
|
$
|
14.66
|
|
Loss per share from discontinued operations
|
|
(0.03
|
)
|
|
(0.04
|
)
|
||
Net income per share
|
|
$
|
1.12
|
|
|
$
|
14.62
|
|
|
|
|
|
|
||||
Weighted-average shares:
|
|
|
|
|
||||
Basic
|
|
401
|
|
|
410
|
|
||
Diluted
|
|
419
|
|
|
426
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Net income
|
|
$
|
471
|
|
|
$
|
6,566
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
||||
Unrealized gain on available-for-sale investments
|
|
—
|
|
|
9
|
|
||
Other comprehensive income
|
|
—
|
|
|
9
|
|
||
Comprehensive income
|
|
471
|
|
|
6,575
|
|
||
Comprehensive income attributable to noncontrolling interest
|
|
—
|
|
|
336
|
|
||
Comprehensive income attributable to common stock
|
|
$
|
471
|
|
|
$
|
6,239
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
471
|
|
|
$
|
6,566
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Amortization of intangible assets
|
|
1,316
|
|
|
1,058
|
|
||
Depreciation
|
|
143
|
|
|
126
|
|
||
Stock-based compensation
|
|
465
|
|
|
299
|
|
||
Deferred taxes and other non-cash taxes
|
|
(379
|
)
|
|
(5,832
|
)
|
||
Non-cash restructuring, impairment and disposal charges
|
|
92
|
|
|
5
|
|
||
Non-cash interest expense
|
|
13
|
|
|
6
|
|
||
Other
|
|
(21
|
)
|
|
3
|
|
||
Changes in assets and liabilities, net of acquisitions and disposals:
|
|
|
|
|
||||
Trade accounts receivable, net
|
|
68
|
|
|
199
|
|
||
Inventory
|
|
50
|
|
|
250
|
|
||
Accounts payable
|
|
(169
|
)
|
|
(403
|
)
|
||
Employee compensation and benefits
|
|
(458
|
)
|
|
(376
|
)
|
||
Contributions to defined benefit pension plans
|
|
—
|
|
|
(129
|
)
|
||
Other current assets and current liabilities
|
|
506
|
|
|
284
|
|
||
Other long-term assets and long-term liabilities
|
|
35
|
|
|
(371
|
)
|
||
Net cash provided by operating activities
|
|
2,132
|
|
|
1,685
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Acquisitions of businesses, net of cash acquired
|
|
(16,027
|
)
|
|
(4,786
|
)
|
||
Proceeds from sales of businesses
|
|
957
|
|
|
782
|
|
||
Purchases of property, plant and equipment
|
|
(99
|
)
|
|
(220
|
)
|
||
Proceeds from disposals of property, plant and equipment
|
|
—
|
|
|
237
|
|
||
Purchases of investments
|
|
—
|
|
|
(244
|
)
|
||
Other
|
|
(24
|
)
|
|
4
|
|
||
Net cash used in investing activities
|
|
(15,193
|
)
|
|
(4,227
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from long-term borrowings
|
|
17,896
|
|
|
—
|
|
||
Repayment of debt
|
|
—
|
|
|
(856
|
)
|
||
Payment of debt issuance costs
|
|
(46
|
)
|
|
—
|
|
||
Other borrowings
|
|
531
|
|
|
—
|
|
||
Dividend and distribution payments
|
|
(1,067
|
)
|
|
(755
|
)
|
||
Repurchases of common stock - repurchase program
|
|
(3,436
|
)
|
|
—
|
|
||
Shares repurchased for tax withholdings on vesting of equity awards
|
|
(77
|
)
|
|
—
|
|
||
Issuance of common stock
|
|
62
|
|
|
34
|
|
||
Other
|
|
(1
|
)
|
|
(9
|
)
|
||
Net cash provided by (used in) financing activities
|
|
13,862
|
|
|
(1,586
|
)
|
||
Net change in cash and cash equivalents
|
|
801
|
|
|
(4,128
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
4,292
|
|
|
11,204
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
5,093
|
|
|
$
|
7,076
|
|
BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — UNAUDITED
|
||||||||||||||||||||||||||||||||||
|
|
Preferred Stock
|
|
Common Stock
and Additional
Paid-in Capital
|
|
Retained
Earnings/(Accumulated Deficit)
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Broadcom Inc.
Stockholders’
Equity
|
|
Noncontrolling Interest
|
|
Total
Equity
|
||||||||||||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||||
Balance as of November 4, 2018
|
|
—
|
|
|
$
|
—
|
|
|
408
|
|
|
$
|
23,285
|
|
|
$
|
3,487
|
|
|
$
|
(115
|
)
|
|
$
|
26,657
|
|
|
$
|
—
|
|
|
$
|
26,657
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
471
|
|
|
—
|
|
|
471
|
|
|
—
|
|
|
471
|
|
|||||||
Cumulative effect of accounting changes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
(1
|
)
|
|
7
|
|
|
—
|
|
|
7
|
|
|||||||
Fair value of partially vested equity awards assumed in connection with the acquisition of CA, Inc.
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
67
|
|
|||||||
Cash dividends declared and paid to stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,067
|
)
|
|
—
|
|
|
(1,067
|
)
|
|
—
|
|
|
(1,067
|
)
|
|||||||
Common stock issued
|
|
—
|
|
|
—
|
|
|
2
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|
62
|
|
|
—
|
|
|
62
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
540
|
|
|
—
|
|
|
—
|
|
|
540
|
|
|
—
|
|
|
540
|
|
|||||||
Repurchases of common stock
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
|
(796
|
)
|
|
(2,640
|
)
|
|
—
|
|
|
(3,436
|
)
|
|
—
|
|
|
(3,436
|
)
|
|||||||
Shares repurchased for tax withholdings on vesting of equity awards
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(77
|
)
|
|
—
|
|
|
—
|
|
|
(77
|
)
|
|
—
|
|
|
(77
|
)
|
|||||||
Balance as of February 3, 2019
|
|
—
|
|
|
$
|
—
|
|
|
396
|
|
|
$
|
23,081
|
|
|
$
|
259
|
|
|
$
|
(116
|
)
|
|
$
|
23,224
|
|
|
$
|
—
|
|
|
$
|
23,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance as of October 29, 2017
|
|
22
|
|
|
$
|
—
|
|
|
409
|
|
|
$
|
20,505
|
|
|
$
|
(129
|
)
|
|
$
|
(91
|
)
|
|
$
|
20,285
|
|
|
$
|
2,901
|
|
|
$
|
23,186
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,230
|
|
|
—
|
|
|
6,230
|
|
|
336
|
|
|
6,566
|
|
|||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|||||||
Cumulative effect of accounting changes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(252
|
)
|
|
—
|
|
|
(252
|
)
|
|
(14
|
)
|
|
(266
|
)
|
|||||||
Fair value of partially vested equity awards assumed in connection with the acquisition of Brocade Communications Systems, Inc.
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|||||||
Cash dividends declared and paid to stockholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(717
|
)
|
|
—
|
|
|
(717
|
)
|
|
—
|
|
|
(717
|
)
|
|||||||
Cash distribution declared and paid by Broadcom Cayman L.P. on exchangeable limited partnership units
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
(38
|
)
|
|||||||
Exchange of exchangeable limited partnership units for common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
(5
|
)
|
|
—
|
|
|||||||
Common stock issued
|
|
—
|
|
|
—
|
|
|
1
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
34
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
299
|
|
|||||||
Balance as of February 4, 2018
|
|
22
|
|
|
$
|
—
|
|
|
410
|
|
|
$
|
20,851
|
|
|
$
|
5,132
|
|
|
$
|
(82
|
)
|
|
$
|
25,901
|
|
|
$
|
3,180
|
|
|
$
|
29,081
|
|
|
|
Americas
|
|
Asia Pacific
|
|
Europe, the Middle East and Africa
|
|
Total
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
(In millions)
|
||||||||||||||
|
||||||||||||||||
Products
|
|
$
|
617
|
|
|
$
|
3,720
|
|
|
$
|
302
|
|
|
$
|
4,639
|
|
Subscriptions and services*
|
|
816
|
|
|
114
|
|
|
220
|
|
|
1,150
|
|
||||
Total
|
|
$
|
1,433
|
|
|
$
|
3,834
|
|
|
$
|
522
|
|
|
$
|
5,789
|
|
|
|
Contract Assets
|
|
Contract Liabilities
|
||||
|
|
|
|
|
||||
|
(In millions)
|
|||||||
Opening balance November 5, 2018*
|
|
$
|
18
|
|
|
$
|
272
|
|
|
|
|
|
|
||||
Closing balance February 3, 2019
|
|
$
|
173
|
|
|
$
|
2,209
|
|
Balance Sheet
|
|
November 4,
2018 |
|
Adjustments Due to Topic 606
|
|
November 5,
2018 |
||||||
|
|
|
|
|
|
|
||||||
|
|
(In millions)
|
||||||||||
ASSETS
|
|
|
|
|
|
|
||||||
Trade accounts receivable, net
|
|
$
|
3,325
|
|
|
$
|
11
|
|
|
$
|
3,336
|
|
Other current assets
|
|
$
|
366
|
|
|
$
|
10
|
|
|
$
|
376
|
|
Other long-term assets
|
|
$
|
707
|
|
|
$
|
20
|
|
|
$
|
727
|
|
LIABILITIES
|
|
|
|
|
|
|
||||||
Other current liabilities
|
|
$
|
812
|
|
|
$
|
35
|
|
|
$
|
847
|
|
Other long-term liabilities
|
|
$
|
3,636
|
|
|
$
|
6
|
|
|
$
|
3,642
|
|
|
|
Fiscal Quarter Ended February 3, 2019
|
||||||||||
Statement of Operations
|
|
Proforma as if the previous accounting was in effect
|
|
Effect of Change
Higher/(Lower) |
|
As Reported
|
||||||
|
|
|
|
|
|
|
||||||
|
|
(In millions)
|
||||||||||
Net revenue:
|
|
|
|
|
|
|
||||||
Products
|
|
$
|
4,639
|
|
|
$
|
—
|
|
|
$
|
4,639
|
|
Subscriptions and services
|
|
1,006
|
|
|
144
|
|
|
1,150
|
|
|||
Total net revenue
|
|
$
|
5,645
|
|
|
$
|
144
|
|
|
$
|
5,789
|
|
|
|
(In millions)
|
||
Cash paid for outstanding CA common stock
|
|
$
|
18,402
|
|
Cash paid by Broadcom to retire CA’s term loan
|
|
274
|
|
|
Cash paid for vested CA equity awards
|
|
101
|
|
|
Fair value of partially vested assumed equity awards
|
|
67
|
|
|
Total purchase consideration
|
|
18,844
|
|
|
Less: cash acquired
|
|
2,750
|
|
|
Total purchase consideration, net of cash acquired
|
|
$
|
16,094
|
|
|
|
Estimated Fair Value
|
||
|
|
(In millions)
|
||
Current assets
|
|
$
|
1,692
|
|
Goodwill
|
|
9,734
|
|
|
Intangible assets
|
|
12,045
|
|
|
Other long-term assets
|
|
237
|
|
|
Total assets acquired
|
|
23,708
|
|
|
Other current liabilities
|
|
(1,966
|
)
|
|
Long-term debt
|
|
(2,255
|
)
|
|
Other long-term liabilities
|
|
(3,393
|
)
|
|
Total liabilities assumed
|
|
(7,614
|
)
|
|
Fair value of net assets acquired
|
|
$
|
16,094
|
|
|
|
Fair Value
|
|
Weighted-Average Amortization Periods
|
||
|
|
(In millions)
|
|
(In years)
|
||
Developed technology
|
|
$
|
4,957
|
|
|
6
|
Customer contracts and related relationships
|
|
4,190
|
|
|
6
|
|
Order backlog
|
|
2,569
|
|
|
3
|
|
Trade name and other
|
|
137
|
|
|
5
|
|
Total identified finite-lived intangible assets
|
|
11,853
|
|
|
|
|
In-process research and development
|
|
192
|
|
|
N/A
|
|
Total identified intangible assets
|
|
$
|
12,045
|
|
|
|
Description
|
|
IPR&D
|
|
Percentage of Completion
|
|
Estimated Cost to Complete
|
|
Expected Release Date
(By Fiscal Year)
|
|||||
|
|
|
|
|
|
|
|
|
|||||
|
|
(Dollars in millions)
|
|||||||||||
Mainframe
|
|
$
|
178
|
|
|
67
|
%
|
|
$
|
138
|
|
|
2019
|
Enterprise Solutions
|
|
$
|
14
|
|
|
63
|
%
|
|
$
|
12
|
|
|
2019
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Pro forma net revenue*
|
|
$
|
5,561
|
|
|
$
|
6,166
|
|
Pro forma net income attributable to common stock
|
|
$
|
795
|
|
|
$
|
4,844
|
|
|
|
Fiscal Quarter Ended
|
||
|
|
February 4,
2018 |
||
|
|
|
||
|
|
(In millions)
|
||
Pro forma net revenue*
|
|
$
|
5,447
|
|
Pro forma net income attributable to common stock
|
|
$
|
6,333
|
|
|
|
February 3,
2019 |
|
November 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Finished goods
|
|
$
|
445
|
|
|
$
|
483
|
|
Work-in-process
|
|
511
|
|
|
505
|
|
||
Raw materials
|
|
118
|
|
|
136
|
|
||
Total inventory
|
|
$
|
1,074
|
|
|
$
|
1,124
|
|
|
|
February 3,
2019 |
|
November 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Prepaid expenses
|
|
$
|
304
|
|
|
$
|
243
|
|
Other (miscellaneous)
|
|
456
|
|
|
123
|
|
||
Total other current assets
|
|
$
|
760
|
|
|
$
|
366
|
|
|
|
February 3,
2019 |
|
November 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Contract liabilities
|
|
$
|
1,692
|
|
|
$
|
164
|
|
Notional pooling liabilities
|
|
549
|
|
|
—
|
|
||
Tax liabilities
|
|
656
|
|
|
162
|
|
||
Other (miscellaneous)
|
|
714
|
|
|
486
|
|
||
Total other current liabilities
|
|
$
|
3,611
|
|
|
$
|
812
|
|
|
|
February 3,
2019 |
|
November 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Unrecognized tax benefits
(a) (b)
|
|
$
|
3,250
|
|
|
$
|
3,088
|
|
Deferred tax liabilities
(a)
|
|
2,076
|
|
|
169
|
|
||
Contract liabilities
|
|
517
|
|
|
66
|
|
||
Other (miscellaneous)
|
|
590
|
|
|
313
|
|
||
Total other long-term liabilities
|
|
$
|
6,433
|
|
|
$
|
3,636
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Cash paid for interest
|
|
$
|
423
|
|
|
$
|
232
|
|
Cash paid for income taxes
|
|
$
|
95
|
|
|
$
|
109
|
|
|
|
Wired Infrastructure
|
|
Wireless Communications
|
|
Enterprise Storage
|
|
Industrial & Other
|
|
Semiconductor Solutions
|
|
Infrastructure Software
|
|
IP Licensing
|
|
Total
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||
Balance as of November 4, 2018
|
|
$
|
17,705
|
|
|
$
|
5,945
|
|
|
$
|
3,112
|
|
|
$
|
151
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26,913
|
|
Reallocation due to change in segments
|
|
(17,705
|
)
|
|
(5,945
|
)
|
|
(3,112
|
)
|
|
(151
|
)
|
|
25,924
|
|
|
980
|
|
|
9
|
|
|
—
|
|
||||||||
CA Merger
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,734
|
|
|
—
|
|
|
9,734
|
|
||||||||
Balance as of February 3, 2019
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,924
|
|
|
$
|
10,714
|
|
|
$
|
9
|
|
|
$
|
36,647
|
|
|
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Book
Value
|
||||||
|
|
|
|
|
|
|
||||||
|
|
(In millions)
|
||||||||||
As of February 3, 2019:
|
|
|
|
|
|
|
||||||
Purchased technology
|
|
$
|
20,783
|
|
|
$
|
(7,643
|
)
|
|
$
|
13,140
|
|
Customer contracts and related relationships
|
|
5,982
|
|
|
(1,107
|
)
|
|
4,875
|
|
|||
Order backlog
|
|
2,569
|
|
|
(227
|
)
|
|
2,342
|
|
|||
Trade names
|
|
712
|
|
|
(189
|
)
|
|
523
|
|
|||
Other
|
|
243
|
|
|
(63
|
)
|
|
180
|
|
|||
Intangible assets subject to amortization
|
|
30,289
|
|
|
(9,229
|
)
|
|
21,060
|
|
|||
IPR&D
|
|
433
|
|
|
—
|
|
|
433
|
|
|||
Total
|
|
$
|
30,722
|
|
|
$
|
(9,229
|
)
|
|
$
|
21,493
|
|
|
|
|
|
|
|
|
||||||
As of November 4, 2018:
|
|
|
|
|
|
|
||||||
Purchased technology
|
|
$
|
15,806
|
|
|
$
|
(6,816
|
)
|
|
$
|
8,990
|
|
Customer contracts and related relationships
|
|
1,792
|
|
|
(878
|
)
|
|
914
|
|
|||
Trade names
|
|
578
|
|
|
(170
|
)
|
|
408
|
|
|||
Other
|
|
239
|
|
|
(53
|
)
|
|
186
|
|
|||
Intangible assets subject to amortization
|
|
18,415
|
|
|
(7,917
|
)
|
|
10,498
|
|
|||
IPR&D
|
|
264
|
|
|
—
|
|
|
264
|
|
|||
Total
|
|
$
|
18,679
|
|
|
$
|
(7,917
|
)
|
|
$
|
10,762
|
|
Fiscal Year:
|
|
Expected Amortization Expense
|
||
|
|
(In millions)
|
||
2019 (remainder)
|
|
$
|
3,918
|
|
2020
|
|
5,024
|
|
|
2021
|
|
4,121
|
|
|
2022
|
|
3,153
|
|
|
2023
|
|
2,156
|
|
|
Thereafter
|
|
2,688
|
|
|
Total
|
|
$
|
21,060
|
|
Amortizable intangible assets:
|
|
February 3,
2019 |
|
|
(In years)
|
Purchased technology
|
|
6
|
Customer contracts and related relationships
|
|
6
|
Order backlog
|
|
3
|
Trade names
|
|
10
|
Other
|
|
10
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
Numerator:
|
|
(In millions, except per share data)
|
||||||
Income from continuing operations
|
|
$
|
481
|
|
|
$
|
6,581
|
|
Less: Income from continuing operations attributable to noncontrolling interest
|
|
—
|
|
|
337
|
|
||
Income from continuing operations attributable to common stock
|
|
481
|
|
|
6,244
|
|
||
|
|
|
|
|
||||
Loss from discontinued operations, net of income taxes
|
|
(10
|
)
|
|
(15
|
)
|
||
Less: Loss from discontinued operations, net of income taxes, attributable to noncontrolling interest
|
|
—
|
|
|
(1
|
)
|
||
Loss from discontinued operations, net of income taxes, attributable to common stock
|
|
(10
|
)
|
|
(14
|
)
|
||
|
|
|
|
|
||||
Net income attributable to common stock
|
|
$
|
471
|
|
|
$
|
6,230
|
|
Denominator:
|
|
|
|
|
||||
Weighted-average shares outstanding - basic
|
|
401
|
|
|
410
|
|
||
Dilutive effect of equity awards
|
|
18
|
|
|
16
|
|
||
Weighted-average shares outstanding - diluted
|
|
419
|
|
|
426
|
|
||
|
|
|
|
|
||||
Basic income per share:
|
|
|
|
|
||||
Income per share from continuing operations
|
|
$
|
1.20
|
|
|
$
|
15.23
|
|
Loss per share from discontinued operations
|
|
(0.03
|
)
|
|
(0.03
|
)
|
||
Net income per share
|
|
$
|
1.17
|
|
|
$
|
15.20
|
|
|
|
|
|
|
||||
Diluted income per share:
|
|
|
|
|
||||
Income per share from continuing operations
|
|
$
|
1.15
|
|
|
$
|
14.66
|
|
Loss per share from discontinued operations
|
|
(0.03
|
)
|
|
(0.04
|
)
|
||
Net income per share
|
|
$
|
1.12
|
|
|
$
|
14.62
|
|
|
|
Effective Interest Rate
|
|
February 3,
2019 |
|
November 4,
2018 |
|||||
|
|
|
|
|
|
|
|||||
|
|
(In millions)
|
|||||||||
2019 Term Loans - floating rate
|
|
|
|
|
|
|
|||||
LIBOR plus 1.125% term loan due November 2021
|
|
3.853
|
%
|
|
$
|
9,000
|
|
|
$
|
—
|
|
LIBOR plus 1.250% term loan due September 2021 to November 2023
|
|
3.892
|
%
|
|
9,000
|
|
|
—
|
|
||
|
|
|
|
18,000
|
|
|
—
|
|
|||
2017 Senior Notes - fixed rate
|
|
|
|
|
|
|
|||||
2.375% notes due January 2020
|
|
2.615
|
%
|
|
2,750
|
|
|
2,750
|
|
||
2.200% notes due January 2021
|
|
2.406
|
%
|
|
750
|
|
|
750
|
|
||
3.000% notes due January 2022
|
|
3.214
|
%
|
|
3,500
|
|
|
3,500
|
|
||
2.650% notes due January 2023
|
|
2.781
|
%
|
|
1,000
|
|
|
1,000
|
|
||
3.625% notes due January 2024
|
|
3.744
|
%
|
|
2,500
|
|
|
2,500
|
|
||
3.125% notes due January 2025
|
|
3.234
|
%
|
|
1,000
|
|
|
1,000
|
|
||
3.875% notes due January 2027
|
|
4.018
|
%
|
|
4,800
|
|
|
4,800
|
|
||
3.500% notes due January 2028
|
|
3.596
|
%
|
|
1,250
|
|
|
1,250
|
|
||
|
|
|
|
17,550
|
|
|
17,550
|
|
|||
Assumed CA Senior Notes - fixed rate
|
|
|
|
|
|
|
|||||
5.375% notes due December 2019
|
|
3.433
|
%
|
|
750
|
|
|
—
|
|
||
3.600% notes due August 2020
|
|
3.540
|
%
|
|
400
|
|
|
—
|
|
||
3.600% notes due August 2022
|
|
4.071
|
%
|
|
500
|
|
|
—
|
|
||
4.500% notes due August 2023
|
|
4.099
|
%
|
|
250
|
|
|
—
|
|
||
4.700% notes due March 2027
|
|
5.153
|
%
|
|
350
|
|
|
—
|
|
||
|
|
|
|
2,250
|
|
|
—
|
|
|||
Assumed Brocade Convertible Notes - fixed rate
|
|
|
|
|
|
|
|||||
1.375% convertible notes due January 2020
|
|
0.628
|
%
|
|
37
|
|
|
37
|
|
||
|
|
|
|
37
|
|
|
37
|
|
|||
Assumed BRCM Senior Notes - fixed rate
|
|
|
|
|
|
|
|||||
2.50% - 4.50% notes due August 2022 - August 2034
|
|
2.50% - 4.50%
|
|
|
22
|
|
|
22
|
|
||
Total principal amount outstanding
|
|
|
|
37,859
|
|
|
17,609
|
|
|||
Less: Unaccreted discount, premium and unamortized debt issuance costs
|
|
|
|
(218
|
)
|
|
(116
|
)
|
|||
Total carrying value of debt
|
|
|
|
$
|
37,641
|
|
|
$
|
17,493
|
|
Fiscal Year:
|
|
Future Scheduled Principal Payments
|
||
|
|
(In millions)
|
||
2019 (remainder)
|
|
$
|
—
|
|
2020
|
|
3,937
|
|
|
2021
|
|
1,650
|
|
|
2022
|
|
13,909
|
|
|
2023
|
|
2,150
|
|
|
Thereafter
|
|
16,213
|
|
|
Total
|
|
$
|
37,859
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions, except per share data)
|
||||||
Cash dividends and distributions declared and paid per share/unit
|
|
$
|
2.65
|
|
|
$
|
1.75
|
|
Cash dividends paid to stockholders
|
|
$
|
1,067
|
|
|
$
|
717
|
|
Cash distributions paid to limited partners
|
|
$
|
—
|
|
|
$
|
38
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Cost of products sold
|
|
$
|
26
|
|
|
$
|
18
|
|
Cost of subscriptions and services
|
|
8
|
|
|
2
|
|
||
Research and development
|
|
311
|
|
|
203
|
|
||
Selling, general and administrative
|
|
120
|
|
|
76
|
|
||
Total stock-based compensation expense
|
|
$
|
465
|
|
|
$
|
299
|
|
|
|
Number of RSUs
Outstanding
|
|
Weighted-Average
Grant Date
Fair Value
Per Share
|
|||
|
|
|
|
|
|||
|
|
(In millions, except per share data)
|
|||||
Balance as of November 4, 2018
|
|
18
|
|
|
$
|
195.50
|
|
Assumed in CA Merger
|
|
1
|
|
|
$
|
206.14
|
|
Granted
|
|
32
|
|
|
$
|
177.07
|
|
Vested
|
|
(1
|
)
|
|
$
|
207.90
|
|
Forfeited
|
|
—
|
|
*
|
$
|
163.76
|
|
Balance as of February 3, 2019
|
|
50
|
|
|
$
|
184.07
|
|
|
|
Number of Options
Outstanding
|
|
|
Weighted-
Average
Exercise Price
Per Share
|
|
Weighted-
Average
Remaining
Contractual
Life (In years)
|
|
Aggregate
Intrinsic
Value
|
|||||
|
|
|
|
|
|
|
|
|
|
|||||
|
|
(In millions, except years and per share data)
|
||||||||||||
Balance as of November 4, 2018
|
|
8
|
|
|
|
$
|
50.14
|
|
|
|
|
|
||
Exercised
|
|
(2
|
)
|
|
|
$
|
49.94
|
|
|
|
|
$
|
253
|
|
Cancelled
|
|
—
|
|
*
|
|
$
|
98.85
|
|
|
|
|
|
||
Balance as of February 3, 2019
|
|
6
|
|
|
|
$
|
50.17
|
|
|
1.75
|
|
$
|
1,403
|
|
Fully vested as of February 3, 2019
|
|
6
|
|
|
|
$
|
50.17
|
|
|
1.75
|
|
$
|
1,403
|
|
Fully vested and expected to vest as of February 3, 2019
|
|
6
|
|
|
|
$
|
50.17
|
|
|
1.75
|
|
$
|
1,403
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Net revenue:
|
|
|
|
|
||||
Semiconductor solutions
|
|
$
|
4,374
|
|
|
$
|
4,955
|
|
Infrastructure software
|
|
1,403
|
|
|
328
|
|
||
IP licensing
|
|
12
|
|
|
44
|
|
||
Total net revenue
|
|
$
|
5,789
|
|
|
$
|
5,327
|
|
|
|
|
|
|
||||
Operating income (loss):
|
|
|
|
|
||||
Semiconductor solutions
|
|
$
|
2,037
|
|
|
$
|
2,325
|
|
Infrastructure software
|
|
1,020
|
|
|
216
|
|
||
IP licensing
|
|
(5
|
)
|
|
26
|
|
||
Unallocated expenses
|
|
(2,497
|
)
|
|
(1,624
|
)
|
||
Total operating income
|
|
$
|
555
|
|
|
$
|
943
|
|
|
|
|
|
Fiscal Year
|
|
|
||||||||||||||||||||||
|
|
Total
|
|
2019 (remainder)
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||
Debt principal, interest and fees
|
|
$
|
43,716
|
|
|
$
|
861
|
|
|
$
|
5,231
|
|
|
$
|
2,810
|
|
|
$
|
14,745
|
|
|
$
|
2,854
|
|
|
$
|
17,215
|
|
Purchase commitments
|
|
809
|
|
|
718
|
|
|
72
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other contractual commitments
|
|
245
|
|
|
134
|
|
|
87
|
|
|
15
|
|
|
6
|
|
|
3
|
|
|
—
|
|
|||||||
Operating lease obligations
|
|
919
|
|
|
101
|
|
|
119
|
|
|
100
|
|
|
71
|
|
|
63
|
|
|
465
|
|
|||||||
Total
|
|
$
|
45,689
|
|
|
$
|
1,814
|
|
|
$
|
5,509
|
|
|
$
|
2,944
|
|
|
$
|
14,822
|
|
|
$
|
2,920
|
|
|
$
|
17,680
|
|
•
|
In connection with the CA Merger, we initiated cost reduction activities. As a result, we recognized
$594 million
of restructuring expense primarily related to employee termination and lease and other exit costs during the fiscal quarter ended
February 3, 2019
.
|
•
|
During the first quarter of fiscal year 2018, we initiated cost reduction activities associated with the acquisition of Brocade. As a result, we recognized
$2 million
and
$108 million
of restructuring expense during the fiscal quarters ended
February 3, 2019
and
February 4, 2018
, respectively. These restructuring expenses primarily related to lease and other exit costs for the fiscal quarter ended
February 3, 2019
and employee termination costs for the fiscal quarter ended
February 4, 2018
.
|
•
|
During the second quarter of fiscal year 2016, we initiated cost reduction activities associated with the acquisition of BRCM. As a result, we recognized
$3 million
and
$31 million
of restructuring expense during the fiscal quarters ended
February 3, 2019
and
February 4, 2018
, respectively. These restructuring expenses primarily related to employee termination costs for the fiscal quarter ended
February 3, 2019
and lease and other exit costs for the fiscal quarter ended
February 4, 2018
. As of February 3, 2019, we have completed the restructuring activities related to the acquisition of BRCM.
|
|
|
Employee Termination Costs
|
|
Leases and Other Exit Costs
|
|
Total
|
||||||
|
|
|
|
|
|
|
||||||
|
|
(In millions)
|
||||||||||
Balance as of November 4, 2018
|
|
$
|
16
|
|
|
$
|
6
|
|
|
$
|
22
|
|
Liabilities assumed from CA
|
|
29
|
|
|
38
|
|
|
67
|
|
|||
Restructuring charges
|
|
502
|
|
|
97
|
|
|
599
|
|
|||
Utilization
|
|
(314
|
)
|
|
(17
|
)
|
|
(331
|
)
|
|||
Balance as of February 3, 2019
(a)
|
|
$
|
233
|
|
|
$
|
124
|
|
|
$
|
357
|
|
|
|
Condensed Consolidating Balance Sheet
|
||||||||||||||||||||||
|
|
February 3, 2019
|
||||||||||||||||||||||
|
|
Parent Guarantor
|
|
Subsidiary Guarantor
|
|
Subsidiary Issuers
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Totals
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
724
|
|
|
$
|
4,369
|
|
|
$
|
—
|
|
|
$
|
5,093
|
|
Trade accounts receivable, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,677
|
|
|
—
|
|
|
3,677
|
|
||||||
Inventory
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,074
|
|
|
—
|
|
|
1,074
|
|
||||||
Intercompany receivable
|
|
122
|
|
|
—
|
|
|
857
|
|
|
280
|
|
|
(1,259
|
)
|
|
—
|
|
||||||
Intercompany loan receivable
|
|
—
|
|
|
—
|
|
|
10,372
|
|
|
9,045
|
|
|
(19,417
|
)
|
|
—
|
|
||||||
Other current assets
|
|
50
|
|
|
—
|
|
|
44
|
|
|
666
|
|
|
—
|
|
|
760
|
|
||||||
Total current assets
|
|
172
|
|
|
—
|
|
|
11,997
|
|
|
19,111
|
|
|
(20,676
|
)
|
|
10,604
|
|
||||||
Long-term assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
772
|
|
|
1,912
|
|
|
—
|
|
|
2,684
|
|
||||||
Goodwill
|
|
—
|
|
|
—
|
|
|
1,360
|
|
|
35,287
|
|
|
—
|
|
|
36,647
|
|
||||||
Intangible assets, net
|
|
—
|
|
|
—
|
|
|
82
|
|
|
21,411
|
|
|
—
|
|
|
21,493
|
|
||||||
Investment in subsidiaries
|
|
54,829
|
|
|
37,121
|
|
|
48,516
|
|
|
—
|
|
|
(140,466
|
)
|
|
—
|
|
||||||
Intercompany loan receivable, long-term
|
|
—
|
|
|
—
|
|
|
—
|
|
|
918
|
|
|
(918
|
)
|
|
—
|
|
||||||
Other long-term assets
|
|
31
|
|
|
—
|
|
|
47
|
|
|
604
|
|
|
—
|
|
|
682
|
|
||||||
Total assets
|
|
$
|
55,032
|
|
|
$
|
37,121
|
|
|
$
|
62,774
|
|
|
$
|
79,243
|
|
|
$
|
(162,060
|
)
|
|
$
|
72,110
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
69
|
|
|
$
|
652
|
|
|
$
|
—
|
|
|
$
|
738
|
|
Employee compensation and benefits
|
|
—
|
|
|
—
|
|
|
106
|
|
|
357
|
|
|
—
|
|
|
463
|
|
||||||
Current portion of long-term debt
|
|
—
|
|
|
—
|
|
|
2,750
|
|
|
787
|
|
|
—
|
|
|
3,537
|
|
||||||
Intercompany payable
|
|
255
|
|
|
—
|
|
|
95
|
|
|
909
|
|
|
(1,259
|
)
|
|
—
|
|
||||||
Intercompany loan payable
|
|
13,610
|
|
|
—
|
|
|
4,675
|
|
|
1,132
|
|
|
(19,417
|
)
|
|
—
|
|
||||||
Other current liabilities
|
|
62
|
|
|
(72
|
)
|
|
105
|
|
|
3,516
|
|
|
—
|
|
|
3,611
|
|
||||||
Total current liabilities
|
|
13,944
|
|
|
(72
|
)
|
|
7,800
|
|
|
7,353
|
|
|
(20,676
|
)
|
|
8,349
|
|
||||||
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
|
17,890
|
|
|
—
|
|
|
14,713
|
|
|
1,501
|
|
|
—
|
|
|
34,104
|
|
||||||
Deferred tax liabilities
|
|
(1
|
)
|
|
—
|
|
|
(305
|
)
|
|
2,382
|
|
|
—
|
|
|
2,076
|
|
||||||
Intercompany loan payable, long-term
|
|
—
|
|
|
—
|
|
|
918
|
|
|
—
|
|
|
(918
|
)
|
|
—
|
|
||||||
Unrecognized tax benefits
|
|
—
|
|
|
—
|
|
|
2,421
|
|
|
829
|
|
|
—
|
|
|
3,250
|
|
||||||
Other long-term liabilities
|
|
(25
|
)
|
|
96
|
|
|
103
|
|
|
933
|
|
|
—
|
|
|
1,107
|
|
||||||
Total liabilities
|
|
31,808
|
|
|
24
|
|
|
25,650
|
|
|
12,998
|
|
|
(21,594
|
)
|
|
48,886
|
|
||||||
Total stockholders’ equity
|
|
23,224
|
|
|
37,097
|
|
|
37,124
|
|
|
66,245
|
|
|
(140,466
|
)
|
|
23,224
|
|
||||||
Total liabilities and stockholders' equity
|
|
$
|
55,032
|
|
|
$
|
37,121
|
|
|
$
|
62,774
|
|
|
$
|
79,243
|
|
|
$
|
(162,060
|
)
|
|
$
|
72,110
|
|
|
|
Condensed Consolidating Balance Sheet
|
||||||||||||||||||||||
|
|
November 4, 2018
|
||||||||||||||||||||||
|
|
Parent Guarantor
|
|
Subsidiary Guarantor
|
|
Subsidiary Issuers
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Totals
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,461
|
|
|
$
|
1,831
|
|
|
$
|
—
|
|
|
$
|
4,292
|
|
Trade accounts receivable, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,325
|
|
|
—
|
|
|
3,325
|
|
||||||
Inventory
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,124
|
|
|
—
|
|
|
1,124
|
|
||||||
Intercompany receivable
|
|
56
|
|
|
—
|
|
|
182
|
|
|
67
|
|
|
(305
|
)
|
|
—
|
|
||||||
Intercompany loan receivable
|
|
—
|
|
|
—
|
|
|
9,780
|
|
|
4,713
|
|
|
(14,493
|
)
|
|
—
|
|
||||||
Other current assets
|
|
52
|
|
|
—
|
|
|
37
|
|
|
277
|
|
|
—
|
|
|
366
|
|
||||||
Total current assets
|
|
108
|
|
|
—
|
|
|
12,460
|
|
|
11,337
|
|
|
(14,798
|
)
|
|
9,107
|
|
||||||
Long-term assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Property, plant and equipment, net
|
|
—
|
|
|
—
|
|
|
772
|
|
|
1,863
|
|
|
—
|
|
|
2,635
|
|
||||||
Goodwill
|
|
—
|
|
|
—
|
|
|
1,360
|
|
|
25,553
|
|
|
—
|
|
|
26,913
|
|
||||||
Intangible assets, net
|
|
—
|
|
|
—
|
|
|
84
|
|
|
10,678
|
|
|
—
|
|
|
10,762
|
|
||||||
Investment in subsidiaries
|
|
35,268
|
|
|
35,268
|
|
|
46,745
|
|
|
—
|
|
|
(117,281
|
)
|
|
—
|
|
||||||
Intercompany loan receivable, long-term
|
|
—
|
|
|
—
|
|
|
—
|
|
|
991
|
|
|
(991
|
)
|
|
—
|
|
||||||
Other long-term assets
|
|
—
|
|
|
—
|
|
|
250
|
|
|
457
|
|
|
—
|
|
|
707
|
|
||||||
Total assets
|
|
$
|
35,376
|
|
|
$
|
35,268
|
|
|
$
|
61,671
|
|
|
$
|
50,879
|
|
|
$
|
(133,070
|
)
|
|
$
|
50,124
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
44
|
|
|
$
|
748
|
|
|
$
|
—
|
|
|
$
|
811
|
|
Employee compensation and benefits
|
|
—
|
|
|
—
|
|
|
272
|
|
|
443
|
|
|
—
|
|
|
715
|
|
||||||
Intercompany payable
|
|
9
|
|
|
—
|
|
|
58
|
|
|
238
|
|
|
(305
|
)
|
|
—
|
|
||||||
Intercompany loan payable
|
|
8,691
|
|
|
—
|
|
|
4,713
|
|
|
1,089
|
|
|
(14,493
|
)
|
|
—
|
|
||||||
Other current liabilities
|
|
—
|
|
|
—
|
|
|
219
|
|
|
593
|
|
|
—
|
|
|
812
|
|
||||||
Total current liabilities
|
|
8,719
|
|
|
—
|
|
|
5,306
|
|
|
3,111
|
|
|
(14,798
|
)
|
|
2,338
|
|
||||||
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Long-term debt
|
|
—
|
|
|
—
|
|
|
17,456
|
|
|
37
|
|
|
—
|
|
|
17,493
|
|
||||||
Deferred tax liabilities
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
216
|
|
|
—
|
|
|
169
|
|
||||||
Intercompany loan payable, long-term
|
|
—
|
|
|
—
|
|
|
991
|
|
|
—
|
|
|
(991
|
)
|
|
—
|
|
||||||
Unrecognized tax benefits
|
|
—
|
|
|
—
|
|
|
2,563
|
|
|
525
|
|
|
—
|
|
|
3,088
|
|
||||||
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
131
|
|
|
248
|
|
|
—
|
|
|
379
|
|
||||||
Total liabilities
|
|
8,719
|
|
|
—
|
|
|
26,400
|
|
|
4,137
|
|
|
(15,789
|
)
|
|
23,467
|
|
||||||
Total stockholders’ equity
|
|
26,657
|
|
|
35,268
|
|
|
35,271
|
|
|
46,742
|
|
|
(117,281
|
)
|
|
26,657
|
|
||||||
Total liabilities and stockholders' equity
|
|
$
|
35,376
|
|
|
$
|
35,268
|
|
|
$
|
61,671
|
|
|
$
|
50,879
|
|
|
$
|
(133,070
|
)
|
|
$
|
50,124
|
|
|
|
Condensed Consolidating Statements of Operations and Comprehensive Income
|
||||||||||||||||||||||
|
|
Fiscal Quarter Ended
|
||||||||||||||||||||||
|
|
February 3, 2019
|
||||||||||||||||||||||
|
|
Parent Guarantor
|
|
Subsidiary Guarantor
|
|
Subsidiary Issuers
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Totals
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Products
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,639
|
|
|
$
|
—
|
|
|
$
|
4,639
|
|
Subscriptions and services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,150
|
|
|
—
|
|
|
1,150
|
|
||||||
Intercompany revenue
|
|
—
|
|
|
—
|
|
|
397
|
|
|
—
|
|
|
(397
|
)
|
|
—
|
|
||||||
Total net revenue
|
|
—
|
|
|
—
|
|
|
397
|
|
|
5,789
|
|
|
(397
|
)
|
|
5,789
|
|
||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of products sold
|
|
—
|
|
|
—
|
|
|
31
|
|
|
1,523
|
|
|
—
|
|
|
1,554
|
|
||||||
Cost of subscriptions and services
|
|
—
|
|
|
—
|
|
|
3
|
|
|
135
|
|
|
—
|
|
|
138
|
|
||||||
Intercompany cost of products sold
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
(23
|
)
|
|
—
|
|
||||||
Amortization of acquisition-related intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
833
|
|
|
—
|
|
|
833
|
|
||||||
Restructuring charges
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
63
|
|
|
—
|
|
|
56
|
|
||||||
Total cost of revenue
|
|
—
|
|
|
—
|
|
|
27
|
|
|
2,577
|
|
|
(23
|
)
|
|
2,581
|
|
||||||
Gross margin
|
|
—
|
|
|
—
|
|
|
370
|
|
|
3,212
|
|
|
(374
|
)
|
|
3,208
|
|
||||||
Research and development
|
|
—
|
|
|
—
|
|
|
447
|
|
|
686
|
|
|
—
|
|
|
1,133
|
|
||||||
Intercompany operating expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
374
|
|
|
(374
|
)
|
|
—
|
|
||||||
Selling, general and administrative
|
|
52
|
|
|
—
|
|
|
81
|
|
|
338
|
|
|
—
|
|
|
471
|
|
||||||
Amortization of acquisition-related intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
476
|
|
|
—
|
|
|
476
|
|
||||||
Restructuring, impairment and disposal charges
|
|
—
|
|
|
—
|
|
|
8
|
|
|
565
|
|
|
—
|
|
|
573
|
|
||||||
Total operating expenses
|
|
52
|
|
|
—
|
|
|
536
|
|
|
2,439
|
|
|
(374
|
)
|
|
2,653
|
|
||||||
Operating income (loss)
|
|
(52
|
)
|
|
—
|
|
|
(166
|
)
|
|
773
|
|
|
—
|
|
|
555
|
|
||||||
Interest expense
|
|
(175
|
)
|
|
—
|
|
|
(148
|
)
|
|
(22
|
)
|
|
—
|
|
|
(345
|
)
|
||||||
Intercompany interest expense
|
|
(86
|
)
|
|
—
|
|
|
(41
|
)
|
|
(8
|
)
|
|
135
|
|
|
—
|
|
||||||
Other income (loss), net
|
|
(1
|
)
|
|
—
|
|
|
9
|
|
|
60
|
|
|
—
|
|
|
68
|
|
||||||
Intercompany interest income
|
|
—
|
|
|
—
|
|
|
79
|
|
|
56
|
|
|
(135
|
)
|
|
—
|
|
||||||
Intercompany other income (expense), net
|
|
77
|
|
|
—
|
|
|
—
|
|
|
(77
|
)
|
|
—
|
|
|
—
|
|
||||||
Income (loss) from continuing operations before income taxes and earnings in subsidiaries
|
|
(237
|
)
|
|
—
|
|
|
(267
|
)
|
|
782
|
|
|
—
|
|
|
278
|
|
||||||
Provision for (benefit from) income taxes
|
|
(24
|
)
|
|
24
|
|
|
(177
|
)
|
|
(26
|
)
|
|
—
|
|
|
(203
|
)
|
||||||
Income (loss) from continuing operations before earnings in subsidiaries
|
|
(213
|
)
|
|
(24
|
)
|
|
(90
|
)
|
|
808
|
|
|
—
|
|
|
481
|
|
||||||
Earnings in subsidiaries
|
|
684
|
|
|
1,479
|
|
|
1,569
|
|
|
—
|
|
|
(3,732
|
)
|
|
—
|
|
||||||
Income from continuing operations and earnings in subsidiaries
|
|
471
|
|
|
1,455
|
|
|
1,479
|
|
|
808
|
|
|
(3,732
|
)
|
|
481
|
|
||||||
Loss from discontinued operations, net of income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
||||||
Net income
|
|
$
|
471
|
|
|
$
|
1,455
|
|
|
$
|
1,479
|
|
|
$
|
798
|
|
|
$
|
(3,732
|
)
|
|
$
|
471
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
|
$
|
471
|
|
|
$
|
1,455
|
|
|
$
|
1,479
|
|
|
$
|
798
|
|
|
$
|
(3,732
|
)
|
|
$
|
471
|
|
|
|
Condensed Consolidating Statements of Operations and Comprehensive Income
|
||||||||||||||||||||||
|
|
Fiscal Quarter Ended
|
||||||||||||||||||||||
|
|
February 4, 2018
|
||||||||||||||||||||||
|
|
Parent Guarantor
|
|
Subsidiary Guarantor
|
|
Subsidiary Issuers
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Totals
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Products
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,108
|
|
|
$
|
—
|
|
|
$
|
5,108
|
|
Subscriptions and services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
219
|
|
|
—
|
|
|
219
|
|
||||||
Intercompany revenue
|
|
—
|
|
|
—
|
|
|
584
|
|
|
—
|
|
|
(584
|
)
|
|
—
|
|
||||||
Total revenue
|
|
—
|
|
|
—
|
|
|
584
|
|
|
5,327
|
|
|
(584
|
)
|
|
5,327
|
|
||||||
Cost of revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of products sold
|
|
—
|
|
|
—
|
|
|
29
|
|
|
1,847
|
|
|
—
|
|
|
1,876
|
|
||||||
Cost of subscriptions and services
|
|
—
|
|
|
—
|
|
|
3
|
|
|
20
|
|
|
—
|
|
|
23
|
|
||||||
Intercompany cost of products sold
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
(34
|
)
|
|
—
|
|
||||||
Purchase accounting effect on inventory
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
70
|
|
||||||
Amortization of acquisition-related intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
715
|
|
|
—
|
|
|
715
|
|
||||||
Restructuring charges
|
|
—
|
|
|
—
|
|
|
2
|
|
|
13
|
|
|
—
|
|
|
15
|
|
||||||
Total cost of revenue
|
|
—
|
|
|
—
|
|
|
34
|
|
|
2,699
|
|
|
(34
|
)
|
|
2,699
|
|
||||||
Gross margin
|
|
—
|
|
|
—
|
|
|
550
|
|
|
2,628
|
|
|
(550
|
)
|
|
2,628
|
|
||||||
Research and development
|
|
—
|
|
|
—
|
|
|
406
|
|
|
519
|
|
|
—
|
|
|
925
|
|
||||||
Intercompany operating expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
550
|
|
|
(550
|
)
|
|
—
|
|
||||||
Selling, general and administrative
|
|
—
|
|
|
—
|
|
|
85
|
|
|
206
|
|
|
—
|
|
|
291
|
|
||||||
Amortization of acquisition-related intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
339
|
|
|
—
|
|
|
339
|
|
||||||
Restructuring, impairment and disposal charges
|
|
—
|
|
|
—
|
|
|
33
|
|
|
97
|
|
|
—
|
|
|
130
|
|
||||||
Total operating expenses
|
|
—
|
|
|
—
|
|
|
524
|
|
|
1,711
|
|
|
(550
|
)
|
|
1,685
|
|
||||||
Operating income
|
|
—
|
|
|
—
|
|
|
26
|
|
|
917
|
|
|
—
|
|
|
943
|
|
||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
(181
|
)
|
|
(2
|
)
|
|
—
|
|
|
(183
|
)
|
||||||
Intercompany interest expense
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
(574
|
)
|
|
633
|
|
|
—
|
|
||||||
Other income, net
|
|
—
|
|
|
—
|
|
|
19
|
|
|
16
|
|
|
—
|
|
|
35
|
|
||||||
Intercompany interest income
|
|
—
|
|
|
—
|
|
|
574
|
|
|
59
|
|
|
(633
|
)
|
|
—
|
|
||||||
Intercompany other income (expense), net
|
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
57
|
|
|
—
|
|
|
—
|
|
||||||
Income from continuing operations before income taxes and earnings in subsidiaries
|
|
—
|
|
|
—
|
|
|
322
|
|
|
473
|
|
|
—
|
|
|
795
|
|
||||||
Benefit from income taxes
|
|
—
|
|
|
—
|
|
|
(5,460
|
)
|
|
(326
|
)
|
|
—
|
|
|
(5,786
|
)
|
||||||
Income from continuing operations before earnings in subsidiaries
|
|
—
|
|
|
—
|
|
|
5,782
|
|
|
799
|
|
|
—
|
|
|
6,581
|
|
||||||
Earnings in subsidiaries
|
|
6,230
|
|
|
6,566
|
|
|
638
|
|
|
—
|
|
|
(13,434
|
)
|
|
—
|
|
||||||
Income from continuing operations and earnings in subsidiaries
|
|
6,230
|
|
|
6,566
|
|
|
6,420
|
|
|
799
|
|
|
(13,434
|
)
|
|
6,581
|
|
||||||
Loss from discontinued operations, net of income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
||||||
Net income
|
|
6,230
|
|
|
6,566
|
|
|
6,420
|
|
|
784
|
|
|
(13,434
|
)
|
|
6,566
|
|
||||||
Net income attributable to noncontrolling interest
|
|
—
|
|
|
336
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
336
|
|
||||||
Net income attributable to common stock
|
|
$
|
6,230
|
|
|
$
|
6,230
|
|
|
$
|
6,420
|
|
|
$
|
784
|
|
|
$
|
(13,434
|
)
|
|
$
|
6,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
$
|
6,230
|
|
|
$
|
6,566
|
|
|
$
|
6,420
|
|
|
$
|
784
|
|
|
$
|
(13,434
|
)
|
|
$
|
6,566
|
|
Unrealized gain on available-for-sale investments
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||
Comprehensive income
|
|
6,230
|
|
|
6,566
|
|
|
6,429
|
|
|
784
|
|
|
(13,434
|
)
|
|
6,575
|
|
||||||
Comprehensive income attributable to noncontrolling interest
|
|
—
|
|
|
336
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
336
|
|
||||||
Comprehensive income attributable to common stock
|
|
$
|
6,230
|
|
|
$
|
6,230
|
|
|
$
|
6,429
|
|
|
$
|
784
|
|
|
$
|
(13,434
|
)
|
|
$
|
6,239
|
|
|
|
Condensed Consolidating Statements of Cash Flows
|
||||||||||||||||||||||
|
|
Fiscal Quarter Ended
|
||||||||||||||||||||||
|
|
February 3, 2019
|
||||||||||||||||||||||
|
|
Parent Guarantor
|
|
Subsidiary Guarantor
|
|
Subsidiary Issuers
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Totals
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
$
|
471
|
|
|
$
|
1,455
|
|
|
$
|
1,479
|
|
|
$
|
798
|
|
|
$
|
(3,732
|
)
|
|
$
|
471
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
|
(561
|
)
|
|
(1,455
|
)
|
|
(2,475
|
)
|
|
2,420
|
|
|
3,732
|
|
|
1,661
|
|
||||||
Net cash provided by (used in) operating activities
|
|
(90
|
)
|
|
—
|
|
|
(996
|
)
|
|
3,218
|
|
|
—
|
|
|
2,132
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net change in intercompany loans
|
|
800
|
|
|
—
|
|
|
(592
|
)
|
|
(3,087
|
)
|
|
2,879
|
|
|
—
|
|
||||||
Acquisitions of businesses, net of cash acquired
|
|
(17,865
|
)
|
|
—
|
|
|
—
|
|
|
1,838
|
|
|
—
|
|
|
(16,027
|
)
|
||||||
Proceeds from sales of businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
957
|
|
|
—
|
|
|
957
|
|
||||||
Purchases of property, plant and equipment
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
(71
|
)
|
|
8
|
|
|
(99
|
)
|
||||||
Proceeds from disposals of property, plant and equipment
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
(24
|
)
|
||||||
Net cash provided by (used in) investing activities
|
|
(17,065
|
)
|
|
—
|
|
|
(620
|
)
|
|
(387
|
)
|
|
2,879
|
|
|
(15,193
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividend and distribution payments
|
|
(1,067
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,067
|
)
|
||||||
Net intercompany borrowings
|
|
3,746
|
|
|
—
|
|
|
(110
|
)
|
|
(757
|
)
|
|
(2,879
|
)
|
|
—
|
|
||||||
Proceeds from long-term borrowings
|
|
17,896
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,896
|
|
||||||
Other borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
531
|
|
|
—
|
|
|
531
|
|
||||||
Payment of debt issuance costs
|
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
||||||
Repurchases of common stock - repurchase program
|
|
(3,436
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,436
|
)
|
||||||
Issuance of common stock
|
|
62
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
62
|
|
||||||
Shares repurchased for tax withholdings on vesting of equity awards
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
(66
|
)
|
|
—
|
|
|
(77
|
)
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||
Net cash provided by (used in) financing activities
|
|
17,155
|
|
|
—
|
|
|
(121
|
)
|
|
(293
|
)
|
|
(2,879
|
)
|
|
13,862
|
|
||||||
Net change in cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
(1,737
|
)
|
|
2,538
|
|
|
—
|
|
|
801
|
|
||||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
—
|
|
|
2,461
|
|
|
1,831
|
|
|
—
|
|
|
4,292
|
|
||||||
Cash and cash equivalents at end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
724
|
|
|
$
|
4,369
|
|
|
$
|
—
|
|
|
$
|
5,093
|
|
|
|
Condensed Consolidating Statements of Cash Flows
|
||||||||||||||||||||||
|
|
Fiscal Quarter Ended
|
||||||||||||||||||||||
|
|
February 4, 2018
|
||||||||||||||||||||||
|
|
Parent Guarantor
|
|
Subsidiary Guarantor
|
|
Subsidiary Issuers
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Totals
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net income
|
|
$
|
6,230
|
|
|
$
|
6,566
|
|
|
$
|
6,420
|
|
|
$
|
784
|
|
|
$
|
(13,434
|
)
|
|
$
|
6,566
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
|
(6,230
|
)
|
|
(6,566
|
)
|
|
(6,763
|
)
|
|
1,244
|
|
|
13,434
|
|
|
(4,881
|
)
|
||||||
Net cash provided by (used in) operating activities
|
|
—
|
|
|
—
|
|
|
(343
|
)
|
|
2,028
|
|
|
—
|
|
|
1,685
|
|
||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany contributions paid
|
|
—
|
|
|
—
|
|
|
(9,099
|
)
|
|
(2,900
|
)
|
|
11,999
|
|
|
—
|
|
||||||
Distributions received from subsidiaries
|
|
—
|
|
|
—
|
|
|
—
|
|
|
755
|
|
|
(755
|
)
|
|
—
|
|
||||||
Net change in intercompany loans
|
|
—
|
|
|
—
|
|
|
93
|
|
|
(4,241
|
)
|
|
4,148
|
|
|
—
|
|
||||||
Acquisitions of businesses, net of cash acquired
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,786
|
)
|
|
—
|
|
|
(4,786
|
)
|
||||||
Proceeds from sales of businesses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
782
|
|
|
—
|
|
|
782
|
|
||||||
Purchases of property, plant and equipment
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
(155
|
)
|
|
—
|
|
|
(220
|
)
|
||||||
Proceeds from disposals of property, plant and equipment
|
|
—
|
|
|
—
|
|
|
2
|
|
|
235
|
|
|
—
|
|
|
237
|
|
||||||
Purchases of investments
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
|
(194
|
)
|
|
—
|
|
|
(244
|
)
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||||
Net cash provided by (used in) investing activities
|
|
—
|
|
|
—
|
|
|
(9,119
|
)
|
|
(10,500
|
)
|
|
15,392
|
|
|
(4,227
|
)
|
||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany contributions received
|
|
—
|
|
|
—
|
|
|
2,900
|
|
|
9,099
|
|
|
(11,999
|
)
|
|
—
|
|
||||||
Net intercompany borrowings
|
|
—
|
|
|
—
|
|
|
4,270
|
|
|
(122
|
)
|
|
(4,148
|
)
|
|
—
|
|
||||||
Repayment of debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(856
|
)
|
|
—
|
|
|
(856
|
)
|
||||||
Dividend and distribution payments
|
|
—
|
|
|
—
|
|
|
(755
|
)
|
|
(755
|
)
|
|
755
|
|
|
(755
|
)
|
||||||
Issuance of common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
34
|
|
||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
(9
|
)
|
||||||
Net cash provided by (used in) financing activities
|
|
—
|
|
|
—
|
|
|
6,415
|
|
|
7,391
|
|
|
(15,392
|
)
|
|
(1,586
|
)
|
||||||
Net change in cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
(3,047
|
)
|
|
(1,081
|
)
|
|
—
|
|
|
(4,128
|
)
|
||||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
—
|
|
|
7,555
|
|
|
3,649
|
|
|
—
|
|
|
11,204
|
|
||||||
Cash and cash equivalents at end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,508
|
|
|
$
|
2,568
|
|
|
$
|
—
|
|
|
$
|
7,076
|
|
•
|
On
November 5, 2018
, we completed the acquisition of CA, Inc., or CA, for aggregate consideration of approximately
$18.8 billion
, or the CA Merger.
|
•
|
We financed the CA Merger with proceeds of
$18 billion
from two unsecured term loan facilities, or the 2019 Term Loans, as well as cash on hand of the combined companies. See Note
7
. “
Borrowings
” in Part I, Item 1 of this Form 10-Q for more details.
|
•
|
We paid
$3,436 million
to repurchase shares of our common stock under our stock repurchase program,
$1,067 million
for cash dividends and
$77 million
in employee withholding taxes related to net settled equity awards.
|
|
|
Fiscal Quarter Ended
|
||||||||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
|
February 3,
2019 |
|
February 4,
2018 |
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
(In millions)
|
|
(As a percentage of total net revenue)
|
||||||||||
Statements of Operations Data:
|
|
|
|
|
|
|
|
|
||||||
Net revenue:
|
|
|
|
|
|
|
|
|
||||||
Products
|
|
$
|
4,639
|
|
|
$
|
5,108
|
|
|
80
|
%
|
|
96
|
%
|
Subscriptions and services
|
|
1,150
|
|
|
219
|
|
|
20
|
|
|
4
|
|
||
Total net revenue
|
|
5,789
|
|
|
5,327
|
|
|
100
|
|
|
100
|
|
||
Cost of revenue:
|
|
|
|
|
|
|
|
|
||||||
Cost of products sold
|
|
1,554
|
|
|
1,876
|
|
|
27
|
|
|
36
|
|
||
Cost of subscriptions and services
|
|
138
|
|
|
23
|
|
|
2
|
|
|
1
|
|
||
Purchase accounting effect on inventory
|
|
—
|
|
|
70
|
|
|
—
|
|
|
1
|
|
||
Amortization of acquisition-related intangible assets
|
|
833
|
|
|
715
|
|
|
15
|
|
|
13
|
|
||
Restructuring charges
|
|
56
|
|
|
15
|
|
|
1
|
|
|
—
|
|
||
Total cost of revenue
|
|
2,581
|
|
|
2,699
|
|
|
45
|
|
|
51
|
|
||
Gross margin
|
|
3,208
|
|
|
2,628
|
|
|
55
|
|
|
49
|
|
||
Research and development
|
|
1,133
|
|
|
925
|
|
|
19
|
|
|
17
|
|
||
Selling, general and administrative
|
|
471
|
|
|
291
|
|
|
8
|
|
|
6
|
|
||
Amortization of acquisition-related intangible assets
|
|
476
|
|
|
339
|
|
|
8
|
|
|
6
|
|
||
Restructuring, impairment and disposal charges
|
|
573
|
|
|
130
|
|
|
10
|
|
|
2
|
|
||
Total operating expenses
|
|
2,653
|
|
|
1,685
|
|
|
45
|
|
|
31
|
|
||
Operating income
|
|
$
|
555
|
|
|
$
|
943
|
|
|
10
|
%
|
|
18
|
%
|
|
|
Fiscal Quarter Ended
|
|||||||||||||
Net Revenue by Segment
|
|
February 3, 2019
|
|
February 4, 2018
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
(In millions, except for percentages)
|
|||||||||||||
Semiconductor solutions
|
|
$
|
4,374
|
|
|
$
|
4,955
|
|
|
$
|
(581
|
)
|
|
(12
|
)%
|
Infrastructure software
|
|
1,403
|
|
|
328
|
|
|
1,075
|
|
|
328
|
%
|
|||
IP licensing
|
|
12
|
|
|
44
|
|
|
(32
|
)
|
|
(73
|
)%
|
|||
Total net revenue
|
|
$
|
5,789
|
|
|
$
|
5,327
|
|
|
$
|
462
|
|
|
9
|
%
|
|
|
Fiscal Quarter Ended
|
||||
% of Net Revenue by Segment
|
|
February 3,
2019 |
|
February 4,
2018 |
||
|
|
|
|
|
||
Semiconductor solutions
|
|
76
|
%
|
|
93
|
%
|
Infrastructure software
|
|
24
|
|
|
6
|
|
IP licensing
|
|
—
|
|
|
1
|
|
Total net revenue
|
|
100
|
%
|
|
100
|
%
|
|
|
Fiscal Quarter Ended
|
|||||||||||||
Operating Income (Loss) by Segment
|
|
February 3, 2019
|
|
February 4, 2018
|
|
$ Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
(In millions, except for percentages)
|
|||||||||||||
Semiconductor solutions
|
|
$
|
2,037
|
|
|
$
|
2,325
|
|
|
$
|
(288
|
)
|
|
(12
|
)%
|
Infrastructure software
|
|
1,020
|
|
|
216
|
|
|
804
|
|
|
372
|
%
|
|||
IP licensing
|
|
(5
|
)
|
|
26
|
|
|
(31
|
)
|
|
(119
|
)%
|
|||
Unallocated expenses
|
|
(2,497
|
)
|
|
(1,624
|
)
|
|
(873
|
)
|
|
54
|
%
|
|||
Total operating income
|
|
$
|
555
|
|
|
$
|
943
|
|
|
$
|
(388
|
)
|
|
(41
|
)%
|
•
|
Current portion of long-term debt increased
$3,537 million
due to certain debt instruments becoming due within the next twelve months.
|
•
|
Other current liabilities increased to
$3,611 million
at
February 3, 2019
from
$812 million
at
November 4, 2018
, primarily due to liabilities assumed in the CA Merger and increases in notional pooling liabilities and taxes payable. The increase was partially offset by interest payments for our long-term debt.
|
•
|
Cash and cash equivalents increased to
$5,093 million
at
February 3, 2019
from
$4,292 million
at
November 4, 2018
, primarily due to
$17,896 million
in proceeds from the 2019 Term Loans,
$2,132 million
in net cash provided by operating activities and
$957 million
in proceeds from the sale of Veracode, partially offset by
$16,027 million
paid
|
•
|
Other current assets increased to
$760 million
at
February 3, 2019
from
$366 million
at
November 4, 2018
, primarily due to assets assumed in the CA Merger and an increase in taxes receivable.
|
•
|
Accounts receivable increased to
$3,677 million
at
February 3, 2019
from
$3,325 million
at
November 4, 2018
primarily due to revenue linearity and an increase due to the CA Merger.
|
•
|
Employee compensation and benefits decreased to
$463 million
at
February 3, 2019
from
$715 million
at
November 4, 2018
primarily due to timing of employee bonus plan payments, partially offset by increases attributable to the CA Merger.
|
•
|
Accounts payable decreased to
$738 million
at
February 3, 2019
from
$811 million
at
November 4, 2018
primarily due to timing of vendor payments, partially offset by increases due to the CA Merger.
|
•
|
Our cash and cash equivalents decreased to
$7,076 million
at
February 4, 2018
from
$11,204 million
at
October 29, 2017
, due to
$4,786 million
paid for the acquisition of Brocade Communications Systems, Inc. or Brocade,
$856 million
of debt repayment,
$755 million
of dividend and distribution payments, partially offset by
$1,685 million
in net cash provided by operating activities and
$782 million
in proceeds from sales of businesses.
|
•
|
Other current assets decreased to
$394 million
at
February 4, 2018
from
$724 million
at
October 29, 2017
, primarily due to a utilization of prepaid taxes.
|
•
|
Inventory decreased to
$1,291 million
at
February 4, 2018
from
$1,447 million
at
October 29, 2017
, primarily due to the timing of a major customer's new handset ramp.
|
•
|
Employee compensation and benefits decreased to
$333 million
at
February 4, 2018
from
$626 million
at
October 29, 2017
primarily due to timing of employee bonus plan payments, partially offset by increases due to the acquisition of Brocade.
|
•
|
Accounts payable decreased to
$816 million
at
February 4, 2018
from
$1,105 million
at
October 29, 2017
primarily due to timing of vendor payments, partially offset by increases due to the acquisition of Brocade.
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions, except per share data)
|
||||||
Cash dividends and distributions declared and paid per share/unit
|
|
$
|
2.65
|
|
|
$
|
1.75
|
|
Cash dividends and distributions paid
|
|
$
|
1,067
|
|
|
$
|
755
|
|
Stock repurchases
|
|
$
|
3,436
|
|
|
$
|
—
|
|
|
|
Fiscal Quarter Ended
|
||||||
|
|
February 3,
2019 |
|
February 4,
2018 |
||||
|
|
|
|
|
||||
|
|
(In millions)
|
||||||
Net cash provided by operating activities
|
|
$
|
2,132
|
|
|
$
|
1,685
|
|
Net cash used in investing activities
|
|
(15,193
|
)
|
|
(4,227
|
)
|
||
Net cash provided by (used in) financing activities
|
|
13,862
|
|
|
(1,586
|
)
|
||
Net change in cash and cash equivalents
|
|
$
|
801
|
|
|
$
|
(4,128
|
)
|
•
|
preserving CA’s customer and other important relationships, including managing a customer base with a wider global footprint, particularly in Europe;
|
•
|
managing effectively a new business that license products under contracts that need to be regularly renewed, instead of selling products, and competing in a new industry;
|
•
|
our ability to enter into new, or renewing, contracts that provide for termination thereof by our customers at any time for any reason, in order to enable us to effectively recognize revenue from these contracts ratably over time;
|
•
|
recognizing revenue for software and subscription offerings, the timing and standards for which differ from those of product sales;
|
•
|
integrating financial forecasting and controls, procedures and reporting cycles;
|
•
|
consolidating and integrating corporate, information technology, finance, HR systems and benefits, and administrative infrastructures;
|
•
|
reorienting the CA sales and marketing force to align with the change in strategy and effectively position the business;
|
•
|
consolidating the number of CA channel partners, including resellers and global system integrators;
|
•
|
coordinating and integrating operations and managing employees in countries in which we have not previously operated extensively or at all, including a number of European and South American countries; and
|
•
|
restructuring the CA workforce, including managing employee transitions and attrition, integrating employees, maintaining employee morale and retaining key employees, particularly for those employees whose compensation structure will be materially different following the acquisition.
|
•
|
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, data privacy regulations and trade protection measures, including increasing protectionism, import/export restrictions, import/export duties and quotas, trade sanctions and customs duties and tariffs, all of which have increased under the current U.S. administration;
|
•
|
difficulty in obtaining product distribution and support, and transportation delays;
|
•
|
potential inability to localize software products for a significant number of international markets;
|
•
|
difficulty in conducting due diligence with respect to business partners in certain international markets;
|
•
|
public health or safety concerns;
|
•
|
nationalization of businesses and expropriation of assets; and
|
•
|
changes in tax laws.
|
•
|
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 shift to cloud-based IT solutions and services, such as hyperscale computing, which may adversely affect the timing and volume of sales of our products for use in traditional enterprise data centers;
|
•
|
the timing of receipt, reduction or cancellation of significant product orders by customers;
|
•
|
the timing of new software contracts and renewals, as well as the timing of any terminations of software contracts that require us to refund to customers any pre-paid amounts under the contract, which may adversely affect our cash flows;
|
•
|
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;
|
•
|
our ability to develop, introduce and market new products and technologies on a timely basis;
|
•
|
the timing and extent of our software license and subscription revenue, and other 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;
|
•
|
IP disputes and associated litigation expense;
|
•
|
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;
|
•
|
timing of any regulatory updates, particularly with respect to trade sanctions and customs duties and tariffs, and tax reform;
|
•
|
fluctuations in currency exchange and interest rates;
|
•
|
changes in taxation of international businesses, which could increase our overall cash tax costs;
|
•
|
changes in our tax structure or incentive arrangements, which may adversely affect our net tax expense and our cash flow in any quarter in which such an event occurs;
|
•
|
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.
|
•
|
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.
|
•
|
the 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 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.
|
•
|
reorganization or restructuring of our businesses, tangible and intangible assets, outstanding indebtedness and corporate structure, such as the Redomiciliation Transaction or in connection with acquiring businesses;
|
•
|
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 the U.S., 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
|
•
|
modifications, expiration, lapses or termination of tax credits or incentives.
|
•
|
increasing our vulnerability to adverse general economic and industry conditions;
|
•
|
exposing us to interest rate risk due to our variable rate 2019 Term Loans, which we do not typically hedge against;
|
•
|
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;
|
•
|
making it more difficult to borrow additional funds in the future to fund growth, acquisitions, working capital, capital expenditures and other purposes; and
|
•
|
potentially 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 our other business needs.
|
•
|
adversely affect the trading price of, or market for, our debt securities;
|
•
|
increase interest expense under our 2019 Term Loans;
|
•
|
increase the cost of, and adversely affect our ability to refinance, our existing debt; and
|
•
|
adversely affect our ability to raise additional debt.
|
•
|
actual or anticipated fluctuations in our financial condition and operating results;
|
•
|
issuance of new or updated research or other 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 transactions;
|
•
|
stock price and volume fluctuations attributable to inconsistent trading volume levels of our common stock;
|
•
|
changes in our dividend or stock repurchase policies; and
|
•
|
unsubstantiated news reports or other inaccurate publicity regarding us or our business.
|
Period
|
|
Total Number of Shares Purchased
(a)
|
|
Average Price per Share
|
|
Total Number of Shares Purchased as
Part of Publicly Announced Plan
(a)
|
|
Approximate Dollar Value of Shares That
May Yet Be Purchased Under the Plan
(b)
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
(In millions, except per share data)
|
||||||||||||
November 5, 2018 — December 2, 2018
|
|
2
|
|
|
$
|
230.47
|
|
|
2
|
|
|
$
|
4,324
|
|
December 3, 2018 — December 30, 2018
|
|
9
|
|
|
$
|
250.21
|
|
|
9
|
|
|
$
|
8,065
|
|
December 31, 2018 — February 3, 2019
|
|
3
|
|
|
$
|
245.70
|
|
|
3
|
|
|
$
|
7,306
|
|
Total
|
|
14
|
|
|
$
|
246.64
|
|
|
14
|
|
|
|
|
|
|
|
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)
|
|
May 29, 2015
|
|
|
|
2.2
|
|
|
|
Avago Technologies Limited Current Report on Form 8-K (Commission File No. 001-34428)
|
|
July 31, 2015
|
|
|
|
2.3#
|
|
|
|
Broadcom Limited Current Report on Form 8-K/A (Commission File No. 001-37690)
|
|
November 2, 2016
|
|
|
|
2.4#
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
July 12, 2018
|
|
|
|
3.1
|
|
|
|
Broadcom Inc. Current Report on Form 8-K12B (Commission File No. 333-222898)
|
|
April 4, 2018
|
|
|
|
3.2
|
|
|
|
Broadcom Inc. Current Report on Form 8-K12B (Commission File No. 333-222898)
|
|
April 4, 2018
|
|
|
|
4.1
|
|
|
|
Broadcom Inc. Quarterly Report on Form 10-Q (Commission File No. 333-222898)
|
|
June 14, 2018
|
|
|
|
4.2
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
4.3
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
April 9, 2018
|
|
|
|
4.4
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
January 25, 2019
|
|
|
|
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
|
|
|
|
|
|
|
Incorporated by Reference Herein
|
|
|
|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
|
4.7
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
4.8
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
January 20, 2017
|
|
|
|
4.9
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
October 17, 2017
|
|
|
|
4.10
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
April 9, 2018
|
|
|
|
4.11
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
January 25, 2019
|
|
|
|
4.12
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
October 17, 2017
|
|
|
|
4.13
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
October 17, 2017
|
|
|
|
4.14
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
October 17, 2017
|
|
|
|
4.15
|
|
|
|
Broadcom Limited Current Report on Form 8-K (Commission File No. 001-37690)
|
|
October 17, 2017
|
|
|
|
10.1
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
November 5, 2018
|
|
|
|
10.2+
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
December 6, 2018
|
|
|
|
10.3+
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
December 6, 2018
|
|
|
|
10.4+
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
December 6, 2018
|
|
|
|
|
|
|
Incorporated by Reference Herein
|
|
|
|||
Exhibit Number
|
|
Description
|
|
Form
|
|
Filing Date
|
|
Filed Herewith
|
|
10.5+
|
|
|
|
Broadcom Inc. Current Report on Form 8-K (Commission File No. 333-222898)
|
|
December 6, 2018
|
|
|
|
10.6+
|
|
|
|
|
|
|
|
X
|
|
10.7+
|
|
|
|
|
|
|
|
X
|
|
31.1
|
|
|
|
|
|
|
|
X
|
|
31.2
|
|
|
|
|
|
|
|
X
|
|
32.1
|
|
|
|
|
|
|
|
X
|
|
32.2
|
|
|
|
|
|
|
|
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 Inc. hereby undertakes to furnish supplementally copies of any omitted schedules upon request by the SEC.
|
+
|
Indicates a management or compensatory plan or arrangement.
|
|
BROADCOM INC.
|
||
|
By:
|
/s/ Thomas H. Krause, Jr.
|
|
|
|
Thomas H. Krause, Jr.
|
|
|
|
Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|