We are a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Our over 50-year history of innovation dates back to our diverse origins from Hewlett-Packard Company, AT&T, LSI Corporation, Broadcom Corporation, Brocade Communications Systems LLC, ~~(“Brocade”),~~ CA, Inc. ~~and~~, Symantec Enterprise ~~Security.~~Security, and VMware, Inc. (“VMware”). Over the years, we have assembled a large team of semiconductor and software design engineers around the world. We maintain design, product and software development engineering resources at locations in the U.S., Asia, Europe and Israel, providing us with engineering expertise worldwide. We strategically focus our research and development resources to address niche opportunities in our target markets and leverage our extensive portfolio of U.S. and other patents, and other intellectual property (“IP”) to integrate multiple technologies and create system-on-chip (“SoC”) component and software solutions that target growth opportunities. We design products and software that deliver high-performance and provide mission critical functionality.

We develop semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor (“CMOS”) based devices and analog III-V based products. We have a history of innovation in the semiconductor industry and offer thousands of products that are used in end products such as enterprise and data center networking, home connectivity, set-top boxes (“STB”), broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays. We differentiate ourselves through our high performance design and integration capabilities and focus on developing products for target markets where we believe we can earn attractive margins.

Our infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms. Many of the largest companies in the world, including most of the Fortune 500, and many government agencies rely on our software solutions to help manage and secure their on-premise and hybrid cloud environments. Our portfolio of industry-leading infrastructure and security software is designed to modernize, optimize, and secure the most complex hybrid environments, enabling scalability, agility, automation, insights, resiliency and security. We also offer mission critical fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

In addition, the hybrid-cloud portfolio we acquired with VMware helps enterprises simplify their information technology (“IT”) environments so they can increase business velocity and flexibility. The VMware portfolio spans hybrid cloud, app-delivery acceleration, zero-trust security, and software-defined edge, making it easy for customers to run their mission-critical workloads across private, public and edge environments with security and resiliency.

Our strategy is to combine best-of-breed technology leadership in semiconductor and infrastructure software solutions, with unmatched scale, on a common sales and administrative platform to deliver a comprehensive suite of infrastructure technology products to the world’s leading business and government customers. We seek to achieve this through responsibly financed acquisitions of category-leading businesses and technologies, as well as investing extensively in research and development, to ensure our products retain their technology leadership. This strategy results in a robust business model designed to drive diversified and sustainable operating and financial results.

On November 22, 2023, we acquired VMware in a cash-and-stock transaction (the “VMware Merger”), in which VMware stockholders received, in aggregate, approximately $30.8 billion in cash and 54.4 million shares of Broadcom common stock in exchange for all shares of VMware common stock issued and outstanding immediately prior to the closing. The preliminary total purchase consideration for the VMware Merger was approximately $86.3 billion. We funded the cash portion of the VMware Merger consideration with net proceeds from the issuance of $30.4 billion in term loans under a credit agreement that we entered into on August 15, 2023, as well as cash on hand.

We assumed all outstanding VMware restricted stock unit (“RSU”) awards and performance stock unit awards held by continuing employees. The assumed awards were converted into approximately 5 million Broadcom RSU awards. All outstanding in-the-money VMware stock options and RSU awards held by non-employee directors were accelerated and converted into the right to receive cash and shares of Broadcom common stock, in equal parts.

All discussions and information in this Annual Report on Form 10-K regarding our business and financial results relate solely to our operations prior to the VMware Merger, unless otherwise indicated.

Semiconductors are made by imprinting a network of electronic components onto a semiconductor wafer. These devices are designed to perform various functions such as processing, amplifying and selectively filtering electronic signals, controlling electronic system functions and processing, and transmitting and storing data. Our digital and mixed signal products are based on silicon wafers with CMOS transistors offering fast switching speeds and low power consumption, which are both critical design factors for the markets we serve. We also offer analog products, which are based on III-V semiconductor materials that have higher electrical conductivity than silicon, and thus tend to have better performance characteristics in radio frequency (“RF”), and optoelectronic applications. III-V refers to elements from the 3rd and 5th groups in the periodic table of chemical elements. Examples of these materials used in our products are gallium arsenide (“GaAs”) and indium phosphide (“InP”).

We provide semiconductor solutions for managing the movement of data in data center, ~~telecom,~~service provider, and enterprise ~~and embedded~~ networking applications. We provide a broad variety of RF semiconductor devices, wireless connectivity solutions, ~~and~~ custom touch controllers and inductive charging solutions for the wireless market. We also provide semiconductor solutions for enabling the ~~set-top box~~STB and broadband access applications and for enabling secure movement of digital data to and from host machines, such as servers, personal computers and storage systems, to the underlying storage devices, such as hard disk drives (“HDD”) and solid-state ~~drives.~~drives (“SSD”).

Our product portfolio ranges from discrete devices to complex sub-systems that include multiple device types and may also incorporate firmware for interfacing between analog and digital systems. In some cases, our products include mechanical hardware that interfaces with optoelectronic or capacitive sensors. We focus on markets that require high quality and the

Our expertise in FBAR technology, amplifier design, and module integration enables us to offer industry-leading performance in cellular RF transceiver applications. ~~Our proprietary GaAs wafer manufacturing processes are critical to the production of power amplifier and low noise amplifier products.~~

Wi-Fi allows devices on a local area network to communicate wirelessly, adding the convenience of mobility to the utility of high-speed data networks. We offer a family of high performance, low power Wi-Fi chipsets. Bluetooth is a low power technology that enables direct connectivity between devices. We offer a complete family of Bluetooth silicon and software solutions that enable manufacturers to easily and cost-effectively add Bluetooth functionality to virtually any device. These solutions include combination chips that offer integrated Wi-Fi and Bluetooth functionality, which provides significant performance advantages over discrete solutions.

We also offer a family of GPS, assisted-GPS and GNSS semiconductor products, software and data services. These products are part of a broader location platform that leverages a broad range of communications technologies, including Wi-Fi, Bluetooth and GPS, to provide more accurate location and navigation capabilities.

We also provide interconnect semiconductors that support the ~~PCI and PCIe~~peripheral component interconnect express (“PCIe”) communication standards. PCIe is the primary interconnection mechanism inside computing systems today.

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We also provide custom flash controllers to SSD OEMs. An SSD stores data in flash memory instead of on a hard disk, providing high speed access to the data. Flash controllers manage the underlying flash memory in SSDs, performing critical functions such as reading and writing data to and from the flash memory and performing error correction, wear leveling and bad block management.

Our infrastructure software solutions offer customers greater choice and flexibility to build, run, manage, connect and protect applications and data at scale across hybrid IT environments.

Our mainframe software provides market-leading DevOps, AIOps, Security, ~~and~~Workload Automation, Data Management, ~~Systems solutions. We help enterprises~~and Foundational Software solutions, that enable customers to embrace open tools and technologies, ~~integrate~~innovate with their mainframe ~~into~~as part of their hybrid cloud, ~~infrastructures,~~ and ~~increase~~amplify the value of their mainframe investments. ByOur commitment to partnering with our customers extends beyond products and ~~providing creative value-added~~technology and includes unique Beyond Code programs ~~we help customers overcome~~that address challenges ~~related to~~such as skills development, ~~technical education, strategy~~staffing, change management, and ~~planning, and the need for cloud-like pricing flexibility to support their~~cost-saving initiatives that drive overall business success with the platform.

Our distributed software solutions enable global enterprises to optimize the planning, development and delivery of software, powering their business critical digital services. Our solutions are designed to enable customers to innovate, improve customer experience, and drive profitability by aligning business, development, and operational teams. Our products, organized in the domains of ValueOps, DevOps, and AIOps, deliver end-to-end visibility across all stages of the digital lifecycle and help our customers realize better business outcomes and better experiences for their customers.

Our Symantec cyber security software solutions help organizations and governments secure against threats and compliance risks by protecting their users and data on any app, device, or network. Our integrated cyber defense approach simplifies cyber security with comprehensive solutions designed to secure critical business assets across on-premises and cloud infrastructures. Our Symantec solutions utilize rich threat intelligence from a global network of security engineers,

We also offer mission critical FC SAN products designed to help customers reduce the cost and complexity of managing business information within a shared data storage environment, enabling high levels of availability of mission critical applications in the form of modules, switches and subsystems incorporating multiple semiconductor products. We deliver reliable and simplified management of these FC SAN products through our software-based management tools designed to maximize uptime, dramatically simplify storage area networking deployment and management, and provide high levels of visibility and insight into the storage network.

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We are committed to continuous investment in product development and enhancement, with a focus on rapidly introducing new, proprietary products and releases. Many of our products have grown out of our own research and development efforts, and have given us competitive advantages in certain target markets due to performance differentiation. However, we opportunistically seek to enhance our capabilities through the acquisition of engineers with complementary research and development skills and complementary technologies and businesses. We focus our research and development efforts on the development of mission critical, innovative, sustainable and higher value product platforms and those that improve the quality and stability in our broadly deployed products. We leverage our design capabilities in markets where we believe our innovation and reputation will allow us to earn attractive margins by developing high value-add products.

We plan to continue investing in product development, both organically and through acquisitions, to drive growth in our business. We also invest in process development and improvements to product features and functions, as well as fabrication capabilities to optimize processes for devices that are manufactured internally. Our field application engineers, design engineers, and product and software development engineers are located in many places around the world, and in many cases near our top customers. This enhances our customer reach and our visibility into new product opportunities and, in the case of our semiconductor customers, enables us to support our customers in each stage of their product development cycle, from the early stages of production design to volume manufacturing and future growth. By collaborating with our customers, we have opportunities to develop high value-added, customized products for them that leverage our existing technologies. We anticipate that we will continue to make significant research and development expenditures in order to maintain our competitive position, and to ensure a continuous flow of innovative and sustainable product platforms.

We sell our products through our direct sales force and a select network of distributors and channel partners globally. Distributors and OEMs, or their contract manufacturers, typically account for the substantial majority of our semiconductor sales. A relatively small number of customers account for a significant portion of our net revenue. Sales to distributors accounted for ~~53%~~57% and ~~42%~~56% of our net revenue for fiscal years ~~2021~~2023 and ~~2020,~~2022, respectively. We believe aggregate sales to our top five end customers, through all channels, accounted for ~~more than~~approximately 35% ~~and 30%~~ of our net revenue for each of our fiscal years ~~2021~~2023 and ~~2020, respectively.~~2022. We believe aggregate sales to Apple Inc., through all channels, accounted for approximately 20% ~~and 15%~~ of our net revenue for each of fiscal years ~~2021~~2023 and ~~2020, respectively.~~2022. We expect to continue to experience significant customer concentration in future periods. The loss of, or significant decrease in demand from, any of our top five end customers could have a material adverse effect on our business, results of operations and financial condition.

Many of our semiconductor customers design products in North America or Europe that are then manufactured in Asia. To serve customers around the world, we have strategically developed relationships with large global electronic component distributors, complemented by a number of regional distributors with customer relationships based on their respective product ranges. We also sell our products to a wide variety of OEMs or their contract manufacturers. We have established

Our software customers are in most major industries worldwide, including banks, insurance companies, other financial services providers, government agencies, global IT service providers, telecommunication providers, transportation companies, manufacturers, technology companies, retailers, educational organizations and health care institutions. Our customers generally consist of large enterprises that have computing environments from multiple vendors and are highly complex. We remain focused on strengthening relationships and increasing penetration within our existing core, mainframe-centric, and Symantec endpoint customers and expanding the adoption of our enterprise software offerings with these customers. We believe our enterprise-wide license model will continue to offer our customers reduced complexity, more flexibility and an easier renewal process that will help drive revenue growth.

We focus on maintaining an efficient global supply chain and a variable, low-cost operating model. Accordingly, we outsource a majority of our manufacturing operations, utilizing third-party foundry and assembly and test capabilities, as well as some of our corporate infrastructure functions. The majority of our front-end wafer manufacturing operations is outsourced to external foundries, including Taiwan Semiconductor Manufacturing Company Limited (“TSMC”). We use third-party contract manufacturers for a significant majority of our assembly and test operations, including TSMC, Advanced Semiconductor Engineering, Inc., Foxconn Technology Group, Amkor Technology, Inc. and Siliconware Precision Industries Co., Ltd. We use our internal fabrication facilities for products utilizing our innovative and proprietary processes, such as our FBAR filters for wireless communications and our vertical-cavity surface emitting laser and side emitting lasers-based on GaAs and InP lasers for fiber optic communications, while outsourcing commodity processes such as standard CMOS. By doing so, we can protect our IP and accelerate time to market for our products. The majority of our internal III-V semiconductor wafer fabrication is done in the U.S. and Singapore.

We also have a long history of operating in Asia where we manufacture and source the majority of our products and materials. We store the majority of our product inventory in our warehouse in Malaysia and our presence in Asia places us in close proximity to many of our customers’ manufacturing facilities.

Our manufacturing operations employ a wide variety of semiconductors, electromechanical components and assemblies and raw materials. We purchase materials from hundreds of suppliers on a global basis. These purchases are generally on a purchase order basis and some parts are not readily available from alternate suppliers due to their unique design or the length of time and cost necessary for re-design or qualification. To address the potential disruption in our supply chain, we may use a number of techniques, including redesigning products for alternative components, making incremental or “lifetime” purchases, or qualifying more than one source of supply. Our long-term relationships with our suppliers allow us to proactively manage our technology development and product discontinuance plans, and to monitor our suppliers' financial health. Some suppliers may, nonetheless, extend their lead times, limit supplies, increase prices or cease to produce necessary parts for our products. If these are unique or highly specialized components, we may not be able to find a substitute quickly, or at all.

The markets in which we participate are highly competitive. Our competitors range from large, international companies offering a wide range of products to smaller companies specializing in narrow markets. The competitive landscape is changing as a result of a trend toward consolidation within many industries, as some of our competitors have merged with or been acquired by other competitors, while others have begun collaborating with each other. We expect this consolidation trend to continue. We expect competition in the markets in which we participate to continue to increase as existing competitors improve or expand their product offerings and as new companies enter the market. Additionally, our ability to compete effectively depends on a number of factors, including: quality, technical performance, price, product features, product system

In the semiconductor market, we compete with integrated device manufacturers, fabless semiconductor companies, as well as the internal resources of large, integrated OEMs. Our primary competitors are Advanced Micro Devices, Inc., Amlogic Inc., Analog Devices, Inc., ~~Advanced Micro Devices, Inc.,~~ Cisco Systems, Inc., ~~Cree,~~GlobalFoundries Inc., ~~GlobalFoundries,~~ Hamamatsu Photonics K.K., Heidenhain Corporation, ~~HiSilicon Technologies Co. Ltd.,~~ iC-Haus ~~Gmbh,~~GmbH, Intel ~~Corp.,~~Corporation, Lumentum Holdings Inc., MACOM Technology Solutions Holdings, Inc., ~~MaxLinear, Inc.,~~ Marvell Technology, Inc., ~~Mediatek~~MaxLinear, Inc., ~~NVIDIA Corporation,~~MediaTek Inc., Microchip Technology Incorporated, Mitsubishi Electric Corporation, Murata Manufacturing Co., Ltd., NVIDIA Corporation, NXP Semiconductors N.V., ON Semiconductor Corporation, OSRAM Licht AG, Qorvo, Inc., Qualcomm Inc., Realtek Semiconductor Corp., Renesas Electronics Corporation, Skyworks Solutions, Inc., ~~ST Microelectronics~~STMicroelectronics N.V., Sumitomo Corporation, Synaptics Incorporated, Texas Instruments, Inc., TDK-EPC Corporation, Toshiba Corporation, ~~Texas Instruments,~~Wolfspeed, Inc. (f/k/a Cree, Inc.), and II-VI Incorporated. We compete based on the strength and expertise of our high speed proprietary design expertise, FBAR technology, amplifier design, module integration, proprietary materials processes, multiple storage protocols and mixed-signal design, our broad product portfolio, support of key industry standards, reputation for quality products, and our customer relationships.

In the infrastructure software market, we compete with large enterprise software vendors who continue to expand their product and service offerings and consolidate offerings into broad product lines, and smaller, niche players focused on specific markets. Our primary competitors are Atlassian Corporation, Plc, BeyondTrust Corporation, BMC Software Inc., ~~BeyondTrust Corporation,~~ Cisco Systems, Inc., CrowdStrike Holdings, Inc., CyberArk Software, Ltd., Dino-Software Corporation, International Business Machines Corporation, ~~Micro Focus International Plc,~~ Microsoft Corporation, New Relic, Inc., OpenText Corporation, Oracle Corporation, Proofpoint, Inc., Rocket Software, Inc., SailPoint Technologies Holdings, Inc., Salesforce.com, Inc., ServiceNow, Inc., SolarWinds ~~Inc.,~~Corporation, Splunk, Inc. and Zscaler, Inc. We compete based on ~~our~~the breadth of ~~portfolio of~~our enterprise management tools portfolio, breadth and synergy of offerings, our platform and hardware independence, our global reach, and our deep customer relationships and industry experience.

Our success depends in part upon our ability to protect our IP. To accomplish this, we rely on a combination of IP rights, including patents, copyrights, trademarks, service marks, trade secrets and similar IP, as well as customary contractual protections with our customers, suppliers, employees and consultants, and through security measures to protect our trade secrets. We believe our current product expertise, key engineering talent and IP portfolio provide us with a strong platform from which to develop application specific products in key target markets.

As of October ~~31, 2021,~~29, 2023, we had ~~19,170~~15,400 U.S. and other patents and ~~511~~910 U.S. and other pending patent applications. The expiration dates of our patents range from ~~2020~~2023 to ~~2039,~~2042, with a small number of patents expiring in the near future, none of

We focus our patent application program to a greater extent on those inventions and improvements that we believe are likely to be incorporated into our products, as contrasted with more basic research. However, we do not know how many of our pending patent applications will result in the issuance of patents or the extent to which the examination process could require us to narrow our claims.

We and our predecessors have also entered into a variety of IP licensing and cross-licensing arrangements that have both benefited our business and enabled some of our competitors. A portion of our revenue comes from IP licensing royalty payments and from litigation settlements relating to such IP. We also license third-party technologies that are incorporated into some elements of our design activities, products and manufacturing processes. Historically, licenses of the third-party technologies used by us have generally been available to us on acceptable terms.

The industries in which we compete are characterized by the existence of a large number of patents, copyrights, trademarks and trade secrets and by the vigorous pursuit, protection and enforcement of IP rights, including by patent holding companies that do not make or sell products. Some of our customer agreements require us to indemnify our customers for third-party IP infringement claims arising from our products. Claims of this sort could harm our relationships with our customers and might deter future customers from doing business with us. With respect to any IP rights claims against us or our customers or distributors, we may be required to defend ourselves or our customers or distributors in litigation, cease ~~manufacture~~manufacturing the infringing products, pay damages, expend resources to develop non-infringing technology, seek a license which may not be available on commercially reasonable terms or at all, or relinquish patents or other IP rights.

With respect to our infrastructure software, the proprietary portions of our source code for our products are protected both as a trade secret and as copyrighted works. Except with respect to software components that are subject to open source licenses, our customers do not generally have access to the source code for our products. Rather, on-premise customers typically access only the executable code for our products, and SaaS customers access only the functionality of our SaaS offerings. Under certain contingent circumstances, some of our customers are beneficiaries of a source code escrow

Our continued success depends on our ~~continued~~ ability to attract, motivate and retain our ~~workforce. As~~workforce in a highly competitive labor market. Specifically, as the source of our technological and product innovations, our engineering and technical personnel are a ~~significant~~critical asset. ~~Competition for these and other talented employees is significant in many locations where we operate, such as Silicon Valley and Southeast Asia.~~

We measure our employees’ engagement by our voluntary attrition rate and employee feedback. Our global voluntary attrition rate in fiscal year ~~2021~~2023 was approximately 7%3.3%, well below the technology industry benchmark (AON, ~~2021~~2023 Salary Increase and Turnover Study — Second Edition, September ~~2021)~~2023).

We also track the portion of our workforce in research and development roles. As of October ~~31, 2021,~~29, 2023, we had approximately 20,000 employees worldwide, with approximately 63% in research and development roles. By geography, approximately 54% of our employees are located in North America, ~~35%~~34% in Asia, and ~~11%~~12% in Europe, the Middle East and Africa.

Our semiconductor manufacturing operations and research and development involve the use of hazardous substances and are regulated under international, federal, state and local laws governing health, safety and the environment. These regulations include limitations on discharge of pollutants to air, water, and soil; remediation requirements; product chemical content limitations; manufacturing chemical use and handling restrictions; pollution control requirements; waste minimization considerations; and treatment, transport, storage and disposal of solid and hazardous wastes. We are also subject to regulation by the U.S. Occupational Safety and Health Administration and similar health and safety laws in other jurisdictions.

We believe that our properties and operations at our facilities comply in all material respects with applicable environmental laws and worker health and safety laws. However, the risk of environmental liabilities cannot be completely eliminated and there can be no assurance that the application of environmental, health and safety laws to our business will not require us to incur significant expenditures.

We are also regulated under a number of international, federal, state and local laws regarding recycling, product packaging and product content requirements, including legislation enacted in the U.S., European Union and China, among a growing number of jurisdictions, which have placed greater restrictions on the use of lead, among other restricted substances, in electronic products, which affects materials composition and semiconductor packaging. In addition, our business is subject

Historically, our net revenue has typically been higher in the second half of the fiscal year than in the first half, primarily due to seasonality in our wireless communications products. These products have historically experienced seasonality due to launches of new mobile ~~handsets~~devices manufactured by our OEM customers. However, from time to time, typical seasonality and industry cyclicality are overshadowed by other factors such as wider macroeconomic effects, the timing of significant product transitions and launches by large OEMs, particularly with our wireless communications products. We have a diversified business portfolio and we believe that our overall revenue is less susceptible to seasonal variations as a result of this diversification.

The following table provides information regarding our executive officers as of December ~~17, 2021:~~14, 2023:

Hock E. Tan has served as our President and Chief Executive Officer since March 2006. He was President and Chief Executive Officer at Integrated Circuit Systems, Inc. (“ICS”), a publicly traded timing solutions IC company, from 1999 until its acquisition by Integrated Device Technology, Inc. in ~~2005,~~2005. He also held several executive leadership positions at ICS, including Chief Operating Officer from 1996 to 1999 and Senior Vice President and Chief Financial Officer from 1995 to 1999. He was Vice President of Finance at Commodore International, Ltd. from 1992 to 1994, and held senior management positions at PepsiCo, Inc. and General Motors Corporation. He was also managing director of Pacven Investment, Ltd., a venture capital fund in Singapore, from 1988 to 1992, and was managing director of Hume Industries Ltd. in Malaysia from 1983 to 1988.

Kirsten M. Spears has served as our Chief Financial Officer and Chief Accounting Officer since December 2020. She served as our Principal Accounting Officer from March 2016 to December 2020 and Vice President and Corporate Controller from May 2014 to December 2020. She was Vice President and Corporate Controller at LSI Corporation from 2007 until its acquisition by us in 2014. She held several management positions in accounting and reporting at LSI from 1997 to 2007. She also worked for PriceWaterhouseCoopers prior to joining LSI.

Mark D. Brazeal has served as our Chief Legal and Corporate Affairs Officer since December 2021. He served as our Chief Legal Officer from March 2017 to December 2021. He was Chief Legal Officer and Senior Vice President, IP Licensing for SanDisk Corporation from 2014 until its acquisition by Western Digital Corporation in 2016. He held several senior legal positions at Broadcom Corporation from 2000 to 2014, ~~most recently as the~~including Senior Vice President and Senior Deputy General Counsel in charge of all commercial, operational, IP licensing and litigation matters. He was also an attorney in the transactional and IP groups at the law firms of Wilson Sonsini Goodrich & Rosati, Yuasa & Hara and Howrey & Simon prior to joining Broadcom Corporation.

Charlie B. Kawwas has served as our ~~Chief Operating Officer~~President, Semiconductor Solutions Group since ~~December 2020.~~July 2022. He served as our Chief Operating Officer from December 2020 to July 2022, Senior Vice President and Chief Sales Officer from June 2015 to December 2020 and Senior Vice President, Worldwide Sales from May 2014 to June 2015. He was head of worldwide sales at

Conversely, if actual sales of our products is lower than expected, we may also experience higher inventory carrying and operating costs and product obsolescence. Because certain of our sales, research and development, and internal manufacturing overhead expenses are relatively fixed, a reduction in customer demand may also decrease our gross margin and operating income.

Net revenue from our semiconductor solutions segment increased ~~primarily~~ due to ~~higher~~strong product demand, primarily for our wireless products, as well as the delayed production ramp of a new mobile handset by a major customer in the prior fiscal year, which resulted in lower shipments in fiscal year 2020. Net revenue from our semiconductor solutions segment also increased due to higher demand for our networking, server storage and ~~wireless connectivity~~broadband products. Net revenue from our infrastructure software segment increased primarily due to ~~higher~~increases in sales from our mainframe solutions, partially offset by lower demand for our FC SAN ~~products, mainframe and cyber security solutions.~~products.

Gross margin was ~~$16,844~~$24,690 million, or ~~61%~~69% of net revenue, for fiscal year ~~2021,~~2023, compared to ~~$13,516~~$22,095 million, or ~~57%~~67% of net revenue, for fiscal year ~~2020.~~2022. The increase was primarily due to lower amortization of acquisition-related intangible assets, ~~and~~mainly from our 2016 acquisition of Broadcom Corporation, partially offset by less favorable margin within our semiconductor solutions segment ~~due~~driven by product mix. We expect to ~~increased demand.~~incur additional amortization of acquisition-related intangible assets in future periods as a result of the VMware Merger and any further acquisitions we may make.

Research and development expense ~~decreased $114~~increased $334 million, or 2%7%, in fiscal year ~~2021,~~2023, compared to the prior fiscal year. The ~~decrease~~increase was primarily due to ~~lower~~higher stock-based compensation expense ~~reflecting the full vesting~~as a result of ~~certain~~annual employee equity awards ~~and the effects of forfeitures,~~granted at higher grant-date fair values in fiscal year 2023, partially offset by ~~higher~~lower variable employee compensation expense. We expect to incur additional research and development expense in future periods as a result of the VMware Merger and any further acquisitions we may make.

Selling, general and administrative expense ~~decreased $588~~increased $210 million, or ~~30%~~15%, in fiscal year ~~2021,~~2023, compared to the prior fiscal year. The ~~decrease~~increase was primarily due to higher ~~acquisition-related~~ costs incurred in connection with the ~~prior fiscal year~~VMware Merger and higher stock-based compensation expense as a result of our acquisition of the Symantec Business. The decrease was also due to lower compensation expense reflecting the full benefit of the completed Symantec Business integration as well as our strategic workforce alignment. In addition,annual employee equity awards granted at higher grant-date fair values in fiscal year ~~2020 included non-recurring litigation settlements.~~2023, partially offset by lower variable employee compensation expense.

Amortization of acquisition-related intangible assets recognized in operating expenses decreased ~~$425~~$118 million, or ~~18%~~8%, in fiscal year ~~2021,~~2023, compared to the prior fiscal year. The decrease was primarily due to lower amortization of ~~certain~~customer-related intangible assets from our acquisition of ~~CA.~~LSI Corporation. We expect to incur additional amortization of acquisition-related intangible assets in future periods as a result of the VMware Merger and any further acquisitions we may make.

Restructuring ~~impairment~~ and ~~disposal~~other charges ~~recognized in operating expenses decreased $50 million, or 25%,~~ in fiscal year ~~2021, compared to the prior fiscal year~~. ~~The decrease was~~2023 primarily ~~due to higher employee termination costs in the prior fiscal year from cost reduction activities~~included non-recurring charges related to ~~our acquisition~~IP litigation. We expect to incur additional restructuring and other charges in future periods as a result of the ~~Symantec Business.~~VMware Merger and any further acquisitions we may make.

Total stock-based compensation expense was ~~$1,704~~$2,171 million and ~~$1,976~~$1,533 million for fiscal years ~~2021~~2023 and ~~2020,~~2022, respectively. The ~~decrease~~increase was primarily ~~reflects the full vesting of certain~~due to annual employee equity awards granted at higher grant-date fair values in fiscal year 2023. We expect to incur additional stock-based compensation expense in future periods as a result of the VMware Merger and ~~the effect~~any further acquisitions we may make.

The following table sets forth the total unrecognized compensation cost related to unvested stock-based awards outstanding and expected to vest as of October ~~31, 2021, which we expect to recognize over the~~29, 2023. The remaining weighted-average service period ~~of 2.9~~was 3.4 years.

During the first quarter of fiscal year ended November 3, 2019 (“fiscal year 2019”), our Compensation Committee approved a broad-based program of multi-year equity grants of time- and market-based RSUs (the “Multi-Year Equity Awards”) in lieu of our annual employee equity awards historically granted on March 15 of each year. Each Multi-Year Equity Award vests on the same basis as four annual grants made on March 15 of each year, beginning in fiscal year 2019, with successive four-year vesting periods. We recognize stock-based compensation expense related to the Multi-Year Equity Awards from the grant date through their respective vesting date, ranging from 4 years to 7 years.

Operating income from our semiconductor solutions segment increased primarily due to higher demand for our wireless products, as well as the delayed production ramp of a new mobile handset by a major customer in the prior fiscal year, which resulted in lower shipments in fiscal year 2020. Operating incomenet revenue from ~~our semiconductor solutions segment also increased due to higher demand for our~~ networking, server storage, and ~~wireless connectivity products, as well as higher gross margin.~~broadband products. Operating income from our infrastructure software segment increased primarily due to higher ~~demand for~~net revenue from our mainframe solutions, partially offset by lower net revenue from our FC SAN ~~products and mainframe solutions.~~products.

Unallocated expenses include amortization of acquisition-related intangible assets; stock-based compensation expense; restructuring ~~impairment~~ and ~~disposal~~other charges; acquisition-related costs; and other costs that are not used in evaluating the results of, or in allocating resources to, our segments. Unallocated expenses decreased ~~17%~~2% in fiscal year ~~2021,~~2023, compared to the prior fiscal year, primarily due to lower amortization of acquisition-related intangible assets, ~~acquisition-related costs and~~substantially offset by higher stock-based compensation ~~expense.~~expense, non-recurring charges related to IP litigation, and acquisition-related costs.

~~During fiscal years 2021 and 2020,~~On September 30, 2019, we ~~paid~~issued approximately ~~$1,299 million and $765 million, respectively, in employee withholding taxes due upon the vesting of net settled equity awards. We withheld approximately 3~~4 million shares of 8.00% Mandatory Convertible Preferred Stock, Series A, $0.001 par value per share. These shares were converted into shares of our common stock ~~from employees in connection with such net share settlements~~ during ~~each of~~ fiscal ~~years 2021 and 2020.~~year 2022.

In December 2021, our Board of Directors authorized a stock repurchase program to repurchase up to $10 billion of our common stock from time to time on or prior to December 31, ~~2022.~~ 2022, which was subsequently extended through December 31, 2023. In May 2022, our Board of Directors authorized another stock repurchase program to repurchase up to an additional $10 billion of our common stock from time to time through December 31, 2023. As of October 29, 2023, $7,176 million of the authorized amount remained available for repurchases.

During fiscal years 2023 and 2022, we repurchased and retired approximately 9 million and 12 million shares of our common stock for $5,824 million and $7,000 million, respectively, under these stock repurchase programs.

Repurchases under our stock repurchase ~~program~~programs may be effected through a variety of methods, including open market or privately negotiated purchases. The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase ~~program~~programs may be suspended or terminated at any time.

During fiscal years 2023 and 2022, we paid approximately $1,861 million and $1,455 million, respectively, in employee withholding taxes due upon the vesting of net settled equity awards. We withheld approximately 3 million shares of common stock from employees in connection with such net share settlements during each of fiscal years 2023 and 2022.

Cash ~~provided by~~flows from operating activities consisted of net income adjusted for certain non-cash and other items and changes in assets and liabilities. The ~~$1,703~~$1,349 million increase in cash provided by operations during fiscal year ~~2021~~2023 compared to fiscal year ~~2020~~2022 was due to ~~$3,776~~$2,587 million higher net income, offset in part by ~~a $1,220~~$1,249 million ~~decrease resulting~~lower non-cash adjustments primarily from ~~changes in operating assets and liabilities, as well as a $853 million decrease in~~lower amortization of intangible ~~assets, stock-based compensation, and other adjustments.~~assets.

Cash flows from investing activities primarily consisted of capital expenditures, sales and purchases of investments, and cash used for ~~acquisitions, capital expenditures and investments, and proceeds from sales of businesses and assets.~~acquisitions. The ~~$10,864~~$22 million ~~decrease~~increase in cash used in investing activities for fiscal year ~~2021~~2023 compared to fiscal year ~~2020~~2022 was primarily ~~related~~due to a ~~$10,864~~$118 million increase in purchases of investments, net of proceeds from sales of investments, offset by a $193 million decrease in cash paid for ~~acquisitions, partially offset by $173 million less in proceeds received from sales of businesses.~~

Cash flows from financing activities primarily consisted of ~~net~~dividend payments, stock repurchases, proceeds and payments related to our long-term borrowings, ~~dividend~~ and ~~distribution~~employee withholding tax payments ~~stock repurchases and the issuances of stock.~~related to net settled equity awards. The ~~$10,585~~$193 million decrease in cash ~~related to~~used in financing activities for fiscal year ~~2021~~2023 compared to fiscal year ~~2020~~2022 was primarily due to a ~~$9,294~~$1,958 million decrease in ~~net~~payments on debt obligations and a $1,176 million decrease in stock repurchases, offset by a $1,935 million decrease in proceeds from long-term borrowings, as a ~~result of debt repayments, and a $678~~$613 million increase in dividend ~~payments.~~

From time to time, we use foreign exchange forward contracts to hedge a portion of our exposures to changes in currency exchange rates, which result from our global operating and financing activities. We do not use derivative financial instruments for trading or speculative purposes. ~~Gains~~Neither gains and losses from foreign currency transactions ~~as well as derivative instruments,~~nor foreign exchange forward contracts were ~~not~~ significant for any period presented in the consolidated financial statements included in this Form 10-K. ~~As of October 31, 2021, we~~We did not have any outstanding foreign exchange forward ~~contracts.~~contracts as of October 29, 2023 or October 30, 2022.

Changes in interest rates affect the fair value of our outstanding debt. As of October 29, 2023 and October 30, 2022, we had $40.8 billion and $41.2 billion in principal amount of debt outstanding, and the estimated aggregate fair value of debt was $33.2 billion and $33.0 billion, respectively. As of October 29, 2023 and October 30, 2022, a hypothetical 50 basis points increase or decrease in market interest rates would change the fair value of debt by a decrease or increase of approximately $1.4 billion and $1.6 billion, respectively. However, this hypothetical change in interest rates would not impact the interest expense on our debt as we only had fixed rate senior notes outstanding. To hedge variability of cash flows due to changes in the benchmark interest rate of anticipated future debt issuances, we have entered, and in the future may enter, into treasury rate lock contracts.

Broadcom Inc. (“Broadcom”), a Delaware corporation, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. We develop semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products. We have a history of innovation in the semiconductor industry and offer thousands of products that are used in end products such as enterprise and data center networking, home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays. Our infrastructure software solutions enable customers to plan, develop, automate, manage and secure applications across mainframe, distributed, mobile and cloud platforms. Our portfolio of ~~industry-leading~~ infrastructure and security software is designed to modernize, optimize, and secure the most complex hybrid environments, enabling scalability, agility, automation, insights, resiliency and security. We also offer mission critical fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products. Unless stated otherwise or the context otherwise requires, references to “Broadcom,” “we,” “our,” and “us” mean Broadcom and its consolidated subsidiaries. We have two reportable segments: semiconductor solutions and infrastructure software. See Note 12. “Segment Information” for additional information.

We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31 in a 52-week year and the first Sunday in November in a 53-week year. Our fiscal year ended October ~~31, 2021~~29, 2023 (“fiscal year ~~2021”~~2023”) was a 52-week fiscal year. The first quarter of our fiscal year ~~2021~~2023 ended on January ~~31, 2021,~~29, 2023, the second quarter ended on ~~May 2, 2021~~April 30, 2023 and the third quarter ended on ~~August 1, 2021.~~July 30, 2023. Our fiscal year ended ~~November 1, 2020~~October 30, 2022 (“fiscal year ~~2020”~~2022”) and fiscal year ended ~~November 3, 2019~~October 31, 2021 (“fiscal year ~~2019”~~2021”) were both 52-week fiscal years.

The accompanying consolidated financial statements include the accounts of Broadcom and its subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation.

Post-retirement benefit plan assets and obligations are estimates of benefits that we expect to pay to eligible retirees. We consider various factors in determining the value of our post-retirement benefit plan assets and obligations, including the number of employees that we expect to receive benefits and other actuarial assumptions.

Outstanding derivatives are recognized as ~~either~~ assets or liabilities at their fair values based on Level 2 inputs, as defined in the fair value hierarchy. The accounting for gains and losses resulting from changes in fair value depends on the use of the derivative and its hedging designation. For derivative instruments designated as fair value hedges, the changes in fair value are recognized in other income, net in the periods of change, and are offset by the changes in fair value of the hedged items. For derivative instruments designated as cash flow hedges, the changes in fair value ~~of the effective portion~~ are initially recognized in other comprehensive income (loss), net of tax in the period of change, and are subsequently reclassified and recognized in the same line item as the hedged item when either the hedged transactions affect earnings or it becomes probable that the hedged transactions will not occur. ~~The changes in the fair value of the ineffective portion of the derivative instruments~~

We use foreign exchange forward contracts to manage exposure to foreign exchange risk. These forward contracts are ~~recognized in other income, net in the period of change, which have not been material to date. For derivative instruments~~ not designated as ~~hedges,~~hedging instruments, and the changes in fair value are recognized in other income (expense), net in the period of change. We did not have any outstanding ~~derivative instruments~~foreign exchange forward contracts as of October ~~31, 2021~~29, 2023 or ~~November 1, 2020.~~October 30, 2022. The gains and losses recorded in other income (expense), net for derivative instruments not designated as hedges were not material.

57

The three levels of the fair value hierarchy under the guidance ~~for~~on fair value measurements are described below:

Level 1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Our Level 1 assets include cash equivalents, banker's acceptances, trading securities investments and investment funds. We measure trading securities investments and investment funds at quoted market prices as they are traded in active markets with sufficient volume and frequency of transactions.

Level 2 — Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified contractual term, a Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 — Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. Level 3 assets and liabilities include investment in equity securities without readily determinable fair values, goodwill, intangible assets, and property, plant and equipment, which are measured at fair value using a discounted cash flow approach when they are impaired. Quantitative information for Level 3 assets and liabilities reviewed at each reporting period includes indicators of significant deterioration in the earnings performance, credit rating, asset quality, business prospects of the investee, and financial indicators of the investee's ability to continue as a going concern.

Our products and services can be broadly categorized as sales of products and subscriptions and services. The following is a description of the principal activities from which we generate revenue.

Revenue from software arrangements primarily consists of fees, which may be paid either at contract inception or in

Our software licenses have standalone functionality from which customers derive benefit, and the customer obtains control of the software when it is delivered or made available for download. We believe that for the majority of software arrangements, customers derive significant benefit from the ongoing support we provide. The majority of our subscriptions and services arrangements permit our customers to unilaterally terminate or cancel these arrangements at any time at the customer’s convenience, referred to as termination for convenience provisions, without substantive termination penalty and receive a pro-rata refund of any prepaid fees. Accordingly, we account for arrangements with these termination for convenience provisions as a series of daily contracts, resulting in ratable revenue recognition of software revenue over the contractual period.

Support services consist primarily of telephone support and the provision of unspecified updates and upgrades on a when-and-if-available basis. Support services represent stand-ready obligations for which revenue is recognized ratably over the term of the arrangement.

Professional services consist of implementation, consulting, customer education and customer training services. The obligation to provide professional services is generally satisfied over time, with the customer simultaneously receiving and consuming the benefits as we satisfy our performance obligations.

Rights to our IP are either sold or licensed to a customer. IP revenue recognition is dependent on the nature and terms of each agreement. We recognize IP revenue upon delivery of the IP if there are no substantive future obligations to perform under the arrangement. Sales-based or usage-based royalties from the license of IP are recognized at the later of the period the sales or usages occur or the satisfaction of the performance obligation to which some or all of the sales-based or usage-based royalties have been allocated.

There are two main categories of NRE contracts that we enter into with our customers: (a) NRE contracts in which we develop a custom chip and (b) NRE contracts in which we accelerate our development of a new chip upon the customer’s request. The majority of our NRE contract revenues meet the over time criteria. As such, revenue is recognized over the development period with the measure of progress using the input method based on costs incurred to total cost ~~(“cost-to-cost”)~~ as the services are provided. For NRE contracts that do not meet the over time criteria, revenue is recognized at a point in time when the NRE services are complete.

Our contracts may contain more than one of the products and services listed above, each of which is separately accounted for as a distinct performance obligation.

We separately determine the standalone selling prices by product or service type. Additionally, we segment the standalone selling prices for products where the pricing strategies differ, and where there are differences in customers and circumstances that warrant segmentation.

We also estimate the standalone selling price of our material rights. ~~Lastly, we~~We estimate the value of the customer’s option to purchase or receive additional products or services at a discounted price by estimating the incremental discount the customer would obtain when exercising the option and the likelihood that the option would be exercised.

Certain equity awards include both service and market conditions. The fair value of market-based awards is estimated on the date of grant using the Monte Carlo simulation technique. Compensation expense for market-based awards is amortized based upon a graded vesting method over the service period.

We estimate forfeitures expected to occur and recognize stock-based compensation expense for such awards expected to vest. Changes in the estimated forfeiture rates can have a significant effect on stock-based compensation expense since the effect of adjusting the rate is recognized in the period the forfeiture estimate is changed.

We recognize net deferred tax assets to the extent we believe these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. If we determine that we are able to realize our deferred income tax assets in the future in excess of their net carrying values, we adjust the valuation allowance and reduce the provision for income taxes or increase the benefit from income taxes. Likewise, if we determine that we are not able to realize all or part of our net deferred tax assets, we increase the provision for income taxes or decrease the benefit from income taxes in the period such determination is made.

The U.S. Tax Cuts and Jobs Act enacted on December 22, 2017 (the “2017 Tax Act”) introduced significant changes to U.S. income tax law. The Global Intangible Low-Taxed Income (“GILTI”) provisions of the 2017 Tax Act require Broadcom to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. We have elected to record the impacts of GILTI during the period incurred.

We account for uncertainty in income taxes in accordance with the applicable accounting guidance on income taxes. This guidance provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits.

The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and purchasing shares under the ESPP and the amount of compensation cost for future service that we have not yet recognized are collectively assumed to be used to repurchase shares. The dilutive effect of convertible preferred stock is calculated using the if-converted method. The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extent that the effect is dilutive.

We have considered (1) information that is regularly reviewed by our Chief Executive Officer, who has been identified as the chief operating decision maker (the “CODM”) as defined by the authoritative guidance on segment reporting, in evaluating financial performance and (2) disclosures presented outside of our financial statements in our earnings releases and used in investor presentations to disaggregate revenues. The principal category we use to disaggregate revenues is the

The following tables present revenue disaggregated by type of revenue and by region for the periods presented:

Although we recognize revenue for the majority of our products when title and control transfer in Penang, Malaysia, we disclose net revenue by region based primarily on the geographic shipment location or delivery location specified by our distributors, original equipment manufacturer (“OEM”) customers, contract manufacturers, channel partners, or software customers.

Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer’s payment. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. We recognize a contract asset when we transfer products or services to a customer and the right to consideration is conditional on something other than the passage of time. Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional. We recognize contract liabilities when we have received consideration or an amount of consideration is due from the customer and we have a future obligation to transfer products or services. ~~Contract~~The majority of our contract liabilities ~~include~~represents amounts billed or collected and advanced payments on contracts or arrangements which ~~may~~ include termination for convenience provisions. The amount of revenue recognized during fiscal year ~~2021~~2023 that was included in the contract liabilities balance as of ~~November 1, 2020~~October 30, 2022 was ~~$2,617~~$2,915 million. The amount of revenue recognized during fiscal year ~~2020~~2022 that was included in the contract liabilities balance as of ~~November 3, 2019~~October 31, 2021 was ~~$1,450~~$2,615 million.

Revenue allocated to remaining performance obligations represents the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. Remaining performance obligations include unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, but do not include contracts for software, subscriptions or services where the customer is not committed. The customer is not considered committed when termination for convenience without payment of a substantive penalty exists, either contractually or through customary business practice. The majority of our customer software contracts include termination for convenience clauses without a substantive penalty and are not considered committed. Additionally, as a practical expedient, we have not included contracts that have an original duration of one year or less, nor have we included contracts with sales-based or usage-based royalties promised in exchange for a license of IP.

Cash equivalents included ~~$4,668~~$1,470 million and ~~$2,471~~$3,915 million of time deposits and ~~$1,607~~$1,650 million and ~~$790~~$2,365 million of money-market funds as of October ~~31, 2021~~29, 2023 and ~~November 1, 2020,~~October 30, 2022, respectively. For time deposits, carrying value approximates fair value due to the short-term nature of the instruments. The fair value of money-market funds, which was consistent with their carrying value, was determined using unadjusted prices in active, accessible markets for identical assets, and as such, they were classified as Level 1 assets in the fair value hierarchy.

We sell certain of our trade accounts receivable on a non-recourse basis to third-party financial institutions pursuant to factoring arrangements. We account for these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the consolidated statements of cash flows. Total trade accounts receivable sold under the factoring arrangements were ~~$4,027~~$3,975 million, ~~$3,723~~$3,700 million and ~~$1,151~~$4,027 million during fiscal years ~~2021, 2020~~2023, 2022 and ~~2019,~~2021, respectively. Factoring fees for the sales of receivables were recorded in other income (expense), net and were not material for any of the periods presented.

Depreciation expense was $502 million, $529 million and $539 million for fiscal years 2023, 2022 and 2021, respectively.

Other income ~~includes dividends,~~and other expense include foreign exchange gains onand losses, factoring fees for the sales of ~~businesses~~receivables, dividend income, and other miscellaneous items.

~~At the beginning of fiscal year 2020, we adopted ASU 2016-02,~~ ~~Leases~~ ~~(“Topic 842”) using the optional adoption method, whereby no adjustment to the financial statements of comparative periods was required.~~ We have operating and finance leases for our facilities, data centers and certain equipment. Operating lease expense was ~~$102~~$91 million, ~~$106~~$98 million and ~~$244~~$102 million for fiscal years ~~2021, 2020~~2023, 2022 and ~~2019,~~2021, respectively. Finance lease expense was $16 million, $18 million and ~~$14~~$16 million for fiscal years 2023, 2022 and 2021 ~~and 2020,~~ respectively.

Other information related to leases was as follows:

Supplemental balance sheet information related to leases was as follows:

Future minimum lease payments under non-cancelable leases as of October ~~31, 2021~~29, 2023 were as follows:

As of October 29, 2023, the Company had $642 million of future payments under additional leases that will commence in fiscal year ending November 3, 2024 with a lease term of 15 years.

We completed three acquisitions in fiscal year ~~2020, we reassigned~~2023 and four acquisitions in fiscal year 2022, all of which qualified as business combinations. The consideration for these acquisitions was primarily allocated to goodwill ~~balances among our reportable segments to reflect changes in our segment structure.~~and intangible assets.

During the fourth quarter of fiscal years ~~2021, 2020~~2023, 2022 and ~~2019,~~2021, we completed our annual impairment assessments and concluded that goodwill was not impaired in any of these years.

Based on the amount of intangible assets subject to amortization at October ~~31, 2021,~~29, 2023, the expected amortization expense for each of the next five fiscal years and thereafter was as follows:

The weighted-average remaining amortization periods ~~remaining~~ by intangible asset category were as follows:

For fiscal years 2022 and 2021, diluted net income per share excluded the potentially dilutive effect of 10 million and 12 million shares of common stock, respectively, issuable upon the conversion of 8.00% Mandatory Convertible Preferred Stock, Series A, $0.001 par value per share (“Mandatory Convertible Preferred Stock”) as their effect was antidilutive. All shares of our Mandatory Convertible Preferred Stock were converted into shares of our common stock before the end of fiscal year 2022.

The U.S. defined benefit pension plans primarily consist of a qualified pension plan. Benefits of the qualified pension plan are provided under an adjusted career-average-pay program, a cash-balance program or a dollar-per-month program. Benefit accruals under this plan were frozen in 2009. Participants in the adjusted career-average-pay program no longer earn service accruals. Participants in the cash-balance program no longer earn service accruals, but continue to earn 4% interest per year on their cash-balance accounts. There are no active participants under the dollar-per-month program. We also have a frozen non-qualified supplemental pension plan in the United States that principally provides benefits based on compensation in excess of amounts that can be considered under the qualified pension plan.

We also have defined benefit pension plans for certain employees in Austria, France, Germany, India, Israel, Italy, Japan and Taiwan. Eligibility is generally determined based on the terms of our plans and local statutory requirements.

The components of net periodic benefit ~~(income)~~ cost other than the service cost are included in other income (expense), net. Service cost is recognized in operating expenses.

The fair value of pension plan assets as of October ~~31, 2021~~29, 2023 and ~~November 1, 2020~~October 30, 2022 included ~~$174~~$204 million and ~~$160~~$184 million, respectively, of assets for our non-U.S. pension plans.

The projected benefit obligations as of October ~~31, 2021~~29, 2023 and ~~November 1, 2020~~October 30, 2022 included ~~$217~~$202 million and ~~$206~~$185 million, respectively, of obligations related to our non-U.S. pension plans. The accumulated benefit obligations as of October ~~31, 2021~~29, 2023 and ~~November 1, 2020~~October 30, 2022 included ~~$199~~$188 million and ~~$190~~$168 million, respectively, of obligations related to our non-U.S. pension plans.

Plan assets of the ~~funded defined benefit~~U.S. qualified pension ~~plans~~plan, which represent substantially all of the plan assets, are generally invested in funds held by third-party fund managers. Our benefit plan investment committee has set the investment strategy to fully match the liability. We direct the overall portfolio allocation and use a third-party investment consultant that has the discretion to structure portfolios and select the investment managers within those allocation parameters. Multiple investment managers are utilized, including both active and passive management approaches. The plan assets are invested using the liability-driven investment strategy intended to minimize market and interest rate risks, and those assets are periodically rebalanced toward asset allocation targets.

~~Substantially all of the plan assets are~~The target asset allocation for the U.S. qualified pension ~~plan. The target asset allocation for this~~ plan reflects a risk/return profile that we believe is appropriate relative to the liability structure and return goals for the plan. We periodically review the allocation of plan assets relative to alternative allocation models to evaluate the need for adjustments based on forecasted liabilities and plan liquidity needs. For both fiscal years ~~2021~~2023 and ~~2020,~~2022, 100% of the U.S. qualified pension plan assets were allocated to fixed income, in line with the target allocation. The fixed income allocation is primarily directed toward long-term core bond investments, with smaller allocations to Treasury Inflation-Protected Securities and high-yield bonds.

The assumptions used to determine the benefit obligations and net periodic benefit ~~(income)~~ cost ~~from~~for our defined benefit pension plans ~~and post-retirement benefit plans~~ are presented in the ~~tables~~table below. The expected long-term return on assets shown in the ~~tables~~table below represents an estimate of long-term returns on investment portfolios primarily consisting of combinations of debt, equity and other investments, depending on the plan. The long-term rates of return are then weighted based on the asset classes ~~(both historical and forecasted)~~ in which ~~we expect~~ the pension ~~and post-retirement~~ funds ~~to be~~are invested. Discount rates reflect the current rate at which defined benefit pension ~~and post-retirement benefit~~ obligations could be settled based on the measurement dates of the plans, which is October 31, the month end closest to our fiscal year end. The range of assumptions ~~that are used for defined benefit pension plans~~ reflects the different economic environments within various countries.

Our eligible U.S. employees participate in a company-sponsored 401(k) plan. Under the plan, we match ~~employees~~employee contributions dollar for dollar up to 6% of their eligible earnings. All matching contributions vest immediately. During fiscal years ~~2021, 2020~~2023, 2022 and ~~2019,~~2021, we made contributions of ~~$94~~$100 million, ~~$99~~$96 million and ~~$89~~$94 million, respectively, to the 401(k) plan.

In addition, other eligible employees outside of the U.S. receive retirement benefits under various defined contribution retirement plans.

AsThe senior notes are recorded net of October 31, 2021 and November 1, 2020, short-term finance lease liabilities of $26 million and $20 million, respectively, were included in the current portion of long-term debt and long-term finance lease liabilities of $39 million and $48 million, respectively, were included in long-term debt.

We may redeem or purchase, in whole or in part, any of ~~the September 2021 Senior Notes~~our senior notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the ~~indenture~~indentures governing the ~~September 2021 Senior Notes,~~respective notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest.

Subsequent to the end of fiscal year 2023, we borrowed term loans to finance the acquisition of VMware, Inc. (“VMware”) and assumed VMware’s outstanding senior unsecured notes. See Note 15. “Subsequent Events” for additional information.

In April 2022, we issued $750 million of 4.000% senior unsecured notes due April 2029 and $1,200 million of 4.150% senior unsecured notes due April 2032. Using the net proceeds, we redeemed the outstanding balance of $1,020 million of our 4.700% notes due 2025 and $944 million of our 4.250% notes due 2026. As a result of ~~October 31, 2021, the September 2021 Senior Notes were recorded as long-term debt, net~~these redemptions, we incurred premiums of $85 million and wrote off $15 million of unamortized discount and issuance costs, both of which were included in interest expense.

In April 2022, we issued $2,500 million of 4.926% senior unsecured notes due May 2037 in exchange for $2,502 million of certain of our outstanding notes maturing between 2027 and 2030. As a result of this exchange, we paid premiums of $47 million, which were included in unamortized discount and issuance costs. The 4.926% notes due 2037, the 4.000% notes due 2029 and the 4.150% notes due 2032 are ~~amortized~~collectively referred as the “April 2022 Senior Notes.”

In September 2021, we completed our private offers to ~~interest expense over~~exchange $6.0 billion of certain of our outstanding notes maturing between 2025 and 2030 for $3,250 million of 3.137% senior unsecured notes due November 2035 and $2,750 million of 3.187% senior unsecured notes due November 2036 (collectively, the ~~respective terms~~“September 2021 Senior Notes”). As a result of ~~these borrowings.~~this exchange, we paid premiums of $762 million, which were included in unamortized discount and issuance costs.

In March 2021, we completed our private offers to exchange $5.5 billion of certain of our outstanding notes maturing between 2024 and 2027 (the “March 2021 Exchange Offer”) for $2,250 million of 3.419% ~~new~~ senior unsecured notes due April 2033 and $3,250 million of 3.469% ~~new~~ senior unsecured notes due April 2034 (collectively, the “March 2021 Senior Notes”). As a result of ~~the March 2021 Exchange Offer,~~this exchange, we paid premiums of $581 million, which were included in unamortized discount and issuance costs. We may redeem or purchase, in whole or in part, any of the March 2021 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the March 2021 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. As of October 31, 2021, the March 2021 Senior Notes were recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings.

In January 2021, we issued $10 billion of senior unsecured notes (the “January 2021 Senior Notes”). We may redeem or purchase, in whole or in part, any of the January 2021 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the January 2021 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes, plus accrued and unpaid interest. As of October 31, 2021, the January 2021 Senior Notes were recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings.

In January 2021, we entered into a credit agreement (the ~~“January 2021~~“2021 Credit Agreement”), which provides for a five-year $7.5 billion unsecured revolving credit facility, ~~(the “Revolving Facility”),~~ of which $500 million is available for the issuance of multi-currency letters of credit. The issuance of letters of credit and certain other instruments would reduce the aggregate amount otherwise available under the ~~Revolving Facility~~revolving credit facility for revolving loans. Subject to the terms of the ~~January~~ 2021 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 19, 2026 and (b) the date of termination in whole of the revolving lenders’ commitments under the ~~January~~ 2021 Credit Agreement. In connection with the ~~January~~ 2021 Credit Agreement, we terminated the credit agreement entered into on May 7, 2019, ~~(the “May 2019 Credit Agreement”),~~ which provided for a five-year $5 billion unsecured revolving credit facility, and the November 2019 Credit Agreement. ~~As of October 31, 2021, we~~We had no borrowings outstanding under the ~~Revolving Facility.~~revolving credit facility at either October 29, 2023 or October 30, 2022.

In June 2020, we completed our private offers to exchange $3,742 million of certain series of our outstanding senior notes maturing between 2021 and 2024 for $1,695 million of ~~new~~ senior notes due 2026 and $2,222 million of ~~new~~ senior notes due 2028 (collectively, the “June 2020 Senior Notes”). As a result of this exchange, we paid premiums of $177 million, which were included in unamortized discount and issuance costs. We may redeem or purchase, in whole or in part, any of the June 2020 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the June 2020 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest. The June 2020 Senior Notes are recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings.

In May 2020, we issued $8 billion of senior unsecured notes (the “May 2020 Senior Notes”). ~~We may redeem or purchase, in whole or in part, any of~~Using the May 2020 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the May 2020 Senior Notes, plus accrued and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest. The May 2020 Senior Notes are recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings.

In April 2020, we issued $4.5 billion of senior unsecured notes (the “April 2020 Senior Notes”). ~~We may redeem or purchase, in whole or in part, any~~Using the net proceeds, we repurchased certain series of the April 2020 Senior Notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indenture governing the April 2020 Senior Notes, plus accruedour outstanding senior notes maturing between 2021 and unpaid interest. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest. The April 2020 Senior Notes are recorded as long-term debt, net of discount and issuance costs, which are amortized to interest expense over the respective terms of these borrowings.

In April 2019, we issued $11 billion of senior unsecured notes (the “April 2019 Senior Notes”). ~~We may redeem or purchase, in whole or in part, any~~Using the net proceeds, we repaid certain term loans.

In connection with the issuance of the June 2020 Senior Notes, the May 2020 Senior Notes, the April 2020 Senior Notes (collectively, the “2020 Senior Notes”) and the April 2019 Senior Notes, we entered into registration rights agreements, pursuant to which we were obligated to use commercially reasonable efforts to file with the Securities and Exchange Commission (the “SEC”), and cause to be declared effective, a registration statement with respect to an offer to exchange (the “Registered Exchange Offer”) each series of the 2020 Senior Notes and the April 2019 Senior Notes for notes that are registered with the SEC (the “Registered Notes”), with substantially identical terms. We completed the Registered Exchange Offer on August 10, 2020. Substantially all of our 2020 Senior Notes and April 2019 Senior Notes were tendered and exchanged for the corresponding Registered Notes in the Registered Exchange Offer.

During the fiscal year ended October 29, 2017, Broadcom Cayman Finance Limited, which subsequently merged into BTI during the fiscal year ended November 3, 2019 (“fiscal year 2019”) with BTI remaining as the surviving entity, and BRCM issued $17,550 million of senior unsecured notes (the “2017 Senior Notes”). Our 2017 Senior Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured, unsubordinated basis by Broadcom and BTI. ~~We may redeem or purchase, in whole or in part, any~~Using the net proceeds, plus cash on hand, we repaid certain term loans and financed the acquisition of ~~the 2017~~

During the fiscal year ended November 4, 2018, substantially all of the 2017 Senior Notes were tendered and exchanged for notes registered with the SEC, with substantially identical terms.

In connection with our acquisition of CA, Inc. (“CA”) during fiscal year 2019, we assumed $2.25 billion of CA’s outstanding senior unsecured notes (the “Assumed CA Senior Notes”). CA remains the sole obligor under the Assumed CA Senior Notes. We may redeem all or a portion of the Assumed CA Senior Notes at any time, subject to a specified make-whole premium as set forth with the indenture governing the Assumed CA Senior Notes. In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101% of the principal amount of such notes plus accrued and unpaid interest.

As of October ~~31, 2021,~~29, 2023, the estimated aggregate fair value of our debt was ~~$43,392~~$33,181 million. The fair value of our senior notes was determined using quoted prices from less active markets. All of our debt obligations are categorized as Level 2 instruments.

The future scheduled principal payments of debt as of October ~~31, 2021~~29, 2023 were as follows:

On September 30, 2019, we completed an offering of approximately 4 million shares of ~~8.00%~~ Mandatory Convertible Preferred Stock, ~~Series A, $0.001 par value per share (“Mandatory Convertible Preferred Stock”),~~ which generated net proceeds of approximately $3,679 ~~million.~~million and would automatically convert into shares of our common stock on September 30, 2022.

The holders of Mandatory Convertible Preferred Stock ~~are~~were entitled to receive, when, as and if declared by our Board of Directors, or an authorized committee thereof, out of funds legally available for payment, cumulative dividends at the annual rate of 8.00% of the liquidation preference of $1,000 per share (equivalent to $80 annually per share), payable in cash or, subject to certain limitations, by delivery of shares of our common stock or any combination of cash and shares of our common stock, at our ~~election; provided, however, that any undeclared and unpaid dividends will continue to accumulate.~~election.

~~Subject to limited exceptions, no dividends may be declared or paid on shares of our common stock, unless all accumulated dividends have been paid or set aside for payment on all~~During fiscal year 2022, outstanding shares of our Mandatory Convertible Preferred Stock ~~for all past completed dividend periods. In the event~~converted into an aggregate of our voluntary or involuntary liquidation, dissolution or winding-up, no distribution of our assets may be made to holders of our common stock until we have paid to holders of our Mandatory Convertible Preferred Stock a liquidation preference equal to $1,000 per share plus accumulated and unpaid dividends.

In December 2021, our Board of Directors authorized a stock repurchase program to repurchase up to $10 billion of our common stock from time to time ~~on or prior~~through December 31, 2022, which was subsequently extended to December 31, ~~2022.~~ 2023. In May 2022, our Board of Directors authorized another stock repurchase program to repurchase up to an additional $10 billion of our common stock from time to time through December 31, 2023. We repurchased and retired approximately 9 million and 12 million shares of our common stock for $5,824 million and $7,000 million under these stock repurchase programs during fiscal years 2023 and 2022, respectively.

Repurchases under our stock repurchase ~~program~~programs may be effected through a variety of methods, including open market or privately negotiated purchases. The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase ~~program~~programs may be suspended or terminated at any time.

In connection with the acquisition of BRCM, we assumed the BRCM 2012 Stock Incentive Plan (the “Original 2012 Plan”) and outstanding unvested RSUs originally granted by BRCM under the Original 2012 Plan that were held by continuing employees. During the second quarter of fiscal year 2021, our stockholders approved the amendment and restatement of the Original 2012 Plan, now called the Broadcom Inc. 2012 Stock Incentive Plan (the “Amended 2012 Plan”). Under the Amended 2012 Plan, we may grant ~~to employees~~ stock options and stock appreciation rights with an exercise price that is no less than the fair market value on the date of grant, restricted stock awards, and ~~RSUs.~~RSUs to employees. No participant may be granted such awards for more than an aggregate of 4 million shares in any fiscal year. Equity awards granted under the Amended 2012 Plan generally vest over four years. The Amended 2012 Plan reduced the number of shares available for new equity award grants to 20 million shares and removed the annual share replenishment provision provided under the Original 2012 Plan. ~~We will make no further equity award grants under~~During the second quarter of fiscal year 2023, our ~~LSI Corporation 2003 Equity Incentive~~stockholders approved the amendment and restatement of the Amended 2012 Plan ~~which we assumed in connection with~~to increase the ~~acquisition~~number of ~~LSI Corporation.~~shares of common stock authorized for issuance by 25 million shares. Awards cancelled or forfeited and shares withheld to satisfy tax withholding obligations become available for future issuance. As of October ~~31, 2021, 21~~29, 2023, 36 million shares remained available for issuance under the Amended 2012 Plan.

We may grant market-based RSUs with both a service condition and a market condition as part of our equity compensation programs. The market-based RSUs generally vest over four years, subject to satisfaction of market conditions. During fiscal years ~~2021, 2020~~2023, 2022 and ~~2019,~~2021, we granted market-based RSUs under which grantees may receive the number of

The ESPP provides eligible employees with the opportunity to acquire an ownership interest in us through periodic payroll deductions, based on a 6-month look-back period, at a price equal to the lesser of 85% of the fair market value of our common stock at either the beginning or the end of the relevant offering period. The ESPP is structured as a qualified employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986. However, the ESPP is not intended to be a qualified pension, profit sharing or stock bonus plan under Section 401(a) of the Internal Revenue Code of 1986 and is not subject to the provisions of the Employee Retirement Income Security Act of 1974.

We have assumed an annualized forfeiture rate for RSUs of 5%. We will recognize additional expense if actual forfeitures are lower than we estimated, and will recognize a benefit if actual forfeitures are higher than we estimated.

During the first quarter of fiscal year 2019, the Compensation Committee of our Board of Directors approved a broad-based program of multi-year equity grants of time- and market-based RSUs (the “Multi-Year Equity Awards”) in lieu of our annual employee equity awards historically granted on March 15 of each year. Each Multi-Year Equity Award vests on the same basis as four annual grants made March 15 of each year, beginning in fiscal year 2019, with successive four-year vesting periods. Stock-based compensation expense related to the Multi-Year Equity Awards was ~~$816~~$596 million, ~~$902~~$794 million and ~~$890~~$816 million for fiscal years 2023, 2022 and 2021, ~~2020 and 2019,~~ respectively.

As of October ~~31, 2021,~~29, 2023, the total unrecognized compensation cost related to unvested stock-based awards was ~~$2,967~~$6,375 million, which is expected to be recognized over the remaining weighted-average service period of ~~2.9~~3.4 years.

The following table summarizes the weighted-average assumptions utilized to calculate the fair value of market-based awards granted in the periods presented:

The risk-free interest rate was derived from the average U.S. Treasury Strips rate, which approximated the rate in effect appropriate for the term at the time of grant.

The dividend yield was based on the historical and expected dividend payouts as of the respective award grant dates.

The volatility was based on our own historical stock price volatility over the period commensurate with the expected life of the awards and the implied volatility of a 180-day call option on our own common stock measured at a specific date.

The expected term was commensurate with the awards’ contractual terms.

A summary of time- and market-based RSU activity iswas as follows:

The aggregate fair value of time- and market-based RSUs that vested in fiscal years 2023, 2022 and 2021 ~~2020 and 2019~~ was ~~$3,715~~$5,423 million, ~~$2,254~~$4,207 million and ~~$2,958~~$3,715 million, respectively, which represented the market value of our common stock on the date that the RSUs vested. The number of RSUs vested included shares of common stock that we withheld for settlement of employees’ tax obligations due upon the vesting of RSUs.

The ~~following table presents the~~ components of income ~~from continuing operations~~ before income taxes ~~for financial reporting purposes:~~by U.S. and foreign jurisdictions were as follows:

The components of the provision for income taxes in fiscal year 2021 was primarily due to higher income from continuing operations, offset in part by excess tax benefits from stock-based awards, a benefit from foreign derived intangible income, and the recognition of gross unrecognized tax benefitswere as ~~a result of lapses of statutes of limitations and audit settlements.~~follows:

The ~~benefit from~~following is a reconciliation of our effective tax rate to the statutory federal tax rate:

The increase in provision for income taxes in fiscal year ~~2020~~2023 compared to fiscal year 2022 was primarily due to ~~jurisdictional mix of~~higher income ~~and expense,~~before income taxes, partially offset by an increase in the recognition of ~~gross~~ uncertain tax benefits as a result of lapses of statutes of ~~limitations, the remeasurement of certain foreign deferred tax assets and liabilities, and excess tax benefits from stock-based awards.~~

~~Rate Reconciliation~~

The 2017 Tax Act amended Internal Revenue Code Section 174 to require businesses to capitalize and amortize research and development expenses and became effective in ~~November 2019,~~our fiscal year 2023. In fiscal year 2023, we ~~established $28 million of net~~recorded a deferred tax ~~assets primarily as a result~~asset of ~~the difference in book basis~~$275 million for capitalized research and tax basis related to acquired assets. In connection with the CA Merger in November 2018, we established $2,434 million of net deferred tax liabilities on the excess of the book basis over the tax basis of acquired identified intangible assets and investments in certain foreign subsidiaries that had not been indefinitely reinvested, partially offset by acquired tax attributes.development.

We continue to indefinitely reinvest ~~$2,291~~$1,963 million of certain accumulated foreign earnings. The unrecognized deferred income tax liability related to these earnings is estimated to be ~~$241~~$206 million. All other current and future earnings of all our foreign subsidiaries are not considered permanently reinvested.

The following table reconciles the beginning and ending balance of gross unrecognized tax benefits:

~~A portion of our~~We recognize interest and penalties related to unrecognized tax benefits ~~will affect our effective tax rate if they are~~within the provision for income taxes. Accrued interest and penalties were included within other long-term liabilities. During fiscal years 2023, 2022 and 2021, we recognized ~~upon favorable resolution~~interest and penalties of $22 million, $25 million and $46 million respectively, within the ~~uncertain tax positions.~~provision for income taxes. As of October ~~31, 2021~~29, 2023 and ~~November 1, 2020,~~October 30, 2022, the combined amount of cumulative accrued interest and penalties was approximately ~~$5,416~~$389 million and ~~$5,088~~$411 million, respectively.

As of October 29, 2023 and October 30, 2022, approximately $5,044 million and $5,528 million, respectively, of the unrecognized tax benefits and accrued interest and penalties would, ~~affect~~if recognized, benefit our effective income tax ~~rate, respectively.~~

~~During the first quarter of fiscal year 2020, we updated our organizational structure resulting in 2~~We have two reportable segments: semiconductor solutions and infrastructure software. Each segment ~~represents a component for which~~has separate financial information ~~is available~~ that is utilized on a regular basis by the CODM in determining how to allocate resources and

Our CODM assesses the performance of each segment and allocates resources to each segment based on net revenue and operating results and does not evaluate each segment using discrete asset information. Operating results by segment include items that are directly attributable to each segment and also include shared expenses such as ~~global operations, including manufacturing support, logistics and quality control, expenses associated with selling,~~marketing, general and administrative activities, facilities and ITinformation technology (“IT”) expenses. Shared expenses are primarily allocated based on revenue and headcount.

Unallocated expenses include amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring ~~impairment~~ and ~~disposal~~other charges, acquisition-related costs, ~~charges related to inventory step-up to fair value,~~ and other costs, which are not used in evaluating the results of, or in allocating resources to, our segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses.

Depreciation expense directly attributable to each reportable segment is included in the operating results ~~for~~of each segment. However, the CODM does not evaluate depreciation expense by operating segment and, therefore, it is not separately presented. There was no inter-segment revenue for any of the periods presented. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Net revenue by country is based primarily on the geographic shipment or delivery location as specified by the distributors, OEMs, contract manufacturers, channel partners, or software customers who purchased our products or services. For the majority of our products, title and control transfer to our customers in Penang, Malaysia. The products are then transported to the customer specific locations. Net revenue from the United States for fiscal years 2023, 2022 and 2021 ~~2020 and 2019~~ was ~~$5,285~~$6,975 million, ~~$4,778~~$5,915 million and ~~$4,235~~$5,285 million, respectively. Net revenue from China (including Hong Kong) for fiscal

Long-lived assets include property, plant and equipment and are based on the physical location of the assets.

We sell our products through our direct sales force and a select network of distributors and channel partners globally. NoOne customer accounted for ~~more than 10%~~21% of our net accounts receivable balance as of October ~~31, 2021 or November 1, 2020.~~29, 2023. Two customers accounted for 15% and 11% of our net accounts receivable balance as of October 30, 2022. During fiscal years 2023, 2022 and 2021, ~~2020 and 2019, 1~~one customer accounted for ~~18%~~21%, ~~13%~~20% and ~~17%~~18% of our net revenue, respectively. Revenue from this customer was included in our semiconductor solutions segment.

The following table summarizes contractual obligations and commitments as of October ~~31, 2021:~~29, 2023:

Due to the inherent uncertainty with respect to the timing of future cash outflows associated with our unrecognized tax benefits at October ~~31, 2021,~~29, 2023, we are unable to reliably estimate the timing of cash settlement with the respective taxing authorities. Therefore, ~~$3,407~~$2,792 million of unrecognized tax benefits and accrued interest and penalties ~~classified within other long-term liabilities on our consolidated balance sheet~~ as of October ~~31, 2021~~29, 2023 have been excluded from the table above.

From time to time, we are involved in litigation that we believe is of the type common to companies engaged in our lines of business, including commercial disputes, employment issues, tax disputes and disputes involving claims by third parties that our activities infringe their patent, copyright, trademark or other IP rights, as well as regulatory investigations or

California Institute of Technology ("Caltech") filed a complaint against Broadcom and Apple Inc. on May 26, 2016 in the United States District Court for the Central District of California (the “U.S. Central District Court”), and an amended complaint adding Cypress Semiconductor Corporation as a defendant on August 15, 2016. The amended complaint alleged that chips that support certain error correction codes as specified in IEEE Standards 802.11n and 802.11ac willfully infringed four patents related to error correction coding: U.S. Patent Nos. 7,116,710; 7,421,032; 7,916,781; and 8,284,833 (“’833 patent”). Prior to trial, Caltech dismissed its claims against Cypress and withdrew its infringement allegations as to ‘833 patent. The complaint sought a preliminary and permanent injunction, damages, pre- and post-judgment interest, as well as attorneys’ fees, costs, and expenses. The trial was held in January 2020, and on January 29, 2020, the jury issued its verdict finding infringement and awarding Caltech past damages of $270.2 million from Broadcom and $837.8 million from Apple, for which Apple is seeking indemnification from Broadcom. On August 3, 2020, the U.S. Central District Court issued its judgment, awarding Caltech past damages in the amounts awarded by the jury, as well as pre- and post-judgment interest. Additionally, the U.S. Central District Court awarded Caltech an unspecified amount of ongoing royalties to be determined after the anticipated appeals process is resolved. Neither the jury nor the U.S. Central District Court found willful infringement, which if it had, could have resulted in enhanced damages up to three times the amount awarded. Broadcom and Apple ~~have~~ appealed to the United States Court of Appeals for the Federal Circuit (the “Federal Circuit Court”) ~~and oral arguments were heard on September 1, 2021. We are unable to predict the date on which~~. In February 2022, the Federal Circuit Court ~~will issue its decision.~~

In addition to the matters discussed above, we are currently engaged in a number of legal actions in the ordinary course of our business.

We do not believe, based on currently available facts and circumstances, that the final outcome of any pending legal proceedings or ongoing regulatory investigations, taken individually or as a whole, will have a material adverse effect on our consolidated financial statements. However, lawsuits may involve complex questions of fact and law and may require the expenditure of significant funds and other resources to defend. The results of litigation or regulatory investigations are inherently uncertain, and material adverse outcomes are possible. From time to time, we may enter into confidential discussions regarding the potential settlement of such lawsuits. Any settlement of pending litigation could require us to incur substantial costs and other ongoing expenses, such as future royalty payments in the case of an IP dispute.

During the periods presented, no material amounts have been accrued or disclosed in the accompanying consolidated financial statements with respect to loss contingencies associated with any other legal proceedings or regulatory investigations, as potential losses for such matters are not considered probable and ranges of losses are not reasonably estimable. These matters are subject to many uncertainties and the ultimate outcomes are not predictable. There can be no assurances that the actual amounts required to satisfy any liabilities arising from the matters described above will not have a material adverse effect on our consolidated financial statements.

As is customary in our industry and as provided for in local law in the U.S. and other jurisdictions, many of our standard contracts provide remedies to our customers and others with whom we enter into contracts, such as defense, settlement, or payment of judgment for IP claims related to the use of our products. From time to time, we indemnify customers, as well as our suppliers, contractors, lessors, lessees, companies that purchase our businesses or assets and others with whom we enter into contracts, against combinations of loss, expense, or liability arising from various triggering events related to the sale and the use of our products, the use of their goods and services, the use of facilities and state of our owned facilities, the state of the assets and businesses that we sell and other matters covered by such contracts, usually up to a specified maximum amount. In addition, from time to time we also provide protection to these parties against claims related to undiscovered liabilities, additional product liabilities or environmental obligations. In our experience, claims made under such indemnifications are rare and the associated estimated fair value of the liability is not material.

The following table summarizes the significant activities within, and components of, the restructuring liabilities:

Restructuring ~~impairment and disposal~~ charges in our consolidated statement of operations for the fiscal ~~year ended October 31,~~years 2023, 2022 and 2021 included $7 million, $25 million and $36 million respectively, for the write-down of certain lease-related ROU assets and other lease-related charges. As of each October ~~31, 2021,~~29, 2023 and October 30, 2022, short-term and long-term lease liabilities included $44 million and $52 million of liabilities related to restructuring activities.

On November 22, 2023, we completed the acquisition of VMware in a cash-and-stock transaction (the “VMware Merger”). Pursuant to the Agreement and Plan of Merger, each share of VMware common stock issued and outstanding immediately prior to the effective time of the VMware Merger was indirectly converted into the right to receive, at the election of the holder of such share of VMware common stock, either $142.50 in cash, without interest, or 0.2520 shares of Broadcom common stock. The stockholder election was prorated, such that the total number of shares of VMware common stock entitled to receive cash and the total number of shares of VMware common stock entitled to receive Broadcom common stock, in each case, was equal to 50% of the aggregate number of shares of VMware common stock issued and outstanding. Based on the VMware stockholders’ elections, the VMware stockholders received approximately $30.8 billion in cash and 54.4 million shares of Broadcom common stock in aggregate.

We assumed all outstanding VMware RSU awards and performance stock unit awards held by continuing employees. The assumed awards were converted into approximately 5 million Broadcom RSU awards. All outstanding in-the-money VMware stock options and RSU awards held by non-employee directors were accelerated and converted into the right to receive cash and shares of Broadcom common stock, in equal parts.

VMware was a leading provider of multi-cloud services for all applications, enabling digital innovation with enterprise control. We acquired VMware to enhance our infrastructure software capabilities.

We funded the cash portion of the VMware Merger with the net proceeds from the issuance of the 2023 Term Loans, as discussed in further detail below, as well as cash on hand. We assumed $8,250 million of VMware’s outstanding senior unsecured notes.

We are currently evaluating the purchase price allocation following the consummation of the VMware Merger. It is not practicable to disclose the preliminary purchase price allocation or unaudited pro forma combined financial information for this transaction, given the short period of time between the acquisition date and the issuance of these consolidated financial statements.

On August 15, 2023, we entered into a credit agreement (the “2023 Credit Agreement”), which provided us with the ability to borrow term loans in connection with the VMware Merger. In connection with entering into the 2023 Credit Agreement, we terminated the commitment letter for a senior unsecured bridge facility in an aggregate principal amount of $32 billion that we entered into on May 26, 2022. Upon completion of the VMware Merger, we entered an $11,195 million unsecured term A-2 facility (the "Term A-2 Loan”), an $11,195 million unsecured term A-3 facility (the “Term A-3 Loan”), and an $8,000 million unsecured term A-5 facility (the “Term A-5 Loan”, collectively, the “2023 Term Loans”).

On December ~~7, 2021,~~5, 2023, our Board of Directors declared a quarterly cash dividend of ~~$20.00 per share on our Mandatory Convertible Preferred Stock, payable on December 31, 2021 to stockholders of record on December 15, 2021.~~

Not applicable.

Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of October ~~31, 2021.~~29, 2023. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of October ~~31, 2021,~~29, 2023, our CEO and CFO concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by the Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The effectiveness of our internal control over financial reporting as of October ~~31, 2021~~29, 2023 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included in Part II, Item 8. of this Annual Report on Form 10-K.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fourth quarter ended October ~~31, 2021~~29, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Although we have modified our workplace practices globally due to the COVID-19 pandemic, resulting in some of our employees working remotely, this has not meaningfully affected our internal controls over financial reporting. We are continually monitoring and assessing the COVID-19 situation on our internal controls to minimize the impact on their design and operating effectiveness.

None.

Not applicable.

The information required by Item 10 is incorporated herein by reference from sections entitled “Board of Directors,” “Corporate Governance” and “Proposal 1 — Election of Directors” ~~and “Corporate Governance”~~ in our definitive Proxy Statement for our ~~2022~~2024 Annual Meeting of Stockholders. Our executive officers are listed at the end of Item 1 of this Annual Report on Form 10-K.

The information required by Item 11 is incorporated herein by reference from sections entitled ~~“Director Compensation”, “Compensation Discussion and Analysis”, “Executive Compensation”, “Compensation~~“Board of Directors — Director Compensation,” “Board of Directors — Board Committees — Compensation Committee ~~Report” and “Corporate Governance~~ — Compensation Committee Interlocks and Insider ~~Participation"~~Participation,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Executive Compensation,” “CEO Pay Ratio” and “Pay versus Performance” in our definitive Proxy Statement for our ~~2022~~2024 Annual Meeting of Stockholders.

The information required by Item 12 is incorporated herein by reference from sections entitled “Stockholder Information — Security Ownership of Certain Beneficial Owners, Directors and Executive Officers” and “Equity Compensation Plan Information” in our definitive Proxy Statement for our ~~2022~~2024 Annual Meeting of Stockholders.

The information required by Item 13 is incorporated herein by reference from sections entitled ~~“Corporate Governance”~~“Board of Directors” and “Certain Relationships and Related Party Transactions” in our definitive Proxy Statement for our ~~2022~~2024 Annual Meeting of Stockholders.

The information required by Item 14 is incorporated herein by reference from the section entitled “Proposal 2 — Ratification of Appointment of ~~Our~~ Independent Registered Public Accounting Firm” in our definitive Proxy Statement for our ~~2022~~2024 Annual Meeting of Stockholders.

(a) The following are filed as part of this Annual Report on Form 10-K:

The following consolidated financial statements are included in Item 8 of this Annual Report on Form 10-K:

The financial statement schedule of the Registrant and its subsidiaries for fiscal years ~~2021, 2020~~2023, 2022 and ~~2019~~2021 required by Item 15(a) (Schedule II, Valuation and Qualifying Accounts) is included in Item 8 of this Annual Report on Form 10-K:

Schedules not filed have been omitted because they are not applicable, are not required or the information required to be set forth therein is included in the financial statements or notes thereto.

The documents set forth below are filed herewith or incorporated by reference to the location indicated.

None.


Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, $0.001 par value	AVGO	~~The NASDAQ Global Select Market~~
~~8.00% Mandatory Convertible Preferred Stock, Series A, $0.001 par value~~	~~AVGOP~~	The NASDAQ Global Select Market


		Page
PART I.
ITEM 1.	BUSINESS	3
ITEM 1A.	RISK FACTORS	1314
ITEM 1B.	UNRESOLVED STAFF COMMENTS	3134
ITEM 2.	PROPERTIES	3234
ITEM 3.	LEGAL PROCEEDINGS	3234
ITEM 4.	MINE SAFETY DISCLOSURES	3234

PART II.
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	3335
ITEM 6.	[RESERVED]	3436
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3537
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	4847
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	4948
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	9588
ITEM 9A.	CONTROLS AND PROCEDURES	9588
ITEM 9B.	OTHER INFORMATION	9689
I T E M 9 C .ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	9689

PART III.
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	9790
ITEM 11.	EXECUTIVE COMPENSATION	9790
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	9790
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	9790
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	9790

PART IV.
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	9891
ITEM 16.	FORM 10-K SUMMARY	~~105~~98
SIGNATURES		~~106~~99


Software Portfolio	Portfolio Description	Major Portfolio Offerings
Mainframe Software	• ~~Solutions for~~ DevOps, AIOps, Security, Workload Automation, Data Management, and ~~Database Management~~Foundational Software Solutions ~~Systems~~	• Operational Analytics & ~~management~~Management
		• Workload Automation
		• Database & ~~Database~~Data Management
		• Application Development & Testing
		• Identity & Access Management
		• Compliance & Data Protection
		• Security Insights
	• Beyond Code programs	• Skills Development and Staffing
		• Software Rationalization and Migration
		• Software Efficiency and Cost Optimization Tools
		• Change Management Support
		• Technology Proof of Concepts
Distributed Software	• Solutions that optimize the planning, development and delivery of business critical services	• ValueOps
		• DevOps
		• AIOps
Symantec Cyber Security	• Comprehensive threat protection and compliance solutions that secure against threats and compliance risks by protecting users and data on any app, device, or network	• Endpoint Security
		• Network Security
		• Information Security
		• Identity Security
FC SAN Management	• Solutions that transforms current storage networks with autonomous SAN capabilities	• Fibre Channel ~~switch~~Switch
Payment ~~Authentication~~Security	• ~~Software designed to reduce Card Not Present~~Arcot payment authentication network powered by 3-D Secure	• Payment Security Suite


Name and Title	Age	Position and Offices
Hock E. Tan	7072	President, Chief Executive Officer and Director
Kirsten M. Spears	5759	Chief Financial Officer and Chief Accounting Officer
Mark D. Brazeal	5355	Chief Legal and Corporate Affairs Officer
Charlie B. Kawwas, Ph.D.	51	~~Chief Operating Officer~~
~~Thomas H. Krause, Jr.~~	4453	President, ~~Broadcom Software~~Semiconductor Solutions Group


(In square feet)	United States	Other Countries	Total
Owned facilities 1	2,477,165	928,888	3,406,053
Leased facilities 2	901,198	1,309,369	2,210,567
Total facilities	3,378,363	2,238,257	5,616,620
_______________
1 Includes 318,000 square feet and 153,000 square feet of property owned in Malaysia subject to a 60-year land lease with the state authority expiring in May 2051 and March 2077, respectively, subject to renewal at our option.
2 Building leases expire on varying dates through February 2046 and generally include renewals at our option.


(MARK ONE)
☑						ANNUAL 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


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

	(In millions, except per share data)
July 31, 2023 - August 27, 2023	0.1		$	894.78	0.1		$	7,209
August 28, 2023 - September 24, 2023	—		$	—	—		$	7,209
September 25, 2023 - October 29, 2023	—	(b)	$	861.23	—	(b)	$	7,176
Total	0.1		$	885.52	0.1


	October 30, 2016		October 29, 2017		November 4, 2018		November 3, 2019		November 1, 2020		October 31, 2021
Broadcom Inc.	$	100.00	$	152.15	$	136.54	$	190.64	$	235.49	$	369.32
S&P 500 Index	$	100.00	$	123.88	$	133.27	$	153.19	$	166.44	$	237.87
NASDAQ 100 Index	$	100.00	$	130.81	$	148.20	$	175.60	$	240.06	$	346.72


		Fiscal Year Ended									Fiscal Year Ended
		October 31, 2021		November 1, 2020		October 31, 2021		November 1, 2020			October 29, 2023		October 30, 2022		October 29, 2023		October 30, 2022

		(In millions)				(As a percentage of net revenue)					(In millions)				(As a percentage of net revenue)
Statements of Operations Data:	Statements of Operations Data:									Statements of Operations Data:
Net revenue:	Net revenue:									Net revenue:
Products	Products	$	20,886	$	17,435	76	%	73	%	Products	$	27,891	$	26,277	78	%	79	%
Subscriptions and services	Subscriptions and services	6,564		6,453		24		27		Subscriptions and services	7,928		6,926		22		21
Total net revenue	Total net revenue	27,450		23,888		100		100		Total net revenue	35,819		33,203		100		100
Cost of revenue:	Cost of revenue:									Cost of revenue:
Cost of products sold	Cost of products sold	6,555		5,892		24		25		Cost of products sold	8,636		7,629		24		23
Cost of subscriptions and services	Cost of subscriptions and services	607		626		2		2		Cost of subscriptions and services	636		627		2		2

Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	3,427		3,819		13		16		Amortization of acquisition-related intangible assets	1,853		2,847		5		8
Restructuring charges	Restructuring charges	17		35		—		—		Restructuring charges	4		5		—		—
Total cost of revenue	Total cost of revenue	10,606		10,372		39		43		Total cost of revenue	11,129		11,108		31		33
Gross margin	Gross margin	16,844		13,516		61		57		Gross margin	24,690		22,095		69		67
Research and development	Research and development	4,854		4,968		18		21		Research and development	5,253		4,919		15		15
Selling, general and administrative	Selling, general and administrative	1,347		1,935		5		8		Selling, general and administrative	1,592		1,382		4		4
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	1,976		2,401		7		10		Amortization of acquisition-related intangible assets	1,394		1,512		4		5
Restructuring, impairment and disposal charges		148		198		—		1
Restructuring and other charges										Restructuring and other charges	244		57		1		—

Total operating expenses	Total operating expenses	8,325		9,502		30		40		Total operating expenses	8,483		7,870		24		24
Operating income	Operating income	$	8,519	$	4,014	31	%	17	%	Operating income	$	16,207	$	14,225	45	%	43	%


		Fiscal Year Ended									Fiscal Year Ended
Net Revenue by Segment	Net Revenue by Segment	October 31, 2021		November 1, 2020		$ Change		% Change		Net Revenue by Segment	October 29, 2023		October 30, 2022		$ Change		% Change

		(In millions, except for percentages)									(In millions, except percentages)
Semiconductor solutions	Semiconductor solutions	$	20,383	$	17,267	$	3,116	18	%	Semiconductor solutions	$	28,182	$	25,818	$	2,364	9	%
Infrastructure software	Infrastructure software	7,067		6,621		446		7	%	Infrastructure software	7,637		7,385		252		3	%
Total net revenue	Total net revenue	$	27,450	$	23,888	$	3,562	15	%	Total net revenue	$	35,819	$	33,203	$	2,616	8	%


Fiscal Year:	Fiscal Year:	Unrecognized Compensation Cost, Net of Expected Forfeitures		Fiscal Year:	Unrecognized Compensation Cost, Net of Expected Forfeitures
		(In millions)			(In millions)
2022		$	1,289
2023		907
2024	2024	535		2024	$	2,279
2025	2025	210		2025	1,845
2026	2026	26		2026	1,407
2027				2027	715
2028				2028	129
Total	Total	$	2,967	Total	$	6,375


		Fiscal Year Ended									Fiscal Year Ended
Operating Income by Segment	Operating Income by Segment	October 31, 2021		November 1, 2020		$ Change		% Change		Operating Income by Segment	October 29, 2023		October 30, 2022		$ Change		% Change

		(In millions, except for percentages)									(In millions, except percentages)
Semiconductor solutions	Semiconductor solutions	$	10,976	$	8,576	$	2,400	28	%	Semiconductor solutions	$	16,486	$	15,075	$	1,411	9	%
Infrastructure software	Infrastructure software	4,936		4,363		573		13	%	Infrastructure software	5,639		5,219		420		8	%
Unallocated expenses	Unallocated expenses	(7,393)		(8,925)		1,532		(17)	%	Unallocated expenses	(5,918)		(6,069)		151		(2)	%
Total operating income	Total operating income	$	8,519	$	4,014	$	4,505	112	%	Total operating income	$	16,207	$	14,225	$	1,982	14	%


		Fiscal Year Ended					Fiscal Year Ended
Cash Dividends Declared and Paid	Cash Dividends Declared and Paid	October 31, 2021		November 1, 2020		Cash Dividends Declared and Paid	October 29, 2023		October 30, 2022

		(In millions, except per share data)					(In millions, except per share data)
Dividends per share to common stockholders	Dividends per share to common stockholders	$	14.40	$	13.00	Dividends per share to common stockholders	$	18.40	$	16.40
Dividends to common stockholders	Dividends to common stockholders	$	5,913	$	5,235	Dividends to common stockholders	$	7,645	$	6,733
Dividends per share to preferred stockholders	Dividends per share to preferred stockholders	$	80.00	$	80.00	Dividends per share to preferred stockholders	$	—	$	80.00
Dividends to preferred stockholders	Dividends to preferred stockholders	$	299	$	299	Dividends to preferred stockholders	$	—	$	299


	~~Fiscal Year Ended~~
~~Summarized Statement of Operations Information~~	October 31, 2021

	~~(In millions)~~
~~Intercompany revenue with Non-Obligor Group~~	$	~~1,760~~
~~Intercompany gross margin~~	$	~~1,596~~

~~Net loss~~ ~~(a)~~	$	~~(1,262)~~


	Fiscal Year 2019
	Americas		Asia Pacific		Europe, the Middle East and Africa		Total

	(In millions)
Products	$	2,023	$	14,857	$	1,237	$	18,117
Subscriptions and services(a)	3,126		374		980		4,480
Total	$	5,149	$	15,231	$	2,217	$	22,597


		Contract Assets		Contract Liabilities

	(In millions)
Balance as of November 1, 2020		$	158	$	3,443

Balance as of October 31, 2021		$	126	$	3,185


		October 29, 2023		October 30, 2022

	(In millions)
Contract Assets		$	955	$	128

Contract Liabilities		$	2,786	$	3,341


			Page
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			5049
Consolidated Balance Sheets			5150
Consolidated Statements of Operations			5251
Consolidated Statements of Comprehensive Income			5352
Consolidated Statements of Cash Flows			5453
Consolidated Statements of Stockholders' Equity			5554
Notes to Consolidated Financial Statements			5655
Schedule II — Valuation and Qualifying Accounts			9588


		8.00% Mandatory Convertible Preferred Stock			Common Stock			Additional Paid-in Capital				Retained Earnings		Accumulated Other Comprehensive Loss				Total Stockholders’ Equity										8.00% Mandatory Convertible Preferred Stock				Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Stockholders’ Equity
		Shares	Par Value		Shares	Par Value														Shares				Par Value			Shares		Par Value		Additional Paid-in Capital

		(In millions)																					(In millions)
Balance as of November 4, 2018		—	$	—	408	$	—			$	23,285					$	3,487				$	(115)			$	26,657
Net income		—	—		—	—		—				2,724		—				2,724
Other comprehensive loss		—	—		—	—		—				—		(24)				(24)
Cumulative effect of accounting change		—	—		—	—		—				8		(1)				7
Fair value of partially vested equity awards assumed in connection with the acquisition of CA, Inc.		—	—		—	—		67				—		—				67
Dividends to common stockholders		—	—		—	—		(880)				(3,355)		—				(4,235)
Dividends to preferred stockholders		—	—		—	—		(29)				—		—				(29)
Common stock issued		—	—		15	—		253				—		—				253
Preferred stock issued, net		4	—		—	—		3,679				—		—				3,679
Stock-based compensation		—	—		—	—		2,260				—		—				2,260
Repurchases of common stock		—	—		(21)	—		(2,571)				(2,864)		—				(5,435)
Shares repurchased for tax withholdings on vesting of equity awards		—	—		(4)	—		(983)				—		—				(983)
Balance as of November 3, 2019		4	—		398	—		25,081				—		(140)				24,941
Net income		—	—		—	—		—				2,960		—				2,960
Other comprehensive income		—	—		—	—		—				—		24				24
Cumulative effect of accounting change		—	—		—	—		—				(10)		8				(2)
Fair value of partially vested equity awards assumed in connection with an acquisition		—	—		—	—		1				—		—				1
Dividends to common stockholders		—	—		—	—		(2,582)				(2,653)		—				(5,235)
Dividends to preferred stockholders		—	—		—	—		—				(297)		—				(297)
Common stock issued		—	—		12	—		276				—		—				276
Stock-based compensation		—	—		—	—		1,976				—		—				1,976
Shares repurchased for tax withholdings on vesting of equity awards		—	—		(3)	—		(770)				—		—				(770)
Balance as of November 1, 2020	Balance as of November 1, 2020	4	—		407	—		23,982				—		(108)				23,874									Balance as of November 1, 2020	4		$	—	407	$	—	$	23,982	$	—	$	(108)	$	23,874
Net income	Net income	—	—		—	—		—				6,736		—				6,736									Net income	—		—		—	—		—		6,736		—		6,736
Other comprehensive loss	Other comprehensive loss	—	—		—	—		—				—		(8)				(8)									Other comprehensive loss	—		—		—	—		—		—		(8)		(8)

Dividends to common stockholders	Dividends to common stockholders	—	—		—	—		(224)				(5,689)		—				(5,913)									Dividends to common stockholders	—		—		—	—		(224)		(5,689)		—		(5,913)
Dividends to preferred stockholders	Dividends to preferred stockholders	—	—		—	—		—				(299)		—				(299)									Dividends to preferred stockholders	—		—		—	—		—		(299)		—		(299)
Common stock issued	Common stock issued	—	—		9	—		170				—		—				170									Common stock issued	—		—		9	—		170		—		—		170
Stock-based compensation	Stock-based compensation	—	—		—	—		1,704				—		—				1,704									Stock-based compensation	—		—		—	—		1,704		—		—		1,704
Shares repurchased for tax withholdings on vesting of equity awards	Shares repurchased for tax withholdings on vesting of equity awards	—	—		(3)	—		(1,302)				—		—				(1,302)									Shares repurchased for tax withholdings on vesting of equity awards	—		—		(3)	—		(1,302)		—		—		(1,302)
Balance as of October 31, 2021	Balance as of October 31, 2021	4	$	—	413	$	—	$	24,330			$	748	$	(116)			$	24,962								Balance as of October 31, 2021	4		—		413	—		24,330		748		(116)		24,962
Net income																											Net income	—		—		—	—		—		11,495		—		11,495
Other comprehensive income																											Other comprehensive income	—		—		—	—		—		—		62		62
Fair value of partially vested equity awards assumed in connection with an acquisition																											Fair value of partially vested equity awards assumed in connection with an acquisition	—		—		—	—		4		—		—		4
Dividends to common stockholders																											Dividends to common stockholders	—		—		—	—		(50)		(6,683)		—		(6,733)
Dividends to preferred stockholders																											Dividends to preferred stockholders	—		—		—	—		—		(272)		—		(272)
Common stock issued																											Common stock issued	—		—		8	—		114		—		—		114
Stock-based compensation																											Stock-based compensation	—		—		—	—		1,533		—		—		1,533
Repurchases of common stock																											Repurchases of common stock	—		—		(12)	—		(3,316)		(3,684)		—		(7,000)
Common stock issued in connection with Mandatory Convertible Preferred Stock conversion																											Common stock issued in connection with Mandatory Convertible Preferred Stock conversion	(4)		—		12	—		—		—		—		—
Shares repurchased for tax withholdings on vesting of equity awards																											Shares repurchased for tax withholdings on vesting of equity awards	—		—		(3)	—		(1,456)		—		—		(1,456)
Balance as of October 30, 2022																											Balance as of October 30, 2022	—		—		418	—		21,159		1,604		(54)		22,709
Net income																											Net income	—		—		—	—		—		14,082		—		14,082
Other comprehensive income																											Other comprehensive income	—		—		—	—		—		—		261		261
Dividends to common stockholders																											Dividends to common stockholders	—		—		—	—		—		(7,645)		—		(7,645)

Common stock issued																											Common stock issued	—		—		8	—		122		—		—		122
Stock-based compensation																											Stock-based compensation	—		—		—	—		2,171		—		—		2,171
Repurchases of common stock																											Repurchases of common stock	—		—		(9)	—		(481)		(5,359)		—		(5,840)
Shares repurchased for tax withholdings on vesting of equity awards																											Shares repurchased for tax withholdings on vesting of equity awards	—		—		(3)	—		(1,872)		—		—		(1,872)
Balance as of October 29, 2023																											Balance as of October 29, 2023	—		$	—	414	$	—	$	21,099	$	2,682	$	207	$	23,988


		Fiscal Year 2021									Fiscal Year 2023
		Americas		Asia Pacific		Europe, the Middle East and Africa		Total			Americas		Asia Pacific		Europe, the Middle East and Africa		Total

		(In millions)									(In millions)
Products	Products	$	1,809	$	17,258	$	1,819	$	20,886	Products	$	2,601	$	23,263	$	2,027	$	27,891
Subscriptions and services(a)	Subscriptions and services(a)	4,290		720		1,554		6,564		Subscriptions and services(a)	5,678		657		1,593		7,928
Total	Total	$	6,099	$	17,978	$	3,373	$	27,450	Total	$	8,279	$	23,920	$	3,620	$	35,819


		Fiscal Year 2020									Fiscal Year 2022
		Americas		Asia Pacific		Europe, the Middle East and Africa		Total			Americas		Asia Pacific		Europe, the Middle East and Africa		Total

		(In millions)									(In millions)
Products	Products	$	1,775	$	14,442	$	1,218	$	17,435	Products	$	2,371	$	21,761	$	2,145	$	26,277
Subscriptions and services(a)	Subscriptions and services(a)	4,059		881		1,513		6,453		Subscriptions and services(a)	4,573		744		1,609		6,926
Total	Total	$	5,834	$	15,323	$	2,731	$	23,888	Total	$	6,944	$	22,505	$	3,754	$	33,203


	~~Fair Value~~
	~~(In millions)~~
~~Current assets~~	$	~~273~~
~~Goodwill~~	~~6,638~~
~~Intangible assets~~	~~5,411~~
~~Other long-term assets~~	92
~~Total assets acquired~~	~~12,414~~
~~Current liabilities~~	~~(1,127)~~
~~Other long-term liabilities~~	~~(587)~~
~~Total liabilities assumed~~	~~(1,714)~~
~~Fair value of net assets acquired~~	$	~~10,700~~


	Fair Value		Weighted-Average Amortization Periods
	(In millions)		(In years)
Developed technology	$	2,900	5
Customer contracts and related relationships	2,410		5
Trade name	90		6
Order backlog	11		3


Total identified finite-lived intangible assets	$	5,411


		Fiscal Year
		2020		2019

	(In millions)
Pro forma net revenue		$	23,264	$	24,227
Pro forma net income attributable to common stock		$	2,368	$	1,265


	~~(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~~


Description	IPR&D		Percentage of Completion		Estimated Cost to Complete		Expected Completion Date (By Fiscal Year)

	(Dollars in millions)
Mainframe	$	178	67	%	$	138	2019
Enterprise Solutions	$	14	63	%	$	12	2019


	~~Fiscal Year~~
	~~2019~~

	~~(In millions)~~
~~Pro forma net revenue~~	$	~~21,697~~
~~Pro forma net income attributable to common stock~~	$	~~2,535~~


		Fiscal Year							Fiscal Year
		2021		2020		2019			2023		2022		2021

		(In millions)							(In millions)
Gains on investments		$	99	$	31	$	145
Interest income								Interest income	$	535	$	100	$	16
Other income	Other income	26		56		18		Other income	15		30		26
Interest income		16		53		98
Gain (loss) on investments								Gain (loss) on investments	11		(169)		99
Other expense	Other expense	(10)		(50)		(35)		Other expense	(49)		(15)		(10)
Gain from lapse of indemnification		—		116		—
Other income, net		$	131	$	206	$	226

Other income (expense), net								Other income (expense), net	$	512	$	(54)	$	131


		Classification on the Consolidated Balance Sheets	October 31, 2021		November 1, 2020			Classification on the Consolidated Balance Sheets	October 29, 2023		October 30, 2022
			(In millions)						(In millions)
ROU assets - operating leases	ROU assets - operating leases	Other long-term assets	$	588	$	589	ROU assets - operating leases	Other long-term assets	$	463	$	517
ROU assets - finance leases	ROU assets - finance leases	Property, plant and equipment, net	$	55	$	62	ROU assets - finance leases	Property, plant and equipment, net	$	22	$	40

Short-term lease liabilities - operating leases	Short-term lease liabilities - operating leases	Other current liabilities	$	83	$	100	Short-term lease liabilities - operating leases	Other current liabilities	$	60	$	74
Long-term lease liabilities - operating leases	Long-term lease liabilities - operating leases	Other long-term liabilities	$	460	$	527	Long-term lease liabilities - operating leases	Other long-term liabilities	$	359	$	389
Short-term lease liabilities - finance leases	Short-term lease liabilities - finance leases	Current portion of long-term debt	$	26	$	20	Short-term lease liabilities - finance leases	Current portion of long-term debt	$	45	$	37
Long-term lease liabilities - finance leases	Long-term lease liabilities - finance leases	Long-term debt	$	39	$	48	Long-term lease liabilities - finance leases	Long-term debt	$	4	$	22


		October 31, 2021					October 29, 2023
		Operating Leases		Finance Leases			Operating Leases		Finance Leases

		(In millions)					(In millions)
2022		$	101	$	28
2023		86		18
2024	2024	67		18		2024	$	75	$	45
2025	2025	57		2		2025	65		2
2026	2026	46		2		2026	52		2
2027						2027	46		—
2028						2028	40		—
Thereafter	Thereafter	311		—		Thereafter	236		—
Total undiscounted liabilities	Total undiscounted liabilities	668		68		Total undiscounted liabilities	514		49
Less: interest	Less: interest	(125)		(3)		Less: interest	(95)		—
Present value of lease liabilities	Present value of lease liabilities	$	543	$	65	Present value of lease liabilities	$	419	$	49


	Semiconductor Solutions		Infrastructure Software		IP Licensing		Total

	(In millions)
Balance as of November 3, 2019	$	25,929	$	10,776	$	9	$	36,714
Reallocation due to change in segments	9		—		(9)		—
Acquisitions	35		6,712		—		6,747
Sale of business	(14)		—		—		(14)
Balance as of November 1, 2020	25,959		17,488		—		43,447
Acquisition	—		10		—		10
Sale of business	—		(7)		—		(7)
Balance as of October 31, 2021	$	25,959	$	17,491	$	—	$	43,450


		Gross Carrying Amount		Accumulated Amortization		Net Book Value			Gross Carrying Amount		Accumulated Amortization		Net Book Value

		(In millions)							(In millions)
As of October 31, 2021:
As of October 29, 2023:								As of October 29, 2023:
Purchased technology	Purchased technology	$	23,932	$	(17,148)	$	6,784	Purchased technology	$	12,938	$	(10,723)	$	2,215
Customer contracts and related relationships	Customer contracts and related relationships	8,356		(4,533)		3,823		Customer contracts and related relationships	7,059		(5,753)		1,306
Order backlog	Order backlog	2,579		(2,352)		227		Order backlog	9		(8)		1
Trade names	Trade names	787		(386)		401		Trade names	649		(388)		261
Other	Other	239		(127)		112		Other	168		(94)		74
Intangible assets subject to amortization	Intangible assets subject to amortization	35,893		(24,546)		11,347		Intangible assets subject to amortization	20,823		(16,966)		3,857
IPR&D	IPR&D	27		—		27		IPR&D	10		—		10
Total	Total	$	35,920	$	(24,546)	$	11,374	Total	$	20,833	$	(16,966)	$	3,867

As of November 1, 2020:
As of October 30, 2022:								As of October 30, 2022:
Purchased technology	Purchased technology	$	24,119	$	(13,925)	$	10,194	Purchased technology	$	19,450	$	(15,422)	$	4,028
Customer contracts and related relationships	Customer contracts and related relationships	8,389		(3,179)		5,210		Customer contracts and related relationships	7,066		(4,535)		2,531
Order backlog	Order backlog	2,579		(1,836)		743		Order backlog	484		(382)		102
Trade names	Trade names	797		(322)		475		Trade names	700		(372)		328
Other	Other	252		(117)		135		Other	174		(81)		93
Intangible assets subject to amortization	Intangible assets subject to amortization	36,136		(19,379)		16,757		Intangible assets subject to amortization	27,874		(20,792)		7,082
IPR&D	IPR&D	25		—		25		IPR&D	29		—		29
Total	Total	$	36,161	$	(19,379)	$	16,782	Total	$	27,903	$	(20,792)	$	7,111


Fiscal Year:	Fiscal Year:	Expected Amortization Expense		Fiscal Year:	Expected Amortization Expense

		(In millions)			(In millions)
2022		$	4,365
2023		3,237
2024	2024	2,367		2024	$	2,392
2025	2025	659		2025	685
2026	2026	323		2026	348
2027				2027	222
2028				2028	69
Thereafter	Thereafter	396		Thereafter	141
Total	Total	$	11,347	Total	$	3,857


Amortizable intangible assets:	Amortizable intangible assets:	October 31, 2021	November 1, 2020	Amortizable intangible assets:	October 29, 2023		October 30, 2022

		(In years)			(In years)
Purchased technology	Purchased technology	4	5	Purchased technology	3		3
Customer contracts and related relationships	Customer contracts and related relationships	3	4	Customer contracts and related relationships	1		2
Order backlog	Order backlog	2	2	Order backlog	—	(a)	1
Trade names	Trade names	8	9	Trade names	8		8
Other	Other	9	10	Other	8		8




Denominator:
Weighted-average shares outstanding - basic	410		402		398
Dilutive effect of equity awards	19		19		21
Weighted-average shares outstanding - diluted	429		421		419

Basic income per share attributable to common stock:
Income per share from continuing operations	$	15.70	$	6.62	$	6.80
Loss per share from discontinued operations	—		—		(0.03)
Net income per share	$	15.70	$	6.62	$	6.77

Diluted income per share attributable to common stock:
Income per share from continuing operations	$	15.00	$	6.33	$	6.46
Loss per share from discontinued operations	—		—		(0.03)
Net income per share	$	15.00	$	6.33	$	6.43


		Pension Benefits						Post-Retirement Benefits
		Fiscal Year						Fiscal Year							Fiscal Year
		2021		2020		2019		2021		2020		2019			2023		2022		2021

		(In millions)													(In millions)
Service cost	Service cost	$	11	$	12	$	10	$	—	$	—	$	—	Service cost	$	8	$	8	$	11
Interest cost	Interest cost	39		45		58		3		3		3		Interest cost	60		39		39
Expected return on plan assets	Expected return on plan assets	(40)		(46)		(59)		(3)		(3)		(3)		Expected return on plan assets	(59)		(39)		(40)
Other	Other	1		(3)		1		1		1		(1)		Other	—		1		1
Net periodic benefit (income) cost		$	11	$	8	$	10	$	1	$	1	$	(1)
Net periodic benefit cost														Net periodic benefit cost	$	9	$	9	$	11

Net actuarial (gain) loss	Net actuarial (gain) loss	$	8	$	(28)	$	13	$	3	$	—	$	11	Net actuarial (gain) loss	$	20	$	(17)	$	8


Fiscal Years:	Fiscal Years:	Pension Benefits		Post-Retirement Benefits		Fiscal Years:	Expected Benefit Payments

		(In millions)					(In millions)
2022		$	94	$	8
2023		$	94	$	4
2024	2024	$	94	$	4	2024	$	96
2025	2025	$	94	$	4	2025	$	95
2026	2026	$	93	$	4	2026	$	95
2027-2031		$	447	$	23
2027						2027	$	93
2028						2028	$	91
2029-2033						2029-2033	$	429