Broadcom Inc. - Annual Report: 2024 (Form 10-K)

Other current assets$1,606 $1,108 $4,071 $1,357 Accounts payable$1,210 $359 $1,662 $93 Employee compensation and benefits$935 $848 $1,971 $188 Current portion of long-term debt$1,608 $1,264 $1,271 $(1,601)

The accompanying notes are an integral part of these consolidated financial statements.

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BROADCOM INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Fiscal Year Ended

November 3,
2024

October 29,
2023

October 30,
2022

(In millions)

Cash flows from operating activities:

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible and right-of-use assets

Depreciation

Stock-based compensation

Deferred taxes and other non-cash taxes

()

Loss on debt extinguishment

Non-cash interest expense

Other

Changes in assets and liabilities, net of acquisitions and disposals:

Trade accounts receivable, net

()

Inventory

()

Accounts payable

()

Employee compensation and benefits

()

Other current assets and current liabilities

()

Other long-term assets and long-term liabilities

()

Net cash provided by operating activities

Cash flows from investing activities:

Acquisitions of businesses, net of cash acquired

()

Proceeds from sale of business

Purchases of property, plant and equipment

()

Purchases of investments

()

Sales of investments

Other

()

Net cash used in investing activities

()

Cash flows from financing activities:

Proceeds from long-term borrowings

Payments on debt obligations

()

Payments of dividends

()

Repurchases of common stock - repurchase program

()

Shares repurchased for tax withholdings on vesting of equity awards

()

Issuance of common stock

The accompanying notes are an integral part of these consolidated financial statements.

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BROADCOM INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

reportable segments: semiconductor solutions and infrastructure software. See Note 13. “Segment Information” for additional information.

On November 22, 2023, we completed the acquisition of VMware, Inc. (“VMware”) in a cash-and-stock transaction (the “VMware Merger”). The VMware stockholders received approximately $ million in cash and million shares of Broadcom common stock (on a split adjusted basis) with a fair value of $ million. 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. The accompanying consolidated financial statements include the results of operations of VMware commencing on November 22, 2023. See Note 4. “Acquisitions” for additional information.

Basis of Presentation

fiscal year ending on the Sunday closest to October 31. Our fiscal year ended November 3, 2024 (“fiscal year 2024”) was a 53-week fiscal year, with the first fiscal quarter containing 14 weeks. Our fiscal year ended October 29, 2023 (“fiscal year 2023”) and fiscal year ended October 30, 2022 (“fiscal year 2022”) were both 52-week fiscal years.

On July 12, 2024, we completed a -for-one forward stock split of our common stock through the filing of an amendment (“Amendment”) to our Amended and Restated Certificate of Incorporation. The Amendment proportionately increased the number of shares of our authorized common stock without changing the par value of $ per share. All share, equity award and per share amounts and related stockholders’ equity balances presented in the accompanying consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the stock split.

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or less at the date of purchase to be cash equivalents. We determine the appropriate classification of our cash and cash equivalents at the time of purchase. million and $ million, respectively.

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billion notional amount, for a cumulative gain of $ million. The cumulative gain was recorded net of tax of $ million as a component of accumulated other comprehensive income as of October 29, 2023. The cash receipts from the settlement were included in cash flows from operating activities in the consolidated statement of cash flows during fiscal year 2023. In fiscal year 2024, upon the issuance of our $ billion % senior notes due October 2034 as discussed in Note 10. “Borrowings”, $ million out of the $ million pre-tax cumulative gain in accumulated other comprehensive income will be amortized to interest expense through October 15, 2034 using the effective interest method. The remaining cumulative gain will be amortized to interest expense associated with future debt referencing the hedged treasury rates. to years, or over the lease period, whichever is shorter, and machinery and equipment are generally depreciated over to years. We use the straight-line method of depreciation for all property, plant and equipment.

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$ $ $

Subscriptions and services

Total$ $ $ $

Fiscal Year 2023

Americas

Asia Pacific

Europe, the Middle East and Africa

Total

(In millions)

Products

Subscriptions and services

Total

Fiscal Year 2022

Americas

Asia Pacific

Europe, the Middle East and Africa

Total

(In millions)

Products

Subscriptions and services

Total

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.

Contract Balances

$ Contract Liabilities$ $

Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer’s payment. Contract assets and contract liabilities as of November 3, 2024 included the impact of VMware balances acquired on November 22, 2023. 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. As of November 3, 2024, approximately % of contract liabilities related to contracts subject to termination for convenience provisions. The amount of revenue recognized during fiscal year 2024 that was included in the contract liabilities balance as of October 29, 2023 was $ million. The amount of revenue recognized during fiscal year 2023 that was included in the contract liabilities balance as of October 30, 2022 was $ million.

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billion. We expect approximately % of this amount to be recognized as revenue over the next months. For contracts with termination for convenience rights, our customers generally do not exercise those rights. In addition, the majority of our revenue is from contracts with a duration of one year or less. Accordingly, our remaining performance obligations disclosed above are not indicative of revenue for future periods.

, we completed the VMware Merger. Pursuant to the Agreement and Plan of Merger, each share of VMware common stock issued and outstanding immediately prior to 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 $ in cash or shares of Broadcom common stock (on a split adjusted basis). 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 % of the aggregate number of shares of VMware common stock issued and outstanding immediately prior to the VMware Merger. Based on the VMware stockholders’ elections, the VMware stockholders received approximately $ million in cash and million shares of Broadcom common stock with a fair value of $ million.

We funded the cash portion of the VMware Merger with the net proceeds from the issuance of the 2023 Term Loans, as defined and discussed in Note 10. “Borrowings”, as well as cash on hand. We assumed $ million of VMware’s outstanding senior unsecured notes.

Purchase Consideration

Cash paid for outstanding VMware common stock

Cash paid by Broadcom to retire VMware’s term loan

Fair value of partially vested assumed VMware equity awards

Fair value of Broadcom common stock issued for accelerated VMware equity awards

Cash paid for accelerated VMware equity awards

Effective settlement of pre-existing relationships Total purchase consideration Less: cash acquired Total purchase consideration, net of cash acquired$

We assumed all outstanding VMware RSU awards and performance stock unit (“PSU”) awards held by continuing employees. The assumed awards were converted into RSU awards for shares of Broadcom common stock. 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.

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Inventory

Assets held-for-sale

Other current assets

Property, plant and equipment

Goodwill

Intangible assets

Other long-term assets

Total assets acquired

Accounts payable()Employee compensation and benefits()Current portion of long-term debt()

Liabilities held-for-sale

()

Other current liabilities

()

Long-term debt

()

Other long-term liabilities

()

Total liabilities assumed

()

Fair value of net assets acquired

Goodwill is primarily attributable to the assembled workforce and anticipated synergies and economies of scale expected from the integration of the VMware business. The synergies include certain cost savings, operating efficiencies and other strategic benefits projected to be achieved as a result of the VMware Merger. Goodwill is not deductible for tax purposes.

Assets and liabilities held-for-sale primarily included the end-user computing (“EUC”) business and certain other assets and liabilities, which were not aligned with our strategic objectives. On July 1, 2024, we sold the EUC business to KKR & Co. Inc. for cash consideration of $ billion, after working capital adjustments. We do not have any material continuing involvement with this business and have presented its results in discontinued operations.

Our results of continuing operations included $ million of net revenue attributable to VMware for fiscal year 2024. It is impracticable to determine the effect on net income attributable to VMware as we immediately integrated VMware into our ongoing operations. Transaction costs related to the VMware Merger of $ million were primarily included in selling, general and administrative expense for fiscal year 2024.

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Customer contracts and related relationships

Trade name

Off-market component of customer contracts

Total identified finite-lived intangible assets

IPR&D

N/ATotal identified intangible assets$

Developed technology relates to products used for VMware cloud foundation, application management, security, application networking and security, and software-defined edge. We valued the developed technology using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the developed technology less charges representing the contribution of other assets to those cash flows. The economic useful life was determined based on the technology cycle related to each developed technology, as well as the cash flows over the forecast period.

Customer contracts and related relationships represent the fair value of future projected revenue that will be derived from sales of products to existing customers of VMware. Customer contracts and related relationships were valued using the with-and-without-method under the income approach. In the with-and-without method, the fair value was measured by the difference between the present values of the cash flows with and without the existing customers in place over the period of time necessary to reacquire the customers. The economic useful life was determined by evaluating many factors, including the useful life of other intangible assets, the length of time remaining on the acquired contracts and the historical customer turnover rates.

Trade name relates to the “VMware” trade name. The fair value was determined by applying the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted revenue under the trade name. The economic useful life was determined based on the expected life of the trade name and the cash flows anticipated over the forecast period.

Off-market component of customer contracts relate to rebates and marketing development funds provided to customers prior to the VMware Merger. We valued these contracts based on their remaining unamortized balances, which approximate their fair value. The economic useful life was determined based on the remaining terms of customer contracts.

The fair value of IPR&D was determined using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the IPR&D, less charges representing the contribution of other assets to those cash flows.

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(a)

VMware cloud foundation March 2025 releases

$ %$

(b)

VMware cloud foundation July 2025 releases

$ %$

(c)

VMware cloud foundation networking and security virtualization

$ %$

(a)

Application networking and security

$ %$

(a)

____________________________

million of the $ million was released during fiscal year 2024. The remaining balance is expected to be released during the second half of the fiscal year ending November 2, 2025 (“fiscal year 2025”).

VMware cloud foundation is a private cloud platform that integrates compute, storage, networking, and management into a single solution and provides license portability. It enables customers to modernize infrastructure and accelerate developer productivity with greater resilience and security.

We believe the amounts of purchased intangible assets recorded above represent the fair values of, and approximate the amounts a market participant would pay for, these intangible assets as of the date of the VMware Merger.

Unaudited Pro Forma Information

The following unaudited pro forma financial information presents combined results of operations for each of the periods presented, as if VMware had been acquired as of the beginning of fiscal year 2023. The unaudited pro forma information includes adjustments to amortization for intangible assets acquired, stock-based compensation expense, interest expense for acquisition financing, amortization of deferred assets and liabilities, and depreciation for property and equipment acquired. The unaudited pro forma information presented below is for informational purposes only and is not necessarily indicative of our consolidated results of operations of the combined business had the acquisition actually occurred at the beginning of fiscal year 2023 or of the results of our future operations of the combined business.

Pro forma net income

$ $

Acquisition of Seagate’s SoC Operations

On April 23, 2024, we acquired certain assets related to the design, development, and manufacture of System-on-Chip (“SoC”) operations of Seagate Technology Holdings plc for $ million. We acquired these assets to strengthen our portfolio of SoC products.

The following table presents our allocation of the total purchase price. Goodwill is allocated to the semiconductor solutions segment and is deductible for tax purposes.

Goodwill

Other assets

Total assets acquired$

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Developed technology

Total identified finite-lived intangible assets

IPR&D

N/ATotal identified intangible assets$

Customer contracts and related relationships represent the fair value of future projected revenue that will be derived from sales of SoC controller products for hard disk drive applications. Customer contracts and related relationships were valued using the multi-period excess earnings method under the income approach. This method reflects the present value of the projected cash flows that are expected to be generated by the customer contracts and related relationships less charges representing the contribution of other assets to those cash flows. The economic useful life was determined based on the useful lives of other intangible assets and the length of time remaining on the acquired contracts.

Developed technology relates to SoC controller products for hard disk drive applications. We valued the developed technology using the relief-from-royalty method under the income approach. This method is based on the application of a royalty rate to forecasted revenue under the developed technology. The economic useful life was determined based on the technology cycle related to each developed technology, as well as the cash flows over the forecast period.

million and $ million of time deposits and $ million and $ million of money-market funds as of November 3, 2024 and October 29, 2023, 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.

Accounts Receivable Factoring

We sell certain of our trade accounts receivable on a non-recourse basis to third-party financial institutions pursuant to factoring arrangements. . Total trade accounts receivable sold under the factoring arrangements were $ million, $ million and $ million during fiscal years 2024, 2023 and 2022, 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.

Inventory

$ Work-in-process Raw materials Total inventory$ $

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$ Construction in progress Buildings and leasehold improvements Machinery and equipment Total property, plant and equipment Accumulated depreciation and amortization()()Total property, plant and equipment, net$ $

Depreciation expense was $ million, $ million and $ million for fiscal years 2024, 2023 and 2022, respectively.

Other Current Assets

$ Prepaid expenses Other Total other current assets$ $

Other Current Liabilities

$ Tax liabilities Interest payable Other Total other current liabilities$ $

Other Long-Term Liabilities

Deferred tax liabilities

Unrecognized tax benefits, interest and penalties Other Total other long-term liabilities$ $

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$ $ Other income Gain (loss) on investments() ()Other expense()()()Other income (expense), net$ $ $()

Other income and other expense include foreign exchange gains and losses, factoring fees for the sales of receivables, and other miscellaneous items.

Discontinued Operations

billion, after working capital adjustments. In connection with the sale, we agreed to provide transitional services to the buyer on a short-term basis. We do not have any material continuing involvement with this business and have presented its results in discontinued operations.

The following table summarizes the selected financial information of discontinued operations:

)

()

million, $ million and $ million for fiscal years 2024, 2023 and 2022, respectively. Finance lease expense was $ million, $ million and $ million for fiscal years 2024, 2023 and 2022, respectively. $ $ ROU assets obtained in exchange for operating lease liabilities$ $ $ ROU assets obtained in exchange for finance lease liabilities$ $ $ November 3,
2024October 29,
2023Weighted-average remaining lease term – operating leases (In years)Weighted-average remaining lease term – finance leases (In years)Weighted-average discount rate – operating leases % %Weighted-average discount rate – finance leases % %

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$ ROU assets - finance leasesProperty, plant and equipment, net$ $ Short-term lease liabilities - operating leasesOther current liabilities$ $ Long-term lease liabilities - operating leasesOther long-term liabilities$ $ Short-term lease liabilities - finance leasesCurrent portion of long-term debt$ $ Long-term lease liabilities - finance leasesLong-term debt$ $ $ $ Interest cost Expected return on plan assets()()()

Other

() Net periodic benefit cost $ $ $ Net actuarial (gain) loss$()$ $()

Plans with benefit obligations in excess of plan assets:

November 3,
2024

October 29,
2023

(In millions)

Projected benefit obligations

Accumulated benefit obligations

Fair value of plan assets

______________________________

(a).

(b)

(c)

(d).

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The aggregate fair value of time- and market-based RSUs that vested in fiscal years 2024, 2023 and 2022 was $ million, $ million and $ 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.

12.

)$()$()Foreign income

Income from continuing operations before income taxes

$ $ $

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$ $ State Foreign Total

Deferred tax provision (benefit):

Federal () State()()()Foreign ()Total ()()

Total provision for income taxes

$ $ $ % % %State, net of federal benefit() Foreign income taxed at different rates()()()Deemed inclusion of foreign earnings

Impact of non-recurring intra-group transfer of certain IP rights

Uncertain tax benefits

() Excess tax benefits from stock-based compensation()()()Research and development credit()()()Other, net Effective tax rate on income before income taxes % % %

The increase in provision for income taxes in fiscal year 2024 compared to fiscal year 2023 was primarily due to the impact of a non-recurring intra-group transfer of certain IP rights to the United States as a result of supply chain realignment and the resulting shift in jurisdictional mix of income, partially offset by an increase in excess tax benefits from stock-based awards. The increase in provision for income taxes in fiscal year 2023 compared to fiscal year 2022 was primarily due to higher income before income taxes, partially offset by an increase in the recognition of uncertain tax benefits as a result of lapses of statutes of limitations.

We derive the effective tax rate benefit attributed to foreign income taxed at different rates primarily from our operations in Singapore and Malaysia. Our tax incentives from the Singapore Economic Development Board provide that any qualifying income earned in Singapore is subject to tax incentives or reduced rates of Singapore income tax, subject to our compliance with the conditions specified in these incentives and legislative developments. These Singapore tax incentives are scheduled to expire in November 2030. We have also obtained a tax holiday on our qualifying income in Malaysia, which is scheduled to expire in fiscal year 2028. The tax holiday that we negotiated in Malaysia is also subject to our compliance with various operating and other conditions. Before taking into consideration the effects of the U.S. Tax Cuts and Jobs Act and other indirect tax impacts, the effect of these tax incentives and tax holiday was to decrease the provision for income taxes by approximately $ million, $ million and $ million for fiscal years 2024, 2023 and 2022, respectively.

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Capitalized research and development

Deferred revenue Employee stock awards

Depreciation and amortization

Other deferred income tax assets Gross deferred income tax assets Less: valuation allowance()()Deferred income tax assets Deferred income tax liabilities:Depreciation and amortization

Unamortized debt discount and issuance costs

Foreign earnings not indefinitely reinvested Other deferred income tax liabilities Deferred income tax liabilities

Net deferred income tax assets (liabilities)

$()$

As a result of the acquisition of VMware, we established $ million of net deferred tax liabilities on the excess of book basis over the tax basis of acquired assets. Our net deferred tax liabilities also increased during the year due to the non-recurring intra-group transfer of certain IP rights to the United States. The valuation allowance disclosed in the table above relates to substantially all U.S. state and foreign net operating loss carryforwards and research and development tax credits that may not be realized.

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

As of November 3, 2024, we had tax effected U.S. state net operating loss carryforwards of $ million and foreign net operating loss carryforwards of $ million, all of which expire in various years beginning in fiscal year 2025. We had $ million of state research and development tax credits which begin to expire in fiscal year 2025.

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$ $ Lapses of statutes of limitations()()()

Increases in balances related to tax positions taken during prior periods (including those related to acquisitions made during the year)

Decreases in balances related to tax positions taken during prior periods()()()

Increases in balances related to tax positions taken during current period

Decreases in balances related to settlements with taxing authorities()()()Ending balance$ $ $

We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes. Accrued interest and penalties were included within other long-term liabilities. During fiscal years 2024, 2023 and 2022, we recognized interest and penalties of $ million, $ million and $ million respectively, within the provision for income taxes. As of November 3, 2024 and October 29, 2023, the total accrued interest and penalties was approximately $ million and $ million, respectively. The increase in total accrued interest and penalties was primarily the result of the VMware acquisition in addition to the current year accrual.

As of November 3, 2024 and October 29, 2023, approximately $ million and $ million, respectively, of the unrecognized tax benefits and accrued interest and penalties would, if recognized, benefit our effective income tax rate. We are subject to U.S. income tax examination for fiscal years 2018 and later. Certain of our acquired companies are subject to tax examinations in major jurisdictions outside of the U.S. for fiscal years 2005 and later. It is possible that our existing unrecognized tax benefits may change up to $ million as a result of lapses of the statute of limitations for certain audit periods and/or audit examinations expected to be completed within the next 12 months.

13. Segment Information

reportable segments: semiconductor solutions and infrastructure software.

Semiconductor solutions. We provide semiconductor solutions for managing the movement of data in data center, service provider, and enterprise networking applications, including AI networking and connectivity. We provide a broad variety of radio frequency semiconductor devices, wireless connectivity solutions, custom touch controllers, and inductive charging solutions for mobile applications. We also provide semiconductor solutions for enabling the set-top box and broadband access markets 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 and solid state drives. We also provide a broad variety of products for the general industrial and automotive markets. Our semiconductor solutions segment also includes our IP licensing.

Infrastructure software. We provide a portfolio of software solutions that help enterprises simplify their IT environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms. Our portfolio of infrastructure and security software is designed to modernize, optimize, and secure the most complex private and hybrid cloud environments, enabling scalability, agility, automation, insights, resiliency and security making it easy for customers to run their mission-critical workloads. We also offer mission-critical FC SAN products and related software.

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 marketing, general and administrative activities, facilities and IT expenses. Shared expenses are primarily allocated based on revenue and headcount.

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$ $ Infrastructure software Total net revenue$ $ $ Operating income:Semiconductor solutions$ $ $ Infrastructure software Unallocated expenses()()()Total operating income$ $ $

Geographic Information

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 2024, 2023 and 2022 was $ million, $ million and $ million, respectively. Net revenue from China (including Hong Kong) for fiscal years 2024, 2023 and 2022 was $ million, $ million and $ million, respectively. Net revenue from Singapore for fiscal years 2024, 2023 and 2022 was $ million, $ million and $ million, respectively. Net revenue from other foreign countries for fiscal years 2024, 2023 and 2022 was $ million, $ million and $ million, respectively. These geographic delivery locations are not necessarily indicative of the geographic location of our end customers or the country in which our end customers sell devices containing our products. For example, we believe a substantial portion of our products shipped or delivered to China (including Hong Kong) is included in devices sold by our end customers in the United States and Europe.

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$ Taiwan Other Total long-lived assets$ $

Significant Customer Information

customer accounted for % and % of our net accounts receivable balance as of November 3, 2024 and October 29, 2023, respectively. During fiscal years 2024, 2023 and 2022, customer accounted for %, % and % of our net revenue, respectively. Revenue from this customer was included in our semiconductor solutions segment.

14. Commitments and Contingencies

$ 2026 2027 2028

2029

Thereafter Total$ $

Purchase Commitments. Represent unconditional purchase obligations to purchase goods or services, primarily inventory, that are enforceable and legally binding on us and specify all significant terms, including fixed or minimum quantities to be purchased, price provisions, and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable without penalty and unconditional purchase obligations with a remaining term of one year or less.

Other Contractual Commitments. Represent amounts payable pursuant to agreements related to IT and other service agreements.

Due to the inherent uncertainty with respect to the timing of future cash outflows associated with our unrecognized tax benefits at November 3, 2024, we are unable to reliably estimate the timing of cash settlement with the respective taxing authorities. Therefore, $ million of unrecognized tax benefits and accrued interest and penalties as of November 3, 2024 have been excluded from the table above.

Contingencies

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 inquiries. Legal proceedings and regulatory investigations or inquiries are often complex, may require the expenditure of significant funds and other resources, and the outcomes of such proceedings are inherently uncertain, with material adverse outcomes possible. IP property claims generally involve the demand by a third-party that we cease the manufacture, use or sale of the allegedly infringing products, processes or technologies and/or pay substantial damages or royalties for past, present and future use of the allegedly infringing IP. Claims that our products or processes infringe or misappropriate any third-party IP rights (including claims arising through our contractual indemnification of our customers) often involve highly

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15.

$ $ Restructuring charges Utilization()()()Balance as of October 30, 2022 Restructuring charges Utilization()()()Balance as of October 29, 2023 Restructuring charges Utilization()()()

Balance as of November 3, 2024

$ $ $ *Certain information omitted pursuant to a request for confidential treatment filed with the SEC.

ITEM 16.FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


BROADCOM INC.

By:	/s/ Hock E. Tan
	Name:	Hock E. Tan
	Title:	President and Chief Executive Officer

Date: December 20, 2024

POWER OF ATTORNEY

Each person whose individual signature appears below hereby authorizes and appoints Hock E. Tan, Kirsten M. Spears and Mark D. Brazeal, and each of them, with full power of substitution and resubstitution and full power to act without the other, as his or her true and lawful attorney-in-fact and agent to act in his or her name, place and stead and to execute in the name and on behalf of each person, individually and in each capacity stated below, and to file any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing, ratifying and confirming all that said attorneys-in-fact and agents or any of them or their or his substitute or substitutes may lawfully do or cause to be done by virtue thereof.

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Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed by the following persons on behalf of the Registrant in the capacities indicated and on the dates indicated.

Signature

Title

Date

/s/ Hock E. Tan

President, Chief Executive

Officer and Director

(Principal Executive Officer)

December 20, 2024

Hock E. Tan

/s/ Kirsten M. Spears

Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)

December 20, 2024

Kirsten M. Spears

/s/ Henry Samueli

Chairman of the Board of Directors

December 20, 2024

Henry Samueli

/s/ Eddy W. Hartenstein

Lead Independent Director

December 20, 2024

Eddy W. Hartenstein

/s/ Diane M. Bryant

Director

December 20, 2024

Diane M. Bryant

/s/ Gayla J. Delly

Director

December 20, 2024

Gayla J. Delly

/s/ Kenneth Y. Hao

Director

December 20, 2024

Kenneth Y. Hao

/s/ Check Kian Low

Director

December 20, 2024

Check Kian Low

/s/ Justine F. Page

Director

December 20, 2024

Justine F. Page

/s/ Harry L. You

Director

December 20, 2024

Harry L. You

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Broadcom Inc. - Annual Report: 2024 (Form 10-K)

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