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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended August 1, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Broadcom Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3844935-2617337
(State or other jurisdiction of
incorporation or organization)
(Commission file Number)
(I.R.S. Employer
Identification No.)
1320 Ridder Park Drive
San Jose,CA95131-2313
(408) 
433-8000
(Address, including zip code, of principal executive offices and
registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.001 par valueAVGOThe NASDAQ Global Select Market
8.00% Mandatory Convertible Preferred Stock, Series A, $0.001 par valueAVGOPThe NASDAQ Global Select Market

As of August 27, 2021, there were 411,616,288 shares of our common stock outstanding.




BROADCOM INC.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended August 1, 2021

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PART I — FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements — Unaudited
BROADCOM INC.
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UNAUDITED
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BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
August 1,
2021
November 1,
2020
(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents$11,105 $7,618 
Trade accounts receivable, net2,234 2,297 
Inventory1,160 1,003 
Other current assets1,137 977 
Total current assets15,636 11,895 
Long-term assets:
Property, plant and equipment, net2,370 2,509 
Goodwill43,457 43,447 
Intangible assets, net12,719 16,782 
Other long-term assets1,698 1,300 
Total assets$75,880 $75,933 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$968 $836 
Employee compensation and benefits893 877 
Current portion of long-term debt279 827 
Other current liabilities4,361 3,831 
Total current liabilities6,501 6,371 
Long-term liabilities:  
Long-term debt40,178 40,235 
Other long-term liabilities4,834 5,426 
Total liabilities51,513 52,032 
Commitments and contingencies (Note 11)
Preferred stock dividend obligation27 27 
Stockholders’ equity:
Preferred stock, $0.001 par value; 100 shares authorized; 8.00% Mandatory Convertible Preferred Stock, Series A, 4 shares issued and outstanding; aggregate liquidation value of $3,738 as of August 1, 2021 and November 1, 2020
  
Common stock, $0.001 par value; 2,900 shares authorized; 412 and 407 shares issued and outstanding as of August 1, 2021 and November 1, 2020, respectively
  
Additional paid-in capital24,126 23,982 
Retained earnings320  
Accumulated other comprehensive loss(106)(108)
Total stockholders’ equity24,340 23,874 
Total liabilities and equity$75,880 $75,933 

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

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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
Fiscal Quarter EndedThree Fiscal Quarters Ended
August 1,
2021
August 2,
2020
August 1,
2021
August 2,
2020
(In millions, except per share data)
Net revenue:
Products$5,064 $4,125 $15,128 $12,582 
Subscriptions and services1,714 1,696 4,915 4,839 
Total net revenue6,778 5,821 20,043 17,421 
Cost of revenue:
Cost of products sold1,572 1,383 4,792 4,290 
Cost of subscriptions and services157 154 450 475 
Amortization of acquisition-related intangible assets851 953 2,578 2,857 
Restructuring charges1 15 17 30 
Total cost of revenue2,581 2,505 7,837 7,652 
Gross margin4,197 3,316 12,206 9,769 
Research and development1,205 1,228 3,654 3,786 
Selling, general and administrative346 428 1,010 1,530 
Amortization of acquisition-related intangible assets494 600 1,482 1,802 
Restructuring, impairment and disposal charges26 52 122 163 
Total operating expenses2,071 2,308 6,268 7,281 
Operating income2,126 1,008 5,938 2,488 
Interest expense(415)(464)(1,451)(1,357)
Other income, net15 49 109 175 
Income from continuing operations before income taxes1,726 593 4,596 1,306 
Benefit from income taxes(150)(96)(151)(331)
Income from continuing operations1,876 689 4,747 1,637 
Loss from discontinued operations, net of income taxes (1) (1)
Net income1,876 688 4,747 1,636 
Dividends on preferred stock(74)(74)(224)(223)
Net income attributable to common stock$1,802 $614 $4,523 $1,413 
Basic income per share attributable to common stock:
Income per share from continuing operations$4.38 $1.53 $11.06 $3.53 
Loss per share from discontinued operations (0.01) (0.01)
Net income per share$4.38 $1.52 $11.06 $3.52 
Diluted income per share attributable to common stock:
Income per share from continuing operations$4.20 $1.46 $10.54 $3.37 
Loss per share from discontinued operations (0.01) (0.01)
Net income per share$4.20 $1.45 $10.54 $3.36 
Weighted-average shares used in per share calculations:
Basic411 403 409 401 
Diluted429 422 429 420 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME — UNAUDITED
Fiscal Quarter EndedThree Fiscal Quarters Ended
August 1,
2021
August 2,
2020
August 1,
2021
August 2,
2020
(In millions)
Net income$1,876 $688 $4,747 $1,636 
Other comprehensive income, net of tax:
Change in actuarial loss and prior service costs associated with defined benefit pension plans and post-retirement benefit plans
  2 1 
Other comprehensive income, net of tax  2 1 
Comprehensive income$1,876 $688 $4,749 $1,637 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
Three Fiscal Quarters Ended
August 1,
2021
August 2,
2020
(In millions)
Cash flows from operating activities:
Net income$4,747 $1,636 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible and right-of-use assets4,135 4,746 
Depreciation405 431 
Stock-based compensation1,290 1,527 
Deferred taxes and other non-cash taxes(762)(683)
Loss on debt extinguishment198 153 
Gain on investments(90) 
Non-cash restructuring, impairment and disposal charges35 32 
Non-cash interest expense67 83 
Other(8)(43)
Changes in assets and liabilities, net of acquisitions and disposals:
Trade accounts receivable, net50 590 
Inventory(157)(98)
Accounts payable142 227 
Employee compensation and benefits14 75 
Other current assets and current liabilities363 462 
Other long-term assets and long-term liabilities(206)(425)
Net cash provided by operating activities10,223 8,713 
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired(8)(10,872)
Proceeds from sales of businesses 218 
Purchases of property, plant and equipment(355)(361)
Proceeds from disposals of property, plant and equipment4 10 
Proceeds from sale of investment67  
Other(3)(4)
Net cash used in investing activities(295)(11,009)
Cash flows from financing activities:
Proceeds from long-term borrowings9,904 27,802 
Payments on debt obligations(10,733)(15,814)
Other borrowings, net (1,285)
Payments of dividends(4,651)(4,139)
Shares repurchased for tax withholdings on vesting of equity awards(1,033)(580)
Issuance of common stock113 174 
Other(41)(60)
Net cash provided by (used in) financing activities(6,441)6,098 
Net change in cash and cash equivalents3,487 3,802 
Cash and cash equivalents at beginning of period7,618 5,055 
Cash and cash equivalents at end of period$11,105 $8,857 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY — UNAUDITED
Three Fiscal Quarters Ended August 1, 2021
8.00% Mandatory Convertible Preferred Stock
Common Stock Additional Paid-in CapitalRetained
Earnings
Accumulated
Other
Comprehensive
Loss
Total Stockholders’
Equity
SharesPar ValueSharesPar Value
(In millions)
Balance as of November 1, 20204 $ 407 $ $23,982 $ $(108)$23,874 
Net income— — — — — 1,378 — 1,378 
Other comprehensive income— — — — — — 1 1 
Dividends to common stockholders
— — — — (164)(1,304)— (1,468)
Dividends to preferred stockholders
— — — — — (74)— (74)
Common stock issued
— — 2  35 — — 35 
Stock-based compensation— — — — 444 — — 444 
Shares repurchased for tax withholdings on vesting of equity awards
— — (1) (217)— — (217)
Balance as of January 31, 20214  408  24,080  (107)23,973 
Net income— — — — — 1,493 — 1,493 
Other comprehensive income— — — — — — 1 1 
Dividends to common stockholders
— — — — (60)(1,417)— (1,477)
Dividends to preferred stockholders
— — — — — (76)— (76)
Common stock issued
— — 3  71 — — 71 
Stock-based compensation— — — — 425 — — 425 
Shares repurchased for tax withholdings on vesting of equity awards
— — (1) (471)— — (471)
Balance as of May 2, 20214  410  24,045  (106)23,939 
Net income— — — — — 1,876 — 1,876 
Dividends to common stockholders
— — — — — (1,482)— (1,482)
Dividends to preferred stockholders
— — — — — (74)— (74)
Common stock issued
— — 2  7 — — 7 
Stock-based compensation— — — — 421 — — 421 
Shares repurchased for tax withholdings on vesting of equity awards
— —   (347)— — (347)
Balance as of August 1, 20214 $ 412 $ $24,126 $320 $(106)$24,340 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY — UNAUDITED
Three Fiscal Quarters Ended August 2, 2020
8.00% Mandatory Convertible Preferred Stock
Common Stock Additional
Paid-in Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
SharesPar ValueSharesPar Value
(In millions)
Balance as of November 3, 20194 $ 398 $ $25,081 $ $(140)$24,941 
Net income— — — — — 385 — 385 
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
— — — — (996)(301)— (1,297)
Dividends to preferred stockholders— — — — — (74)— (74)
Common stock issued
— — 2  37 — — 37 
Stock-based compensation— — — — 545 — — 545 
Shares repurchased for tax withholdings on vesting of equity awards
— — (1) (168)— — (168)
Balance as of February 2, 20204  399  24,500  (132)24,368 
Net income— — — — — 563 — 563 
Other comprehensive income— — — — — — 1 1 
Dividends to common stockholders
— — — — (818)(488)— (1,306)
Dividends to preferred stockholders— — — — — (75)— (75)
Common stock issued
— — 4  91 — — 91 
Stock-based compensation— — — — 517 — — 517 
Shares repurchased for tax withholdings on vesting of equity awards
— — (1) (217)— — (217)
Balance as of May 3, 20204  402  24,073  (131)23,942 
Net income— — — — — 688 — 688 
Dividends to common stockholders
— — — — (698)(614)— (1,312)
Dividends to preferred stockholders— — — — — (74)— (74)
Common stock issued
— — 2  46 — — 46 
Stock-based compensation— — — — 465 — — 465 
Shares repurchased for tax withholdings on vesting of equity awards
— —   (198)— — (198)
Balance as of August 2, 20204 $ 404 $ $23,688 $ $(131)$23,557 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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BROADCOM INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Overview, Basis of Presentation and Significant Accounting Policies
Overview
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 mainframe and BizOps software solutions enables customers to leverage the benefits of agility, automation, insights, resiliency and security in managing business processes and technology investments. We offer a cyber security solutions portfolio, including endpoint, network, information and identity security solutions. 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.
Basis of Presentation
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 ending October 31, 2021 (“fiscal year 2021”) is a 52-week fiscal year. The first quarter of our fiscal year 2021 ended on January 31, 2021, the second quarter ended on May 2, 2021 and the third quarter ended on August 1, 2021. Our fiscal year ended November 1, 2020 (“fiscal year 2020”) was also a 52-week fiscal year.
The accompanying condensed 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”) for interim financial information. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The November 1, 2020 condensed consolidated balance sheet data were derived from Broadcom’s audited consolidated financial statements included in its Annual Report on Form 10-K for fiscal year 2020 as filed with the Securities and Exchange Commission. All intercompany transactions and balances have been eliminated in consolidation. The operating results for the fiscal quarter and three fiscal quarters ended August 1, 2021 are not necessarily indicative of the results that may be expected for fiscal year 2021, or for any other future period.
Significant Accounting Policies
Use of estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The inputs into certain of these estimates and assumptions include the consideration of the economic impact of the COVID-19 pandemic. Actual results could differ materially from these estimates, and such differences could affect the results of operations reported in future periods. As the impact of the COVID-19 pandemic continues to develop, many of these estimates could require increased judgment and carry a higher degree of variability and volatility, and may change materially in future periods.
2. Revenue from Contracts with Customers
We account for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable we will collect substantially all of the consideration we are entitled to. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer.
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Disaggregation
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 nature of our products and subscriptions and services, as presented in our condensed consolidated statements of operations. In addition, revenues by reportable segment are presented in Note 10. “Segment Information”.
The following tables present revenue disaggregated by type of revenue and by region for the periods presented:
Fiscal Quarter Ended August 1, 2021
AmericasAsia PacificEurope, the Middle East and AfricaTotal
(In millions)
Products$438 $4,129 $497 $5,064 
Subscriptions and services (a)
1,150 192 372 1,714 
Total$1,588 $4,321 $869 $6,778 
Fiscal Quarter Ended August 2, 2020
AmericasAsia PacificEurope, the Middle East and AfricaTotal
(In millions)
Products$410 $3,393 $322 $4,125 
Subscriptions and services (a)
1,000 349 347 1,696 
Total$1,410 $3,742 $669 $5,821 
Three Fiscal Quarters Ended August 1, 2021
AmericasAsia PacificEurope, the Middle East and AfricaTotal
(In millions)
Products$1,299 $12,484 $1,345 $15,128 
Subscriptions and services (a)
3,204 576 1,135 4,915 
Total$4,503 $13,060 $2,480 $20,043 
Three Fiscal Quarters Ended August 2, 2020
AmericasAsia PacificEurope, the Middle East and AfricaTotal
(In millions)
Products$1,340 $10,282 $960 $12,582 
Subscriptions and services (a)
3,075 680 1,084 4,839 
Total$4,415 $10,962 $2,044 $17,421 
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________________________________
(a) Subscriptions and services predominantly include software licenses with termination for convenience clauses.
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 customers, contract manufacturers, channel partners, or software customers.
Contract Balances
Contract assets and contract liabilities balances were as follows:
Contract AssetsContract Liabilities
(In millions)
Balance as of November 1, 2020$158 $3,443 
Balance as of August 1, 2021$142 $3,628 
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 liabilities include amounts billed or collected and advanced payments on contracts or arrangements, which may include termination for convenience provisions. The amount of revenue recognized during the three fiscal quarters ended August 1, 2021 that was included in the contract liabilities balance as of November 1, 2020 was $2,330 million. The amount of revenue recognized during the three fiscal quarters ended August 2, 2020 that was included in the contract liabilities balance as of November 3, 2019 was $1,315 million.
Remaining Performance Obligations
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 intellectual property (“IP”).
Certain multi-year customer contracts in our semiconductor solutions segment contain firmly committed amounts and the remaining performance obligations under these contracts as of August 1, 2021 were approximately $12.1 billion. We expect approximately 31% of this amount to be recognized as revenue over the next 12 months. Although the majority of our software contracts are not deemed to be committed, our customers generally do not exercise their termination for convenience rights. In addition, the majority of our contracts for products, subscriptions and services have a duration of one year or less. Accordingly, our remaining performance obligations disclosed above are not indicative of revenue for future periods.
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3. Acquisitions
Acquisition of the Symantec Corporation Enterprise Security Business
On November 4, 2019, we completed the purchase of certain assets and assumed certain liabilities of the Symantec Corporation Enterprise Security business (the “Symantec Business”), which was an established leader in cyber security, for $10.7 billion in cash (the “Symantec Asset Purchase”). We acquired the Symantec Business to expand our footprint of mission critical infrastructure software with our existing customer base.
Unaudited Pro Forma Information
The following unaudited pro forma financial information presents combined results of operations for the periods presented, as if we had completed the Symantec Asset Purchase as of the beginning of our fiscal year ended November 3, 2019 (“fiscal year 2019”). The unaudited pro forma information includes adjustments to amortization and depreciation for intangible assets and property, plant and equipment acquired, adjustments to interest expense for the additional indebtedness incurred to complete the acquisition, restructuring charges related to the acquisition and transaction costs. 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 2019 or of the results of our future operations of the combined business.
Fiscal Quarter EndedThree Fiscal Quarters Ended
August 2,
2020
August 2,
2020
(In millions)
Pro forma net revenue$5,687 $16,894 
Pro forma net income attributable to common stock$549 $1,181 
Other Acquisitions
During the fiscal quarter ended February 2, 2020, we also completed three other acquisitions qualifying as business combinations for total consideration of $201 million, of which $109 million was allocated to goodwill and $46 million was allocated to intangible assets. These acquisitions are not material, individually or in the aggregate, to our condensed consolidated statements of operations.
4. Supplemental Financial Information
Cash Equivalents
Cash equivalents included $3,880 million and $2,471 million of time deposits and $1,555 million and $790 million of money-market funds as of August 1, 2021 and November 1, 2020, 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. We account for these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the condensed consolidated statements of cash flows. Total trade accounts receivable sold under the factoring arrangements were $1,000 million and $2,827 million during the fiscal quarter and three fiscal quarters ended August 1, 2021, respectively, and $927 million and $2,754 million for the fiscal quarter and three fiscal quarters ended August 2, 2020, respectively. Factoring fees for the sales of receivables were recorded in other income, net and were not material for any of the periods presented.
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Inventory
August 1,
2021
November 1,
2020
(In millions)
Finished goods$329 $323 
Work-in-process673 558 
Raw materials158 122 
Total inventory$1,160 $1,003 
Other Current Assets
August 1,
2021
November 1,
2020
(In millions)
Prepaid expenses$509 $387 
Other (miscellaneous)628 590 
Total other current assets $1,137 $977 
Other Current Liabilities
August 1,
2021
November 1,
2020
(In millions)
Contract liabilities$3,008 $2,620 
Tax liabilities492 440 
Interest payable471 304 
Other (miscellaneous)390 467 
Total other current liabilities$4,361 $3,831 
Other Long-Term Liabilities
August 1,
2021
November 1,
2020
(In millions)
Unrecognized tax benefits$3,282 $3,185 
Contract liabilities