50 unchanged sentences
Three Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change
+Added: August 3, 2024 July 29, 2023 $ Change % Change
Revenue $ 2,312,209 $ 3,076,495 $ (764,286) (25) %
3 unchanged sentences
Diluted EPS $ 0.79 $ 1.74 $ (0.95) (55) %
−Removed: Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change
+Added: Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change % Change
Revenue $ 6,983,952 $ 9,589,055 $ (2,605,103) (27) %
6 unchanged sentences
The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024.
−Removed: Therefore, the first six months of fiscal 2024 included an additional week of operations as compared to the first six months of fiscal 2023.
+Added: Therefore, the first nine months of fiscal 2024 included an additional week of operations as compared to the first nine months of fiscal 2023.
Revenue Trends by End Market
6 unchanged sentences
Three Months Ended
−Removed: May 4, 2024 April 29, 2023
+Added: August 3, 2024 July 29, 2023
Revenue* Y/Y% Revenue % of
4 unchanged sentences
Total revenue $ 2,312,209 100 % (25) % $ 3,076,495 100 %
−Removed: Six Months Ended
−Removed: May 4, 2024 April 29, 2023
+Added: Nine Months Ended
+Added: August 3, 2024 July 29, 2023
Revenue* Y/Y% Revenue % of
5 unchanged sentences
* The sum of the individual percentages may not equal the total due to rounding.
−Removed: Revenue decreased 34% and 28% in the three- and six-month periods ended May 4, 2024, respectively, as compared to the same periods of the prior fiscal year, primarily as a result of broad-based decline in demand for our products.
−Removed: The decrease in the six-month period was partially offset by an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
+Added: Revenue decreased 25% and 27% in the three- and nine-month periods ended August 3, 2024, respectively, as compared to the same periods of the prior fiscal year, primarily as a result of broad-based decline in demand for our products.
+Added: The decrease in the nine-month period was partially offset by an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
Revenue by Sales Channel
6 unchanged sentences
Three Months Ended
−Removed: May 4, 2024 April 29, 2023
+Added: August 3, 2024 July 29, 2023
Revenue % of Revenue* Revenue % of Revenue*
3 unchanged sentences
Total revenue $ 2,312,209 100 % $ 3,076,495 100 %
−Removed: Six Months Ended
−Removed: May 4, 2024 April 29, 2023
+Added: Nine Months Ended
+Added: August 3, 2024 July 29, 2023
Revenue % of Revenue* Revenue % of Revenue*
4 unchanged sentences
* The sum of the individual percentages may not equal the total due to rounding.
−Removed: As indicated in the table above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end customer demand.
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change May 4, 2024 April 29, 2023 $ Change % Change
+Added: As indicated in the table above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end market revenue trends.
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change % Change August 3, 2024 July 29, 2023 $ Change % Change
Gross margin $ 1,311,239 $ 1,961,615 $ (650,376) (33) % $ 3,965,215 $ 6,230,502 $ (2,265,287) (36) %
Gross margin % 56.7 % 63.8 % 56.8 % 65.0 %
−Removed: Gross margin percentage decreased by 1,100 and 870 basis points in the three- and six-month periods ended May 4, 2024, respectively, as compared to the same periods of the prior fiscal year, primarily due to lower utilization of our factories due to decreased customer demand, and unfavorable product mix.
+Added: Gross margin percentage decreased by 710 and 820 basis points in the three- and nine-month periods ended August 3, 2024, respectively, as compared to the same periods of the prior fiscal year, primarily due to lower utilization of our factories due to decreased customer demand and unfavorable product mix.
Research and Development (R&D)
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change May 4, 2024 April 29, 2023 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change % Change August 3, 2024 July 29, 2023 $ Change % Change
R&D expenses $ 362,671 $ 423,751 $ (61,080) (14) % $ 1,108,960 $ 1,253,600 $ (144,640) (12) %
R&D expenses as a % of revenue 16 % 14 % 16 % 13 %
−Removed: R&D expenses decreased in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year, primarily as a result of lower R&D employee-related variable compensation expenses, partially offset by higher salary and benefit expenses.
−Removed: The decrease in the six-month period was partially offset by an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
+Added: R&D expenses decreased in the three- and nine-month periods ended August 3, 2024, as compared to the same periods of the prior fiscal year.
+Added: The decrease in the three-month period was primarily as a result of lower R&D employee-related variable compensation expenses and lower salary and benefit expenses.
+Added: The decrease in the nine-month period was primarily as a result of lower R&D employee-related variable compensation expenses, partially offset by higher salary and benefit expenses and the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
R&D expenses as a percentage of revenue will fluctuate from year-to-year depending on the amount of revenue and the success of new product development efforts, which we view as critical to our future growth.
2 unchanged sentences
Selling, Marketing, General and Administrative (SMG&A)
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change May 4, 2024 April 29, 2023 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change % Change August 3, 2024 July 29, 2023 $ Change % Change
SMG&A expenses $ 257,213 $ 334,113 $ (76,900) (23) % $ 791,420 $ 984,648 $ (193,228) (20) %
SMG&A expenses as a % of revenue 11 % 11 % 11 % 10 %
−Removed: SMG&A expenses decreased in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year, primarily as a result of lower SMG&A employee-related variable compensation expenses and discretionary spending.
−Removed: The decrease in the six-month period was partially offset by an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
+Added: SMG&A expenses decreased in the three- and nine-month periods ended August 3, 2024, as compared to the same periods of the prior fiscal year, primarily as a result of lower SMG&A employee-related variable compensation expenses, salary and benefit expenses and discretionary spending.
+Added: The decrease in the nine-month period was partially offset by an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
Amortization of Intangibles
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change May 4, 2024 April 29, 2023 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change % Change August 3, 2024 July 29, 2023 $ Change % Change
Amortization expenses $ 187,754 $ 250,719 $ (62,965) (25) % $ 567,030 $ 756,882 $ (189,852) (25) %
Amortization expenses as a % of revenue 8 % 8 % 8 % 8 %
−Removed: Amortization expenses decreased in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2023.
+Added: Amortization expenses decreased in the three- and nine-month periods ended August 3, 2024, as compared to the same periods of the prior fiscal year, primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2023.
Special Charges, Net
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change May 4, 2024 April 29, 2023 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change % Change August 3, 2024 July 29, 2023 $ Change % Change
Special charges, net $ 12,282 $ 23,539 $ (11,257) (48) % $ 34,399 $ 46,675 $ (12,276) (26) %
−Removed: Special charges, net decreased in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year primarily due to the timing of charges recorded in each period.
+Added: Special charges, net decreased in the three- and nine-month periods ended August 3, 2024, as compared to the same periods of the prior fiscal year, primarily due to the timing of charges recorded in each period.
Fiscal 2023 charges were primarily related to Global Repositioning Actions, while fiscal 2024 charges were primarily related to the Q4 2023 Plan.
Operating Income
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change May 4, 2024 April 29, 2023 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change % Change August 3, 2024 July 29, 2023 $ Change % Change
Operating income $ 491,319 $ 929,493 $ (438,174) (47) % $ 1,463,406 $ 3,188,697 $ (1,725,291) (54) %
Operating income as a % of revenue 21.2 % 30.2 % 21.0 % 33.3 %
−Removed: The year-over-year decrease in operating income in the three-month period ended May 4, 2024 was primarily the result of a decrease in revenue, which contributed to a decrease in gross margin of $964.5 million, partially offset by a decrease of $222.3 million in net operating expenses.
−Removed: The year-over-year decrease in operating income in the six-month period ended May 4, 2024 was primarily the result of a decrease in revenue, which contributed to a decrease in gross margin of $1,614.9 million, partially offset by a decrease of $327.8 million in net operating expenses.
+Added: The year-over-year decrease in operating income in the three-month period ended August 3, 2024 was primarily the result of a decrease in revenue, which contributed to a decrease in gross margin of $650.4 million, partially offset by a decrease of $212.2 million in net operating expenses.
+Added: The year-over-year decrease in operating income in the nine-month period ended August 3, 2024 was primarily the result of a decrease in revenue, which contributed to a decrease in gross margin of $2,265.3 million, partially offset by a decrease of $540.0 million in net operating expenses.
Nonoperating Expense (Income)
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change May 4, 2024 April 29, 2023 $ Change
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change August 3, 2024 July 29, 2023 $ Change
Total nonoperating expense (income) $ 68,328 $ 54,672 $ 13,656 $ 202,394 $ 152,480 $ 49,914
−Removed: The year-over-year increases in nonoperating expense (income) in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year, were primarily the result of higher interest expense related to our commercial paper obligations and higher interest rates on certain of our existing debt obligations.
−Removed: Provision for Income Taxes
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change May 4, 2024 April 29, 2023 $ Change
−Removed: Provision for income taxes $ 22,361 $ 110,267 $ (87,906) $ 73,052 $ 222,266 $ (149,214)
+Added: The year-over-year increases in nonoperating expense (income) in the three- and nine-month periods ended August 3, 2024, as compared to the same periods of the prior fiscal year, were primarily the result of higher foreign currency expenses.
+Added: Provision for (Benefit from) Income Taxes
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change August 3, 2024 July 29, 2023 $ Change
+Added: Provision for (benefit from) income taxes $ 30,759 $ (2,198) $ 32,957 $ 103,811 $ 220,068 $ (116,257)
Effective income tax rate 7.3 % (0.3) % 8.2 % 7.2 %
−Removed: The effective tax rates for the three- and six-month periods ended May 4, 2024 and April 29, 2023 were below the U.S.
+Added: The effective tax rates for the three- and nine-month periods ended August 3, 2024 and July 29, 2023 were below the U.S.
statutory tax rate of 21% due to lower statutory tax rates applicable to our operations in the foreign jurisdictions in which we earn income.
−Removed: Our pretax income for the three- and six-month periods ended May 4, 2024 and April 29, 2023 was primarily generated in Ireland at a tax rate of 12.5%.
+Added: Our pretax income for the three- and nine-month periods ended August 3, 2024 and July 29, 2023 was primarily generated in Ireland at a tax rate of 12.5%.
See Note 12, Income Taxes , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.
−Removed: Three Months Ended Six Months Ended
−Removed: May 4, 2024 April 29, 2023 $ Change % Change May 4, 2024 April 29, 2023 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 3, 2024 July 29, 2023 $ Change % Change August 3, 2024 July 29, 2023 $ Change % Change
Net income $ 392,232 $ 877,019 $ (484,787) (55) % $ 1,157,201 $ 2,816,149 $ (1,658,948) (59) %
1 unchanged sentence
Diluted EPS $ 0.79 $ 1.74 $ 2.32 $ 5.55
−Removed: Net income decreased in the three-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, as the result of a $742.3 million decrease in operating income and a $21.1 million increase in nonoperating expense (income), partially offset by a $87.9 million decrease in provision for income taxes.
−Removed: Net income decreased in the six-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, as the result of a $1,287.1 million decrease in operating income and a $36.3 million increase in nonoperating expense (income), partially offset by a $149.2 million decrease in provision for income taxes.
+Added: Net income decreased in the three-month period ended August 3, 2024, as compared to the same period of the prior fiscal year, as the result of a $438.2 million decrease in operating income, a $33.0 million increase in provision for (benefit from) income taxes and a $13.7 million increase in nonoperating expense (income).
+Added: Net income decreased in the nine-month period ended August 3, 2024, as compared to the same period of the prior fiscal year, as the result of a $1,725.3 million decrease in operating income and a $49.9 million increase in nonoperating expense (income), partially offset by a $116.3 million decrease in provision for (benefit from) income taxes.
Liquidity and Capital Resources
−Removed: At May 4, 2024, our principal source of liquidity was $2.4 billion of cash, cash equivalents and short-term investments, of which approximately $1.5 billion was held in the United States, and the balance of our cash, cash equivalents and short-term investments was held outside the United States in various foreign subsidiaries.
+Added: At August 3, 2024, our principal source of liquidity was $2.5 billion of cash, cash equivalents and short-term investments, of which approximately $1.4 billion was held in the United States, and the balance of our cash, cash equivalents and short-term investments was held outside the United States in various foreign subsidiaries.
We manage our worldwide cash requirements by, among other things, reviewing available funds held by our foreign subsidiaries and the cost effectiveness by which those funds can be accessed in the United States.
We do not expect current regulatory restrictions or taxes on repatriation to have a material adverse effect on our overall liquidity, financial condition or results of operations.
−Removed: Our cash, cash equivalents and short-term investments consist of highly liquid investments, including money market funds and corporate obligations.
+Added: Our cash, cash equivalents and short-term investments consist of highly liquid investments, including money market funds and corporate and bank obligations.
We maintain these balances with counterparties with high credit ratings, and continually monitor the amount of credit exposure to any one issuer and diversify our investments in order to minimize our credit risk.
We believe that our existing sources of liquidity and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing, will be sufficient to fund operations, capital expenditures, research and development efforts and dividend payments (if any) in the immediate future and for at least the next twelve months.
−Removed: Six Months Ended
−Removed: May 4, 2024 April 29, 2023
+Added: Nine Months Ended
+Added: August 3, 2024 July 29, 2023
Net cash provided by operating activities $ 2,801,712 $ 3,630,340
2 unchanged sentences
Net cash used for financing activities $ (660,497) $ (3,164,342)
−Removed: The following changes contributed to the net change in cash and cash equivalents in the six-month period ended May 4, 2024 as compared to the same period in fiscal 2023.
+Added: The following changes contributed to the net change in cash and cash equivalents in the nine-month period ended August 3, 2024 as compared to the same period in fiscal 2023.
Operating Activities
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities.
−Removed: The decrease in cash provided by operating activities during the six-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, was mainly the result of lower net income adjusted for noncash items offset by changes in working capital.
+Added: The decrease in cash provided by operating activities during the nine-month period ended August 3, 2024, as compared to the same period of the prior fiscal year, was mainly the result of lower net income adjusted for noncash items offset by changes in working capital.
Investing Activities
Investing cash flows generally consist of capital expenditures and cash used for acquisitions.
−Removed: The increase in cash used for investing activities during the six-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, was primarily the result of the purchase of short-term available-for-sale investments, partially offset by a decrease in cash used for capital expenditures.
+Added: The increase in cash used for investing activities during the nine-month period ended August 3, 2024, as compared to the same period of the prior fiscal year, was primarily the result of the purchase of short-term investments, partially offset by a decrease in cash used for capital expenditures.
Financing Activities
Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuance and repayment of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans.
−Removed: The change in cash used for financing activities during the six-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, was primarily the result of lower common stock repurchases and net proceeds from the issuance of debt during fiscal 2024.
+Added: The change in cash used for financing activities during the nine-month period ended August 3, 2024, as compared to the same period of the prior fiscal year, was primarily the result of lower common stock repurchases and net proceeds from the issuance of debt during fiscal 2024.
For additional information, see Note 11, Debt , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Working Capital
−Removed: May 4, 2024 October 28, 2023 $ Change % Change
+Added: August 3, 2024 October 28, 2023 $ Change % Change
Accounts receivable $ 1,127,158 $ 1,469,734 $ (342,576) (23) %
4 unchanged sentences
* We use the average of the current quarter and prior quarter ending net accounts receivable and ending inventory balance in our calculation of days sales outstanding and days cost of sales in inventory, respectively.
−Removed: The decrease in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and decreased revenue levels in the second quarter of fiscal 2024 as compared to the fourth quarter of fiscal 2023.
+Added: The decrease in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and decreased revenue levels in the third quarter of fiscal 2024 as compared to the fourth quarter of fiscal 2023.
Inventory decreased primarily as a result of our efforts to balance manufacturing production, demand and inventory levels.
Our inventory levels are impacted by our need to support forecasted sales demand and variations between those forecasts and actual demand.
−Removed: Current liabilities increased to $3,297.3 million at May 4, 2024 as compared to $3,201.0 million at the end of fiscal 2023 due to higher current debt, partially offset by lower accrued liabilities.
−Removed: As of May 4, 2024, our debt obligations consisted of the following:
+Added: Current liabilities increased to $3,226.6 million at August 3, 2024 as compared to $3,201.0 million at the end of fiscal 2023 due to higher current debt and income taxes payable, partially offset by lower accrued liabilities and accounts payable.
+Added: As of August 3, 2024, our debt obligations consisted of the following:
Principal Amount Outstanding
18 unchanged sentences
and consolidate with or merge into, or transfer or lease all or substantially all of our assets to, any other party.
−Removed: As of May 4, 2024, we were in compliance with these covenants.
+Added: As of August 3, 2024, we were in compliance with these covenants.
Commercial Paper Program
Under our commercial paper program, we may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $2.5 billion outstanding at any time, with maturities of up to 397 days from the date of issuance.
−Removed: As of May 4, 2024, we had $548.2 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.
+Added: As of August 3, 2024, we had $547.4 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.
We use the net proceeds of the commercial paper program for general corporate purposes, including without limitation, repayment of indebtedness, stock repurchases, acquisitions, capital expenditures and working capital.
4 unchanged sentences
In addition, the Revolving Credit Agreement contains a consolidated leverage ratio covenant of total consolidated funded debt to consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) of not greater than 3.5 to 1.0.
−Removed: As of May 4, 2024, we were in compliance with these covenants.
+Added: As of August 3, 2024, we were in compliance with these covenants.
Stock Repurchase Program
1 unchanged sentence
Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have repurchased all shares authorized under the program.
−Removed: As of May 4, 2024, an additional $1.8 billion remains available for repurchase under the current authorized program.
+Added: As of August 3, 2024, an additional $1.7 billion remains available for repurchase under the current authorized program.
The repurchased shares are held as authorized but unissued shares of common stock.
2 unchanged sentences
Capital Expenditures
−Removed: Net additions to property, plant and equipment were $411.2 million in the first six months of fiscal 2024.
+Added: Net additions to property, plant and equipment were $565.1 million in the first nine months of fiscal 2024.
We expect capital expenditures for fiscal 2024 to be between approximately $650 million and $750 million.
These capital expenditures will be funded with a combination of cash on hand and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing.
−Removed: On May 21, 2024, our Board of Directors declared a cash dividend of $0.92 per outstanding share of common stock.
−Removed: The dividend will be paid on June 17, 2024 to all shareholders of record at the close of business on June 4, 2024 and is expected to total approximately $456.5 million.
+Added: On August 20, 2024, our Board of Directors declared a cash dividend of $0.92 per outstanding share of common stock.
+Added: The dividend will be paid on September 17, 2024 to all shareholders of record at the close of business on September 3, 2024 and is expected to total approximately $456.8 million.
We currently expect quarterly dividends to continue in future periods.
1 unchanged sentence
Contractual Obligations
−Removed: In the second quarter of fiscal 2024, we issued $550.0 million aggregate principal amount of 5.050% senior unsecured notes due April 1, 2034 and $550.0 million aggregate principal amount of 5.300% senior unsecured notes due April 1, 2054.
+Added: In the second quarter of fiscal 2024, we issued $550.0 million aggregate principal amount of 5.050% senior unsecured notes due April 1, 2034 (2034 Notes) and $550.0 million aggregate principal amount of 5.300% senior unsecured notes due April 1, 2054 (2054 Notes).
The 2034 Notes and the 2054 Notes have semi-annual fixed interest payments due on April 1 and October 1 of each year, commencing October 1, 2024.
For additional information, see Note 11, Debt , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
−Removed: There have not been any other material changes during the six-month period ended May 4, 2024 to the amounts presented in the table summarizing our contractual obligations included in our Annual Report on Form 10-K for the fiscal year ended October 28, 2023.
New Accounting Pronouncements
2 unchanged sentences
See Note 13, New Accounting Pronouncements, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of recently issued and adopted accounting pronouncements, including the dates of adoption and impact on our historical financial condition and results of operations.
−Removed: Quantitative and Qualitative Disclosures About Market Risk
−Removed: There were no material changes in the six-month period ended May 4, 2024 to the information provided under Item 7A.
−Removed: “Quantitative and Qualitative Disclosures about Market Risk,” set forth in our Annual Report on Form 10-K for the fiscal year ended October 28, 2023 .
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.