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ANNUAL REPORT 2023 ACCELERATE INNOVATION TO CONNECT & SECURE THE WORLD | 2023.pdf |
Keysight Technologies Inc. 1400 Fountaingrove Parkway Santa Rosa California 95403 Satish Dhanasekaran President & Chief Executive Officer January 29, 2024 To our stockholders, In fiscal year 2023, Keysight strengthened execution and end-to-end alignment to deliver solid results while navigating a challenging macroecono... | 2023.pdf |
Software and services are an integral part of Keysight's solutions strategy and their growth this year continued to outpace Keysight overall. Annual recurring revenue grew nine percent this year to approximately $1. 3 billion, or 23 percent of total revenue. In support of our corporate social responsibility (CSR) goals... | 2023.pdf |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended October 31, 2023 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For ... | 2023.pdf |
TABLE OF CONTENTS Page Forward-Looking Statements................................................................ 1 PART I Item 1 Business....................................................................... 2 Item 1A Risk Factors.................................................................... 16 Item 1B Unresolv... | 2023.pdf |
Forward-Looking Statements This report contains forward-looking statements which include but are not limited to predictions, future guidance, projections, beliefs, and expectations about the company's trends, seasonality, cyclicality and growth in, and drivers of, the markets we sell into, our strategic direction, earn... | 2023.pdf |
PART I Item 1. Business Overview Keysight Technologies, Inc. (''we,'' ''us,'' ''Keysight'' or the ''company''), incorporated in Delaware on December 6, 2013, is a global innovator in the computing, communications and electronics market, committed to advancing our customers' business success by helping them solve critic... | 2023.pdf |
capabilities, and broad solutions portfolio that they need to execute on their product development goals. Keysight primarily employs a comprehensive global direct sales channel with experienced management and highly technical sales and application engineers, including a strong local presence in emerging markets. These ... | 2023.pdf |
Strategic Priorities Keysight's business strategy is exemplified in four key objectives: Invest to deliver differentiated, first-to-market solutions This priority is central to our value contribution for our customers in their world of increasing technology complexity and decreasing time-to-market. To this end, our int... | 2023.pdf |
Network Analyzers-an array of products providing detailed characterization of the behavior of electronic components and systems when stimulated by a range of input signals. Power Analyzers-a range of products to accurately measure voltage, current, and power characteristics of an electronic device or system under a ra... | 2023.pdf |
Technical and application support for hardware, software, and solutions, known as Keysight Care, allows customers to maximize their productivity and the utility of our products and solutions in their application environment. Professional services, including installation, training, and engineering services, optimize eq... | 2023.pdf |
Our aerospace, defense and government customers are research agencies and manufacturers serving the aerospace and defense industries, including commercial and government customers and their contracted suppliers. Commercial suppliers include aerospace, defense, and satellite equipment prime contractors, subcontractors, ... | 2023.pdf |
General Electronics The market for Keysight's general electronics solutions spans a broad set of design and measurement applications that enable electronics designers and manufacturers across a wide range of industrial and academic settings. These applications represent basic and advanced design, simulation, and measur... | 2023.pdf |
design workflow solutions. Together, all of our direct sales organizations serve customers globally across the commercial communications, aerospace, defense and government, automotive and energy, semiconductor and general electronics markets. More than 80 percent of our business comes from customer interactions with ou... | 2023.pdf |
approximately 14,900 employees worldwide representing more than 80 nationalities working in 30 countries. Of those employees, 5,500 are located in the Americas (including 5,300 in the United States), 2,800 are located in Europe, and 6,600 are located in Asia Pacific. Culture, Values and Standards Our core values and cu... | 2023.pdf |
Globally, many of our employee population is eligible to retire. These employees often have valuable skills and historical information and knowledge transfer is critical. We have knowledge transfer practices and programs to enable us to retain critical knowledge. In the United States, we have programs specifically desi... | 2023.pdf |
Compensation and Benefits We compensate employees with competitive wages and benefit programs designed to meet employee needs. Our compensation and benefit programs are designed to recognize our employees' contributions to value creation and business results. We seek to achieve pay parity across our organization and in... | 2023.pdf |
States, even if not subject to regulation imposed by foreign governments. We believe that our properties and operations at our facilities comply in all material respects with applicable environmental laws and occupational health and safety laws. However, the risk of environmental liabilities cannot be completely elimin... | 2023.pdf |
U. S. We monitor pending and proposed legislation and regulatory changes that may impact our business and develop strategies to address the changes and incorporate them into existing compliance programs. Data Privacy Regulations With extensive operations all over the world, we must comply with complex regulations gover... | 2023.pdf |
Kailash Narayanan, 50,has served as Keysight's Senior Vice President and President of the Communications Solutions Group since November 2021. From November 2020 until November 2021, Mr. Narayanan served as President of the Commercial Communications business. He served as Vice President and General Manager, Wireless Tes... | 2023.pdf |
Item 1A. Risk Factors Risks, Uncertainties and Other Factors That May Affect Future Results Risks Related to Our Business Uncertainty in general economic conditions may adversely affect our operating results and financial condition. Our business is sensitive to negative changes in general economic conditions, both insi... | 2023.pdf |
local competition; differing labor regulations; unexpected changes in regulatory requirements; inadequate local infrastructure; potential incidences of corruption and fraudulent business practices; and volatile geopolitical turmoil, including popular uprisings, regional conflicts, terrorism, and war. We centralize mos... | 2023.pdf |
quarters are often based on the expected seasonality or cyclicality of our markets. However, due to the uncertainties and volatile economic environment created by inflation, the potential for recession, increased geopolitical tensions, including regional conflict and war and continued supply chain challenges, the marke... | 2023.pdf |
Our future operating results may fluctuate significantly if our investments in innovative technologies are not as profitable as we anticipate. On a regular basis, we review the existing technologies available in the market and identify strategic new technologies to develop and invest in. We are currently devoting signi... | 2023.pdf |
adversely limit our ability to improve our income, margin and operating results. By contrast, if, during an economic downturn, we had excess manufacturing capacity, then our fixed costs associated with excess manufacturing capacity would adversely affect our income, margins and operating results. Key customers or large... | 2023.pdf |
a way that enhances performance and expands the markets of th e newly acquired company. The acquired company may not enhance the performance of our businesses or product lin es such that we do not realize the value from expected synergies. Depending on the size and complexity of an acquis ition, the successful integrat... | 2023.pdf |
Our incurrence of debt, and increases in our aggregate levels of debt, may adversely affect our operating results and financial condition by, among other things: requiring a portion of our cash flow from operations to make interest payments on outstanding debt; increasing our vulnerability to general adverse economic a... | 2023.pdf |
the positions we have taken could result in an impact to our financial statements. Our financial results and tax treatment are susceptible to changes in tax, accounting, and other laws, including the Inflation Reduction Act and The Tax Cuts and Jobs Act in the U. S, regulations, principles, and interpretations in the U... | 2023.pdf |
our production facilities in Japan are all located in areas with above-average seismic activity. If any of these facilities were to experience a catastrophic loss, it could disrupt our operations, delay production, shipments and revenue and result in large expenses to repair or replace the facility. In addition, since ... | 2023.pdf |
Disputes and litigation regarding patents or other intellectual property are costly and time-consuming due to the complexity of our technology and the uncertainty of intellectual property litigation and could divert our management and key personnel from business operations. Claims of intellectual property infringement ... | 2023.pdf |
property, business information and proprietary data, or corruption of data, which could impact Keysight's reputation, and result in loss of confidence in our products, loss of orders, and loss in revenue, which could materially impact our financial results. We proactively scan for vulnerabilities in our product lines. ... | 2023.pdf |
privacy may require us to incur additional costs and restrict our business operations. If we fail to comply with GDPR or other data privacy regulation, we may be subject to significant financial fines and civil or criminal penalties, and may suffer damage to our reputation or brand, which could adversely affect our bus... | 2023.pdf |
Future investment returns on pension assets may be lower than expected or interest rates may decline, requiring us to make significant additional cash contributions to our future plans. We sponsor several defined benefit pension plans that cover many of our salaried and hourly employees. The Federal Pension Protection ... | 2023.pdf |
investor perception of our company; natural or other disasters that investors believe may affect us; overall market fluctuations; results from any material litigation or government investigations; changes in laws or regulations affecting our business; new or expanded trade restrictions; economic conditions such as inf... | 2023.pdf |
of directors to the extent permitted by Delaware law, exclusive forum for certain types of actions and proceedings that may be initiated by our shareholders and amendments of the certificate of incorporation) and certain provisions in our amended and restated bylaws (relating to the calling of special meetings of share... | 2023.pdf |
Item 2. Properties Our executive offices are located in the United States in an owned facility in Santa Rosa, California. We own or lease 134 operating facilities located throughout the world that handle manufacturing, research and development, administration, assembly, sales, quality, assurance testing, distribution, ... | 2023.pdf |
PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is listed on the New York Stock Exchange (''NYSE'') with the ticker symbol ''KEYS. '' As of December 12, 2023, there were 16,230 shareholders of record. Stock Price Performan... | 2023.pdf |
Issuer Purchases Of Equity Securities The table below summarizes information about the company's purchases, based on trade date, of its equity securities registered pursuant to Section 12 of the Exchange Act during the fiscal quarter ended October 31, 2023. The total number of shares of common stock purchased by the co... | 2023.pdf |
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere in this Annual Report on Form 10-K. This report contains forward-looking statements which i... | 2023.pdf |
including double-digit decline in Asia Pacific. Total orde rs for 2022 were $5,984 million, an increase of 12 percent compared to 2021. Foreign currency movements had an unfavor able impact of 3 percentage points on order growth for 2022 compared to 2021. Orders grew across all regions, inclu ding double-digit growth i... | 2023.pdf |
Results from Operations-Years ended October 31, 2023, 2022 and 2021 A summary of our results is as follows: Year Ended October 31,2023 over 2022 % Change2022 over 2021 % Change 2023 2022 2021 in millions, except margin data Revenue............................... $5,464 $5,420 $4,941 1% 10% Products........................ | 2023.pdf |
Research and development expense increased 5 percent in 2023 compared to 2022, primarily driven by continued investments in key growth opportunities in our end markets and leading-edge technologies, partially offset by lower variable people-related costs. Research and development expense increased 4 percent in 2022 com... | 2023.pdf |
conducted outside the U. S. The capitalization of research and experimental expenditures increases the U. S. tax on non-U. S. earnings as part of the global intangible low-taxed income (''GILTI'') tax. There was an additional 2 percent increase in the effective tax rate from 2022 to 2023 due to a decrease in 2022 taxes... | 2023.pdf |
We are subject to income taxes in the U. S. and various other countries globally. Changes in tax law, tax rates, or in the composition of earnings in countries with differing tax rates may affect deferred tax assets and liabilities recorded and our future effective tax rate. On August 16, 2022, the U. S. government ena... | 2023.pdf |
solutions, driven by AI-ML and data center expansion, and continue to see steady R&D investments in new capabilities and devices for 5G as well as Open RAN and release 17 features. Revenue from the commercial communications market represented approximately 69 percent of total Communications Solutions Group revenue in 2... | 2023.pdf |
Revenue Year Ended October 31,2023 over 2022 % Change2022 over 2021 % Change 2023 2022 2021 in millions Total revenue................................ $1,779 $1,617 $1,418 10% 14% Revenue for the Electronic Industrial Solutions Group in 2023 increased 10 percent compared to 2022. Foreign currency movements had an unfavo... | 2023.pdf |
Financial Condition Liquidity and Capital Resources Our liquidity is affected by many factors, including normal ongoing operations of our business and fluctuations due to global economics and markets. Our cash balances are generated and held in many locations throughout the world. Under certain circumstances, U. S. and... | 2023.pdf |
difference between 2023 and 2022 cash flows is primarily due to lower prepaid inventory deposits driven by easing of supply chain constraints and other lower prepaid expenses, unrealized loss on foreign exchange contracts not designated as hedging instruments (see Note 9, ''Derivatives''), and changes in other assets a... | 2023.pdf |
Debt October 31, 2023 2022 in millions Total debt (par value)...................................................... $1,800 $1,800 Revolving credit facility.................................................... $ 750 $ 750 On July 30, 2021, we entered into an amended and restated credit agreement (the ''Revolving Credit F... | 2023.pdf |
The following table summarizes our short and long-term cash requirements as of October 31, 2023: Total Due within one year Due later than one year in millions Senior notes obligations........................................ $1,800 $ 600 $1,200 Interest payments on senior notes................................. 229 74 15... | 2023.pdf |
As of October 31, 2023, we believe our cash and cash equivalents, cash generated from operations, and our ability to access capital markets and credit lines will satisfy our cash needs for the foreseeable future both globally and domestically. Critical Accounting Policies and Estimates The preparation of financial stat... | 2023.pdf |
similar circumstances to similar customers. Since most contracts contain multiple performance obligations, we use information that may include market conditions and other observable inputs to estimate SSP when we don't have standalone transactions. 5. Recognize revenue when (or as) performance obligations are satisfied... | 2023.pdf |
two components of the periodic benefit cost: service cost and interest cost. If we changed our discount rate by 1 percent, the impact would be $6 million on U. S. net periodic benefit cost and $5 million on non-U. S. net periodic benefit cost. Lower discount rates increase the present value of the liability and subsequ... | 2023.pdf |
calculating its fair value. Our indefinite-lived intangible assets are generally in-process research and development (''IPR&D'') intangible assets. No material impairments of indefinite-lived intangible assets were recorded in 2021. We had no IPR&D intangible assets as of October 31, 2023 and 2022. Warranty. Keysight w... | 2023.pdf |
New Accounting Standards See Note 1, ''Overview, Basis of Presentation and Summary of Significant Accounting Policies,'' to the consolidated financial statements for a description of new accounting pronouncements. Item 7A. Quantitative and Qualitative Disclosures About Market Risk At various times, we use derivative fi... | 2023.pdf |
Item 8. Financial Statements and Supplementary Data Index to Consolidated Financial Statements Page Consolidated Financial Statements: Report of Independent Registered Public Accounting Firm (PCAOB ID: 238)..................... 52 Consolidated Statement of Operations for each of the three years in the period ended Octo... | 2023.pdf |
Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Keysight Technologies, Inc. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Keysight Technologies, Inc. and its subsidi... | 2023.pdf |
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance wi... | 2023.pdf |
KEYSIGHT TECHNOLOGIES, INC. CONSOLIDATED STATEMENT OF OPERATIONS (in millions, except per share data) Year Ended October 31, 2023 2022 2021 Revenue: Products............................................................. $4,336 $4,386 $3,993 Services and other.................................................... 1,128 1,0... | 2023.pdf |
KEYSIGHT TECHNOLOGIES, INC. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (in millions) Year Ended October 31, 2023 2022 2021 Net income............................................................ $1,057 $1,124 $ 894 Other comprehensive income (loss): Gains (losses) on derivative instruments, net of tax benefit (expen... | 2023.pdf |
KEYSIGHT TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEET (in millions, except par value and share data) October 31, 2023 2022 ASSETS Current assets: Cash and cash equivalents................................................... $ 2,472 $ 2,042 Accounts receivable, net.................................................... 900... | 2023.pdf |
KEYSIGHT TECHNOLOGIES, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (in millions) Year Ended October 31, 2023 2022 2021 Cash flows from operating activities: Net income........................................................ $1,057 $1,124 $ 894 Adjustments to reconcile net income to net cash provided by operating activiti... | 2023.pdf |
KEYSIGHT TECHNOLOGIES, INC. CONSOLIDATED STATEMENT OF EQUITY (in millions, except number of shares in thousands) Common Stock Treasury Stock Retained Earnings Accumulated Other Comprehensive Loss Total Stockholders' Equity Number of Shares Par Value Additional Paid-in Capital Number of Shares Treasury Stock at Cost Bal... | 2023.pdf |
KEYSIGHT TECHNOLOGIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. OVERVIEW, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Overview. Keysight Technologies, Inc. (''we,'' ''us,'' ''Keysight'' or the ''company''), incorporated in Delaware on December 6, 2013, is a global innovator in the com... | 2023.pdf |
Product revenues are generated predominantly from the sale of various types of design and test software and hardware. Products consist of standalone software and hardware generally installed with software applications that are licensed on a perpetual and term basis. Our hardware products generally do not have any subst... | 2023.pdf |
Performance obligation When performance obligation is typically satisfied When payment is typically due How standalone selling price is typically determined Service Revenues Calibration contracts Ratably over the service contract period (over time)Within 30-90 days of the beginning of service contract period Estimated ... | 2023.pdf |
Accounts receivable, net. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Such accounts receivable have been reduced by an allowance for credit losses, which is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowan... | 2023.pdf |
We determine fair values for each of the reporting units using the market approach, when available and appropriate, or the income approach, or a combination of both. If multiple valuation methodologies are used, the results are weighted appropriately. Valuations using the market approach are derived from metrics of pub... | 2023.pdf |
Net income per share. Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period excluding the dilutive effect of share-based awards. Diluted net income per share gives effect to all potentially dilutive common stock equivalents outstandin... | 2023.pdf |
document all relationships between hedging instruments and hedged items, as well as our risk-management objective and strategy for undertaking various hedge transactions at the inception of the hedge. This process includes linking all derivatives that are designated as cash flow hedges to specific forecasted transactio... | 2023.pdf |
are translated into U. S. dollars using current exchange rates at the balance sheet date; revenue and expenses are translated using monthly exchange rates that approximate average exchange rates in effect during each period. Resulting translation adjustments are reported as a separate component of accumulated other com... | 2023.pdf |
3. REVENUE Disaggregation of Revenue We disaggregate our revenue from contracts with customers by geographic region, end market, and timing of revenue recognition, as we believe these categories best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Di... | 2023.pdf |
$88 million as of October 31, 2023 and October 31, 2022, respectively, and are included in ''accounts receivables, net'' and ''other assets'' in our consolidated balance sheet. Contract costs We capitalize direct and incremental costs incurred to acquire contracts for which the associated revenue is expected to be reco... | 2023.pdf |
November 16, 2017 to increase the maximum aggregate number of shares that may be issued under the 2014 Stock Plan to 21. 8 million shares. The 2014 Stock Plan provides for the grant of awards in the form of stock options, stock appreciation rights, restricted stock, RSUs, performance shares and performance units with p... | 2023.pdf |
Valuation Assumptions The TSR-based performance awards were valued using a Monte Carlo simulation model, which requires the use of highly subjective and complex assumptions, including the price volatility of the underlying stock. The estimated fair value of restricted stock awards and the financial metrics-based perfor... | 2023.pdf |
5. INCOME TAXES The domestic and foreign components of income before taxes are: Year Ended October 31, 2023 2022 2021 (in millions) U. S. operations....................................................... $ 237 $ 235 $ 89 Non-U. S. operations................................................... 1,120 1,050 921 Total incom... | 2023.pdf |
October 31, 2023 2022 (in millions) Pension benefits............................................................. (67) (70) Employee benefits, other than retirement......................................... (1) (1) Unremitted earnings of foreign subsidiaries....................................... (11) (8) Deferred reven... | 2023.pdf |
The differences between the U. S. federal statutory income tax rate and our effective tax rate are: Year Ended October 31, 2023 2022 2021 (in millions) Profit before tax times statutory rate..................................... $ 285 $ 270 $ 212 State income taxes, net of federal benefit................................... | 2023.pdf |
net income per share (diluted) was approximately $0. 53, $0. 45 and $0. 38 in 2023, 2022 and 2021, respectively. The increase in tax benefit from 2022 to 2023 was primarily due to a change in the jurisdictional mix of non-U. S. earnings, which increased the earnings taxed at incentive tax rates in 2023. The breakdown b... | 2023.pdf |
Keysight. In the fourth quarter of fiscal year 2017, Keysight paid income taxes and penalties of $68 million on gains related to intellectual property rights. The company believes there are strong technical defenses to the current assessment; the statute of limitations for the fiscal year 2008 in Malaysia was closed, a... | 2023.pdf |
7. GOODWILL AND OTHER INTANGIBLE ASSETS The goodwill balances as of October 31, 2023, 2022 and 2021 and the movements in 2023 and 2022 for each of our reportable segments were as follows: CSG EISG Total (in millions) Goodwill at October 31, 2021.............................................. $1,069 $559 $1,628 Foreign c... | 2023.pdf |
results are weighted appropriately. Valuations using the market approach are derived from metrics of publicly traded comparable companies. The selections of comparable businesses are based on the markets in which our reporting units operate, giving consideration to risk profiles, size, geography, and diversity of produ... | 2023.pdf |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis Financial assets and liabilities measured at fair value on a recurring basis as of October 31, 2023 and 2022 were as follows: October 31, 2023 2022 Total Level 1 Level 2 Level 3 Other Total Level 1 Level 2 Level 3 Other (in millions) Assets: S... | 2023.pdf |
of investments are recorded in earnings. Net unrealized gain (loss) on our equity and other investments was a gain of $7 million in 2023, a loss of $36 million in 2022, and a gain of $4 million in 2021. There were no realized gains or losses from the sale of investments in 2023, 2022 and 2021. Financial Assets and Liab... | 2023.pdf |
Other Hedges Additionally, we enter into foreign exchange contracts to hedge monetary assets and liabilities that are denominated in currencies other than the functional currency of our subsidiaries. These foreign exchange contracts are carried at fair value and do not qualify for hedge accounting treatment and are not... | 2023.pdf |
Derivative instruments are subject to master netting arrangements and are disclosed at their gross fair value in the consolidated balance sheet. The gross fair values and balance sheet presentation of derivative instruments held as of October 31, 2023 and 2022 were as follows: Fair Values of Derivative Instruments Asse... | 2023.pdf |
options that are reasonably certain to be exercised. The weighted average lease term of our operating leases was 7. 8 years, 7. 7 years and 8. 2 years as of October 31, 2023, 2022 and 2021, respectively. The weighted average discount rate of our operating leases was 3 percent as of October 31, 2023, 2022 and 2021. The ... | 2023.pdf |
Short-Term Debt Revolving Credit Facility On July 30, 2021, we entered into an amended and restated credit agreement (the ''Revolving Credit Facility'') which provides for a $750 million five-year unsecured revolving credit facility that expires on July 30, 2026 with an annual interest rate of LIBOR + 1 percent along w... | 2023.pdf |
(''DPSP''), which was closed to new participants as of November 1993. The obligations under the DPSP equal the fair value of the DPSP assets, which was $164 million as of October 31, 2023. Employees hired on or after August 1, 2015 are not eligible to participate in the RP or the Keysight Technologies, Inc. Health Plan... | 2023.pdf |
Defined Benefit Plans U. S. Post-Retirement Benefit Plan U. S. Plans Non-U. S. Plans Year Ended October 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 (in millions) Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss Net actuarial loss (gain).............. $14 $ (9) $(... | 2023.pdf |
The change in benefit obligations for the U. S. and Non-U. S. defined benefit plans for 2023 was driven by changes in discount rates, partially offset by changes in demographic assumptions. The change in benefit obligations for the U. S. and Non-U. S. defined benefit plans for 2022 was driven by the changes in actuaria... | 2023.pdf |
The following tables present the fair value of U. S. Defined Benefit Plans assets classified under the appropriate level of the fair value hierarchy as of October 31, 2023 and 2022: Fair Value Measurement as of October 31, 2023 Using Total Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other ... | 2023.pdf |
Fair Value Measurement as of October 31, 2022 Using Total Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Assets Measured at NA V(a) (in millions) Cash and cash equivalents................. $ 1 $— $ 1 $— $ — Equity......... | 2023.pdf |
For Non-U. S. Defined Benefit Plans assets measured at fair value using significant unobservable inputs (Level 3), the following table summarizes the change in balances during 2023 and 2022: Year Ended October 31, 2023 2022 (in millions) Balance, beginning of year....................................................... ... | 2023.pdf |
Assumptions. The assumptions used to determine the benefit obligations and net periodic benefit cost for our defined benefit and post-retirement benefit plans are presented in the tables below. The expected long-term return on assets below represents an estimate of long-term returns on investment portfolios, consisting... | 2023.pdf |
13. SUPPLEMENTAL FINANCIAL INFORMATION The following tables provide details of selected balance sheet items: Cash, cash equivalents, and restricted cash October 31, 2023 2022 (in millions) Cash and cash equivalents.................................................. $2,472 $2,042 Restricted cash included in other assets.... | 2023.pdf |
Standard warranty Activity related to the standard warranty accrual, which is included in other accrued liabilities and other long-term liabilities in our consolidated balance sheet, is as follows: Year Ended October 31, 2023 2022 (in millions) Beginning balance......................................................... ... | 2023.pdf |
whether Keysight should be enjoined from importing certain products that are manufactured outside of the U. S. and which are alleged to infringe Centripetal patents. We deny the allegations and are aggressively defending each case. Although there are no matters pending that we currently believe are probable and reasona... | 2023.pdf |
Under our stock repurchase program, shares may be purchased from time to time, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions or other means. All such shares and related costs are held as treasury stock and accounted... | 2023.pdf |
Reclassifications out of accumulated other comprehensive loss into earnings were as follows: Details about accumulated other comprehensive loss components Amounts reclassified from other comprehensive loss Affected line item in statement of operations Year Ended October 31, 2023 2022 (in millions) Gain (loss) on deriva... | 2023.pdf |
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