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Broadcom Inc. – ‘8-K’ for 6/26/20

On:  Friday, 6/26/20, at 4:09pm ET   ·   For:  6/26/20   ·   Accession #:  1730168-20-126   ·   File #:  1-38449

Previous ‘8-K’:  ‘8-K’ on / for 6/4/20   ·   Next:  ‘8-K’ on / for 9/3/20   ·   Latest:  ‘8-K’ on 4/24/24 for 4/22/24

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  As Of               Filer                 Filing    For·On·As Docs:Size

 6/26/20  Broadcom Inc.                     8-K:8,9     6/26/20  119:28M

Current Report   —   Form 8-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML    248K 
 2: EX-23.1     Consent of Experts or Counsel                       HTML     33K 
 3: EX-99.1     Miscellaneous Exhibit                               HTML   2.96M 
51: R1          Cover Page Statement                                HTML     76K 
114: R2          Consolidated Balance Sheets                         HTML    138K  
75: R3          Consolidated Balance Sheets (Parenthetical)         HTML     54K 
32: R4          Consolidated Statements of Operations Consolidated  HTML    210K 
                Statements of Operations                                         
47: R5          Consolidated Statements of Comprehensive Income     HTML     71K 
110: R6          Consolidated Statements of Cash Flows               HTML    148K  
71: R7          Consolidated Statements of Equity Consolidated      HTML    142K 
                Statements of Equity                                             
31: R8          Overview and Basis of Presentation                  HTML     44K 
53: R9          Summary of Significant Accounting Policies          HTML     89K 
20: R10         Revenue from Contracts with Customers               HTML    115K 
38: R11         Acquisitions                                        HTML    172K 
108: R12         Supplemental Financial Information                  HTML    122K  
68: R13         Goodwill and Intangible Assets                      HTML    120K 
21: R14         Net Income Per Share                                HTML    107K 
39: R15         Retirement Plans and Post-Retirement Benefits       HTML    341K 
109: R16         Borrowings                                          HTML    153K  
69: R17         Stockholders' Equity                                HTML    186K 
22: R18         Income Taxes                                        HTML    201K 
37: R19         Segment Information                                 HTML     93K 
102: R20         Commitments and Contingencies                       HTML     92K  
89: R21         Restructuring, Impairment and Disposal Charges      HTML     74K 
18: R22         Condensed Consolidating Financial Information       HTML   1.11M 
63: R23         Subsequent Events                                   HTML     43K 
103: R24         Supplementary Financial Data - Quarterly Data       HTML    162K  
                (Unaudited)                                                      
90: R25         Summary of Significant Accounting Policies          HTML    174K 
                (Policies)                                                       
19: R26         Segment Reporting (Policies)                        HTML     37K 
64: R27         Revenue from Contracts with Customers (Tables)      HTML    107K 
101: R28         Acquisitions (Tables)                               HTML    165K  
91: R29         Supplemental Financial Information (Tables)         HTML    126K 
67: R30         Goodwill and Intangible Assets (Tables)             HTML    126K 
106: R31         Net Income Per Share (Tables)                       HTML    106K  
41: R32         Retirement Plans and Post-Retirement Benefits       HTML    339K 
                (Tables)                                                         
24: R33         Borrowings (Tables)                                 HTML    132K 
66: R34         Stockholders' Equity (Tables)                       HTML    165K 
104: R35         Income Taxes (Tables)                               HTML    181K  
40: R36         Segment Information (Tables)                        HTML     86K 
23: R37         Commitments and Contingencies (Tables)              HTML     73K 
65: R38         Restructuring, Impairment and Disposal Charges      HTML     69K 
                (Tables)                                                         
107: R39         Condensed Consolidating Financial Information       HTML   1.59M  
                (Tables)                                                         
88: R40         Supplementary Financial Data - Quarterly Data       HTML    162K 
                (Unaudited) (Tables)                                             
98: R41         Schedule II - Valuation and Qualifying Accounts     HTML     89K 
                (Tables)                                                         
56: R42         Overview and Basis of Presentation (Textuals)       HTML     34K 
                (Details)                                                        
10: R43         Summary of Significant Accounting Policies          HTML     51K 
                (Details)                                                        
87: R44         Summary of Significant Accounting Policies New      HTML     48K 
                Accounting Pronouncement (Details)                               
97: R45         Revenue from Contracts with Customers               HTML     69K 
                (Disaggregation) (Details)                                       
55: R46         Revenue from Contracts with Customers Revenue from  HTML     41K 
                Contracts with Customers (Contract Balances)                     
                (Details)                                                        
 9: R47         Revenue from Contracts with Customers Revenue from  HTML     60K 
                Contracts with Customers (Topic 606 Adoption -                   
                Balance Sheet) (Details)                                         
86: R48         Revenue from Contracts with Customers Revenue from  HTML     70K 
                Contracts with Customers (Topic 606 Adoption -                   
                Statement of Operations) (Details)                               
99: R49         Revenue from Contracts with Customers Revenue from  HTML     37K 
                Contracts with Customers (Details)                               
117: R50         Acquisitions (Purchase Consideration) (Details)     HTML    128K  
77: R51         Acquisitions (Purchase Price Allocation) (Details)  HTML    107K 
26: R52         Acquisitions (Intangible Assets) (Details)          HTML     70K 
43: R53         Acquisitions (IPR&D) (Details)                      HTML     75K 
118: R54         Acquisitions (Unaudited Pro Forma Information)      HTML     46K  
                (Details)                                                        
78: R55         Supplemental Financial Information (Cash            HTML     41K 
                Equivalents) (Details)                                           
27: R56         Supplemental Financial Information Supplemental     HTML     35K 
                Financial Information (Accounts Receivable                       
                Factoring) (Details)                                             
44: R57         Supplemental Financial Information (Inventory)      HTML     43K 
                (Details)                                                        
116: R58         Supplemental Financial Information (Property,       HTML     58K  
                Plant and Equipment, Net) (Details)                              
81: R59         Supplemental Financial Information (Other Current   HTML     40K 
                Assets) (Details)                                                
12: R60         Supplemental Financial Information (Other Current   HTML     48K 
                Liabilities) (Details)                                           
60: R61         Supplemental Financial Information (Other LT        HTML     46K 
                Liabilities) (Details)                                           
93: R62         Supplemental Financial Information Changes in       HTML     54K 
                Accumulated Other Comprehensive Income (Details)                 
83: R63         Supplemental Financial Information Other Income     HTML     44K 
                and Expenses (Details)                                           
14: R64         Goodwill and Intangible Assets (Goodwill            HTML     50K 
                Rollforward) (Details)                                           
61: R65         Goodwill and Intangible Assets (Intangible Assets)  HTML     64K 
                (Details)                                                        
94: R66         Goodwill and Intangible Assets (Intangible asset    HTML     50K 
                amortization) (Details)                                          
84: R67         Goodwill and Intangible Assets (Intangible asset    HTML     46K 
                life) (Details)                                                  
17: R68         Net Income Per Share (Details)                      HTML    143K 
58: R69         Retirement Plans and Post-Retirement Benefits (Net  HTML     60K 
                Periodic Benefit (Income) Cost) (Details)                        
49: R70         Retirement Plans and Post-Retirement Benefits       HTML    106K 
                (Funded Status) (Details)                                        
35: R71         Retirement Plans and Post-Retirement Benefits       HTML     47K 
                (Obligations in Excess of Fair Value of Plan                     
                Assets) (Details)                                                
73: R72         Retirement Plans and Post-Retirement Benefits       HTML     44K 
                (Obligations Less Than Fair Value of Plan Assets)                
                (Details)                                                        
113: R73         Retirement Plans and Post-Retirement Benefits       HTML     51K  
                (Expected Future Benefit Payments) (Details)                     
48: R74         Retirement Plans and Post-Retirement Benefits       HTML     88K 
                (Fair Value Measurement of Plan Assets) (Details)                
34: R75         Retirement Plans and Post-Retirement Benefits       HTML     44K 
                (Plan Asset Allocations) (Details)                               
72: R76         Retirement Plans and Post-Retirement Benefits       HTML     68K 
                (Assumptions) (Details)                                          
112: R77         Retirement Plans and Post-Retirement Benefits       HTML     47K  
                (Textual) (Details)                                              
52: R78         Borrowings (Details)                                HTML    263K 
29: R79         Borrowings (Future Principal Payments) (Details)    HTML     51K 
50: R80         Stockholders' Equity (Equity Information)           HTML     75K 
                (Details)                                                        
36: R81         Stockholders' Equity (Dividends and Distributions)  HTML     39K 
                (Details)                                                        
74: R82         Stockholders' Equity (Stock Repurchase Program)     HTML     40K 
                (Details)                                                        
115: R83         Stockholders' Equity (Equity Incentive Award        HTML     90K  
                Plans) (Details)                                                 
46: R84         Stockholders' Equity (Stock-Based Compensation      HTML     74K 
                Expense) (Details)                                               
33: R85         Stockholders' Equity (Market-Based Awards           HTML     45K 
                Weighted-Average Assumptions) (Details)                          
70: R86         Stockholders' Equity (Restricted Stock Unit         HTML     68K 
                Awards) (Details)                                                
111: R87         Stockholders' Equity (Stock Option Awards)          HTML     78K  
                (Details)                                                        
54: R88         Income Taxes (Components of Income from Continuing  HTML     45K 
                Operations Before Income Taxes) (Details)                        
30: R89         Income Taxes (Components of Provision for (Benefit  HTML     66K 
                from) Income Taxes) (Details)                                    
11: R90         Income Taxes (Rate Reconciliation) (Details)        HTML     63K 
59: R91         Income Taxes (Summary of Deferred Income Taxes)     HTML     73K 
                (Details)                                                        
92: R92         Income Taxes (Schedule of Unrecognized Tax          HTML     47K 
                Benefits) (Details)                                              
82: R93         Income Taxes (Textual) (Details)                    HTML    133K 
15: R94         Segment Information (Details)                       HTML    102K 
62: R95         Commitments and Contingencies (Details)             HTML    128K 
95: R96         Restructuring, Impairment and Disposal Charges      HTML     70K 
                (Details)                                                        
85: R97         Condensed Consolidating Financial Information       HTML     36K 
                Condensed Consolidating Financial Information                    
                Additional Disclosure (Details)                                  
16: R98         Condensed Consolidating Financial Information       HTML    187K 
                (Balance Sheets) (Details)                                       
57: R99         Condensed Consolidating Financial Information       HTML    343K 
                (Statements of Operations and Comprehensive                      
                Income) (Details)                                                
45: R100        Condensed Consolidating Financial Information       HTML    216K 
                (Statements of Cash Flows) (Details)                             
28: R101        Subsequent Events (Cash Dividends Declared)         HTML     58K 
                (Details)                                                        
79: R102        Subsequent Events Symantec (Details)                HTML     38K 
119: R103        Subsequent Events 2020 Term Loans (Details)         HTML     39K  
42: R104        Subsequent Events Refinancing (Details)             HTML     46K 
25: R105        Supplementary Financial Data - Quarterly Data       HTML    127K 
                (Unaudited) (Details)                                            
76: R106        Schedule II - Valuation and Qualifying Accounts     HTML     49K 
                (Details)                                                        
105: XML         IDEA XML File -- Filing Summary                      XML    237K  
100: XML         XBRL Instance -- avgo-6262020x8xk1_htm               XML   9.35M  
80: EXCEL       IDEA Workbook of Financial Reports                  XLSX    187K 
 5: EX-101.CAL  XBRL Calculations -- avgo-20200626_cal               XML    469K 
 6: EX-101.DEF  XBRL Definitions -- avgo-20200626_def                XML   1.48M 
 7: EX-101.LAB  XBRL Labels -- avgo-20200626_lab                     XML   3.18M 
 8: EX-101.PRE  XBRL Presentations -- avgo-20200626_pre              XML   2.06M 
 4: EX-101.SCH  XBRL Schema -- avgo-20200626                         XSD    293K 
96: JSON        XBRL Instance as JSON Data -- MetaLinks              692±  1.02M 
13: ZIP         XBRL Zipped Folder -- 0001730168-20-000126-xbrl      Zip    594K 


‘8-K’   —   Current Report


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM  i 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  i June 26, 2020
 
 i Broadcom Inc.
(Exact name of registrants as specified in its charter)
  
 
 
 
 
 
 i Delaware
 
 
 i 35-2617337
(State or other jurisdiction of incorporation or organization)
 
(Commission file Number)

 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 i 1320 Ridder Park Drive
 
 
 
 
 i San Jose,
 i CA
 
 
 
 
 i (408)
 i 433-8000
 
 
 
 
(Address, including zip code, of
principal executive offices and registrant’s
telephone number, including area code)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 i 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 i 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 i 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 i 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
 i Common Stock, $0.001 par value
 i AVGO
 i The NASDAQ Global Select Market
 i Mandatory Convertible Preferred Stock, Series A, $0.001 par value
 i AVGOP
 i The NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company  i 



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. ¨

Item 8.01     Other Events.
As previously disclosed in the Quarterly Report on Form 10-Q of Broadcom Inc. ("Broadcom" or the "Company") for the quarter ended February 2, 2020 (as filed with the Securities and Exchange Commission (the "SEC") on March 13, 2020), effective November 4, 2019, the Company realigned its organizational structure and the composition of its reportable segments.
The Company is filing this Current Report on Form 8-K to update operating results for all periods covered in its Annual Report on Form 10-K for the year ended November 3, 2019 (the “2019 Form 10-K”) (as filed with the SEC on December 20, 2019), in order to give effect to the change in reportable segments. Specific information subject to update is as follows:
Consent of Independent Registered Public Accounting Firm, attached as Exhibit 23.1 to this report and incorporated herein by reference; and
Part I, Item 1: Business, Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 8: Financial Statements and Supplemental Data, included in Exhibit 99.1 to this report and incorporated herein by reference.
This Current Report on Form 8-K does not reflect events occurring after December 20, 2019, the date that the Company filed the 2019 Form 10-K, and does not modify or update the disclosures therein in any way, other than as required to reflect the change in accounting methodology as described above and to incorporate the reclassifications to incorporate the change in reportable segments described above and set forth in Exhibit 99.1, attached hereto. For information on developments regarding the Company since the filing of the 2019 Form 10-K, please refer to the Company’s reports filed with the SEC, including the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended February 2, 2020, and May 3, 2020 and other subsequent SEC filings.

Item 9.01    Financial Statements and Exhibits.

(d)         Exhibits




Cautionary Note Regarding Forward-Looking Statements
This report contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance and other statements identified by words such as “will”, “expect”, “believe”, “anticipate”, “estimate”, “should”, “intend”, “plan”, “potential”, “predict” “project”, “aim”, and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company’s and management’s control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.
Particular uncertainties that could materially affect future results include risks associated with: the COVID-19 pandemic, which has, and will likely continue to, negatively impact the global economy and disrupt normal business activity, and which may have an adverse effect on our results of operations; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; global economic conditions and concerns; international political and economic conditions; any acquisitions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions, including our recent acquisition of Symantec Corporation’s Enterprise Security business; government regulations and trade restrictions; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; dependence on and risks associated with distributors and resellers of our products; dependence on senior management and our ability to attract and retain qualified personnel; involvement in legal or administrative proceedings; quarterly and annual fluctuations in operating results; our ability to accurately estimate customers’ demand and adjust our manufacturing and supply chain accordingly; cyclicality in the semiconductor industry or in our target markets; our competitive performance and ability to continue achieving design wins with our customers, as well as the timing of any design wins; prolonged disruptions of our or our contract manufacturers’ manufacturing facilities, warehouses or other significant operations; our ability to improve our manufacturing efficiency and quality; our dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; sales to our government clients; availability of third party software used in our products; use of open source code sources in our products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; market acceptance of the end products into which our products are designed; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; our ability to protect against a breach of security systems; changes in accounting standards; fluctuations in foreign exchange rates; our provision for income taxes and overall cash tax costs, legislation that may impact our overall cash tax costs and our ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the outbreak of COVID-19 and any worsening of the global business and economic environment as a result.
Our filings with the SEC, which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.






SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 26, 2020
 
 
 
 
 
Broadcom Inc.
 
 
 
 
By:
 
Name:
 
Title:
Chief Financial Officer






Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on / For Period end:6/26/20POSASR,  S-4
5/3/2010-Q
3/13/2010-Q
2/2/2010-Q
12/20/1910-K,  S-8
11/4/198-K
11/3/1910-K,  DEF 14A
 List all Filings 
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