~~U.S.~~Table ~~SECURITIES~~of ~~AND EXCHANGE COMMISSION~~Contents

~~Washington~~UNITED ~~D.C.~~STATES ~~20549~~SECURITIES AND EXCHANGE COMMISSION

~~FORM~~Washington, ~~10-K~~DC 20549

~~ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~Form 10-K

For the Fiscal Year Ended: November 1, 2015



(MARK ONE)
☑		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
		For the fiscal year ended October 30, 2016
OR
☐		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
		For the transition period from to

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



State or Other Jurisdiction of Incorporation or Organization	Exact Name of Registrant as Specified in Its Charter Address of Principal Executive Offices Registrant’s telephone number, including area code	Commission File Number	IRS Employer Identification No.
Singapore	Broadcom Limited	001-37690	98-1254807
	1 Yishun Avenue 7 Singapore 768923
	(65) 6755-7888
Cayman Islands	Broadcom Cayman L.P.	333-2025938	98-1254815
	c/o/ Broadcom Limited 1 Yishun Avenue 7 Singapore 768923
	(65) 6755-7888
	Securities registered pursuant to Section 12(b) of the Act:

~~For~~Title ~~the~~of ~~Transition~~Class ~~Period~~Name ~~From~~of ~~______________~~Each ~~to______________~~Exchange on Which Registered Ordinary Shares, no par value The NASDAQ Global Select Market

~~Commission~~Securities ~~File~~registered ~~Number~~pursuant to Section 12(g) of the Act:None(Title ~~333-205938-01~~of class)

~~_____________________________________________________________~~Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

~~Safari~~Broadcom Limited: Yes ☑ No ☐ Broadcom Cayman L.P.: Yes ☐ No ☑

~~(Exact~~Indicate ~~Name~~by ofcheck ~~Registrant~~mark asif ~~Specified~~the inregistrant ~~Its~~is ~~Charter~~not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

~~_____________________________________________________________~~Broadcom Limited: Yes ☑ No ☐ Broadcom Cayman L.P.: Yes ☐ No ☑

Cayman Islands(State or Other Jurisdiction of Incorporation or Organization)		98-1254815(I.R.S. Employer Identification No.)
c/o Pavonia Limited1 Yishun Avenue 7Singapore 768923(Address of Principal Executive Offices)		N/A(Zip 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.

~~(65)~~Broadcom Limited: Yes ~~6755-7888~~☑ No ☐ Broadcom Cayman L.P.: Yes ☑ No ☐

~~(Registrant’s~~Indicate ~~telephone~~by ~~number~~check mark whether the registrant has submitted electronically and posted on its corporate Web site, ~~including~~if ~~area~~any, ~~code~~every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

~~_____________________________________________________________~~Broadcom Limited: Yes ☑ No ☐ Broadcom Cayman L.P.: Yes ☑ No ☐

~~Securities~~Indicate ~~registered~~by check mark if disclosure of delinquent filers pursuant to ~~Section~~Item ~~12(b)~~405 of Regulation S-K is not contained herein, and will not be contained, to the ~~Act:~~best ~~None~~of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

~~Securities~~Broadcom ~~registered~~Limited ☐ Broadcom ~~pursuant~~Cayman ~~to Section 12(g) of the Act~~L.P.: ~~Restricted Exchangeable Units~~ ☑

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

~~_____________________________________________________________~~Broadcom Limited: Large accelerated filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Broadcom Cayman L.P.: Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☑ Smaller reporting company ☐ (Do not check if a smaller reporting company)

Indicate by check mark ifwhether the ~~Registrant~~registrant is a ~~well-known~~shell ~~seasoned~~company ~~issuer,~~ (as defined in Rule ~~405~~12b-2 of the ~~Securities~~Exchange Act). ~~Yes~~ ~~o No þ~~

~~Indicate~~Broadcom ~~by check mark if the Registrant is not required to file reports pursuant to Section~~Limited: Yes ~~13 or Section~~☐ No ~~15(d)~~☑ Broadcom ofCayman ~~the Act~~L. P.: Yes o ☐ No þ☑

~~Indicate~~State the aggregate market value of Broadcom Limited’s voting and non-voting ordinary shares held by ~~check~~non-affiliates ~~mark~~as ~~whether~~of the ~~Registrant~~last ~~(1) has~~business ~~filed~~day ~~all~~of ~~reports~~the ~~required~~Registrant’s tomost berecently ~~filed~~completed bysecond ~~Section 13~~fiscal orquarter: ~~15(d)~~As of May 1, 2016, the ~~Securities~~last ~~Exchange~~business ~~Act~~day of ~~1934~~our ~~during~~most recently completed second fiscal quarter, the ~~preceding~~aggregate ~~12 months~~market value of Broadcom Limited’s ordinary shares held by non-affiliates of Broadcom Limited (orbased ~~for~~upon ~~such~~the ~~shorter~~closing ~~period~~sale ~~that~~price of such shares on the ~~registrant~~Nasdaq ~~was~~Global ~~required~~Select toMarket ~~file~~on ~~such~~April 29, ~~reports)~~2016, ~~and~~the ~~(2) has~~last ~~been~~trading ~~subject~~day prior to ~~such~~our ~~filing~~fiscal ~~requirements~~quarter ~~for~~end) ~~the~~was ~~past~~approximately ~~90 days~~$57. ~~Yes þ~~5 ~~No o~~billion.

~~Indicate~~As byof ~~check~~November 27, ~~mark~~2016, ~~whether~~Broadcom ~~the~~Limited ~~Registrant~~had ~~has~~398,980,392 ~~submitted~~of ~~electronically and posted on~~ its ~~corporate~~ordinary ~~Web site~~shares, ifno ~~any,~~par ~~every~~value ~~Interactive~~per ~~Data~~share, ~~File~~outstanding. ~~required~~As toof beNovember 27, ~~submitted~~2016, ~~and~~Broadcom ~~posted~~Cayman ~~pursuant~~L.P. tohad ~~Rule 405~~390,237,855 ofcommon ~~Regulation S-T~~partnership ~~during~~units ~~the~~outstanding ~~preceding 12 months~~ (orall ~~for~~of ~~such~~which ~~shorter~~are ~~period~~owned ~~that~~by ~~the~~Broadcom ~~Registrant~~Limited) ~~was~~and ~~required~~22,804,591 torestricted ~~submit~~exchangeable ~~and~~partnership ~~post~~units ~~such files)~~outstanding. ~~Yes o No þ~~

~~Indicate~~Documents byIncorporated check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by ~~reference in Part III of this Form 10-K or any amendment to this Form 10-K. þ~~Reference

~~Indicate~~Information byrequired ~~check~~in ~~mark~~response ~~whether~~to ~~the~~Part III ~~Registrant~~of isthis aAnnual ~~large~~Report ~~accelerated~~on ~~filer,~~Form 10-K anis ~~accelerated~~hereby ~~filer,~~incorporated aby ~~non-accelerated~~reference ~~filer,~~from orBroadcom aLimited’s ~~smaller~~definitive ~~reporting~~Proxy ~~company.~~Statement ~~See~~for ~~the~~its ~~definitions~~2017 Annual General Meeting of ~~“large~~Shareholders. ~~accelerated~~Except ~~filer~~as expressly incorporated by reference,” ~~“accelerated~~Broadcom ~~filer”~~Limited’s ~~and~~Proxy ~~“smaller~~Statement ~~reporting~~shall ~~company”~~not inbe ~~Rule 12b-2~~deemed to be a part of ~~the~~this ~~Exchange~~Annual ~~Act~~Report on Form 10-K. ~~(Check~~Broadcom ~~one):~~Limited intends to file its definitive Proxy Statement within 120 days after its fiscal year ended October 30, 2016.

~~Large~~Table ~~accelerated~~of ~~filer o Accelerated filer o Non-accelerated filer þ Smaller reporting company o (Do not check if a smaller reporting company)~~Contents

~~Indicate~~EXPLANATORY ~~by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ~~NOTE

~~State~~This report combines the ~~aggregate~~annual ~~market~~reports ~~value~~on Form 10-K for the fiscal year ended October 30, 2016 of Broadcom Limited and Broadcom Cayman L.P. Unless stated otherwise or the ~~Registrant’s~~context ~~voting~~otherwise requires, references to “Broadcom,” “we,” “our” and ~~non-voting~~“us” ~~common~~mean ~~equity~~Broadcom ~~held~~Limited byand ~~non-affiliates~~its asconsolidated ofsubsidiaries, including Broadcom Cayman L.P. References to the ~~last~~“Partnership” ~~business~~mean ~~day~~Broadcom Cayman L.P. and its consolidated subsidiaries. Financial information and results of operations presented in the ~~Registrant’s~~Form ~~most~~10-K ~~recently~~for ~~completed~~the ~~second~~periods ~~fiscal~~prior ~~quarter:~~to ~~There~~February is1, no2016 ~~aggregate~~relate ~~market~~to ~~value~~Avago ofTechnologies Limited, our predecessor, and relate to Broadcom and the ~~common~~Partnership ~~equity~~for ofthe ~~Safari~~periods ~~Cayman~~after LFebruary 1, 2016.P Broadcom Corporation was indirectly acquired by Broadcom on February 1, 2016 (refer to Note 1. “Overview and Basis of Presentation” included in Part II, asItem ~~its~~8 ~~common~~of ~~equity~~this isForm ~~not~~10-K ~~sold~~for oradditional ~~traded~~information).

As of ~~November~~October 30, ~~2015~~2016, Broadcom Limited owned approximately 95% of the ~~Registrant~~Partnership ~~had~~(represented noby common partnership units, ~~authorized~~or Common Units) and is the sole general partner of the Partnership, or ~~outstanding~~the General Partner. The balance of the interest in the Partnership is held by certain former Broadcom Corporation shareholders of common stock, or the Limited Partners, in the form of restricted exchangeable limited partnership units, or Partnership REUs. As the General Partner, Broadcom has the exclusive right, power and authority to manage, control, administer and operate the business and affairs and to make decisions regarding the undertaking and business of the Partnership in accordance with the amended and restated exempted limited partnership agreement, as amended from time to time, and applicable laws. There is no board of directors of the Partnership.

~~DOCUMENTS~~Shareholders’ ~~INCORPORATED~~equity, BYpartners’ ~~REFERENCE~~capital and the Limited Partners’ noncontrolling interest in Broadcom are the primary areas of difference between the consolidated financial statements of Broadcom and those of the Partnership. The Partnership’s capital consists of Common Units owned by Broadcom and Partnership REUs owned by the Limited Partners. The Partnership REUs are accounted for in partners’ capital in the Partnership’s financial statements and as noncontrolling interest in shareholders’ equity in Broadcom’s financial statements.

~~None~~The material differences between Broadcom and the Partnership are discussed in sections in this report, including separate financial statements (but combined footnotes), separate disclosure controls and procedures sections, separate certifications of periodic report under Section 302 of the Sarbanes-Oxley Act of 2002 and separate certifications pursuant to 18 U.S.C Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. In the sections that combine disclosure for Broadcom and the Partnership, this report refers to actions or holdings as being actions or holdings of Broadcom.

~~The~~Broadcom ~~Registrant~~consolidates ~~meets~~the Partnership for financial reporting purposes, and neither Broadcom nor the ~~conditions~~Partnership ~~set~~has ~~forth~~material assets other than its interests in ~~General~~their ~~Instructions~~subsidiaries. ~~I(1)(a)~~Therefore, while shareholders’ equity and ~~(b)~~partners’ ofcapital ~~Form~~differ ~~10-K~~as ~~and~~discussed ~~therefore~~above, isthe ~~filing~~assets ~~this~~of ~~form~~Broadcom ~~with~~and the ~~reduced~~Partnership ~~disclosure~~are ~~format~~materially ~~permitted~~the bysame ~~Form~~on ~~10-K.~~their respective financial statements.

~~SAFARI~~Table ~~CAYMAN~~of ~~L.P.~~Contents

~~2015~~BROADCOM ~~ANNUAL~~LIMITED ~~REPORT~~AND ONBROADCOM ~~FORM 10-K~~CAYMAN L.P.

~~TABLE~~2016 OFANNUAL ~~CONTENTS~~REPORT ON FORM 10-K

TABLE OF CONTENTS

PART I
		Page
ITEM 1	Business	1
PART I.
ITEM 1A	Risk Factors	2
ITEM 1.	BUSINESS	2
ITEM 1B	Unresolved Staff Comments	6
ITEM 1A.	RISK FACTORS	11
ITEM 2	Properties	7
ITEM 1B.	UNRESOLVED STAFF COMMENTS	31
ITEM 3	Legal Proceedings	7
ITEM 2.	PROPERTIES	32
ITEM 4	Mine Safety Disclosures	7
ITEM 3.	LEGAL PROCEEDINGS	32
PART II
ITEM 4.	MINE SAFETY DISCLOSURES	32
ITEM 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	8
PART II.
ITEM 6	Selected Financial Data	9
ITEM 5.	MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER SALE AND PURCHASES OF EQUITY SECURITIES	33
ITEM 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
ITEM 6.	SELECTED FINANCIAL DATA	36
ITEM 7A	Quantitative and Qualitative Disclosures About Market Risk	10
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	38
ITEM 8	Financial Statements and Supplementary Data	11
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	57
ITEM 9	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	20
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	58
ITEM 9A	Controls and Procedures	20
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	118
ITEM 9B	Other Information	20
ITEM 9A.	CONTROLS AND PROCEDURES	118
PART III
ITEM 9B.	OTHER INFORMATION	121
ITEM 10	Directors, Executive Officers and Corporate Governance	20
PART III.
ITEM 11	Executive Compensation	20
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	121
ITEM 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	21
ITEM 11.	EXECUTIVE COMPENSATION	121
ITEM 13	Certain Relationships and Related Transactions, and Director Independence	21
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS	121
ITEM 14	Principal Accountant Fees and Services	21
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	121
PART IV
ITEM 14.	PRINCIPAL ACCOUNTING FEES AND SERVICES	121
ITEM 15	Exhibits, Financial Statement Schedules	22
PART IV.
SIGNATURES		23
ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	122
EXHIBIT INDEX		24
SIGNATURES		123
EXHIBIT INDEX		125

Table of Contents

PART I

~~FORWARD~~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-~~LOOKING~~K. ~~STATEMENTS~~This Annual Report on Form 10-K contains forward-looking statements within the meaning of the federal securities laws and particularly in Item 1: “Business,” Item 1A: “Risk Factors,” Item 3: “Legal Proceedings” and Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report on Form 10-K. These statements are indicated by words or phrases such as “anticipate,” “expect,” “estimate,” “seek,” “plan,” “believe,” “could,” “intend,” “will,” and similar words or phrases. These forward-looking statements may include projections of financial information; statements about historical results that may suggest trends for our business; statements of the plans, strategies, and objectives of management for future operations; statements of expectation or belief regarding future events (including any acquisitions we may make), technology developments, our products, product sales, expenses, liquidity, cash flow and growth rates, or enforceability of our intellectual property rights; and the effects of seasonality on our business. Such statements are based on current expectations, estimates, forecasts and projections of our or industry performance and macroeconomic conditions, based on management’s judgment, beliefs, current trends and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. We derive most of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Accordingly, we caution you not to place undue reliance on these statements. Important factors that could cause actual results to differ materially from our expectations are disclosed under “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K. These factors include risks associated with our acquisition of Broadcom Corporation and other acquisitions we may make, such as delays, challenges and expenses associated with integrating acquired companies with our existing businesses and our ability to achieve the growth prospects and synergies expected from acquisitions we may make, including our pending acquisition of Brocade Communications Systems, Inc.; 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 dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to accurately estimate customers’ demand and adjust supply chain and third-party manufacturing capacity accordingly; dependence on a small number of markets; dependence on and risks associated with distributors of our products; quarterly and annual fluctuations in our operating results; cyclicality in the semiconductor industry or in our target markets; global economic conditions and concerns; our competitive performance and ability to continue achieving design wins with our customers, as well as the timing of those design wins; our ability to increase our internal manufacturing capacity to meet customer demand; prolonged disruptions of our or our contract manufacturers' manufacturing facilities or other significant operations; our ability to maintain or improve gross margin; our ability to maintain tax concessions in certain jurisdictions and changes in our taxes; our ability to protect our intellectual property and the unpredictability of any associated litigation expense; any expense or reputational damage associated with resolving customer product warranty and indemnification claims; our significant indebtedness, including the need to generate sufficient cash flows to service and repay such debt; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. All of the forward-looking statements in this Annual Report on Form 10-K are qualified in their entirety by reference to the factors listed above and those discussed under the heading “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K. We caution you that the foregoing list of important factors may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this Annual Report on Form 10-K may not in fact occur. We undertake no intent or obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.

~~All~~Unless ~~statements,~~stated ~~other~~otherwise ~~than~~or ~~statements~~the ofcontext ~~historical~~otherwise ~~facts~~requires, ~~contained~~references into ~~this~~“Broadcom,” ~~Form 10-K~~“we,” in “our” ~~other filings with the Securities~~ and ~~Exchange Commission (the~~ “~~SEC~~us”) ~~and~~mean inBroadcom ~~press~~Limited ~~releases~~ and ~~other~~its ~~public~~consolidated ~~statements we make or will make~~subsidiaries, ~~which~~including ~~address~~Broadcom ~~future~~Cayman ~~activities,~~L.P. ~~events~~References orto ~~developments,~~the ~~including,~~“Partnership” ~~but~~mean ~~not~~Broadcom ~~limited~~Cayman ~~to,~~L.P. ~~statements~~and ~~containing~~its ~~the~~consolidated ~~words~~subsidiaries. ~~“believe,”~~Financial ~~“anticipate,”~~information ~~“expect”~~ and ~~words~~results of ~~similar~~operations ~~import~~presented ~~constitute forward-looking statements~~ for the ~~purpose~~periods ofprior ~~the~~to ~~safe~~February ~~harbor~~1, ~~provided~~2016 byrelate ~~Section~~to ~~27A~~Avago ofTechnologies ~~the~~Limited, ~~Securities~~our ~~Act of 1933~~predecessor, asand ~~amended~~relate ~~(the~~to ~~“Securities~~Broadcom ~~Act”)~~ and ~~Section~~the ~~21E~~Partnership offor the ~~Securities~~periods ~~Exchange~~after ~~Act~~February ~~of 1934~~1, ~~as amended (the “Exchange Act”)~~2016. ~~These~~Our ~~statements~~fiscal ~~are~~year ~~based~~ends on ~~certain~~the ~~assumptions~~Sunday ~~and~~closest ~~analyses~~to ~~made~~October 31. byWe usrefer into ~~light of~~ our ~~experience~~fiscal ~~and~~years ~~our~~by ~~assessment~~the ofcalendar ~~historical~~year ~~trends,~~in ~~current~~which ~~conditions~~they ~~and expected future developments as well as other factors we believe are appropriate under the circumstances~~end. ~~However~~For example, ~~whether actual results will conform to~~ the ~~expectations~~fiscal ~~and~~year ~~predictions~~ended ofOctober 30, ~~management~~2016 is ~~subject~~referred to aas ~~number~~“fiscal ofyear ~~risks and uncertainties that may cause actual results to differ materially~~2016.”

Consequently, all of the forward-looking statements made in this Form 10-K are qualified by these cautionary statements and there can be no assurance that the actual results anticipated by management will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, our business. Unless required by U.S. federal securities laws and the rules and regulations of the SEC, we do not undertake any obligation and disclaim any intention to update or release publicly any revisions to these forward-looking statements after the filing of this Annual Report on Form 10-K to reflect later events or circumstances, to reflect the occurrence of unanticipated events or for any other reason.1

AsTable ~~used~~of ~~in this Form 10-K, unless the context requires otherwise, the “Partnership”, “we”, “our” or “us” means Safari Cayman L.P.~~Contents


ITEM 1.	BUSINESS

Overview

~~Safari~~Broadcom ~~Cayman~~Limited, ~~L.P.~~or Broadcom, is anthe ~~exempted~~successor ~~limited~~to ~~partnership~~Avago ~~formed~~Technologies ~~under~~Limited, ~~the~~or ~~laws~~Avago, as a result of the ~~Cayman~~business ~~Islands~~combination ~~pursuant~~between toAvago anand ~~Exempted~~Broadcom ~~Limited~~Corporation, ~~Partnership~~or ~~Agreement~~BRCM, ~~(the~~completed ~~“Initial~~on ~~Partnership~~February ~~Agreement”)~~1, ~~dated~~2016. ~~May 26~~We are a leading designer, ~~2015~~developer byand global supplier of a broad range of semiconductor devices with a focus on complex digital and ~~between~~mixed ~~Pavonia~~signal ~~Limited~~complementary metal oxide semiconductor, aor ~~limited~~CMOS, ~~company~~based ~~incorporated~~devices ~~under~~and ~~the~~analog ~~laws~~III-V based products. We have a history of ~~the~~innovation ~~Republic~~and offer thousands of ~~Singapore,~~products that are used in end products such as ~~our~~enterprise ~~general~~and ~~partner (“Holdco”~~data orcenter ~~our~~networking, ~~“General~~home ~~Partner”)~~connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones, data center servers and ~~Antelope~~storage ~~Cayman~~systems, ~~CLP~~factory ~~Limited~~automation, anpower ~~exempted~~generation ~~company~~and ~~incorporated~~alternative ~~under~~energy ~~the~~systems, ~~laws~~and ofelectronic ~~the~~displays. ~~Cayman~~We ~~Islands~~differentiate ourselves through our high performance design and aintegration ~~wholly-owned~~capabilities ~~subsidiary~~and offocus ~~Holdco~~on (developing products for target markets where we believe we can earn attractive margins. We have four reportable segments: wired infrastructure, wireless communications, enterprise storage, and industrial & other, which align with our ~~“Initial~~principal ~~Limited~~target ~~Partner”)~~markets.

AsThe Partnership is an exempted limited partnership formed under the laws of ~~November~~the 1Cayman Islands in order to effect the business combination between Avago and BRCM. Broadcom is the sole General Partner of, ~~2015~~and currently owns a majority interest (by vote and value) in, the Partnership. As General Partner, Broadcom has nothe ~~operations~~exclusive right, power and noauthority ~~material~~to ~~assets~~manage, orcontrol, ~~liabilities.~~administer Weand ~~have~~operate ~~not~~the ~~carried~~business onand ~~any~~affairs ~~activities~~and ~~other~~to ~~than~~make ~~those~~decisions ~~incidental~~regarding tothe undertaking and business of the Partnership in accordance with the Partnership’s ~~formation~~amended and ~~the~~restated ~~matters~~exempted ~~contemplated~~partnership byagreement, or the ~~Merger~~Partnership Agreement, ~~(as~~and ~~defined~~applicable ~~below)~~laws. WeThere ~~have~~is no ~~partnership~~board ~~units~~of ~~authorized~~directors ~~and outstanding as~~ of ~~such~~the ~~date~~Partnership.

~~Merger~~Semiconductors ~~Agreement~~are made by imprinting a network of electronic components onto a semiconductor wafer. These devices are designed to perform various functions such as processing, amplifying and selectively filtering electronic signals, controlling electronic system functions and processing, transmitting and storing data. Our digital and mixed signal products are based on silicon wafers with CMOS transistors offering fast switching speeds and low power consumption, which are both critical design factors for the markets we serve. We also offer analog products, which are based on III-V semiconductor materials that have higher electrical conductivity than silicon, and thus tend to have better performance characteristics in radio frequency, or RF, and optoelectronic applications. III-V refers to elements from the 3rd and 5th groups in the periodic table of chemical elements. Examples of these materials used in our products are gallium arsenide, or GaAs, gallium nitride, or GaN, and indium phosphide, or InP.

WeOur ~~were~~over ~~formed~~50-year inhistory ~~order~~of innovation dates back to ~~effect~~our adiverse ~~proposed~~origins ~~business~~from ~~combination~~Hewlett-Packard ~~between~~Company, ~~Avago~~AT&T, ~~Technologies~~LSI ~~Limited~~Corporation, aor ~~limited~~LSI, ~~company~~and ~~incorporated~~BRCM. ~~under~~Over the ~~laws~~years, we have assembled a large team of digital, mixed signal and analog design engineers around the ~~Republic~~world. ofWe ~~Singapore~~maintain ~~(“Avago”)~~design and ~~Broadcom~~product ~~Corporation~~development engineering resources at locations in the United States, aAsia, ~~California~~Europe ~~corporation~~and ~~(“Broadcom”)~~Israel, ~~pursuant~~providing tous anwith ~~Agreement~~engineering expertise worldwide. We strategically focus our research and ~~Plan~~development ofresources ~~Merger~~to ~~dated~~address asniche opportunities in our target markets and leverage our extensive portfolio of ~~May~~U.S. ~~28,~~and ~~2015,~~other bypatents and ~~among~~other ~~the~~intellectual ~~Partnership~~property, ~~Holdco~~or IP, ~~our~~to ~~Initial~~integrate ~~Limited~~multiple ~~Partner,~~technologies ~~Avago~~and create system-on-chip, ~~Broadcom~~or SoC, and ~~certain~~component ~~other~~solutions ~~parties~~that ~~named~~target ~~therein~~growth ~~(as~~opportunities. ~~amended,~~We ~~the~~design ~~“Merger~~products ~~Agreement”)~~that deliver high-performance and provide mission-critical functionality.

~~Subject~~Original toequipment ~~and~~manufacturers, ~~upon~~or ~~the~~OEMs, ~~terms~~or ~~and~~their ~~conditions~~contract ofmanufacturers, ~~the Merger Agreement~~ and adistributors ~~statutory~~typically ~~procedure~~account ~~known~~for asthe asubstantial ~~Scheme~~majority of ~~Arrangement~~our ~~(the~~sales. ~~“Avago~~We ~~Scheme”)~~have toestablished bestrong ~~implemented~~relationships bywith ~~Avago~~leading ~~under~~OEM ~~Singapore~~customers ~~law~~across ~~and~~multiple ~~subject~~target tomarkets. ~~approval~~Many of ~~the~~our ~~High~~major ~~Court~~customer ofrelationships ~~the~~have ~~Republic~~been ofin ~~Singapore,~~place ~~all~~for ~~issued~~many ~~ordinary~~years ~~shares~~and ofhave ~~Avago~~often ~~(“Avago~~been ~~Ordinary~~built ~~Shares”)~~ as ofa ~~immediately~~result ~~prior~~of toyears ~~the effective time~~ of ~~the~~collaborative ~~transaction~~product ~~will~~development. beThis ~~exchanged~~has onenabled aus ~~one-for-one~~to ~~basis~~build ~~for~~our ~~newly~~IP ~~allotted~~portfolio and ~~issued~~develop ~~ordinary~~critical ~~shares~~expertise ofregarding ~~Holdco~~our ~~(“Holdco~~customers’ ~~Ordinary Shares”)~~requirements, ~~and~~including ~~Broadcom~~substantial ~~will~~system ~~become~~level anknowledge. ~~indirect~~This ~~subsidiary~~collaboration ofhas ~~Holdco~~provided ~~and~~us ~~the~~with ~~Partnership~~key ~~upon~~insights ~~the~~into ~~merger~~our ofcustomers' ~~certain~~businesses ~~indirect subsidiaries of Holdco with~~ and ~~into~~has ~~Broadcom,~~enabled ~~with~~us ~~Broadcom~~to ~~continuing~~be asmore ~~the~~efficient ~~surviving~~and ~~corporation~~productive ofand ~~each~~to ~~such~~better ~~merger~~serve ~~(such~~our ~~mergers,~~target ~~the~~markets ~~“Broadcom Merger”~~ and ~~together~~customers. ~~with~~We ~~the~~have ~~Avago~~a ~~Scheme,~~direct ~~the~~sales ~~“Transactions”).~~force Asfocused aon ~~result~~supporting oflarge ~~the~~OEMs. ~~Transactions,~~We ~~both~~also ~~Avago~~distribute ~~and~~a ~~Broadcom~~substantial ~~will~~portion ~~become~~of ~~indirect~~our ~~subsidiaries~~products ofthrough ~~Holdco~~our ~~and~~broad ~~the~~distribution ~~Partnership~~network, and ~~their~~a ~~equity~~significant ~~securities~~amount ~~will~~of ~~cease~~these tosales beare ~~publicly traded. Holdco will be renamed Broadcom Limited. It is a condition~~ to ~~the~~large ~~Transactions~~global ~~that~~electronic ~~Holdco~~components ~~ordinary~~distributors, ~~shares~~including beAvnet, ~~listed on the Nasdaq Global Select Market~~Inc.

~~Share~~We ~~Capital~~focus on maintaining an efficient global supply chain and a variable, low-cost operating model. Accordingly, we outsource a majority of our manufacturing operations, utilizing third-party foundry and assembly and test capabilities, as well as some of our corporate infrastructure functions. We focus our internal manufacturing capacity and capital expenditures on analog products that utilize our innovative materials and proprietary processes, to protect our IP and to develop the technology for manufacturing, while outsourcing standard CMOS processes. We also have a long history of operating in Asia, where approximately 41% of our employees are located and where we manufacture and source the majority of our products and materials. Our presence in Asia places us in close proximity to many of our customers’ manufacturing facilities and at the center of worldwide electronics manufacturing.

In connection with the Broadcom Merger, each share of Broadcom Class A common stock and Broadcom Class B common stock (collectively, the “Broadcom Common Shares”) will be converted into the right to receive, at the election of each holder of such Broadcom Common Shares, (i) cash, (ii) freely tradable Holdco Ordinary Shares or (iii) limited partnership units in the Partnership (“Restricted Exchangeable Units”), which cannot be transferred, sold or hedged for a period of one or

two years after closing of the Transactions (the “Restriction Period”), each in such amounts and subject to such terms and conditions as set forth in the Merger Agreement. Following the Restriction Period, and subject to certain other conditions, a holder of Restricted Exchangeable Units will have the right (the “Exchange Right”) to require us to repurchase any or all of the holder’s Restricted Exchangeable Units in exchange for Holdco Ordinary Shares, or an equivalent cash amount, as determined in the sole discretion of Holdco.

Any shares with respect to which Broadcom shareholders make a valid election to receive cash, Holdco Ordinary Shares or Restricted Exchangeable Units in connection with the Broadcom Merger and subsequent Transactions are referred to herein as “Cash Electing Shares,” “Stock Electing Shares” and “Unit Electing Shares,” respectively.

Upon consummation of the Transactions, the Partnership expects to amend and restate the Initial Partnership Agreement (as amended and restated, the “Restated Partnership Agreement”) to, among other things, provide for the withdrawal of our Initial Limited Partner and the admission of Broadcom shareholders, who have elected to receive Restricted Exchangeable Units, as limited partners of the Partnership (each, a “Limited Partner” and together, the “Limited Partners”). In addition, we expect to establish and authorize the issuance of: (i) Common Units to Holdco, as our General Partner and (ii) Restricted Exchangeable Units, to the former Broadcom shareholders, as our Limited Partners.

The Transactions are expected to close on or about February 1, 2016, subject to certain customary closing conditions.

Other Information

Safari Cayman L.P. was incorporated under the laws of the Cayman Islands in May 2015. The address of our registered office is at the offices of Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The address of our principal executive offices is 1 Yishun Avenue 7, Singapore 768923, and our telephone number is (65) 6755-7888. In conjunction with the Partnership’s formation, an election was made to treat the Partnership as a disregarded entity for U.S. tax purposes.

We are subject to the information and periodic reporting requirements of the Exchange Act, and, in accordance therewith, file periodic reports and other information with the SEC. Such periodic reports and other information is available for inspection and copying at the SEC’s Public Reference Room at 100 F Street, NE, Washington, D.C. 20549 or may be obtained by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains a website at http://www.sec.gov that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC.

ITEM 1A. RISK FACTORS

The following risk factors anticipate the consummation of Transactions, however, we cannot assure you that the Transactions will be completed on the terms or timetable proposed, if at all. Investing in our partnership units or exchanging our partnership units for Holdco Ordinary Shares, as applicable, involves a high degree of risk. Before making an investment decision you should consider carefully the risk factors described below, together with the other information contained in this Annual Report on Form 10-K and other documents we file with the SEC, such as our quarterly reports on Form 10-Q, our current reports on Form 8-K and any public announcements we make from time to time.

Risks Related to Unit Election

Broadcom shareholders may receive a portion of their consideration in a different form from that which they elect.

As a result of the Transactions, each issued and outstanding Broadcom Common Share, other than shares which are voted against the Broadcom Merger, will be converted into the right to receive cash, Holdco Ordinary Shares and/or Restricted Exchangeable Units.

Although each Broadcom Shareholder may elect to receive all cash or all Holdco Ordinary Shares in the Transactions, such elections are subject to proration procedures as set forth in the Merger Agreement. The pool of cash and the number of Holdco Ordinary Shares available for all Broadcom shareholders will be fixed at the aggregate amount of cash that would have been paid, and the aggregate number of Holdco Ordinary Shares that would have been allotted and issued, to all of the holders of Broadcom Common Shares if 50% of the Broadcom Common Shares were Stock Electing Shares and 50% of the Broadcom Common Shares were Cash Electing Shares. As a result, if the aggregate number of shares with respect to which either cash elections or Holdco Ordinary Share elections have been made would otherwise result in payments of cash or shares in excess of the maximum amount of cash or number of Holdco Ordinary Shares available, and a Broadcom shareholder has chosen the consideration election that exceeds the maximum available, such Broadcom shareholder will receive consideration in part in a form that such shareholder did not elect.

The mix of consideration payable to Broadcom shareholders who make cash elections or Holdco Ordinary Share elections, giving effect to the proration procedure, will not be known until Holdco tallies the results of the elections made by Broadcom shareholders, which will not occur until shortly prior to the closing of the Transactions. As a result, Broadcom shareholders who make cash elections or Holdco Ordinary Share elections cannot determine the exact amount of cash and the exact number of Holdco Ordinary Shares that they will receive in the Transactions prior to making an election. This could

~~result~~Table ~~in, among other things, tax consequences that differ from those that would have resulted if such Broadcom shareholder had received the form~~ of ~~consideration that the shareholder elected.~~ Contents

~~Risks~~Recent ~~Relating to Restricted Exchangeable Units~~ Developments

~~Broadcom~~Since ~~shareholders~~the ~~who~~acquisition ~~elect~~of toBRCM ~~receive~~on ~~Restricted~~February ~~Exchangeable~~1, ~~Units~~2016, ~~will~~we behave ~~unable~~divested tosubstantially ~~transfer~~all of the non-core BRCM businesses held-for-sale, ~~pledge~~which orgenerated ~~grant~~aggregate ~~liens~~cash onproceeds ~~their~~of ~~Restricted~~$830 ~~Exchangeable~~million ~~Units~~in fiscal year 2016. Non-core BRCM businesses sold and those still held-for-sale aare ~~period~~presented ofas updiscontinued tooperations, ~~two~~and ~~years~~have ~~following~~been ~~the~~excluded ~~closing~~from ofcontinuing ~~the~~operations ~~Transactions~~and from segment results for all periods presented in accordance with applicable accounting guidance.

~~During~~On ~~the~~November ~~Restricted~~2, ~~Period~~2016, ~~which~~we ~~will~~entered ~~last~~into upan toAgreement ~~two~~and ~~years~~Plan ~~following the effective time~~ of ~~the Broadcom~~ Merger, ~~holders~~or ofBrocade ~~Restricted~~Agreement, ~~Exchangeable~~with ~~Units~~Brocade ~~may~~Communications ~~not sell transfer~~Systems, ~~convey~~Inc., ~~assign,~~or ~~pledge~~Brocade, ~~grant~~and aother ~~security~~parties ~~interest~~named ortherein, ~~other~~which ~~lien,~~provides ~~encumber~~for ora ~~dispose~~proposed ofbusiness ~~(whether~~combination ~~directly~~transaction orbetween ~~indirectly,~~us ~~whether~~and ~~with~~Brocade, or ~~without~~the ~~consideration~~Brocade ~~and~~Merger. ~~whether~~Brocade’s ~~voluntarily~~networking orsolutions ~~involuntarily~~help orthe byworld’s ~~operation~~leading oforganizations ~~law)~~turn ~~any~~their ~~interest~~networks ininto ~~any~~platforms ~~Restricted~~for ~~Exchangeable~~business ~~Units,~~innovation. ~~except~~With ~~under~~solutions ~~limited~~spanning ~~circumstances~~public ~~set~~and ~~forth~~private indata ~~the~~centers ~~Restated~~to ~~Partnership~~the ~~Agreement.~~network ~~Accordingly~~edge, ~~any~~Brocade ~~such~~is ~~holder’s~~a ~~investment~~leader ~~will~~in beFibre ~~illiquid~~channel ~~for~~storage aarea ~~period~~network ofswitching upand toIP ~~two years~~networking.

~~Holders~~Products ~~of Restricted Exchangeable Units are also prohibited from short sales, hedging~~ and ~~granting liens on their Restricted Exchangeable Units.~~ Markets

~~Unless~~Our ~~otherwise~~product ~~approved~~portfolio inranges ~~writing~~from bydiscrete ~~Holdco~~devices into ~~its~~complex ~~sole~~sub-systems ~~discretion~~that asinclude ~~the~~multiple ~~General~~device ~~Partner~~types ofand ~~the Partnership, during the Restricted Period, holders of Restricted Exchangeable Units~~ may ~~not~~also beincorporate afirmware ~~party~~for tointerfacing orbetween ~~participate,~~analog ~~directly~~and ordigital ~~indirectly,~~systems. inIn ~~any~~some ~~short sale~~cases, ~~forward~~our ~~contract~~products toinclude ~~sell,~~mechanical ~~option~~hardware orthat ~~forward~~interfaces ~~contract~~with tooptoelectronic ~~purchase, swap~~ or ~~other~~capacitive ~~hedging,~~sensors. ~~synthetic,~~We ~~“put”~~focus ~~equivalent~~on ormarkets ~~similar derivative instrument or transaction~~ that ~~transfers,~~require inhigh ~~whole~~quality orand ~~in part, any of~~ the ~~economic~~integrated ~~consequences~~performance ofcharacteristics ~~ownership~~ of ~~the~~our ~~Restricted~~products. ~~Exchangeable~~For ~~Units~~the orfiscal ~~any~~year ~~Holdco~~ended ~~Ordinary~~October ~~Shares~~30, ~~whether~~2016, ~~settled in cash~~ or ~~securities.~~fiscal ~~Holders~~year of2016, ~~Unit~~our ~~Electing~~wired ~~Shares~~infrastructure ~~will~~segment ~~also~~contributed be50%, ~~required~~our inwireless ~~their~~communications ~~election~~segment ~~form~~contributed to28%, ~~(i) represent~~our ~~that~~enterprise ~~such~~storage ~~holder~~segment iscontributed ~~not~~17%, aand ~~party~~our toindustrial ~~and~~& ~~does~~other ~~not~~segment ~~otherwise~~contributed ~~participate,~~5% ~~directly~~of orour ~~indirectly,~~net inrevenue. ~~any~~Fiscal ~~such~~year ~~transaction~~2016 ~~and~~net ~~(ii) acknowledge~~revenue ~~that~~included ~~such~~contributions ~~holder~~from ~~will,~~BRCM ~~upon~~commencing ~~accepting~~on ~~Restricted~~February ~~Exchangeable Units~~1, ~~be deemed~~2016, bywhich ~~virtue~~are ofincluded ~~acceptance~~in ofthe ~~such~~wired ~~Restricted~~infrastructure ~~Exchangeable Units~~ and ~~without~~wireless ~~any~~communications ~~further~~segments. ~~action~~Fiscal onyear ~~such~~2015 ~~holder’s~~net ~~part,~~revenue toincluded ~~have~~contributions ~~executed~~from ~~the~~Emulex ~~Restated~~Corporation, ~~Partnership~~or ~~Agreement~~Emulex, ~~and~~commencing ~~agreed~~on toMay ~~the rights~~6, ~~privileges~~2015, ~~restrictions~~which ~~and~~are ~~conditions~~included ofin the ~~Restricted~~enterprise ~~Exchangeable~~storage ~~Units~~segment. ~~and~~Fiscal toyear ~~comply~~2014 ~~with~~net ~~the~~revenue ~~terms~~included ~~and~~contributions ~~restrictions~~from ofLSI ~~the~~and ~~Restated~~PLX ~~Partnership~~Technologies, ~~Agreement~~Inc., Inor ~~the~~PLX, ~~event~~commencing ofon aMay ~~breach~~6, by2014 ~~any~~and ~~holder~~August of18, ~~the~~2014, ~~hedging~~respectively; ~~restrictions~~LSI inand ~~the~~PLX ~~Restated~~primarily ~~Partnership~~contributed ~~Agreement,~~to the ~~Restricted~~enterprise ~~Period~~storage ~~applicable~~segment, towith ~~such~~LSI ~~holder’s~~also ~~Restricted~~contributing ~~Exchangeable~~to ~~Units~~the ~~will~~wired beinfrastructure ~~extended by two years~~segment.

AnSee ~~active~~discussion ~~trading~~in ~~market~~the ~~for~~“Results ~~the~~of ~~Restricted~~Operations” ~~Exchangeable~~section ~~Units~~included isin ~~not~~Part ~~expected~~II, toItem ~~develop~~7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 12. “Segment Information” included in Part II, Item 8. Financial Statements and Supplementary Data, of this Form 10-K for additional segment information.

~~Prior~~The totable ~~the~~below ~~completion~~presents of the ~~Transactions,~~major ~~there~~product ~~will~~families ~~have~~and ~~been~~their nomajor ~~public~~applications ~~market for the Restricted Exchangeable Units. Additionally, the Restricted Exchangeable Units will not be listed by the Partnership on a national exchange~~ in the United States. An active public market for the Restricted Exchangeable Units is not expected to develop after the completion of the Transactions. In addition, although as of the time of closing of the Transactions, the Restricted Exchangeable Units will have been registered under the Exchange Act, our ~~General~~reportable ~~Partner is under no obligation to continue such registration and is authorized to deregister the Restricted Exchangeable Units at any time such registration is not legally required~~segments. ~~As a result, even after the Restricted Period has concluded, it will be very difficult to sell Restricted Exchangeable Units at a price that is attractive, or at all.~~

~~Future~~Segment ~~sales~~Major ofApplications ~~Holdco~~Major ~~Ordinary~~Product ~~Shares~~Families inWired ~~the~~Infrastructure ~~public~~• ~~market~~Set-top ~~could~~Box ~~cause~~(STB) ~~the~~and ~~value~~Broadband ofAccess ~~Restricted~~• ~~Exchangeable~~Set-top ~~Units~~box toSoCs ~~fall.~~• Cable, digital subscriber line (DSL) and passive optical networking (PON) central office/consumer premise equipment (CO/CPE) SoCs • Data center, Telecom, Enterprise and Small-and-Medium size Business/Remote-Office-Branch-Office (SMB)/(ROBO) Networking • Ethernet switching and routing application specific standard product (ASSP) • Embedded processors and controllers • Serializer/Deserializer (SerDes), application specific integrated circuits (ASICs) • Optical and copper, physical layer (PHYs) • Fiber optic laser and receiver components Wireless Communications • Smartphones • RF front end modules (FEMs), filters, power amplifiers • WiFi, Bluetooth, global positioning system/global navigation satellite system (GPS/GNSS) SoCs • Custom touch controllers

Sales of a substantial number of Holdco Ordinary Shares in the public market, or the perception that these sales might occur, could depress the value of the Restricted Exchangeable Units because the value of the Restricted Exchangeable Units is expected to be derivative of the value of Holdco Ordinary Shares. During the Restricted Period, holders of the Restricted Exchangeable Units will not be able to sell such units to mitigate losses under such circumstances.

The Broadcom board of directors has not made any recommendation with respect to whether a Broadcom shareholder should make a Unit election.

The Broadcom board of directors makes no recommendation as to whether any Broadcom shareholder should make an election to receive Restricted Exchangeable Units. A Broadcom shareholder’s determination to elect to receive Restricted Exchangeable Units is a purely voluntary decision, and no Restricted Exchangeable Units will be issued to any Broadcom shareholder who has not elected to receive those securities. In making this decision, Broadcom shareholders will not have the benefit of any recommendation of Broadcom’s board of directors. Broadcom shareholders should consult with their own legal, tax and financial advisors in making such decision.

The exchange of Restricted Exchangeable Units into Holdco Ordinary Shares is subject to significant restrictions, including the right of Holdco in its sole discretion to cause the Partnership to repurchase such Restricted Exchangeable Units for cash instead of Holdco Ordinary Shares.

Under the terms of the Restated Partnership Agreement, the Restricted Exchangeable Units will not be exchangeable for Holdco Ordinary Shares for a period of up to three years following the closing of the Transactions.

~~From~~Table ~~and after the end~~ of the Restricted Period, which will last up to two years following the effective time of the Transaction, holders of the Restricted Exchangeable Units will be entitled, subject to compliance with the procedures set forth in the Restated Partnership Agreement, to require the Partnership to repurchase all or any portion of such holder’s Restricted Exchangeable Units in exchange for Holdco Ordinary Shares, at a ratio of one Holdco Ordinary Share for each Restricted Exchangeable Unit, subject to the right of Holdco, in its capacity as our General Partner, in its sole discretion, to cause the Partnership to repurchase the Restricted Exchangeable Units for cash (in an amount determined in accordance with the terms of the Restated Partnership Agreement based on the market price of Holdco Ordinary Shares) in lieu of exchanging Restricted Exchangeable Units for Holdco Ordinary Shares. The ability of Holdco, in its sole discretion as our General Partner, to cause us to repurchase Restricted Exchangeable Units for cash could result in, among other things, tax consequences that differ from those that would have resulted if the holder of such Restricted Exchangeable Units had received Holdco Ordinary Shares. Contents

InSegment ~~addition,~~Major ~~prior~~Applications toMajor ~~the~~Product ~~third~~Families ~~anniversary~~Enterprise ~~following~~Storage ~~the~~• ~~closing~~Servers ofand ~~the~~storage ~~Transactions,~~systems it• isSerial aattached ~~condition~~small ~~precedent~~computer tosystem ~~the~~interface ~~obligation~~(SAS) ~~of the Partnership to repurchase such Restricted Exchangeable Units,~~ and ~~the~~Redundant ~~holder~~Array of ~~such~~independent ~~Restricted~~disks ~~Exchangeable Units shall not be permitted to exercise his Exchange Right, unless~~ (iRAID) ~~Holdco~~ ~~has~~controllers ~~received~~and aadapters ~~written~~• ~~opinion~~Peripheral ~~from~~component aninterconnect ~~independent~~express ~~nationally recognized law or accounting firm that the Exchange Right should not cause Holdco to be treated as~~ (aPCIe) a ~~“surrogate~~switches ~~foreign~~• ~~corporation”~~Fibre ~~(within~~channel ~~the~~host ~~meaning~~bus ofadapters ~~Section 7874~~(aHBA)~~(2)(B)~~ of• ~~the~~Hard ~~Internal~~disk ~~Revenue~~drives ~~Code of 1986, as amended~~ (~~the “Code”~~HDD)); orSolid ~~(b) a~~state ~~“domestic~~drives ~~corporation”~~ (~~within~~SSD) ~~the~~• ~~meaning~~Read ofchannel ~~Section 7874(b)~~based ofSoCs ~~the~~• ~~Code)~~Preamplifiers ~~and~~Industrial ~~(ii) Holdco’s~~& ~~independent~~Other ~~auditor~~• ~~has~~Power ~~determined~~isolation, ~~that~~power noconversion ~~reserve~~and ~~shall~~renewable beenergy ~~required~~systems ~~for~~• ~~financial~~Optocouplers ~~accounting~~• ~~purposes~~Factory ~~relating~~automation, toin-car ~~Section 7874~~infotainment ofand ~~the~~renewable ~~Code,~~energy assystems ~~amended,~~• asIndustrial afiber ~~result~~optics of• ~~the~~Motor ~~exercise~~controls ofand ~~such~~factory ~~Exchange~~automation ~~Right.~~• NoMotion ~~assurance~~control ~~can~~encoders beand ~~provided~~subsystems as• toDisplays ~~whether~~and orlighting ~~not~~• ~~such~~Light ~~determinations~~emitting ~~will~~diode ~~be obtainable.~~ (LEDs)

~~The~~Wired ~~value~~Infrastructure ofSegment. We provide semiconductor solutions for enabling the ~~Holdco~~set-top ~~Ordinary~~box ~~Shares~~and ~~received~~broadband inaccess ~~any~~markets. ~~exchange~~We ofalso ~~Restricted~~provide ~~Exchangeable~~a ~~Units,~~wide orvariety ~~the~~of ~~cash~~semiconductor ~~amount~~solutions towhich bemanage ~~paid~~the bymovement usof data in ~~lieu~~data ~~thereof~~center, ~~may~~telecom, ~~fluctuate~~enterprise and SMB/ROBO networking applications.

~~The~~Set-Top ~~value~~Box ofSolutions: ~~the~~We ~~Holdco~~offer ~~Ordinary~~complete ~~Shares~~SoC ~~into~~platform ~~which~~solutions for cable, satellite, Internet Protocol, over-the-top ~~Restricted~~and ~~Exchangeable~~terrestrial ~~Units~~STBs. ~~may~~Our beproducts ~~exchanged~~enable global service providers to introduce new and enhanced technologies and services in STBs, orincluding ~~the~~transcoding, ~~cash~~digital ~~amount~~video recording functionality, higher definition, increased networking capabilities, and more tuners to beenable ~~paid~~faster bychannel uschange and more simultaneous recordings. We are also enabling service providers in ~~lieu~~deploying ~~thereof~~High Efficiency Video Coding, ~~may~~or beHEVC, ~~subject~~a video compression format that is a successor to ~~significant~~the ~~fluctuations~~H.264/MPEG-4 ~~for~~format. ~~many~~HEVC ~~reasons~~enables ultra-high definition, ~~including:~~or Ultra HD, services by effectively doubling the capacity of existing networks to deploy new or existing content. Our families of STB solutions support the complete range of resolutions, from standard definition, to HD and Ultra HD.

•Broadband ~~general~~Access ~~economic~~Solutions: We offer complete SoC platform solutions for DSL, cable and ~~political~~fiber ~~conditions~~for both central office deployments and ~~specific~~consumer ~~conditions~~premise inequipment, or CPE. For CPE deployments, we support broadband modems, wireless local area network, or WLAN, routers as well as residential gateway solutions. For central office deployment, our solutions include cable modem termination systems, or CMTS, for cable, optical line termination, or OLTs, for fiber, and DSL Access Multiplexer, or DSLAM’s for DSL. Our products enable global service providers to continue to deploy next generation broadband access technologies across multiple standards, including DSL, cable and fiber, to provide more bandwidth and faster speeds to consumers. Over the ~~semiconductor~~coming ~~industry;~~years, we expect to see global service providers moving toward new technologies, including data over cable service interface specification, or DOCSIS, 3.1 for cable modem technologies, G.Fast for DSL, and deploying more fiber-based solutions to increase speeds and bandwidth for customers.

•Ethernet ~~changes~~Switching inand ~~expectations~~Routing: asEthernet tois ~~the~~a ~~future~~ubiquitous ~~financial~~interconnection technology that enables high performance and cost effective networking infrastructure. We offer a broad set of Ethernet switching and routing products that are optimized for data center implementations, service provider networks, enterprise, and SMB/ROBO. In the ~~combined~~data ~~company~~center market, ~~including~~our ~~financial~~high ~~estimates~~capacity, orlow ~~publication~~latency, switching silicon supports advanced protocols around virtualization and multi-pathing. Our Ethernet switching fabric technologies provide the ability to build highly scalable flat networks supporting tens of ~~research~~thousands ~~reports~~of byservers. ~~securities~~Our ~~analysts;~~service provider switch portfolio enables carrier/service provider networks to support a large number of services in the wireless backhaul, access, aggregation and core of their networks. For enterprise and SMB/ROBO applications, we offer product families that combine multi-layer switching capabilities and support lower power modes that comply with industry standards around energy efficient Ethernet.

•Embedded ~~quarterly~~processors ~~variations~~and controllers: Our embedded processors leverage our ARM central processing unit, or CPU, and Ethernet switching technology to deliver SoCs for high performance embedded applications in ~~operating~~a ~~results;~~wide range of communication products such as voice-over-internet-protocol, or VOIP, telephony, point-of-sale devices and enterprise and retail access points and gateways. We offer a range of knowledge-based processors to enable high-performance decision-making for packet processing in a variety of advanced devices in the enterprise, metro, access, edge and core networking spaces. We also offer a range of Ethernet controllers for servers and workstations supporting multiple generations of Ethernet technology.

• variances of quarterly results of operations from securities analysts’ estimates;

• strategic moves by Holdco or its competitors, such as acquisitions or restructurings;

• announcements of new products or technical innovations by Holdco or its competitors;

• actions by institutional shareholders; and

• speculation in the press or investment community.

Consequently, due to these potential fluctuations in value of Holdco Ordinary Shares, at the time that the Exchange Right of holders of Restricted Exchangeable Units becomes exercisable, the Holdco Ordinary Shares into which the Restricted Exchangeable Units may be exchanged, or the cash amount to be paid by us in lieu thereof, may have a value that differs from the value of Holdco Ordinary Shares as of the effective time of the Transactions.

In certain circumstances, a Limited Partner may lose its limited liability status.

The Exempted Limited Partnership Law, 2014 of the Cayman Islands (as amended and any successor to such statute, the “Cayman Islands Limited Partnerships Act”) provides that a limited partner with the benefits of limited liability unless, in addition to exercising rights and powers as a limited partner, such limited partner takes part in the control or conduct of the business of a limited partnership of which such limited partner is a partner (subject to certain qualifications and exceptions). Subject to the provisions of the Cayman Islands Limited Partnerships Act and of similar legislation in other jurisdictions, the liability of each limited partner for the debts, liabilities and obligations of the Partnership will be limited to the limited partner’s capital contribution, plus the limited partner’s share of any undistributed income of the Partnership. However, pursuant to the Cayman Islands Limited Partnerships Act, where a limited partner has received a payment representing the return of all or part of that limited partner’s capital contribution or is released from any outstanding obligation in respect of his commitment and, at the time that payment was made or release effected, (i) the limited partnership is insolvent; and (ii) the limited partner had actual knowledge of the insolvency of the limited partnership, then for a period of six months, but not thereafter, such limited partner would be liable to the Partnership or, where the Partnership is dissolved, to its creditors, to repay such payment or perform the released obligation with interest to the extent that such contribution or part thereof is, necessary to discharge the liabilities of the Partnership to all creditors who extended credit or whose claims otherwise arose before the return of the capital contribution.

~~requirements~~Table toof be satisfied in each jurisdiction to maintain limited liability. If limited liability is lost, limited partners may be considered to be general partners (and therefore be subject to unlimited liability) in such jurisdiction by creditors and others having claims against the Partnership. Contents

~~The~~SerDes ~~Restricted~~ASICs: ~~Exchangeable~~For ~~Units~~data tocenter beand ~~received~~enterprise bynetworking, ~~Broadcom~~and ~~shareholders~~high inperformance ~~connection~~compute ~~with~~applications, ~~the~~we ~~Transactions~~supply ~~will~~high ~~have~~speed ~~significantly~~SerDes ~~different~~technology ~~rights~~integrated ~~from~~into ~~the~~ASICs. ~~common~~These ~~shares~~ASICs ofare ~~Broadcom~~custom products built to individual customers specifications. Our ASICs are designed on advanced CMOS process technologies, focused primarily on leading edge geometries.

~~Upon~~Physical ~~consummation~~Layer ofDevices: ~~the~~These ~~Transactions~~devices, ~~Broadcom~~also ~~shareholders~~referred ~~may~~to ~~become~~as ~~holders~~PHYs, ofare ~~Restricted~~transceivers ~~Exchangeable~~which ~~Units,~~enable the reception and ~~their~~transmission ~~rights~~of asEthernet data packets over a physical medium such ~~holders~~as ~~will~~copper bewire ~~governed~~or byoptical ~~the~~fibers. ~~Restated~~Our ~~Partnership~~high ~~Agreement~~performance ~~and~~Ethernet ~~the~~transceivers ~~laws~~are ofbuilt ~~the~~upon ~~Cayman~~a ~~Islands.~~proprietary ~~The~~digital ~~existing~~signal ~~rights~~processing ~~associated~~communication ~~with~~architecture ~~Broadcom~~optimized ~~Common~~for ~~Shares~~high-speed ~~are~~network ~~different~~connections ~~from~~and support the ~~rights~~latest ~~associated~~standards ~~with~~and ~~the~~advanced ~~Restricted~~features, ~~Exchangeable~~such ~~Units~~as energy efficient Ethernet, data encryption and time synchronization. We also offer a range of automotive Ethernet products to meet growing consumer demand for in-vehicle connectivity.

~~Under~~Fiber ~~certain~~optic ~~circumstances~~components: We supply optical laser and receiver components to the Ethernet networking, storage, and access, metro- and long-haul telecommunication markets. Our optical components enable the ~~voting~~high ~~rights~~speed ofreception ~~Restricted~~and ~~Exchangeable~~transmission ~~Units~~of ~~will~~data bethrough ~~limited~~optical fibers.

~~Each~~Wireless ~~holder~~Communications ofSegment. We ~~Restricted~~support ~~Exchangeable Units will have~~ the ~~benefit~~wireless ofcommunications aindustry ~~voting~~with ~~trust agreement (the “Voting Trust Agreement”) to be entered into by and among the Partnership, Holdco and~~ a ~~trustee~~broad tovariety ~~be agreed upon by the Partnership and Holdco (the “Trustee”). Pursuant to the terms~~ of ~~the~~RF ~~Voting~~semiconductor ~~Trust Agreement~~devices, ~~the~~connectivity ~~holders~~solutions ofand ~~Restricted~~custom ~~Exchangeable~~touch Units will be able to direct the Trustee under the Voting Trust Agreement, as their proxy, to vote on their behalf in substantially all votes that are presented to the holders of Holdco Ordinary Sharescontrollers. ~~However,~~Devices ~~under~~incorporating ~~the~~our ~~Voting~~wireless ~~Trust~~solutions ~~Agreement,~~include ~~the~~smartphones ~~number of votes held by the Trustee,~~ and to be cast at the direction of holders of Restricted Exchangeable Units, will equal the lesser of (i) the number of votes which would attach to the Holdco Ordinary Shares receivable upon the exchange of the Restricted Exchangeable Units of the Partnership outstanding as of the record date of a Holdco shareholder meeting (other than Restricted Exchangeable Units held by Holdco or any of its subsidiaries) and (ii) a number of votes equal to 19tablets.9% of the aggregate voting power exercisable at the time of such record date. Therefore, holders of Restricted Exchangeable Units may be entitled to vote on less than a one-to-one basis with Holdco Ordinary Shares.

InRF ~~addition,~~Semiconductor ~~the~~Devices: ~~Trustee~~Our ~~will~~RF ~~hold~~semiconductor adevices ~~non-economic~~selectively ~~voting~~filter, ~~preference~~as ~~share~~well inas ~~the~~amplify, ~~capital~~RF ofsignals. ~~Holdco~~Filters ~~(the~~enable ~~“Special~~modern ~~Voting~~wireless ~~Share”)~~communication ~~that~~systems ~~entitles the Trustee~~ to support a large number of ~~votes~~subscribers ~~equal~~simultaneously toby ~~the~~ensuring ~~lesser~~that ofthe ~~(i)~~multiple ~~the~~transmissions ~~number~~and receptions of ~~votes~~voice ~~which~~and ~~would~~data ~~attach~~streams todo ~~the~~not ~~Holdco~~interfere ~~Ordinary~~with ~~Shares~~each ~~receivable~~other. ~~upon~~We were among the ~~exchange~~first ofto ~~Restricted~~deliver ~~Exchangeable~~commercial ~~Units~~film ofbulk ~~the~~acoustic ~~Partnership~~resonator, ~~outstanding~~or asFBAR, offilters ~~the~~that ~~record~~offer ~~date~~technological ofadvantages aover ~~Holdco~~competing ~~shareholder~~filter ~~meeting~~technologies, ~~(other~~to ~~than~~allow ~~Restricted~~smartphones ~~Exchangeable~~to ~~Units~~function ~~held~~more byefficiently ~~Holdco~~in ortoday's ~~any~~congested ofRF ~~its~~spectrum. ~~subsidiaries)~~FBAR ~~and~~technology ~~(ii)~~has a ~~number~~significant ofmarket ~~votes~~share ~~equal~~within tothe ~~19.9%~~cellular ofhandset ~~the~~market. ~~aggregate~~As ~~voting~~cellular ~~power~~carriers ~~exercisable~~continue atto ~~the~~move ~~time~~to of4G/long-term ~~such~~evolution, ~~record~~or ~~date.~~LTE, Inand ~~the~~LTE-advanced ~~event~~standards ~~that~~worldwide, ~~under~~we ~~applicable~~believe ~~law,~~these ~~any~~technological ~~matter~~advantages ~~requires~~will ~~the~~continue ~~approval~~to ofbenefit ~~the~~our ~~holder~~business. ofOur ~~record~~RF ofproducts ainclude ~~Special~~FEMs ~~Voting~~that ~~Share,~~incorporate ~~voting~~multiple ~~separately~~die asinto amulti-function ~~class~~RF devices, ~~the~~duplexers ~~Voting~~and ~~Trust~~multiplexers, ~~Agreement~~which ~~restricts~~are ~~the~~a ~~ability~~combination of ~~holders~~two ofor ~~Restricted~~more ~~Exchangeable~~transmit ~~Units~~and toreceive ~~exercise~~filters ~~such~~in ~~voting~~a ~~rights~~single device, using our proprietary FBAR technology, discrete filters and discrete power amplifiers.

~~Risks~~Our ~~Relating~~expertise in FBAR technology, amplifier design, and module integration enables us to ~~Holdco~~offer ~~Ordinary~~industry-leading ~~Shares~~performance in cellular RF transceiver applications. Our proprietary GaAs wafer manufacturing processes are critical to the production of power amplifier and low noise amplifier products.

~~Sales~~Connectivity ofsolutions: ~~substantial~~Our ~~amounts~~connectivity ofsolutions ~~Holdco~~include ~~Ordinary~~discrete ~~Shares~~and inintegrated ~~the~~Wi-Fi ~~open~~and ~~market~~Bluetooth bysolutions, ~~former~~location ~~shareholders~~(GPS/GNSS) ~~could~~controllers ~~depress~~and ~~the~~touch ~~share price of Holdco~~controllers.

~~Other~~ ~~than~~Wi-Fi ~~shares~~allows ~~held~~devices byon ~~affiliates~~a oflocal ~~Avago~~area ornetwork ~~Broadcom,~~to ~~Holdco~~communicate ~~Ordinary~~wirelessly, ~~Shares~~adding ~~that~~the ~~are~~convenience ~~allotted~~of ~~and~~mobility ~~issued~~ to ~~holders~~the utility of ~~Avago~~high-speed ~~Ordinary~~data ~~Shares~~networks. orWe ~~holders~~offer a family of ~~Broadcom~~high ~~Common~~performance, ~~Shares~~low ~~will~~power beWi-Fi ~~freely~~chipsets. ~~tradable~~Bluetooth byis ~~the~~a ~~former~~low ~~shareholders~~power technology that enables direct connectivity between devices. We offer a complete family of ~~Avago~~Bluetooth silicon and ~~Broadcom~~software ~~without~~solutions ~~restrictions~~that orenable ~~further~~manufacturers ~~registration~~to ~~under~~easily ~~the~~and ~~Securities~~cost-effectively ~~Act~~add Bluetooth functionality to virtually any device. These solutions include combination chips that offer integrated Wi-Fi and Bluetooth functionality, which provides significant performance advantages over discrete solutions.

IfWe ~~the~~also ~~Transactions~~offer ~~are~~a ~~completed~~family ~~and if Holdco’s shareholders sell substantial amounts~~ of ~~Holdco~~GPS, ~~Ordinary~~assisted-GPS ~~Shares~~(A-GPS) inand ~~the~~GNSS ~~public~~semiconductor ~~market following the completion of the Transactions~~products, ~~including~~software ~~shares allotted~~ and ~~issued~~data ~~upon~~services. ~~the~~These ~~vesting~~products orare ~~exercise~~part of ~~outstanding~~a ~~stock~~broader ~~options~~location orplatform ~~restricted~~that ~~stock~~leverages ~~units,~~a ~~the~~broad ~~market~~range ~~price~~ of ~~Holdco~~communications ~~Ordinary~~technologies, ~~Shares~~including ~~may~~WiFi, ~~decrease.~~Bluetooth ~~These~~and ~~sales~~GPS, ~~might~~to ~~also~~provide ~~make it~~ more ~~difficult~~accurate ~~for~~location ~~Holdco to sell equity or equity-related securities at a time~~ and ~~price~~navigation ~~that it otherwise would deem appropriate~~capabilities.

~~The~~Custom ~~trading~~Touch ~~price~~Controllers: ofOur ~~Holdco~~touch ~~Ordinary~~controllers ~~Shares~~process ~~may~~signals ~~be affected by factors different~~ from ~~those~~touch ~~currently~~screens ~~affecting~~in ~~the~~smartphones ~~prices of Avago Ordinary Shares~~ and ~~Broadcom Class A common stock~~tablets.

~~Upon~~Enterprise ~~completion~~Storage ofSegment. Our ~~the~~enterprise ~~Transactions,~~storage ~~Avago~~products ~~shareholders~~enable ~~and~~secure ~~certain~~movement ~~Broadcom shareholders will become holders~~ of ~~Holdco~~digital ~~Ordinary~~data ~~Shares.~~to ~~The~~and ~~results~~from ofhost ~~operations~~machines ofsuch ~~Holdco,~~ as ~~well as the trading price of Holdco Ordinary Shares after the Transactions~~servers, ~~may~~personal becomputers ~~affected by factors different from those currently affecting Avago’s~~ and ~~Broadcom’s~~storage ~~results~~systems ofto ~~operations and~~ the ~~trading~~underlying ~~prices~~storage ofdevices ~~Avago~~such ~~Ordinary~~as ~~Shares~~HDDs and ~~Broadcom Class A common stock~~SSDs.

~~The~~SAS, ~~trading~~RAID ~~price~~and ofPCIe ~~Holdco~~Products: ~~Ordinary~~We ~~Shares~~provide ~~may~~SAS beand ~~subject~~RAID controller and adapter solutions to ~~wide~~server ~~fluctuations~~and storage system OEMs. These solutions enable secure and high speed data transmission between a host computer, such as a server, and ~~the~~storage ~~value~~peripheral devices, such as HDD, SSD and optical disk drives and disk and tape-based storage systems. Some of ~~your~~these ~~investments~~solutions ~~could~~are ~~materially~~delivered ~~decline~~as stand-alone semiconductors, typically as a controller. Other solutions are delivered as circuit boards, known as adapter products, which incorporate our semiconductors onto a circuit board with other features. RAID technology is a critical part of our server storage connectivity solutions as it provides protection against the loss of critical data resulting from HDD failures.

~~Investors~~We ~~who~~also ~~hold~~provide ~~Holdco~~interconnect ~~Ordinary~~semiconductors ~~Shares~~that ~~may~~support ~~not be able to sell their shares at or above~~ the ~~value~~PCI ~~of their original investment in Avago Ordinary Shares or Broadcom Class A common stock. Avago Ordinary Shares~~ and ~~Broadcom~~PCIe ~~Class A~~communication common stock have experienced substantial price volatility, particularly as a result of quarterly variations in results and the published expectations of analysts and announcements by Avago, Broadcom and their respective competitors, and prevailing market and economic conditionsstandards. ~~The~~PCIe ~~semiconductor industry~~ is ~~highly~~the ~~cyclical,~~primary ~~and~~interconnection ~~Holdco~~mechanism ~~may~~inside ~~experience~~computing ~~declines~~systems ~~in its revenue related~~ today.

toTable ~~industry conditions. Accordingly, the trading price~~ of ~~Holdco Ordinary Shares after completion of the Transactions is likely to be subject to similar volatility.~~ Contents

~~Fluctuations~~Fibre inChannel ~~share~~Products: ~~prices~~We ~~have~~provide ~~occurred~~Fibre ~~and~~Channel ~~may~~HBAs, ~~continue~~which toconnect ~~occur~~host incomputers ~~response~~such as servers to ~~various~~Fibre ~~factors~~Channel Storage Area Networks, ~~many~~or ofFC ~~which~~SANs. ~~Holdco~~FC ~~cannot~~SANs ~~control~~are networks dedicated to storage traffic, ~~including:~~and enable simultaneous high speed and secure connections among multiple host computers and multiple storage arrays.

•HDD ~~general~~and ~~economic~~SSD products: We provide read channel-based SoCs and ~~political~~preamplifiers ~~conditions~~to HDD OEMs. These are the critical chips required to read, write and ~~specific~~protect ~~conditions~~data. An HDD SoC is an integrated circuit, or IC, that combines the functionality of a read channel, serial interface, memory and a hard disk controller in a small, high-performance, low-power and cost-effective package. Read channels convert analog signals that are generated by reading the ~~semiconductor~~stored ~~industry;~~data on the physical media into digital signals. In addition, we sell preamplifiers, which are used to amplify the initial signal to and from the drive disk heads so the signal can be processed by the read channel.

•We ~~changes~~also provide custom flash controllers to SSD OEMs. An SSD stores data in ~~expectations~~flash asmemory instead of on a hard disk, providing high speed access to the ~~future~~data. ~~financial~~Flash ~~performance~~controllers ofmanage the ~~combined~~underlying ~~company~~flash memory in SSDs, ~~including~~performing ~~financial~~critical ~~estimates~~functions orsuch ~~publication~~as ofreading ~~research~~and ~~reports~~writing bydata ~~securities~~to ~~analysts;~~and from the flash memory and performing error correction, wear leveling and bad block management.

•Industrial ~~quarterly~~& ~~variations~~Other. We inprovide ~~operating~~a ~~results;~~broad variety of products for the general industrial and automotive markets. This segment also includes IP licensing revenue.

•Optocouplers: ~~variances~~We ofoffer ~~quarterly~~optical ~~results~~isolators, or optocouplers, which provide electrical insulation and signal isolation for signaling systems that are susceptible to electrical noise or interference. Optocouplers are used in a diverse set of ~~operations~~applications, ~~from~~including ~~securities~~industrial ~~analysts’~~motors, ~~estimates;~~automotive systems including those used in hybrid engines, power generation and distribution systems, switching power supplies, motion sensors, telecommunications equipment, computers and office equipment, plasma displays, and military electronics.

•Industrial ~~strategic~~Fiber ~~moves~~Optics: byFor ~~Holdco~~industrial ornetworking, ~~its~~we ~~competitors,~~provide ~~such~~fast asoptical ~~acquisitions~~transceivers orusing ~~restructurings;~~plastic optical fiber that enable quick and interoperable networking and factory automation.

•Motion ~~announcements~~Encoders: ofFor ~~new~~industrial ~~products~~motors orand ~~technical~~robotic ~~innovations~~motion bycontrol, ~~Holdco~~we orsupply ~~its~~optical ~~competitors;~~encoders, as well as ICs for the controller and decoder functions.

•LEDs: ~~actions~~For byelectronic ~~institutional~~signs ~~shareholders;~~and signals, we supply Light Emitting Diode, or LED, assemblies that offer high brightness and stable light output over thousands of hours, enabling us to support traffic signals, large commercial signs and other displays.

•Research ~~speculation~~and ~~in the press or investment community.~~Development

~~Accordingly~~We are committed to continuous investment in product development, ~~you~~with ~~may~~a ~~not~~focus beon ~~able~~rapidly introducing new, proprietary products. Many of our products have grown out of our own research and development efforts, and have given us competitive advantages in certain target markets due to ~~resell~~performance ~~your~~differentiation. ~~Holdco~~However, ~~Ordinary~~from ~~Shares~~time atto ortime ~~above~~we also seek to enhance our capabilities through the ~~value~~acquisition of ~~your~~engineers ~~initial~~with ~~investment~~complementary inresearch ~~Avago~~and ~~Ordinary~~development ~~Shares~~skills orand ~~Broadcom~~complementary ~~Common~~technologies ~~Shares~~and businesses. We focus our research and development efforts on the development of innovative, sustainable and higher value product platforms. We leverage our design capabilities in markets where we believe our innovation and reputation will allow us to earn attractive margins by developing high value-add products.

InWe ~~addition,~~plan ~~the~~to ~~stock~~continue ~~market~~investing in ~~general~~product development, ~~and~~both ~~the~~organically ~~market~~and ~~prices~~through ~~for~~acquisition, ~~semiconductor-related~~to ~~companies~~drive growth in ~~particular,~~our ~~have~~business. ~~experienced~~We ~~significant~~also ~~price~~invest in process development and ~~volume~~fabrication ~~fluctuations~~capabilities to optimize processes for devices that ~~often~~are ~~have~~manufactured ~~been~~internally. ~~unrelated~~Our tofield ~~the~~application ~~operating~~engineers, ~~performance~~or ofFAEs, and design engineers are located in many places around the ~~companies~~world, ~~affected~~and byin ~~these~~many ~~fluctuations~~cases near our top customers. ~~These~~This ~~broad~~enhances ~~market~~our ~~fluctuations~~customer ~~may~~reach ~~adversely~~and ~~affect~~our ~~the~~visibility ~~trading~~into ~~price~~new product opportunities and enables us to support our customers in each stage of ~~Holdco~~their ~~Ordinary~~product ~~Shares~~development cycle, ~~regardless~~from early stages of ~~Holdco’s~~production ~~operating~~design ~~performance~~through to volume manufacturing and future growth. InBy ~~the~~collaborating ~~past~~with our customers, ~~securities~~we ~~class~~have ~~action~~opportunities ~~litigation~~to ~~often~~develop ~~has~~high ~~been~~value-added, ~~brought~~customized ~~against~~products afor ~~company~~them ~~following~~that ~~periods~~leverage ofour ~~volatility~~existing intechnologies. ~~the~~Research ~~trading~~and ~~price~~development ofexpense ~~its~~was ~~securities~~$2.7 ~~Companies~~billion, in$1 ~~technology~~billion ~~industries~~and ~~are~~$695 ~~particularly~~million ~~vulnerable~~for tofiscal ~~this~~years ~~kind~~2016, of2015 ~~litigation~~or ~~due~~2014, torespectively. ~~the~~These ~~high~~amounts ~~volatility~~included ofshare-based ~~their~~compensation ~~share~~expense ~~prices.~~of ~~Accordingly~~$430 million, ~~the~~$107 ~~combined~~million ~~company~~and ~~may~~$57 bemillion ~~the~~for ~~target~~fiscal ofyears ~~securities~~2016, ~~litigation~~2015 inand ~~the~~2014, ~~future~~respectively. ~~Any~~We ~~securities~~anticipate ~~litigation~~that ~~could~~we ~~result~~will incontinue ~~substantial~~to ~~costs~~make significant research and ~~could~~development ~~divert~~expenditures ~~the~~in ~~attention~~order to maintain our competitive position, and ~~resources~~with a continuous flow of ~~Holdco’s~~innovative ~~management~~and sustainable product platforms.

An active trading market for Holdco Ordinary Shares may not develop.

Prior to the completion of the Transactions, there will have been no public market for Holdco Ordinary Shares. We cannot predict the extent to which investor interest in Holdco will lead to the development of an active trading market on NASDAQ or how liquid that market might become. An active public market for Holdco Ordinary Shares may not develop or be sustained after the completion of the Transactions. If an active public market does not develop or is not sustained, it may be difficult for you to sell your Holdco Ordinary Shares at a price that is attractive to you, or at all.

The Holdco Ordinary Shares to be received by Broadcom shareholders in connection with the Transactions will have significantly different rights from the Broadcom Common Shares.

Upon consummation of the Transactions, Broadcom shareholders may become Holdco shareholders and their rights as shareholders will be governed by Holdco’s charter documents and the laws of the Republic of Singapore. The existing rights associated with Broadcom Common Shares are different from the rights associated with Holdco Ordinary Shares.

Holdco cannot assure you that it will pay any cash dividends or repurchase any Holdco Ordinary Shares for the foreseeable future or that you will realize gains on Holdco Ordinary Shares.

Any determination to pay dividends in the future will be at the sole discretion of the Holdco board of directors and will depend upon results of operations, financial condition, contractual restrictions, including agreements governing its debt and equity financing and any future indebtedness it may incur, restrictions imposed by applicable law and other factors the Holdco board of directors deems relevant.

Furthermore, Holdco may declare dividends as interim dividends, which are wholly provisional under Singapore law and may be revoked by the Holdco board of directors at any time prior to the payment thereof. Future dividends and share repurchases, if any, their timing and amount, may be affected by, among other factors: Holdco’s views on potential future capital requirements for strategic transactions, including acquisitions; earnings levels; contractual restrictions; cash position and overall financial condition; and changes to Holdco’s business model. The payment of cash dividends is restricted by applicable law, contractual restrictions and Holdco’s corporate structure. Pursuant to Singapore law and Holdco’s charter documents, no dividends may be paid except out of Holdco’s profits. Additionally, realization of a gain on your Holdco Ordinary Shares will depend on the appreciation of the price of your Holdco Ordinary Shares, which may never occur.

Pursuant to Singapore law, any share repurchase by Holdco would be subject to the relevant provisions of the Singapore Companies Act, including the requirement for shareholder approval and a cap on the number of shares to be repurchased.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

Table of Contents

Customers, Sales and Distribution

We sell our products to a wide variety of OEMs or their contract manufacturers, distributors and end users. Certain customers require us to contract with them directly and with specified intermediaries, such as contract manufacturers, and both they and their contract manufacturers often require time-critical delivery of our products to multiple locations around the world. Historically, a relatively small number of customers have accounted for a significant portion of our net revenue. During fiscal year 2016, Foxconn Technology Group companies (including Hon Hai Precision Industries), or together referred to as Foxconn, accounted for 14% of our net revenue, and our top ten direct customers, which also included four distributors, collectively accounted for 50% of our net revenue. During fiscal year 2015, Foxconn accounted for 24% of our net revenue and our top ten direct customers, which also included three distributors, collectively accounted for 58% of our net revenue. We believe our aggregate sales to Apple, Inc., when our direct sales to it are combined with our sales to the contract manufacturers that it utilizes (which includes Foxconn), accounted for more than 10% of our net revenues for fiscal year 2016 and more than 20% for fiscal year 2015. We expect to continue to experience significant customer concentration in future periods. The loss of, or significant decrease in demand from, any of our top ten direct or indirect customers could have a material adverse effect on our business, results of operations and financial condition.

We sell our products through our direct sales force and a select network of distributors globally. Our direct sales force is focused on supporting our large OEM customers. Our sales force has specialized product and service knowledge that enables us to sell specific offerings at key levels throughout a customer’s organization.

We have sales offices located in various countries, with a significant presence in Asia, which is a key center of the worldwide electronics supply chain. Many of our customers design products in North America or Europe that are then manufactured in Asia. We also maintain dedicated regional customer support call centers, where we address customer issues and handle logistics and other order fulfillment requirements.

We have strategically developed distributor relationships to serve thousands of customers around the world. A significant amount of our sales are to large global electronic components distributors, including Avnet, Inc., complemented by a number of regional distributors with customer relationships based on their respective product ranges.

We believe we are well-positioned to support our customers throughout the design, technology transfer and manufacturing stages across all geographies.

Operations

The majority of our front-end wafer manufacturing operations is outsourced to external foundries, including Taiwan Semiconductor Manufacturing Company Limited, or TSMC, primarily, as well as United Microelectronics Corporation, Semiconductor Manufacturing International Corporation, GlobalFoundries Inc., Tower Jazz and WIN Semiconductors Corp. We use third-party contract manufacturers for a significant majority of our assembly and test operations, including ASE Korea, Inc., Amkor Technology, Siliconware Precision Industries Co. Ltd., UTAC Holdings Ltd., King Yuan Electronics Corp. and Inari Technology SDN BHD. We use our internal fabrication facilities for products utilizing our innovative materials and processes, to protect our IP and to develop specialized manufacturing technology. Examples of internally fabricated semiconductors include our FBAR filters for wireless communications and our VCSEL-based and InP-based lasers for fiber optic communications. The majority of our internal III-V semiconductor wafer fabrication is done in the United States and Singapore. Many of our products are designed to be manufactured in a specific process, typically at one particular foundry, either our own or with a particular contract manufacturer, and in some instances, we may only qualify one contract manufacturer to manufacture certain of our products. For selected customers, we maintain finished goods inventory near or at customer manufacturing sites to support their just-in-time production.

Materials and Suppliers

Our manufacturing operations employ a wide variety of semiconductors, electromechanical components and assemblies and raw materials. We purchase materials from hundreds of suppliers on a global basis. These supply relationships are generally conducted on a purchase order basis. While we have not experienced any significant difficulty in obtaining the materials used in the conduct of our business and we believe that no single supplier is material, some of the parts are not readily available from alternate suppliers due to their unique design or the length of time necessary for re-design or qualification. Our long-term relationships with our suppliers allow us to proactively manage our technology development and product discontinuance plans, and to monitor our suppliers' financial health. Some suppliers may, nonetheless, extend their lead times, limit supplies, increase prices or cease to produce necessary parts for our products. If these are unique or highly specialized components, we may not be able to find a substitute quickly, or at all. To address the potential disruption in our supply chain, we may use a number of techniques, including qualifying more than one source of supply, redesigning products for alternative components and incremental, or in some cases "lifetime," purchases of affected parts for supply buffer.

Table of Contents

Competition

The global semiconductor market is highly competitive. Our competitors range from large, international companies offering a wide range of products to smaller companies specializing in narrow markets. We compete with integrated device manufacturers, or IDMs, and fabless semiconductor companies as well as the internal resources of large, integrated OEMs. The competitive landscape is changing as a result of a trend toward consolidation within the industry, as some of our competitors have merged with or been acquired by other competitors while others have begun collaborating with each other. We expect this consolidation trend to continue. We expect competition in the markets in which we participate to continue to increase as existing competitors improve or expand their product offerings and as new companies enter the market. Additionally, our ability to compete effectively depends on a number of factors, including: quality, technical performance, price, product features, product system compatibility, system-level design capability, engineering expertise, responsiveness to customers, new product innovation, product availability, delivery timing and reliability, and customer sales and technical support.

Our primary competitors in the wired infrastructure segment are Cavium Inc., Intel Corp., Finisar Corp., GlobalFoundries, HiSilicon Technologies Co. Ltd., Lumentum Operations LLC, MACOM Technology Solutions Holdings, Inc., Marvell Corp., Mediatek Inc., Mellanox Technologies, Mitsubishi Electric Corporation, NXP Semiconductors N.V., Quantenna Inc., ST Microelectronics N.V., and Sumitomo Corporation. We compete based on the strength of our high speed proprietary design expertise, our customer relationships, and broad product portfolio.

Our primary competitors in the wireless communications segment are Murata Manufacturing Co., Ltd., Qorvo, Inc., Qualcomm Inc., Skyworks Solutions, Inc., and TDK-EPC Corporation. We compete based on our expertise in FBAR technology, amplifier design, module integration and proprietary material processes.

Our competitors in the enterprise storage segment include Cavium Inc., Marvell Technology Group, Ltd., Microsemi Corp., and Texas Instruments, Inc. We compete based on our expertise in multiple storage protocols and mixed-signal design.

Our primary competitors in the industrial & other segment are Analog Devices, Inc., Cree, Inc., Hamamatsu Photonics K.K., Heidenhain Corporation, Renesas Electronics Corporation and Toshiba Corporation. We compete based on our design expertise, broad product portfolio, reputation for quality products and large customer base.

Intellectual Property

Our success depends in part upon our ability to protect our IP. To accomplish this, we rely on a combination of IP rights, including patents, copyrights, trademarks, service marks, trade secrets and similar IP, as well as customary contractual protections with our customers, suppliers, employees and consultants, and through security measures to protect our trade secrets. We believe our current product expertise, key engineering talent and IP portfolio provide us with a strong platform from which to develop application specific products in key target markets.

As of October 30, 2016, we had approximately 27,640 U.S. and other patents and approximately 3,020 U.S. and other pending patent applications. Our research and development efforts are presently resulting in approximately 350 new patent applications per year, relating to a wide range of ASIC, isolation, encoder, LED, RF and optoelectronic components, enterprise storage products, HDD silicon, PCIe, USB and other standard I/O devices, Ethernet and Fibre-Channel connectivity and controllers, set-top box SoCs, cable modem SoCs, broadband access SoCs, wireless connectivity SoCs, switching/routing SoCs, high performance processor SoCs and associated applications. The expiration dates of our patents range from 2017 to 2035, with a small number of patents expiring in the near future, none of which are expected to be material to our IP portfolio. We are not substantially dependent on any single patent or group of related patents.

We focus our patent application program to a greater extent on those inventions and improvements that we believe are likely to be incorporated into our products, as contrasted with more basic research. However, we do not know how many of our pending patent applications will result in the issuance of patents or the extent to which the examination process could require us to narrow our claims.

We and our predecessors have also entered into a variety of IP licensing and cross-licensing arrangements that have both benefited our business and enabled some of our competitors. A portion of our revenue comes from IP licensing royalty payments and from technology claim settlements relating to such IP. We also license in third-party technologies that are incorporated into some elements of our design activities, products and manufacturing processes. Historically, licenses of the third-party technologies used by us have been available to us on acceptable terms.

The semiconductor industry is characterized by the existence of a large number of patents, copyrights, trademarks and trade secrets and by the vigorous pursuit, protection and enforcement of IP rights. Many of our customer agreements require us to indemnify our customers for third-party IP infringement claims. Claims of this sort could harm our relationships with our customers and might deter future customers from doing business with us. With respect to any IP rights claims against us or our customers or distributors, we may be required to cease manufacture of the infringing product, pay damages, expend resources to

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develop non-infringing technology, seek a license which may not be available on commercially reasonable terms or at all, or relinquish patents or other IP rights.

Employees

As of October 30, 2016, we had approximately 15,700 employees worldwide. By geography, approximately 55% of our employees are located in North America, 41% in Asia, and 4% in Europe. In Singapore, approximately 300 of our 1,000 employees are subject to a collective bargaining agreement. In the United States, none of our employees is represented by a labor union. A small number of our employees in other countries are represented by workers' councils or labor unions.

Environmental and Other Regulation

Our research and development and manufacturing operations involve the use of hazardous substances and are regulated under international, federal, state and local laws governing health and safety and the environment. These regulations include limitations on discharge of pollutants to air, water, and soil; remediation requirements; product chemical content limitations; manufacturing chemical use and handling restrictions; pollution control requirements; waste minimization considerations; and treatment, transport, storage and disposal of solid and hazardous wastes. We are also subject to regulation by the United States Occupational Safety and Health Administration and similar health and safety laws in other jurisdictions.

We believe that our properties and operations at our facilities comply in all material respects with applicable environmental laws and worker health and safety laws; however, the risk of environmental liabilities cannot be completely eliminated and there can be no assurance that the application of environmental and health and safety laws to our business will not require us to incur significant expenditures.

We are also regulated under a number of international, federal, state and local laws regarding recycling, product packaging and product content requirements, including legislation enacted in the United States, European Union and China, among a growing number of jurisdictions, which have placed greater restrictions on the use of lead, among other chemicals, in electronic products, which affects materials composition and semiconductor packaging. These laws are becoming more stringent and may in the future cause us to incur significant expenditures.

Backlog

Our sales are generally made pursuant to short-term purchase orders. These purchase orders are made without deposits and may be, and often are, rescheduled, canceled or modified on relatively short notice, without substantial penalty. Therefore, we believe that purchase orders or backlog are not necessarily a reliable indicator of future sales.

Seasonality

Historically, our net revenue has typically been higher in the second half of the fiscal year than in the first half, primarily due to seasonality in our wireless communications segment. This segment has historically experienced seasonality due to launches of new mobile handsets manufactured by our OEM customers. However, from time to time, typical seasonality and industry cyclicality are overshadowed by other factors such as wider macroeconomic effects, the timing of significant product transitions and launches by large OEMs, particularly in the wireless communications and enterprise storage segments.

Financial Information about Geographic Areas

For information on the geographic concentration of our net revenue and long-lived assets, please see Note 12. “Segment Information,” of our consolidated financial statements, included elsewhere in the Annual Report on Form 10-K.

Other Information

Broadcom Limited was incorporated under the laws of the Republic of Singapore in March 2015 and is successor to Avago Technologies Limited, which was incorporated under the laws of the Republic of Singapore in August 2005. Our Singapore company registration number is 201505572G. The address of our registered office and our principal executive offices is 1 Yishun Avenue 7, Singapore 768923, and our telephone number there is +65-6755-7888. Our ordinary shares are listed on the Nasdaq Global Select Market under the trading symbol “AVGO”.

Broadcom Cayman, L.P. was formed under the laws of the Cayman Islands in May 2015. The address of the Partnership’s registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-104, Cayman Islands. The address of the Partnership’s principal executive offices is 1 Yishun Avenue 7, Singapore 768923, and the telephone number there is +65-6755-7888.

Broadcom Limited is subject to the information and periodic reporting requirements of the Securities Exchange Act of 1934, or Exchange Act, and, in accordance therewith, file periodic reports, proxy statements and other information with the U.S. Securities and Exchange Commission, or the SEC. In addition, the Partnership restricted exchangeable units, or Partnership REUs (which are held by former BRCM shareholders), are deemed to be registered under Section 12(b) of the

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Exchange Act and the Partnership is subject to the informational requirements of the Exchange Act and the rules and regulations promulgated thereunder.

Such periodic reports, proxy statements and other information is available for inspection and copying at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549 or may be obtained by calling the SEC at 1–800–SEC–0330. In addition, the SEC maintains a website at http://www.sec.gov that contains reports, proxy statements and other information regarding issuers that file electronically with the SEC. We maintain a website at www.broadcom.com. You may access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other reports (and amendments thereto) filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the SEC, as well as, proxy statements filed by Broadcom Limited, free of charge at the “Investor Center — SEC Filings” section of our website at www.broadcom.com, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. The reference to our website address does not constitute incorporation by reference of the information contained on or accessible through our website.

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Item 1A. Risk Factors

As noted above, Broadcom is the successor to Avago. Following the acquisition of BRCM, on February 1, 2016, Broadcom became the ultimate parent company of Avago and BRCM. Financial information and results of operations presented in this Form 10-K for periods prior to February 1, 2016 relate to Avago and relate to us for the periods after February 1, 2016.

Our business, operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our ordinary shares. The following important factors, among others, could cause our actual results to differ materially from those expressed in forward-looking statements made by us or on our behalf in filings with the SEC, press releases, communications with investors and oral statements.

Risks Related to Our Business

Our acquisition of BRCM and the integration of its business, operations and employees with our own will involve risks and the failure to integrate successfully or realize the anticipated benefits could adversely affect our financial results and the value of our ordinary shares.

We completed the Broadcom Transaction on February 1, 2016. Although we expect significant benefits to result from this acquisition, there can be no assurance that we will actually realize all of the anticipated benefits of the acquisition. Achieving these benefits depends, in part, on our ability to integrate BRCM’s business successfully and efficiently with our business, and the harmonization of differences in the business cultures between the two companies and their personnel. The challenges and risks involved in this integration, which are complex and time-consuming, include the following:


•	consolidating and integrating information technology, corporate, finance and administrative infrastructures;


•	coordinating and integrating our international operations;


•	integrating employees and related HR systems and benefits, maintaining employee morale and retaining key employees;


•	servicing the substantial debt we incurred in connection with Broadcom Transaction; and


•	integrating financial forecasting and controls, procedures and reporting cycles, including integration of the BRCM businesses onto our enterprise resource planning system.

If we do not successfully manage these issues and the other challenges inherent in integrating an acquired business of the size and complexity of BRCM, then we may not achieve all of the anticipated benefits of the acquisition and our revenue, expenses, operating results, financial condition and the value of our ordinary shares could be materially adversely affected. In addition, we may be exposed to unexpected contingencies or liabilities of BRCM. For example, goodwill and intangible assets could be determined to be impaired, which could adversely impact our financial results.

As a result of the acquisition of BRCM, we have implemented a number of cost reduction activities, including the elimination of a substantial number of positions from our combined global workforce across all business and functional areas. During this time we have been, and will continue to be, dependent on the services of a number of employees who are transitioning out of our workforce. We may be unable to successfully manage these employees in the performance of their transition activities.

The successful integration of the BRCM business will require significant management attention, and may divert the attention of management from our business and operational issues.

The majority of our sales come from a small number of customers and a reduction in demand or loss of one or more of our significant customers may adversely affect our business.

We are dependent on a small number of direct customers, OEMs, their respective contract manufacturers, and certain distributors for a majority of our business, revenue and results of operations. For fiscal year 2016, our top ten direct customers, which included four distributors, collectively accounted for 50% of our net revenue, of which direct sales to Foxconn accounted for 14%. We also believe our aggregate sales to Apple Inc. when our direct sales to it are combined with our sales to the contract manufacturers that it utilizes (which include Foxconn), accounted for more than 10% of our net revenue for fiscal year 2016.

This customer concentration increases the risk of quarterly fluctuations in our operating results and our sensitivity to any material, adverse developments experienced by our significant customers. In addition, our top customers’ purchasing power has, in some cases, given them the ability to make greater demands on us with regard to pricing and contractual terms in general. We expect this trend to continue, which may adversely affect our gross margin on certain products. Although we believe that our relationships with our major customers are good, we generally do not have long-term contracts with any of them and the relationship can usually be terminated at any time, without penalty, which is typical of our industry. In addition,

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we are selling an increasing amount of our products through an increasingly limited number of distributors, which may expose us to additional customer concentration and related credit risks.

The loss of, or any substantial reduction in sales to, any of our major direct or end customers could have a material adverse effect on our business, financial condition and results of operations and cash flows.

Dependence on contract manufacturing and suppliers of critical components within our supply chain may adversely affect our ability to bring products to market, damage our reputation and adversely affect our results of operations.

We operate a primarily outsourced manufacturing business model that principally utilizes third-party wafer foundry and module assembly and test capabilities, referred to as contract manufacturers. Our products require semiconductor wafers manufacturers with state-of-the-art fabrication equipment and techniques, and most of our products are designed to be manufactured in a specific process, typically at one particular fab or foundry, either our own or with a particular contract manufacturer.

We utilize Taiwan Semiconductor Manufacturing Company Limited, or TSMC, to produce the substantial majority of our semiconductor wafers. TSMC manufactured approximately two-thirds of the wafers manufactured by our contract manufacturers during fiscal year 2016. Our wafer requirements represent a significant portion of the total production capacity of TSMC. However, TSMC also fabricates wafers for other companies, including certain of our competitors, and could choose to prioritize capacity for other users or reduce or eliminate deliveries to us on short notice, or raise their prices to us, all of which could harm our business, results of operations and gross margin.

We depend on our contract manufacturers to allocate sufficient manufacturing capacity to meet our needs, to produce products of acceptable quality at acceptable yields, and to deliver those products to us on a timely basis. Although we often have long-term contracts with our contract manufacturers, we do not generally have long-term capacity commitments. We obtain substantially all of our manufacturing services on a purchase order basis and our contract manufacturers have no obligation to provide us with any specified minimum quantities of product. Further, from time to time our contract manufacturers will cease to, or will become unable to, manufacture a component for us. As the lead time needed to identify, qualify, and establish reliable production, at acceptable yields, with a new contract manufacturing partner is typically lengthy, there is often no readily available alternative source for the wafer or other contract manufacturing services we require. In addition, qualifying such manufacturers is often expensive, and they may not produce as cost-effectively as our other suppliers, which would reduce our margins. In such circumstances, we may be unable us to meet our customer demand and may fail to meet our contractual obligations. This could result in the payment of significant damages by us to our customers, and our net revenue could decline adversely affecting our business, financial condition and results of operations. Any substantial disruption in TSMC’s supply of wafers to us, or in the other contract manufacturing services that we utilize, as a result of a natural disaster, political unrest, economic instability, equipment failure or other cause, could materially harm our business, customer relationships and results of operations.

We also depend on our third party contract manufacturers to timely develop new, advanced manufacturing processes, including, in the case of wafer fabrication, transitions to smaller geometry process technologies. If these new processes are not timely developed or we do not have sufficient access to them, we may be unable to maintain or increase our manufacturing efficiency to the same extent as our competitors or deliver products to our customers, which could result in loss of revenue opportunities and damage our relationships with our customers.

We purchase a significant amount of the materials used in our products from a limited number of suppliers.

Our manufacturing processes rely on many materials, including silicon, gallium arsenide and indium phosphide wafers, copper lead frames, precious metals, mold compound, ceramic packages and various chemicals and gases. We purchase a significant portion of our semiconductor materials and finished goods from a few materials providers, some of which are single source suppliers. During fiscal year 2016, we purchased approximately two-thirds of the materials for our manufacturing processes from five materials providers. Substantially all of our purchases are on a purchase order basis, and we do not generally have long-term contracts with our contract manufacturers or materials providers. Suppliers may extend lead times, limit supplies or increase prices due to commodity price increases, capacity constraints or other factors, which may lead to interruption of supply or increased demand in the industry. In the event that we cannot timely obtain sufficient quantities of materials at reasonable prices, the quality of the material deteriorates or we are not able to pass on higher materials or energy costs to our customers, our business, financial condition and results of operations could be adversely impacted.

We may pursue acquisitions, dispositions, investments and joint ventures, which could adversely affect our results of operations.

Our growth strategy includes the acquisition of, and investment in, businesses that offer complementary products, services and technologies, augment our market coverage, or enhance our technological capabilities, such as our pending acquisition of Brocade. We may also enter into strategic alliances or joint ventures to achieve these goals. We may not be able to identify

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suitable acquisition, investment, alliance, or joint venture opportunities, or to consummate any such transactions. In addition, our original estimates and assumptions used in assessing any acquisition that we make may be inaccurate and we may not realize the expected financial or strategic benefits of any such acquisition, including the pending acquisition of Brocade.

Any acquisitions, including the pending acquisition of Brocade, we may undertake involve risks and uncertainties. For example, if we fail to complete an acquisition our share price could fall to the extent the price reflects an assumption that such acquisition will be completed, we may have incurred significant unrecoverable costs, and be subject to legal proceedings related to the acquisition. Further, the failure to consummate an acquisition may result in negative publicity and negatively impact our relationships with our customers, vendors and employees. If an acquisition is completed, we may become subject to litigation and the integration of acquired businesses may not be successful. The integration of an acquired business involves significant challenges, including among others: minimizing the disruption of our business and diversion of management’s attention from daily operations; incurring significant restructuring charges and amortization expense, assuming liabilities and ongoing lawsuits, acquiring goodwill and other non-amortization intangible assets, and increasing our expenses and working capital requirements; and implementing our management information systems, operating systems and internal controls over, and integrating the personnel of, the acquired operations. These difficulties may be complicated by factors such as the size of the business or entity acquired, geographic distances, lack of experience operating in the geographic markets or industry sectors of the acquired business, potential loss of key employees and customers, the potential for deficiencies in internal controls at the acquired or combined business, performance problems with the acquired business’ technology, exposure to unanticipated liabilities of the acquired business, insufficient revenue to offset increased expenses associated with the acquisition, adverse tax consequences and our potential inability to achieve the growth prospects or synergies expected from any such acquisition. Failure to manage and successfully integrate the acquisitions we make, or to improve margins of the acquired businesses and products could materially harm our business, operating results and margins.

Any future acquisitions we make may require significant additional debt or equity financing, which, in the case of debt financing, would increase our leverage and potentially affect our credit ratings, and in the case of an equity or equity-linked financing, would be dilutive to our existing shareholders. Any downgrades in our credit ratings associated with an acquisition could adversely affect our ability to borrow by resulting in more restrictive borrowing terms. As a result, we also may not be able to complete acquisitions or other strategic transactions in the future to the same extent as in the past, or at all. These and other factors could harm our ability to achieve anticipated levels of profitability of acquired operations or realize other anticipated benefits of an acquisition, and could adversely affect our business, financial condition and results of operations.

From time to time, we may also seek to divest or wind down portions of our business, both acquired or otherwise, that are not strategically important, such as the portions of the Brocade business that we do not intend to retain, or we may exit minority investments, each of which could materially affect our cash flows and results of operations. Under the Brocade Agreement, Brocade has agreed to cooperate with us to facilitate the sale, disposition or other transfer of its IP Networking business, including its recently acquired Ruckus Wireless business, or the non-core Brocade assets. The disposition of the non-core Brocade assets or any other future dispositions we make may involve risks and uncertainties, including our ability to sell these businesses on terms acceptable to us, or at all. Any such dispositions could result in disruption to other parts of our business, potential loss of employees or customers, exposure to unanticipated liabilities or result in ongoing obligations and liabilities to us following any such divestiture. For example, in connection with a disposition, we may enter into transition services agreements or other strategic relationships, including long-term research and development arrangements, sales arrangements or agree to provide certain indemnities to the purchaser in any such transaction, which may result in additional expense and may adversely affect our financial condition and results of operations. In addition, dispositions may include the transfer of technology and/or the licensing of certain IP rights to third party purchasers, which could limit our ability to assert our IP rights against such third party purchasers.

Failure to adjust our manufacturing and supply chain to accurately meet customer demand could adversely affect our results of operations.

We make significant decisions, including determining the levels of business that we will seek and accept, production schedules, levels of reliance on contract manufacturing and outsourcing, internal fab capacity and other resource requirements, based on our estimates of customer requirements. Factors that can impact our ability to accurately estimate future customer requirements include the short-term nature of many customers’ commitments, our customers’ ability to reschedule, cancel and modify orders with little or no notice and without significant penalty, the accuracy of our customers’ forecasts and the possibility of rapid changes in demand for our customers’ products, as well as seasonal or cyclical trends in their industries or the semiconductor industry.

To ensure availability of our products, particularly for our largest customers, we typically start manufacturing our relevant products based on our customers’ forecasts, which are not binding. As a result, we incur inventory and manufacturing costs in advance of anticipated sales that may never materialize or which may be substantially lower than expected. If actual demand for our products is lower than forecast, we may also experience higher inventory carrying and operating costs and product

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obsolescence. Because certain of our sales, research and development and internal manufacturing overhead expenses are relatively fixed, a reduction in customer demand may also decrease our gross margin and operating income. Conversely, customers often require rapid increases in production on short notice. We may be unable to secure sufficient materials or contract manufacturing capacity to meet such increases in demand. This could damage our customer relationships, reduce revenue growth and margins, subject us to additional liabilities, harm our reputation, and prevent us from taking advantage of opportunities.

We are dependent on a small number of markets, and dynamics in these markets could negatively impact our business or results of operations.

We operate in a limited number of markets. If demand in these markets declines or grows at a significantly slower pace than expected, our results may be adversely affected. The success of our wired infrastructure segment is primarily dependent on IT and data center spending, which can vary dramatically from quarter to quarter, consumer demand for traditional pay-TV services, capital expenditures on the installation of broadband capacity and our ability to transition our products to increasingly smaller line width geometries. Our wireless communications segment is primarily dependent on the mobile handset market, which is characterized by intense competition, rapidly evolving technologies and changing consumer preferences, and our success is dependent on the overall demand for mobile handsets and macroeconomic conditions in general, as well as relative success of the mobile handsets into which our products are incorporated.

Similar to our wired infrastructure segment, our enterprise storage segment is dependent on data center spending, as well as HDD-related sales. In addition, the shift to cloud-based IT solutions and services, such as hyperscale computing, may adversely affect both our wired infrastructure and enterprise storage segments. We currently sell a substantial portion of our products for use in traditional enterprise data centers. As cloud-based IT solutions become more prevalent, our results of operations will suffer if we are unable to increase sales of our products to cloud-based data center providers.

We are subject to risks associated with our distributors’ product inventories and product sell-through.

We sell many of our products through distributors who maintain their own inventory of our products for sale to dealers and end customers. We limit distributor return rights and we allow limited price adjustments on sales to distributors. Price adjustments may be effected by way of credits for future product or by cash payments to the distributor, either in arrears or in advance, using estimates based on historical transactions. These programs may require us to deploy a substantial amount of cash to fund them. As of October 30, 2016, we had an aggregate of approximately $149 million on deposit with various distributors to fund these programs. The timing and mix of payments and credits associated with such price adjustments could change over time, which could adversely affect our cash flows. Sales to distributors accounted for 30% of our net revenue for fiscal year 2016.

If our distributors are unable to sell an adequate amount of their inventory of our products in a given quarter or if they decide to decrease their inventories for any reason, our sales to these distributors and our revenue may decline. We also face the risk that our distributors may increase inventory levels of our products in any particular quarter in excess of future anticipated sales. If such sales do not occur in the time frame anticipated by these distributors for any reason, these distributors may substantially decrease the amount of product they order from us in subsequent periods until their inventory levels realign with end-customer demand, which would harm our business and could adversely affect our revenue in such subsequent periods.

We do not always have a direct relationship with the end-customers of our products sold through distributors. As a result, our products may be used in applications for which they were not necessarily designed or tested, including, for example, medical devices, and they may not perform as anticipated in such applications. In such event, failure of even a small number of parts could result in significant liabilities to us, damage our reputation and harm our business and results of operations.

Our operating results are subject to substantial quarterly and annual fluctuations.

Our revenue and operating results have fluctuated in the past and are likely to fluctuate in the future. These fluctuations may occur on a quarterly and annual basis and are due to a number of factors, many of which are beyond our control. These factors include, among others:


•	our ability to successfully and timely integrate, and realize the benefits of acquisitions we may make;


•	the timing of launches by our customers of new products, such as mobile handsets, in which our products are included and changes in end-user demand for the products manufactured and sold by our customers;


•	changes in our product mix or customer mix and their effect on our gross margin;


•	seasonality or other fluctuations in our markets;


•	the timing of receipt, reduction or cancellation of significant orders by customers;


•	fluctuations in the levels of component inventories held by our customers;

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•	customer concentration and the gain or loss of significant customers;


•	utilization of our internal manufacturing facilities and fluctuations in manufacturing yields;


•	the timing of acquisitions or dispositions of, or making and exiting investments in, other entities, businesses or technologies;


•	fluctuations in interest rates, as substantially all of our outstanding indebtedness bears interest at floating rates;


•	fluctuations in currency exchange rates;


•	our ability to develop, introduce and market new products and technologies on a timely basis;


•	the timing and extent of our non-product revenue, such as product development revenue and royalty and other payments from IP sales and licensing arrangements;


•	new product announcements and introductions by us or our competitors;


•	timing and amount of research and development and related new product expenditures, and the timing of receipt of any research and development grant monies;


•	significant warranty claims, including those not covered by our suppliers or our insurers;


•	availability and cost of raw materials from our suppliers;


•	IP disputes and associated litigation expense;


•	loss of key personnel or the shortage of available skilled workers;


•	the effects of competitive pricing pressures, including decreases in average selling prices of our products; and


•	changes in our tax incentive arrangements or structure, which may adversely affect our net tax expense and our cash flow in any quarter in which such an event occurs.

The foregoing factors are difficult to forecast, and these, as well as other factors, could materially adversely affect our quarterly or annual operating results. In addition, a significant amount of our operating expenses are relatively fixed in nature due to our significant sales, research and development and internal manufacturing overhead costs. Any failure to adjust spending quickly enough to compensate for a revenue shortfall could magnify the adverse impact of such revenue shortfall on our results of operations. As a result, we believe that quarter-to-quarter comparisons of our revenue and operating results may not be meaningful or a reliable indicator of our future performance. If our operating results in one or more future quarters fail to meet the expectations of securities analysts or investors, an immediate and significant decline in the trading price of our ordinary shares may occur.

Our business would be adversely affected by the departure of existing members of our senior management team.

Our success depends, in large part, on the continued contributions of our senior management team, and in particular, the services of Mr. Hock E. Tan, our President and Chief Executive Officer. Although we sometimes provide certain retention-based incentives to certain executives, none of our senior management is bound by written employment contracts to remain with us for a specified period. In addition, we do not currently maintain key person life insurance covering our senior management. The loss of any of our senior management could harm our ability to implement our business strategy and respond to the rapidly changing market conditions in which we operate.

Adverse global economic conditions could have a negative effect on our business, results of operations and financial condition and liquidity.

Adverse global economic conditions have from time to time caused or exacerbated significant slowdowns in the semiconductor industry generally, as well as in our target markets, which have adversely affected our business and results of operations. In recent periods, investor and customer concerns about the global economic outlook have adversely affected market and business conditions in general. Macroeconomic weakness and uncertainty also make it more difficult for us to accurately forecast revenue, gross margin and expenses. Sustained uncertainty about, or worsening of, current global economic conditions may cause our customers and consumers to reduce or delay spending, could lead to the insolvency of key suppliers and customers, and could intensify pricing pressures. Any or all of these factors could negatively affect demand for our products and our business, financial condition and result of operations.

Winning business is subject to lengthy, competitive selection processes that often require us to incur significant expense, from which we may ultimately generate no revenue.

Our business is dependent on us winning competitive bid selection processes, known as “design wins,” to develop semiconductors for use in our customers’ products. These selection processes are typically lengthy and can require us to

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dedicate significant development expenditures and scarce engineering resources in pursuit of a single customer opportunity. Failure to obtain a particular design win may prevent us from obtaining design wins in subsequent generations of a particular product. This can result in lost revenue and could weaken our position in future competitive selection processes.

Winning a product design does not guarantee sales to a customer or that we will realize as much revenue, if any, as anticipated. A delay or cancellation of a customer’s plans could materially and adversely affect our financial results, as we incur significant expense in the design process and may generate little or no revenue from it. In addition, the timing of design wins is unpredictable and implementing production for a major design win, or multiple design wins occurring at the same time, may strain our resources and those of our contract manufacturers. In such event, we may be forced to dedicate significant additional resources and incur additional, unanticipated costs and expenses. Often customers will only purchase limited numbers of evaluation units from us until they qualify the products and/or the manufacturing line for the products. The qualification process can take significant time and resources and we may not always be able to satisfy the customers’ qualification requirements. Delays in qualification or failure to qualify our products may cause a customer to discontinue use of our products and result in a significant loss of revenue. Finally, customers could choose at any time to stop using our products or may fail to successfully market and sell their products, which could reduce demand for our products, and cause us to hold excess inventory, materially adversely affecting our business, financial condition and results of operations. These risks are exacerbated by the fact that many of our products, and the end products into which our products are incorporated, often have very short life cycles.

Competition in our industry could prevent us from growing our revenue.

The global semiconductor market is highly competitive. We expect competition in the markets in which we participate to continue to increase as existing competitors improve or expand their product offerings. Competition may further increase as companies not currently in direct competition with us may introduce competing products in the future. In addition, the competitive landscape is changing as a result of a trend toward consolidation within the industry, as some of our direct competitors have merged with or been acquired by other competitors while others have begun collaborating with each other. We expect this consolidation trend to continue.

Some of our competitors may have a more extensive product portfolio or greater resources for manufacturing, distribution, financial, research and development or marketing resources than us. In addition, some of our competitors may also have longer independent operating histories, greater presence in key markets, larger customer base or more comprehensive patent protection. We compete with integrated device manufacturers and fabless semiconductor companies as well as the internal resources of large, integrated OEMs. Our competitors range from large, international companies offering a wide range of semiconductor products to smaller companies specializing in niche markets and new technologies. Because our products are often building block semiconductors, providing functions that in some cases can be integrated into more complex integrated circuits, or ICs, we also face competition from manufacturers of ICs, as well as customers that may develop their own IC products.

If we are unable to compete successfully, we may lose market share for our products or incur significant reduction in our project margins, any of which could have a material adverse effect on our business and results of operations.

We are making substantial capital investments in our wireless product manufacturing facilities to increase our capacity, however this may be insufficient to meet demand. Conversely, if we overestimate demand, we may not realize the benefit we anticipate from these investments.

We are continuing to add manufacturing capacity at our Fort Collins facility to support anticipated growth in sales of our proprietary products, particularly for our wireless communications segment. Unanticipated delays in these activities could result in significant additional costs, and could result in us being unable to timely satisfy customer demand for the products we plan to manufacture at this facility. Even with this expansion, our manufacturing capacity may be insufficient to meet demand. From time to time, we have put products for our wireless FBAR filter products on allocation when we have been unable to bring capacity online quickly enough to meet stronger than anticipated demand. If we underestimate customer demand, or if insufficient manufacturing capacity is available at this facility to satisfy customers’ demands, we could forgo revenue opportunities, potentially lose market share, damage our customer relationships and be subject to litigation and additional liabilities, all of which could have a material adverse effect on our business, financial condition and results of operations. Conversely, if we overestimate customer demand we would experience excess capacity at these facilities, which would result in increased fixed costs relative to the revenue we generate and adversely affect our results of operations.

A prolonged disruption of our manufacturing facilities, research and development facilities or other significant operations, or those of our suppliers, could have a material adverse effect on our business, financial condition and results of operations.

Although we operate a primarily outsourced manufacturing business model, we also rely on our own manufacturing facilities, in particular in Fort Collins, Colorado, Singapore, and Breinigsville, Pennsylvania. We use these internal manufacturing facilities for products utilizing our innovative materials and proprietary processes, to protect our IP, to develop the technology for manufacturing and to ensure supply of certain components. Many of our facilities, and those of our contract

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manufacturers and suppliers, are located in California and the Pacific Rim region, which has above average seismic activity and severe weather activity. In addition, our research and development personnel are primarily concentrated in China, India, Malaysia, Singapore, South Korea, Fort Collins, Colorado, San Jose, California, Southern California and Breinigsville and Allentown, Pennsylvania, with the expertise of the personnel at each such location tending to be focused on one or two specific areas.

A prolonged disruption at one or more of our manufacturing or research facilities for any reason, especially our Fort Collins, Singapore and Breinigsville facilities, or those of our contract manufacturers or suppliers, due to natural- or man-made disasters or other events outside of our control, such as widespread outbreaks of acute illness or the failure to maintain our labor force at one or more of these facilities, would limit our capacity to meet customer demands and delay new product development until a replacement facility and equipment, if necessary, were found. Any such event would likely disrupt our operations, delay production, shipments and revenue, expose us to claims by our customers and could materially and adversely affect our business. Although we purchase insurance to mitigate such losses, any uninsured losses could negatively affect our operating results. In addition, even if we were able to promptly resume production of our affected products, if our customers cannot timely resume their own manufacturing following such an event, they may cancel or scale back their orders from us and this may in turn adversely affect our results of operations. Such events could also result in significant expense to repair or replace our affected facilities, and in some instances could significantly curtail our research and development efforts in a particular product area or target market.

Any failure of our IT systems or one or more of our vendors to provide necessary services could have a material adverse effect on our business.

We depend on various IT systems, including networks, applications, internal IT systems and personnel, and outsourced services. We rely on third-party vendors to provide critical corporate infrastructure services, including certain services related to accounting, billing, human resources, benefit plan administration, IT network development and network monitoring. While we may be entitled to damages if our vendors fail to perform under their agreements with us, we may be unable to collect on any award of damages and any award may be insufficient to cover the actual costs we may incur as a result of a vendor’s failure to perform under its agreement with us. Upon expiration or termination of any of our third-party vendor agreements we may not be able to timely replace the vendor on terms and conditions, including service levels and cost, that are favorable to us. In addition, a transition from one vendor to another vendor could subject us to operational delays and inefficiencies until the transition is complete.

Any failure of these internal or third-party systems and services to operate effectively could disrupt our operations and could have a material adverse effect on our business, financial condition and results of operations by harming our ability to accurately forecast sales demand, manage our supply chain and production facilities, fulfill customer orders, and report financial and management information on a timely and accurate basis.

Our gross margin is dependent on a number of factors, including our product mix, price erosion, acquisitions we may make and level of capacity utilization and commodity prices.

Our gross margin is highly dependent on product mix, which is susceptible to seasonal and other fluctuations in our markets. A shift in sales mix away from our higher margin products, as well as the timing and amount of our non-product and IP-related revenue, could adversely affect our future gross margin percentages. Although our non-product revenue is generally high margin, it fluctuates significantly from quarter to quarter. In addition, increased competition and the existence of product alternatives, more complex engineering requirements, lower demand, reductions in our technological lead, compared to our competitors, and other factors may lead to further price erosion, lower revenue and lower margin for us in the future.

Our gross margin may also be adversely affected by expenses related to the acquisitions of businesses, such as amortization of intangible assets and restructuring and impairment charges. Furthermore, businesses or companies that we acquire may have different gross margin profiles than us and could, therefore, also affect our overall gross margin.

In addition, semiconductor manufacturing requires significant capital investment, leading to high fixed costs, including depreciation expense. If we are unable to utilize our owned internal manufacturing facilities at a high level, the fixed costs associated with these facilities, such as depreciation expense, will not be fully absorbed, resulting in higher average unit costs and a lower gross margin. Furthermore, fluctuations in commodity prices, either directly in the price of the raw materials we buy, or as a result of price increases passed on to us by our suppliers could negatively impact our margins. We do not hedge our exposure to commodity prices, some of which (including gold and fuel prices) are very volatile, and sudden or prolonged increases in commodities prices may adversely affect our gross margin.

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If the tax incentive or tax holiday arrangements we have negotiated in Singapore and other jurisdictions change or cease to be in effect or applicable, in part or in whole, for any reason, or if our assumptions and interpretations regarding tax laws and incentive or holiday arrangements prove to be incorrect, the amount of corporate income taxes we have to pay could significantly increase.

Our operations are currently structured to benefit from the various tax incentives and tax holidays extended to us in various jurisdictions to encourage investment or employment. For example, we have obtained several tax incentives from the Singapore Economic Development Board, an agency of the Government of Singapore, which provide that qualifying income we earn in Singapore is subject to tax holiday or reduced rates of Singapore income tax. Each such tax incentive is separate and distinct from the others, and may be granted, withheld, extended, modified, truncated, complied with or terminated independently without any effect on the other incentives. In order to retain these tax benefits in Singapore, we must meet certain operating conditions specific to each incentive relating to, among other things, maintenance of a corporate headquarters function and specified IP and related activities in Singapore. Subject to our compliance with these conditions, the Singapore tax incentives are presently scheduled to expire at various dates generally between 2020 and 2025, subject in certain cases to potential extensions, which we may or may not be able to obtain. Absent these tax incentives, the corporate income tax rate in Singapore that would otherwise apply to us would be 17%. We also have tax holidays on our qualifying income in Malaysia, which are scheduled to expire between 2018 and 2028. The tax incentives and tax holidays that we have negotiated are also subject to our compliance with various operating and other conditions. If we cannot, or elect not to, comply with the operating conditions included in any particular tax incentive or tax holiday, we will lose the related tax benefits and we could be required to refund previously realized material tax benefits. Depending on the incentive at issue, we could also be required to modify our operational structure and tax strategy, which may not be as beneficial to us as the benefits provided under the present tax concession arrangements. The effect of all these tax incentives and tax holidays, in the aggregate, was to reduce the overall provision for income taxes by approximately $169 million, $207 million and $99 million, for fiscal years 2016, 2015 and 2014, respectively, reduce diluted net loss per share by $0.44 for fiscal year 2016 and increase diluted net income per share by $0.74 and $0.37 for fiscal years 2015 and 2014, respectively.

We may be subject to claims of infringement of third-party IP rights or demands that we license third-party technology, which could result in significant expense and loss of our IP rights.

The semiconductor industry is characterized by companies holding large numbers of patents, copyrights, trademarks and trade secrets and by the vigorous pursuit, protection and enforcement of IP rights, including actions by patent-holding companies that do not make or sell products. From time to time, third parties assert against us and our customers and distributors their patent, copyright, trademark, trade secret and other IP rights to technologies that are important to our business.

Litigation or settlement of claims that our products or processes infringe or misappropriate these rights, regardless of their merit, are frequently costly and divert the efforts and attention of our management and technical personnel. In addition, many of our customer agreements, and in some cases our asset sale agreements, require us to indemnify our customers or purchasers for third-party IP infringement claims, including costs to defend those claims, and payment of damages in the case of adverse rulings. Claims of this sort could also harm our relationships with our customers and might deter future customers from doing business with us. We do not know whether we will prevail in such proceedings, given the complex technical issues and inherent uncertainties in IP litigation. If any pending or future proceedings result in an adverse outcome, we could be required to:


•	cease the manufacture, use or sale of the infringing products, processes or technology and/or make changes to our processes or products;


•	pay substantial damages for past, present and future use of the infringing technology;


•	expend significant resources to develop non-infringing technology;


•	license technology from the third-party claiming infringement, which license may not be available on commercially reasonable terms, or at all;


•	enter into cross-licenses with our competitors, which could weaken our overall IP portfolio and our ability to compete in particular product categories;


•	indemnify our customers or distributors;


•	pay substantial damages to our direct or end customers to discontinue use or replace infringing technology with non-infringing technology; or

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•	relinquish IP rights associated with one or more of our patent claims, if such claims are held invalid or otherwise unenforceable.

Any of the foregoing results could have a material adverse effect on our business, financial condition and results of operations.

We utilize a significant amount of IP in our business. If we are unable or fail to protect our IP, our business could be adversely affected.

Our success depends in part upon protecting our IP. To accomplish this, we rely on a combination of IP rights, including patents, copyrights, trademarks and trade secrets, as well as customary contractual protections with our customers, suppliers, employees and consultants. We may be required to spend significant resources to monitor and protect our IP rights, and even with significant expenditures we may not be able to protect our IP rights that are valuable to our business. We are unable to predict or assure that:


•	IP rights that we presently employ in our business will not lapse or be invalidated, circumvented, challenged, or, in the case of third-party IP rights licensed to us, be licensed to others;


•	our IP rights will provide competitive advantages to us;


•	rights previously granted by third parties to IP rights licensed or assigned to us, including portfolio cross-licenses, will not hamper our ability to assert our IP rights against potential competitors or hinder the settlement of currently pending or future disputes;


•	any of our pending or future patent, trademark or copyright applications will be issued or have the coverage originally sought;


•	our IP rights will be enforced in certain jurisdictions where competition may be intense or where legal protection may be weak; or


•	we have sufficient IP rights to protect our products or our business.

In addition, our competitors or others may develop products or technologies that are similar or superior to our products or technologies, duplicate our products or technologies or design around our protected technologies. Effective patent, trademark, copyright and trade secret protection may be unavailable or more limited in other jurisdictions, relative to those protections available in the United States, may not be applied for or may be abandoned in one or more relevant jurisdictions. We may elect to abandon or divest patents or otherwise not pursue prosecution of certain pending patent applications, due to strategic concerns or other factors. In addition, when patents expire, we lose the protection and competitive advantages they provided to us.

We also generate some of our revenue from licensing royalty payments and from technology claim settlements relating to certain of our IP. Licensing of our IP rights, particularly exclusive licenses, may limit our ability to assert those IP rights against third parties, including the licensee of those rights. In addition, we may acquire companies having IP that is subject to licensing obligations to other third parties. These licensing obligations may extend to our own IP following any such acquisition and may limit our ability to assert our IP rights. From time to time we pursue litigation to assert our IP rights, including, in some cases, against third parties with whom we have ongoing relationships, such as customers and suppliers. Conversely, third parties may pursue IP litigation against us, including as a result of our IP licensing business. An adverse decision in such types of legal action could limit our ability to assert our IP rights and limit the value of our technology, including the loss of opportunities to sell or license our technology to others or to collect royalty payments based upon successful protection and assertion of our IP against others. In addition, such legal actions or adverse decisions could otherwise negatively impact our business, financial condition and results of operations.

From time to time we may need to obtain additional IP licenses or renew existing license agreements. We are unable to predict whether these license agreements can be obtained or renewed on acceptable terms or at all.

If we are unable to attract and retain qualified personnel, especially our design and technical personnel, we may not be able to execute our business strategy effectively.

Our future success depends on our ability to retain, attract and motivate qualified personnel. We also seek to acquire talented engineering and technical personnel through acquisitions we may make from time to time or otherwise. We have historically encountered difficulties in hiring and retaining qualified engineers, particularly in Silicon Valley and Southeast Asia where qualified engineers are in high demand. In addition, our employees, including employees whom we have retained as a result of an acquisition may decide not to continue working for us and may leave with little or no notice following an acquisition. As the source of our technological and product innovations, our design and technical personnel represent a

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significant asset. Any inability to retain, attract or motivate such personnel could have a material adverse effect on our business, financial condition and results of operations.

We are subject to warranty claims, product recalls and product liability.

From time to time, we may be subject to warranty or product liability claims that have led, and may in the future lead, to significant expense. We may also be exposed to such claims as a result of any acquisition we may undertake in the future. Although we maintain reserves for reasonably estimable liabilities and purchase product liability insurance, our reserves may be inadequate to cover the uninsured portion of such claims. Conversely, in some cases, amounts we reserve may ultimately exceed our actual liability for particular claims and may need to be reversed.

Product liability insurance is subject to significant deductibles and there is no guarantee that such insurance will be available or adequate to protect against all such claims, or we may elect to self-insure with respect to certain matters. It is possible for one of our customers to recall a product containing one of our devices. In such an event, we may incur significant costs and expenses, including among others, replacement costs, contract damage claims from our customers and reputational harm. Our customer contracts typically contain warranty and indemnification provisions, and in certain cases may also contain liquidated damages provisions, relating to product quality issues. The potential liabilities associated with such provisions are significant, and in some cases, including in agreements with some of our largest customers, are potentially unlimited. Any such liabilities may greatly exceed any revenue we receive from the relevant products. Costs, payments or damages incurred or paid by us in connection with warranty and product liability claims and product recalls could materially and adversely affect our financial condition and results of operations.

The complexity of our products could result in unforeseen delays or expense or undetected defects or bugs, which could adversely affect the market acceptance of new products, damage our reputation with current or prospective customers, and materially and adversely affect our operating costs.

Highly complex products, such as those we offer, may contain defects and bugs when they are first introduced or as new versions are released, or their release may be delayed due to unforeseen difficulties during product development. If any of our products, or third-party components used in our products, contain defects or bugs, or have reliability, quality or compatibility problems, we may not be able to successfully design workarounds. Furthermore, if any of these problems are not found until after we have commenced commercial production of a new product, we may be required to incur additional development costs and product recall, repair or replacement costs. Consequently, our reputation may be damaged and customers may be reluctant to buy our products, which could materially and adversely affect our ability to retain existing customers and attract new customers. To resolve these problems, we may have to invest significant capital and other resources. These problems may also result in claims against us by our customers or others. For example, if a delay in the manufacture and delivery of our products causes the delay of a customer’s end-product delivery, we may be required, under the terms of our agreement with that customer, to compensate the customer for the adverse effects of such delays. In addition, these problems may divert our technical and other resources from other development efforts, and we would likely lose, or experience a delay in, market acceptance of the affected product or products. As a result, our financial results could be materially and adversely affected.

Our effective tax rates and cash taxes payable are affected by reorganizations or restructurings of our businesses or assets, changes in our corporate or debt financing structure, jurisdictional revenue mix, changes in tax regulations or policy and the outcome of tax audits and examinations, which could materially, adversely affect financial results.

We are a Singapore-based multinational company subject to tax in various tax jurisdictions. Significant judgment is required in determining our worldwide provision for income taxes. In the ordinary course of our business, there are many transactions where the ultimate tax determination is uncertain. Additionally, our calculations of income taxes are based on our interpretations of applicable tax laws in the jurisdictions in which we are required to file tax returns.

Our provision for income taxes is subject to volatility and could be adversely affected by numerous factors including:


•	reorganization or restructuring of our businesses, tangible and intangible assets, outstanding indebtedness and corporate structure;


•	jurisdictional mix of our income and assets, and the resulting tax effects of differing tax rates in different countries;


•	changes in the allocation of income and expenses, including adjustments related to changes in our corporate structure, acquisitions or tax law;


•	changes in transfer pricing rules or methods of applying these rules;


•	changes in tax laws including, in Singapore, changes to the taxation of earnings of foreign subsidiaries, the deductibility of expenses attributable to income and foreign tax credit rules;


•	tax effects of increases in non-deductible employee compensation;

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•	changes in tax accounting rules or principles and in the valuation of deferred tax assets and liabilities;


•	outcomes of income tax audits; and


•	expiration or lapses of tax credits or incentives.

At the time we completed the Broadcom Merger, in connection with the preliminary allocation of purchase price, we established a deferred tax liability on our balance sheet. This is associated with our potential tax liability arising from our planned integration of BRCM’s IP, which was completed in November 2016. This tax liability will become payable as earnings resulting from this integration of IP is distributed over time. In addition, prior to the closing of the Broadcom Merger, our policy was to indefinitely reinvest a portion of our foreign earnings to fund our operations outside Singapore. Effective as of our fiscal quarter ended May 1, 2016, we no longer intend to indefinitely reinvest any of our accumulated and current foreign earnings in our operations outside Singapore. As a result of these events, the amount of our income taxes payable could increase materially and consume an increasing amount of our cash. In addition, our provision for income taxes in future periods is likely to change as a result of the impact of internal restructuring and reorganization, in particular as a result of the Broadcom Merger, which would also affect our overall effective tax rate.

We have also adopted transfer-pricing policies between our affiliated entities. Our policies call for the provision of services, the sale of products, and licenses from one affiliate to another at prices that we believe are negotiated on an arm’s length basis. Our taxable income in any jurisdiction is dependent upon acceptance of our operational practices and intercompany transfer pricing by local tax authorities as being on an arm’s length basis. Due to inconsistencies in application of the arm’s length standard among taxing authorities, as well as lack of adequate treaty-based protection, transfer pricing challenges by tax authorities could, if successful, result in adjustments for prior or future tax years. As a result of these adjustments, we could become subject to higher taxes and our earnings and results of operations would be adversely affected in any period in which such determination is made.

Although we believe our tax estimates are reasonable, there is no assurance that the final determination of our income tax liability will not be materially different than what is reflected in our income tax provisions and accruals. Significant judgment is required to determine the recognition and measurement of tax liabilities prescribed in the relevant accounting guidance for uncertainty in income taxes. The accounting guidance for uncertainty in income taxes applies to all income tax positions, which, if settled unfavorably, could adversely impact our provision for income taxes.

In addition, we are subject to, and are under, tax audit in various jurisdictions, and such jurisdictions may assess additional income tax against us. Although we believe our tax positions are reasonable, the final determination of tax audits could be materially different from our income tax provisions and accruals. The ultimate results of an audit could have a material adverse effect on our results of operations and cash flows in the period or periods for which that determination is made.

The enactment of legislation implementing changes in taxation of international business activities, the adoption of other tax reform policies or changes in tax legislation or policies in jurisdictions outside Singapore could materially impact our financial position and results of operations.

Tax bills are introduced from time to time to reform taxation of international business activities. The Organisation for Economic Co-operation and Development, or OECD, has released guidance covering various topics, including country-by-country reporting, definitional changes to permanent establishment and guidelines in determining arm’s length transfer pricing. This guidance is collectively referred to as Base Erosion and Profit Shifting, or BEPS, an initiative that aims to standardize and modernize global tax policy. Depending on legislation ultimately enacted in connection with this guidance by jurisdictions in which we operate, there may be significant consequences for us due to the large scale of our international business activities. For example, adoption of BEPS by foreign jurisdictions in which we operate could result in changes to tax policies, including transfer-pricing policies that could ultimately impact our tax liabilities to foreign jurisdictions. If any of these proposals are enacted into law, or if other international, consensus-based tax policies and principles are amended or implemented, they could have material adverse consequences on the amount of tax we pay and thereby on our financial position and results of operations.

In addition, policies regarding corporate income taxes in numerous jurisdictions are under heightened scrutiny. As a result, decisions by tax authorities regarding treatments and positions of corporate income taxes could be subject to legislative investigation and inquiry, which could result in changes in tax policies or prior tax rulings. There can be no assurance as to the outcome of these investigations and inquiries. As such, the taxes we previously paid may be subject to change and our taxes may increase in the future, which could have an adverse effect on our results of operations, financial condition and our corporate reputation.

We operate in the highly cyclical semiconductor industry, which is subject to significant downturns.

The semiconductor industry is highly cyclical and is characterized by constant and rapid technological change and price erosion, evolving technical standards, frequent new product introductions, short product life cycles (for semiconductors and for

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many of the end products in which they are used) and wide fluctuations in product supply and demand. From time to time, these factors, together with changes in general economic conditions, cause significant upturns and downturns in the industry in general, and in our business in particular. Periods of industry downturns have been characterized by diminished demand for end-user products, high inventory levels and periods of inventory adjustment, under-utilization of manufacturing capacity, changes in revenue mix and accelerated erosion of average selling prices, resulting in an adverse effect on our business, financial condition and results of operations. We expect our business to continue to be subject to cyclical downturns even when overall economic conditions are relatively stable. If we cannot offset industry or market downturns, our net revenue may decline and our financial condition and results of operations may suffer.

We make substantial investments in research and development to improve existing and develop new technologies to keep pace with technological advances and to remain competitive in our business, and unsuccessful investments could materially adversely affect our business, financial condition and results of operations.

The semiconductor industry is characterized by rapid technological change, changes in customer requirements, frequent new product introductions and enhancements, short product cycles and evolving industry standards, and requires substantial investment in our research and development in order to develop and bring to market new and enhanced technologies and products. In addition, semiconductor products transition over time to increasingly smaller line width geometries. This requires us to adapt our products and manufacturing processes to these new technologies, which requires expertise in new procedures. Our failure to successfully transition to smaller geometry process technologies could impair our competitive position. In order to remain competitive, we have made, and expect to continue to make, significant investments in research and development. We expect the dollar amount of research and development expenses to increase for the foreseeable future, due to the increasing complexity and number of products we plan to develop. If we fail to develop new and enhanced products and technologies, if we focus on technologies that do not become widely adopted, or if new competitive technologies that we do not support, become widely accepted, demand for our products may be reduced. Significant investments in unsuccessful research and development efforts could materially adversely affect our business, financial condition and results of operations. In addition, increased investments in research and development could cause our cost structure to fall out of alignment with demand for our products, which would have a negative impact on our financial results.

Our business, financial condition and results of operations could be adversely affected by the political and economic conditions of the countries in which we conduct business and other factors related to our international operations.

A majority of our products are produced and sourced in Asia, including China, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand and we sell our products throughout the world. In addition, as of October 30, 2016, approximately 41% of our employees are located in Asia. Multiple factors relating to our international operations and to particular countries in which we operate could have a material adverse effect on our business, financial condition and results of operations. These factors include:


•	changes in political, regulatory, legal or economic conditions or geopolitical turmoil, including terrorism, war or political or military coups, or civil disturbances or political instability;


•	restrictive governmental actions, such as restrictions on the transfer or repatriation of funds and foreign investments and trade protection measures, including export restrictions, export duties and quotas, and customs duties and tariffs;


•	disruptions of capital and trading markets and currency fluctuations, which may result in our products becoming too expensive for foreign customers or foreign-sourced materials and services becoming more expensive for us;


•	difficulty in obtaining product distribution and support, and transportation delays;


•	public health or safety concerns;


•	nationalization of businesses and expropriation of assets; and


•	changes in tax laws.

A significant legal risk associated with conducting business internationally is compliance with the various and differing laws and regulations, including anti-corruption and anti-bribery laws and regulations of the countries in which we do business, antitrust and competition laws, data privacy laws and export regulations. In addition, the anti-corruption laws in various countries are constantly evolving and may, in some cases, conflict with each other. Although, our Code of Ethics and Business Conduct and other policies prohibit us and our employees from engaging in unethical business practices, there can be no assurance that all of our employees or agents will refrain from acting in violation of our related anti-corruption policies and procedures. Any such violation could have a material adverse effect on our business.

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Our business is subject to various governmental regulations, and compliance with these regulations may cause us to incur significant expense. If we fail to maintain compliance with applicable regulations, we may be forced to cease the manufacture and distribution of certain products, and we could be subject to civil or criminal penalties.

Our business is subject to various international laws and other legal requirements, including packaging, product content, labor and import/export regulations, and many of our products are regulated or sold into regulated industries, such as the U.S. Export Administration Regulations. These laws and regulations are complex, change frequently and have generally become more stringent over time. We may be required to incur significant expense to comply with, or to remedy violations of, these regulations. In addition, if our customers fail to comply with these regulations, we may be required to suspend sales to these customers, which could negatively impact our results of operations.

In addition, the manufacture and distribution of our semiconductors must comply with various laws and adapt to changes in regulatory requirements as they occur. For example, if a country in which our products are manufactured or sold sets technical standards that are not widely shared, it may require us to stop distributing our products commercially until they comply with such new standards, lead certain of our customers to suspend imports of their products into that country, require manufacturers in that country to manufacture products with different technical standards and disrupt cross-border manufacturing relationships, any of which could have a material adverse effect on our business, financial condition and results of operations. If we fail to comply with these requirements, we could also be required to pay civil penalties or face criminal prosecution.

Our products and operations are also subject to the rules of industrial standards bodies, like the International Standards Organization, as well as regulation by other agencies, such as the U.S. Federal Communications Commission. If we fail to adequately address any of these rules or regulations, our business could be harmed.

We are subject to environmental, health and safety laws, which could increase our costs, restrict our operations and require expenditures that could have a material adverse effect on our results of operations and financial condition.

We are subject to a variety of international laws and regulations relating to the use, disposal, clean-up of and human exposure to, hazardous materials. Compliance with environmental, health and safety requirements could, among other things, require us to modify our manufacturing processes, restrict our ability to expand our facilities, or require us to acquire pollution control equipment, all of which can be very costly. Any failure by us to comply with such requirements could result in the limitation or suspension of the manufacture of our products, and could result in litigation against us and the payment of significant fines and damages by us in the event of a significant adverse judgment. In addition, complying with any cleanup or remediation obligations for which we are or become responsible could by costly and have a material adverse effect on our business, financial condition and results of operations.

Changing requirements relating to the materials composition of our products, including the restrictions on lead and certain other substances in electronics that apply to specified electronics products sold in various countries, including the United States, China, Japan, and in the European Union, increase the complexity and costs of our product design and procurement operations and may require us to re-engineer our products. Such re-engineering may result in excess inventory or other additional costs and could have a material adverse effect on our results of operations. We may also experience claims from employees from time to time with regard to exposure to hazardous materials or other workplace related environmental claims.

Social and environmental responsibility regulations, policies and provisions, including, for example, regulations related to “conflict minerals,” may make our supply chain more complex and may adversely affect our relationships with customers.

There is an increasing focus on corporate social and environmental responsibility in the semiconductor industry, particularly with OEMs that manufacture consumer electronics. A number of our customers have adopted, or may adopt, procurement policies that include social and environmental responsibility provisions that their suppliers should comply with, or they seek to include such provisions in their procurement terms and conditions. An increasing number of participants in the semiconductor industry are also joining voluntary social responsibility initiatives such as the U.N. Global Compact, a voluntary initiative for businesses to develop, implement and disclose sustainability policies and practices. These social and environmental responsibility provisions and initiatives are subject to change, can be unpredictable, and may be difficult for us to comply with, given the complexity of our supply chain and our significant outsourced manufacturing. If we are unable to comply, or are unable to cause our suppliers or contract manufacturers to comply, with such policies or provisions, a customer may stop purchasing products from us, and may take legal action against us, which could harm our reputation, revenue and results of operations.

We are subject to rules adopted by the SEC requiring us to make disclosures relating to whether certain minerals and metals, known as conflict minerals, used in our products originate from the Democratic Republic of Congo and its adjoining countries, or the DRC Region. In addition, as part of their corporate social and environmental responsibility programs, an increasing number of OEMs are seeking to source products that do not contain conflict minerals sourced from the DRC Region. This could adversely affect the sourcing, availability and pricing of minerals used in the manufacture of semiconductor devices, including our products. Since our supply chain is complex, we are not currently able to definitively ascertain the origins of all

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of these minerals and metals used in our products. As a result, we may face difficulties in satisfying these customers’ demands, which may harm our sales and operating results.

The average selling prices of products in our markets have often decreased rapidly and may do so in the future, which could harm our revenue and gross profit.

The products we develop and sell are used for high volume applications. As a result, the prices of those products have often decreased rapidly. Gross profit on our products may be negatively affected by, among other things, pricing pressures from our customers. In the past, we have reduced the average selling prices of our products in anticipation of future competitive pricing pressures, new product introductions by us or our competitors and other factors. In addition, some of our customer agreements provide for volume-based pricing and product pricing roadmaps, which can also reduce the average selling prices of our products over time. Our margins and financial results will suffer if we are unable to offset any reductions in our average selling prices by increasing our sales volumes, reducing manufacturing costs, or developing new and higher value-added products on a timely basis.

A breach of our security systems may have a material adverse effect on our business.

Our security systems are designed to maintain the physical security of our facilities and protect our customers’, suppliers’ and employees’ confidential information, as well as our own proprietary information. However, we are also dependent on a number of third-party “cloud-based” and other service providers of critical corporate infrastructure services relating to, among other things, human resources, electronic communication services and certain finance functions, and we are, of necessity, dependent on the security systems of these providers. Accidental or willful security breaches or other unauthorized access by third parties of our facilities, our information systems or the systems of our cloud-based or other service providers, or the existence of computer viruses or malware in our or their data or software could expose us to a risk of information loss and misappropriation of proprietary and confidential information, including information relating to our customers and the personal information of our employees. In addition, we have, from time to time, also been subject to unauthorized network intrusions and malware on our own IT networks. Any theft or misuse of confidential, personal or proprietary information as a result of such activities could result in, among other things, unfavorable publicity, damage to our reputation, loss of our trade secrets and other competitive information, difficulty in marketing our products, allegations by our customers that we have not performed our contractual obligations, litigation by affected parties and possible financial obligations for liabilities and damages related to the theft or misuse of such information, as well as fines and other sanctions resulting from any related breaches of data privacy regulations, any of which could have a material adverse effect on our reputation, business, profitability and financial condition. Since the techniques used to obtain unauthorized access or to sabotage systems change frequently and are often not recognized until launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures.

We are required to assess our internal control over financial reporting on an annual basis and any adverse findings from such assessment could result in a loss of investor confidence in our financial reports, significant expense to remediate any internal control deficiencies and ultimately have an adverse effect on our share price.

We are required to assess the effectiveness of our internal control over financial reporting annually, as required by Section 404 of the Sarbanes-Oxley Act. Our evaluation of the effectiveness of our internal control over financial reporting as of October 30, 2016 did not include the internal controls of BRCM, which we acquired in February 2016. Even though, as of October 30, 2016, we concluded that our internal control over financial reporting (excluding BRCM) was effective, we need to maintain our processes and systems and adapt them as our business grows and changes, including to reflect our integration of BRCM, as well as any future acquisitions we may undertake, including our pending acquisition of Brocade. This continuous process of maintaining and adapting our internal controls and complying with Section 404 is expensive, time consuming and requires significant management attention. We cannot be certain that our internal control measures will continue to provide adequate control over our financial processes and reporting and ensure compliance with Section 404. Furthermore, as we grow our business or acquire other businesses, our internal controls may become more complex and we may require significantly more resources to ensure they remain effective. Failure to implement required new or improved controls, or difficulties encountered in the implementation of such controls, either in our existing business or in businesses that we have or acquired or may acquire in the future, could harm our operating results or cause us to fail to meet our reporting obligations. If we or our independent registered public accounting firm identify material weaknesses in our internal controls, the disclosure of that fact, even if quickly remedied, may cause investors to lose confidence in our financial statements and the trading price of our ordinary shares may decline.

Remediation of a material weakness could require us to incur significant expenses and if we fail to remedy any material weakness, our financial statements may be inaccurate, our ability to report our financial results on a timely and accurate basis may be adversely affected, our access to the capital markets may be restricted, the trading price of our ordinary shares may decline, and we may be subject to sanctions or investigation by regulatory authorities, including the SEC or The Nasdaq Global Select Market. We may also be required to restate our financial statements from prior periods.

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Our financial condition and results of operations could be adversely affected by employee-benefit related costs and expense.

We sponsor several defined benefit plans and post-retirement medical benefit plans. We are required to make contributions to these plans to comply with minimum funding requirements imposed by laws governing these employee benefit plans. The difference between the obligations and assets of these plans, or the funded status of these plans, is a significant factor in determining our pension expense and the ongoing funding requirements of these plans. The projected benefit obligations under these pension plans exceeded the value of the assets of those plans by approximately $516 million at the end of fiscal year 2016. We expect to have additional funding requirements in future years and we may make additional, voluntary contributions to the plans. Depending on our cash position at the time, any such funding or contributions to, our pension plans could impact our operating flexibility and financial position, including adversely affecting our cash flow for the quarter in which they are made. Furthermore, in order to reduce the expenses associated with these programs, where practicable, we are seeking to move defined benefit plans to defined contribution plans, or to cash out future retirees not yet receiving benefits, and to replace existing pension obligations with annuities. Any such changes may adversely affect our results of operations, including our profitability and cash flows. Weak economic conditions and related under-performance of asset markets could also lead to increase and post-retirement benefit expense.

The IRS may not agree that Broadcom Limited should be treated as a foreign corporation for U.S. federal income tax purposes.

A corporation is generally considered a tax resident in the jurisdiction of its organization or incorporation for U.S. federal income tax purposes. Because Broadcom is a Singapore entity, it would generally be classified as a foreign corporation (and, therefore, not a U.S. tax resident) under these rules. Even so, the IRS may assert that we should be treated as a U.S. corporation (and, therefore, a U.S. tax resident) for U.S. federal income tax purposes pursuant to Section 7874 of the Internal Revenue Code of 1986, as amended, or the Code.

Under Section 7874 of the Code, if the former shareholders of BRCM hold 80% or more of the vote or value of the ordinary shares of Broadcom, by reason of their former holding of BRCM common shares (the percentage (by vote and value) of our ordinary shares considered to be held (for purposes of Section 7874 of the Code) by former BRCM shareholders immediately after the Broadcom Transaction by reason of holding BRCM common shares is referred to in this disclosure as the “Section 7874 Percentage”), and our expanded affiliated group after the Broadcom Transaction does not have substantial business activities in Singapore relative to our worldwide business activities, Broadcom would be treated as a U.S. corporation for U.S. federal income tax purposes. If the Section 7874 Percentage were determined to be at least 60% (but less than 80%), Section 7874 of the Code would cause Broadcom to be treated as a “surrogate foreign corporation” if we did not have substantial business activities in Singapore relative to our worldwide business activities.

Under current law, Broadcom should not be treated as a U.S. corporation for U.S. federal income tax purposes. However, determining the Section 7874 Percentage is complex and is subject to factual and legal uncertainties, including that such determination takes into account several factors other than the ratio of ownership of our ordinary shares by former BRCM shareholders following the Broadcom Transaction. While we believe the Section 7874 Percentage to be significantly less than 60% (and therefore that Section 7874 should not apply to Broadcom or BRCM), there can be no assurance that the IRS will agree with the position that the Section 7874 Percentage is less than 60%.

If the Section 7874 Percentage were determined to be at least 60% (but less than 80%), several limitations could apply to BRCM. For example, BRCM would be prohibited from using its net operating losses, foreign tax credits or other tax attributes to offset the income or gain recognized by reason of the transfer of property to a foreign related person during the 10-year period following the Broadcom Transaction or any income received or accrued during such period by reason of a license of any property by BRCM to a foreign related person. In addition, the IRS has announced that it will promulgate new rules, which, in that situation, may limit the ability to restructure the non-U.S. members of the BRCM tax group or access cash earned in its non-U.S. subsidiaries. Moreover, in such case, Section 4985 of the Code and rules related thereto would impose an excise tax on the value of certain stock compensation held directly or indirectly by certain BRCM “disqualified individuals” (including former officers and directors of BRCM) at a rate equal to 15%, but only if gain is otherwise recognized by BRCM shareholders as a result of the Broadcom Transaction.

Risks Relating to Our Indebtedness

Our substantial indebtedness could adversely affect our financial health and our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, expose us to interest rate risk to the extent of our variable rate indebtedness and prevent us from fulfilling our obligations under our indebtedness.

We incurred a substantial amount of indebtedness in connection with the Broadcom Transaction under and pursuant to the 2016 Credit Agreement. The borrowers’ obligations under the 2016 Credit Agreement are guaranteed by and are collateralized,

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subject to certain exceptions, by substantially all of the assets of the Guarantors. Subject to restrictions in the 2016 Credit Agreement and receipt of commitments, we may incur additional indebtedness.

Our substantial indebtedness could have important consequences including:


•	increasing our vulnerability to adverse general economic and industry conditions;


•	exposing us to interest rate risk to the extent of our variable rate indebtedness, and we do not typically hedge against changes in interest rates;


•	requiring us to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures, research and development efforts, execution of our business strategy, acquisitions and other general corporate purposes;


•	limiting our flexibility in planning for, or reacting to, changes in the economy and the semiconductor industry;


•	placing us at a competitive disadvantage compared to our competitors with less indebtedness; and


•	making it more difficult to borrow additional funds in the future to fund growth, acquisitions, working capital, capital expenditures and other purposes.

In addition, the 2016 Credit Agreement contains customary events of default upon the occurrence of which, after any applicable grace period, the lenders would have the ability to immediately declare the loans due and payable in whole or in part. In such event, we may not have sufficient available cash to repay such debt at the time it becomes due, or be able to refinance such debt on acceptable terms or at all. Any of the foregoing could materially and adversely affect our business, financial condition and results of operations.

We receive debt ratings from the major credit rating agencies in the United States. Factors that may impact our credit ratings include debt levels, planned asset purchases or sales and near-term and long-term production growth opportunities. Liquidity, asset quality, cost structure, reserve mix and commodity pricing levels could also be considered by the rating agencies. The applicable margins with respect to the Term A Loan and the 2016 Revolving Credit Facility will vary based on the applicable public ratings assigned to the collateralized, long-term indebtedness for borrowed money of our subsidiary, Avago Technologies Cayman Finance Limited, by Moody’s Investors Service, Inc., Standard & Poor’s Financial Services LLC and any successor to each such rating agency business. A ratings downgrade could adversely impact our ability to access debt markets in the future and increase the cost of current or future debt and may adversely affect our share price. Our failure to continuously have a public corporate credit rating from each of Moody’s and Standard & Poor’s may result in a covenant default under the 2016 Credit Agreement.

Our 2016 Credit Agreement imposes significant restrictions on our business.

The 2016 Credit Agreement contains a number of covenants imposing significant restrictions on our business. These restrictions may affect our ability to operate our business, to plan for, or react to, changes in market conditions or our capital needs and may limit our ability to take advantage of potential business opportunities as they arise. The restrictions placed on us include limitations on the ability of our subsidiaries to:


•	incur additional indebtedness and issue preferred or redeemable shares;


•	incur or create liens;


•	consolidate, merge or transfer all or substantially all of their assets;


•	make investments, acquisitions, loans or advances or guarantee indebtedness;


•	transfer or sell certain assets;


•	pay dividends or make other distributions on, redeem or repurchase shares or make other restricted payments;


•	engage in transactions with affiliates; and


•	prepay certain other indebtedness.

In addition, the 2016 Credit Agreement includes financial covenants requiring our subsidiary, Avago Technologies Cayman Holdings Ltd, to, while the Term B-3 Loan remains outstanding, maintain a maximum first lien leverage ratio. Our ability to meet the financial covenant may be affected by events beyond our control, and we do not know whether we will be able to maintain the applicable maximum first lien leverage ratio.

We do not know whether we will be granted waivers under, or amendments to, our 2016 Credit Agreement if for any reason we are unable to meet these requirements, or whether we will be able to refinance our indebtedness on terms acceptable to us, or at all.

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Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt.

Our ability to make scheduled payments of the principal of, to pay interest on, and to refinance our debt, depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control. Our business may not continue to generate cash flow from operations in the future sufficient to satisfy our obligations under the 2016 Credit Agreement and any future indebtedness we may incur and to make necessary capital expenditures. If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as reducing or delaying investments or capital expenditures, selling assets, refinancing or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance our outstanding indebtedness or future indebtedness will depend on the capital markets and our financial condition at such time. We may not be able to engage in any of these activities or engage in these activities on desirable terms when needed, which could result in a default on our indebtedness.

Risks Relating to Investments in Singapore Companies

It may be difficult to enforce a judgment of U.S. courts for civil liabilities under U.S. federal securities laws against us or our directors in Singapore.

Broadcom is incorporated under the laws of the Republic of Singapore, and certain of our directors are resident outside the United States. Moreover, a majority of our consolidated assets are located outside the United States. Although Broadcom is incorporated outside the United States, we have agreed to accept service of process in the United States through our agent designated for certain purposes. Nevertheless, since a majority of the consolidated assets owned by us are located outside the United States, any judgment obtained in the United States against us may not be collectible within the United States.

There is no treaty between the United States and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore. There is doubt whether a Singapore court may impose civil liability on Broadcom or our directors and officers who reside in Singapore in a suit brought in the Singapore courts against us or such persons with respect to a violation solely of the federal securities laws of the United States. Consequently, there can be no assurance as to whether Singapore courts will enter judgments in actions brought in Singapore courts based upon the civil liability provisions of the federal securities laws of the United States.

Broadcom is incorporated in Singapore and our shareholders may have more difficulty in protecting their interest than they would as shareholders of a corporation incorporated in the United States, and we may have more difficulty attracting and retaining qualified board members and executives.

Broadcom’s corporate affairs are governed by its Constitution and by the laws governing corporations incorporated in Singapore. The rights of our shareholders and the responsibilities of the members of our Board, under Singapore law (including under the recently amended Singapore Companies Act) are different from those applicable to a corporation incorporated in the United States. Therefore, our public shareholders may have more difficulty in protecting their interest in connection with actions taken by our management or members of our Board than they would as shareholders of a corporation incorporated in the United States.

In addition, being a public company incorporated in Singapore may make it more expensive for Broadcom to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain coverage. These factors could also make it more difficult for us to attract and retain qualified members of our Board, particularly to serve on committees of our Board, and qualified executive officers.

For a limited period of time, our directors have general authority to allot and issue new ordinary shares on such terms and conditions as may be determined by our Board in its sole discretion.

Under Singapore law, we may only allot and issue new ordinary shares with the prior approval of Broadcom’s shareholders in a general meeting. At our 2016 annual general meeting, Broadcom’s shareholders provided our directors with the general authority to allot and issue any number of new ordinary shares, which will continue in force until the earlier of (i) the conclusion of our annual general meeting in 2017, (ii) the expiration of the period within which the next annual general meeting is required by law to be held (i.e., within 15 months after the conclusion of the last general meeting) or (iii) the subsequent revocation or modification of such general authority by our shareholders at a duly convened general meeting. Subject to the general authority to allot and issue new ordinary shares provided by our shareholders, the provisions of the Singapore Companies Act and Broadcom’s Constitution, our Board may allot and issue new ordinary shares on such terms and conditions as they may think fit to impose. Any additional issuances of new ordinary shares by our directors may adversely impact the market price of our ordinary shares.

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Risks Relating to Owning Our Ordinary Shares

At times, Broadcom’s share price has been volatile and it may fluctuate substantially in the future, which could result in substantial losses for our investors as well as class action litigation against us and our management which could cause us to incur substantial costs and divert our management’s attention and resources.

The trading price of Broadcom ordinary shares has, at times, fluctuated significantly. The trading price of Broadcom ordinary shares could be subject to wide fluctuations in response to many of the risk factors listed in this “Risk Factors” section, and others, many of which are beyond our control, including:


•	actual or anticipated fluctuations in our financial condition and operating results;


•	issuance of new or updated research or reports by securities analysts;


•	fluctuations in the valuation and results of operations of our significant customers as well as companies perceived by investors to be comparable to us;


•	announcements of proposed acquisitions by us or our competitors;


•	announcements of, or expectations of additional debt or equity financing efforts;


•	share price and volume fluctuations attributable to inconsistent trading volume levels of our shares; and


•	changes in our dividend or share repurchase policies.

These fluctuations are often unrelated or disproportionate to our operating performance. These broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes or international currency fluctuations, may negatively impact the market price of our ordinary shares. You may not realize any return on your investment in us and may lose some or all of your investment. In the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. We are also the subject of a number of lawsuits stemming from our acquisitions of PLX, Emulex and BRCM, and from our pending acquisition of Brocade. Securities litigation against us, including the lawsuits related to such transactions, could result in substantial costs and divert our management’s attention from other business concerns, which could seriously harm our business.

A substantial amount of our shares is held by a small number of large investors and significant sales of our ordinary shares in the public market by one or more of these holders could cause our share price to fall.

As of September 30, 2016, we believe that our five largest shareholders hold over 30% of Broadcom outstanding ordinary shares in the aggregate. These investors may sell their shares at any time for a variety of reasons and such sales could depress the market price of our ordinary shares, given the large amounts of our shares held by these investors. In addition, any such sales of our ordinary shares by these entities could also impair our ability to raise capital through the sale of additional equity securities.

There can be no assurance that we will continue to declare cash dividends.

Our Board has adopted a dividend policy pursuant to which we currently pay a cash dividend on Broadcom ordinary shares on a quarterly basis. The declaration and payment of any dividend is subject to the approval of our Board and our dividend may be discontinued or reduced at any time. There can be no assurance that we will declare cash dividends in the future in any particular amounts, or at all. Furthermore, we may declare dividends as interim dividends, which are wholly provisional under Singapore law and may be revoked by our Board at any time prior to the payment thereof.

Future dividends, if any, and their timing and amount, may be affected by, among other factors: management’s views on potential future capital requirements for strategic transactions, including acquisitions; earnings levels; contractual restrictions; cash position and overall financial condition; and changes to our business model. The payment of cash dividends is restricted by applicable law, contractual restrictions and our corporate structure. Pursuant to Singapore law and Broadcom’s Constitution, no dividends may be paid except out of our profits or expected profits. Because we are a holding company, our ability to pay cash dividends on Broadcom ordinary shares is also limited by restrictions on our ability to obtain sufficient funds through dividends from subsidiaries, the declaration and payment of which are subject to restrictions under the terms of our 2016 Credit Agreement.

Singapore corporate law may impede a takeover of our company by a third-party, which could adversely affect the value of our ordinary shares.

The Singapore Code on Take-overs and Mergers contains provisions that may delay, deter or prevent a future takeover or change in control of our company for so long as we remain a public company with more than 50 shareholders and net tangible assets of S$5 million or more. Any person acquiring an interest, whether by a series of transactions over a period of time or not,

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either on their own or together with parties acting in concert with such person, in 30% or more of our voting shares, or, if such person holds, either on their own or together with parties acting in concert with such person, between 30% and 50% (both inclusive) of our voting shares, and such person (or parties acting in concert with such person) acquires additional voting shares representing more than 1% of our voting shares in any six-month period, must, except with the consent of the Securities Industry Council in Singapore, extend a mandatory takeover offer for the remaining voting shares in accordance with the provisions of the Singapore Code on Take-overs and Mergers. While the Singapore Code on Take-overs and Mergers seeks to ensure equality of treatment among shareholders, its provisions may discourage or prevent certain types of transactions involving an actual or threatened change of control of our company. These legal requirements may impede or delay a takeover of our company by a third-party, which could adversely affect the value of our ordinary shares.

Our actual operating results may differ significantly from our guidance.

From time to time, we release guidance regarding our future performance that represents our management’s estimates as of the date of release. This guidance, which consists of forward-looking statements, is prepared by our management and is qualified by, and subject to, the assumptions and the other information contained or referred to in the release. Our guidance is not prepared with a view toward compliance with published guidelines of the American Institute of Certified Public Accountants, and neither any independent registered public accounting firm nor any other independent expert or outside party compiles, examines or reviews the guidance and, accordingly, no such person expresses any opinion or any other form of assurance with respect thereto.

Guidance is based upon a number of assumptions and estimates that, while presented with numerical specificity, is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and are based upon specific assumptions with respect to future business decisions, some of which will change. We generally state possible outcomes as high and low ranges which are intended to provide a sensitivity analysis as variables are changed but are not intended to represent that actual results could not fall outside of the suggested ranges. The principal reason that we release this data is to provide a basis for our management to discuss our business outlook with analysts and investors. We do not accept any responsibility for any projections or reports published by any such persons.

Guidance is necessarily speculative in nature, and it can be expected that some or all of the assumptions of the guidance furnished by us will not materialize or will vary significantly from actual results, particularly any guidance relating to the results of operations of acquired businesses or companies as our management will, necessarily, be less familiar with their business, procedures and operations. Accordingly, our guidance is only an estimate of what management believes is realizable as of the date of release. Actual results will vary from the guidance and the variations may be material. Investors should also recognize that the reliability of any forecasted financial data will diminish the farther in the future that the data are forecast. In light of the foregoing, investors are urged to put the guidance in context and not to place undue reliance on it.

Any failure to successfully implement our operating strategy or the occurrence of any of the events or circumstances set forth in this Form 10-K could result in the actual operating results being different than the guidance, and such differences may be adverse and material.

Risks Relating to Restricted Exchangeable Units

Holders of Partnership REUs may not transfer, pledge or grant liens on their Partnership REUs for a period of year following the closing of the Broadcom Transaction.

During the restricted period, which will last one year following the effective time of the Broadcom Merger, or the Restricted Period, holders of the Partnership REUs may not sell, transfer, convey, assign, pledge, grant a security interest or other lien, encumber or dispose of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of law) any interest in any Partnership REUs, except under limited circumstances set forth in the Amended and Restated Exempted Limited Partnership Agreement dated February 1, 2016, among Broadcom, the Partnership and the Limited Partners, or the Partnership Agreement. Accordingly, any such holder’s investment in the Partnership is illiquid for a period of one year.

Holders of Partnership REUs are also prohibited from short sales, hedging and granting liens on their Partnership REUs.

Unless otherwise approved in writing by Broadcom, in its sole discretion as our General Partner, during the Restricted Period, holders of Partnership REUs may not be a party to or participate, directly or indirectly, in any short sale, forward contract to sell, option or forward contract to purchase, swap or other hedging, synthetic, “put” equivalent or similar derivative instrument or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the Partnership REUs or any Broadcom ordinary shares, whether settled in cash or securities. Holders of Partnership REUs are subject to and are required to comply with the restrictions, terms and conditions of the Partnership REUs as set forth in the Partnership Agreement. In the event of a breach by a holder of the hedging restrictions in the Partnership Agreement, the Restricted Period applicable to such holder’s Partnership REUs will be extended by two years.

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An active trading market for Partnership REUs is not expected to develop.

The Partnership REUs are not listed on a national exchange in the United States or on a foreign exchange. An active public market for the Partnership REUs is not expected to develop. In addition, although the Partnership REUs are registered under the Exchange Act, our General Partner is under no obligation to continue such registration and is authorized to deregister the Partnership REUs at any time such registration is not legally required. As a result, even after the Restricted Period has concluded, it will be very difficult to sell the Partnership REUs at a price that is attractive, or at all.

Future sales of Broadcom ordinary shares in the public market could cause the value of Partnership REUs to fall.

Sales of a substantial number of Broadcom ordinary shares in the public market, or the perception that these sales might occur, could depress the value of the Partnership REUs because the value of the Partnership REUs is derivative of the value of Broadcom ordinary shares. During the Restricted Period, holders of Partnership REUs may not sell such units to mitigate losses under such circumstances.

The exchange of the Partnership REUs into Broadcom ordinary shares is subject to significant restrictions, including the right of Broadcom in its sole discretion to cause the Partnership to repurchase such Partnership REUs for cash instead of Broadcom ordinary shares.

Under the terms of the Partnership Agreement, the Partnership REUs are not exchangeable for Broadcom ordinary shares for a period of up to three years following the closing of the Broadcom Transaction.

From and after the end of the Restricted Period, which will last one year following the effective time of the Broadcom Merger, holders of the Partnership REUs are entitled, subject to compliance with the procedures set forth in the Partnership Agreement, to require the Partnership to repurchase all or any portion of such holder’s Partnership REUs in exchange for Broadcom ordinary shares, at a ratio of one Broadcom ordinary share for each Partnership REU, or the Exchange Right. However, Broadcom, in its sole discretion as our General Partner, has the right to cause the Partnership to repurchase the Partnership REUs for cash (in an amount determined in accordance with the terms of the Partnership Agreement based on the market price of Broadcom ordinary shares) in lieu of Broadcom ordinary shares. The ability of Broadcom, in its sole discretion as our General Partner, to cause the Partnership to repurchase the Partnership REUs for cash could result in, among other things, tax consequences that differ from those that would have resulted if the holder of such Partnership REUs had received Broadcom ordinary shares.

In addition, prior to the third anniversary following the effective time of the Broadcom Merger, it is a condition precedent to the obligation of the Partnership to repurchase such Partnership REUs, and the holder of such Partnership REUs shall not be permitted to exercise the Exchange Right, unless (i) Broadcom has received a written opinion from an independent nationally recognized law or accounting firm that the Exchange Right should not cause Broadcom to be treated as (a) a “surrogate foreign corporation” (within the meaning of Section 7874(a)(2)(B) of the Code) or (b) a “domestic corporation” (within the meaning of Section 7874(b) of the Code) and (ii) Broadcom’s independent auditor has determined that no reserve shall be required for financial accounting purposes relating to Section 7874 of the Code as a result of the exercise of such Exchange Right. No assurance can be provided as to whether or not such determinations will be obtainable.

The value of the Broadcom ordinary shares received in any exchange of the Partnership REUs, or the cash amount to be paid by us in lieu thereof, may fluctuate.

The value of the Broadcom ordinary shares into which the Partnership REUs may be exchanged, or the cash amount to be paid by the Partnership in lieu thereof, may be subject to significant fluctuations for many reasons.

Consequently, due to these potential fluctuations in value of Broadcom ordinary shares, at the time that the Exchange Right becomes exercisable, the Broadcom ordinary shares into which Partnership REUs may be exchanged, or the cash amount to be paid by the Partnership in lieu thereof, may have a value that differs from the value of Broadcom ordinary shares as of the effective time of the Broadcom Merger. Also see “At times, our share price has been volatile and it may fluctuate substantially in the future, which could result in substantial losses for our investors as well as class action litigation against us and our management which could cause us to incur substantial costs and divert our management’s attention and resources” regarding fluctuations in the value of Broadcom ordinary shares.

There can be no assurance that the Partnership will continue to declare cash distributions.

Pursuant to the terms of the Partnership Agreement, our General Partner and our Limited Partners are entitled to receive distributions from the Partnership if and when Broadcom pays dividends to holders of its ordinary shares. There can be no assurance that Broadcom will declare cash dividends in the future in any particular amounts, or at all. Also see “There can be no assurance that we will continue to declare cash dividends” regarding factors that may affect the timing and amount of dividends paid by Broadcom.

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In certain circumstances, a Limited Partner may lose its limited liability status.

The Exempted Limited Partnership Law, 2014 of the Cayman Islands, as amended and any successor to such statute, or the Cayman Islands Limited Partnerships Act, provides that a limited partner with the benefits of limited liability unless, in addition to exercising rights and powers as a limited partner, such limited partner takes part in the control or conduct of the business of a limited partnership of which such limited partner is a partner (subject to certain qualifications and exceptions). Subject to the provisions of the Cayman Islands Limited Partnerships Act and of similar legislation in other jurisdictions, the liability of each limited partner for the debts, liabilities and obligations of the Partnership will be limited to the limited partner’s capital contribution, plus the limited partner’s share of any undistributed income of the Partnership. However, pursuant to the Cayman Islands Limited Partnerships Act, where a limited partner has received a payment representing the return of all or part of that limited partner’s capital contribution or is released from any outstanding obligation in respect of his commitment and, at the time that payment was made or release effected, (i) the limited partnership is insolvent; and (ii) the limited partner had actual knowledge of the insolvency of the limited partnership, then for a period of six months, but not thereafter, such limited partner would be liable to the Partnership or, where the Partnership is dissolved, to its creditors, to repay such payment or perform the released obligation with interest to the extent that such contribution or part thereof is, necessary to discharge the liabilities of the Partnership to all creditors who extended credit or whose claims otherwise arose before the return of the capital contribution.

The limitation of liability conferred under the Cayman Limited Partnerships Act may be ineffective outside the Cayman Islands except to the extent it is given extra-territorial recognition or effect by the laws of other jurisdictions. There may also be requirements to be satisfied in each jurisdiction to maintain limited liability. If limited liability is lost, limited partners may be considered to be general partners (and therefore be subject to unlimited liability) in such jurisdiction by creditors and others having claims against the Partnership.

Under certain circumstances, the voting rights of the Partnership REUs will be limited.

Each holder of Partnership REUs has the benefit of a voting trust agreement dated February 1, 2016, among the Partnership, Broadcom and the voting trustee, or the Voting Trust Agreement. Pursuant to the terms of the Voting Trust Agreement, the voting trustee holds non-economic voting preference shares of Broadcom, or Special Voting Shares, that entitle the voting trustee to a number of votes equal to the number of votes that would attach to the Broadcom ordinary shares receivable upon the exchange of the Partnership REUs as of the record date of a Broadcom shareholder meeting. Holders of Partnership REUs are entitled to direct the voting trustee under the Voting Trust Agreement to vote the number of Special Voting Shares equal to the number of Partnership REUs held by such holder in substantially all votes that are presented to the holders of Broadcom ordinary shares. However, in the event that, under applicable law, any matter requires the approval of the holder of record of a Special Voting Share, voting separately as a class, the Voting Trust Agreement restricts the ability of holders of Partnership REUs to exercise such voting rights.


ITEM 1B.	UNRESOLVED STAFF COMMENTS

None.

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ITEM 2.	PROPERTIES

We doare ~~not~~co-headquartered ~~own~~in orYishun, ~~rent~~Singapore ~~facilities~~and ofSan Jose, ~~any kind~~California. AtWe ~~present,~~conduct ~~we operate from~~ our ~~principal office address that is located within the offices of Holdco~~administration, ~~our General Partner~~manufacturing, ~~who~~research ~~provides~~and ~~this space to us free of charge. However~~development, ~~since~~sales weand ~~were~~marketing ~~formed~~ in ~~order~~both toowned ~~effect a proposed business combination between Avago~~ and ~~Broadcom,~~leased wefacilities. ~~have~~We ~~not~~believe ~~carried~~that onour ~~any~~owned ~~activities other than those incidental to the Partnership’s formation~~ and ~~the~~leased ~~matters~~facilities ~~contemplated~~are byadequate ~~the Merger Agreement and we don’t believe the amount relating to use of office space to be material~~ for ~~financial~~our ~~reporting~~present ~~purposes~~operations. We ~~expect~~do tonot ~~continue~~identify toor ~~use~~allocate ~~this~~assets ~~space~~by ~~for~~operating ~~our principal office for the foreseeable future~~segment.

~~ITEM~~As 3.of ~~LEGAL~~October 30, ~~PROCEEDINGS~~2016, our principal facilities consisted of:

Lawsuits Relating to the Pending Acquisition of Broadcom



(Square Feet)	Singapore	United States	Other Countries	Total
Owned facilities	37,352	1,941,165	335,000	2,313,517
Leased facilities ¹	289,431	1,814,165	1,467,423	3,571,019
Total facilities	326,783	3,755,330	1,802,423	5,884,536
_______________
¹ Building leases expire on varying dates through October 2030 and generally include renewals at our option.

~~Since the announcement of the Transactions, 11 putative class action complaints have been filed by and purportedly on behalf of alleged Broadcom shareholders~~Item 3. ~~Two~~Legal putative class action complaints were filed in the United States District Court for the Central District of California, captioned: Wytas, et al. v. McGregor, et al., Case No. 8:15-cv-00979, filed on June 18, 2015; and Yassian, et al. v. McGregor, et al., Case No. 8:15-cv-01303, filed on August 15, 2015 (the “Federal Actions”). On September 2, 2015, plaintiffs in the Wytas, et al. v. McGregor, et al. matter filed an amended complaint adding claims under the U.S. federal securities laws. One putative class action complaint was filed in the Superior Court of the State of California, County of Santa Clara, captioned Jew v. Broadcom Corp., et al., Case No. 1-15-CV-281353, filed June 2, 2015. Eight putative class action complaints were filed in the Superior Court of the State of California, County of Orange, captioned: Xu v. Broadcom Corp., et al., Case No. 30-2015-00790689-CU-SL-CXC, filed June 1, 2015; Freed v. Broadcom Corp., et al., Case No. 30-2015-00790699-CU-SL-CXC, filed June 1, 2015; N.J. Building Laborers Statewide Pension Fund v. Samueli, et al., Case No. 30-2015-00791484-CU-SL-CXC, filed June 4, 2015; Yiu v. Broadcom Corp., et al., Case No. 30-2015-00791490-CU-SL-CXC, filed June 4, 2015; Yiu, et al. v. Broadcom Corp., et al., Case No. 30-2015-00791762-CU-BT-CXC, filed June 5, 2015; Yassian, et al. v. McGregor, et al., Case No. 30-2015-00793360-CU-SL-CXC, filed June 15, 2015; Seafarers’ Pension Plan v. Samueli, et al., Case No. 30-2015-00794492-CU-SL-CXC, filed June 19, 2015; and Engel v. Broadcom Corp., et al., Case No. 30-2015-00797343-CU-SL-CXC, filed on July 2, 2015 (together with Jew v. Broadcom Corp., et al., the “State Actions”). The Federal Actions and State Actions name as defendants, among other parties, Broadcom, members of Broadcom’s board of directors and Safari Cayman L.P., and allege, among other things, that the board of directors of Broadcom breached their fiduciary duties by approving the Merger Agreement and that Safari Cayman L.P. aided and abetted the Broadcom directors in the alleged breaches of their fiduciary duties. The plaintiffs seek, among other things, injunctive relief to prevent the Transactions from closing. Additionally, the Federal Actions allege violations of Sections 14(a) and 20(a) of the Exchange Act and SEC Rule 14a-9.Proceedings

OnThe ~~August~~information ~~14,~~set ~~2015,~~forth ~~the~~under ~~Superior~~“Note ~~Court of the State of California~~14, ~~County~~Commitments ~~of Orange, issued an order coordinating~~ and ~~consolidating~~Contingencies” ~~the~~included ~~State~~Part ~~Actions~~II, ~~captioned~~Item ~~Broadcom~~8 ~~Shareholder Cases, JCCP 4834. On September 4, 2015, Broadcom, members~~ of ~~Broadcom’s~~this ~~board~~Form ~~of directors and Safari Cayman L.P. filed a motion to stay the State Actions. On September 18~~10-K, ~~2015,~~is ~~the~~incorporated ~~United~~herein ~~States~~by ~~District Court for the Central District of California consolidated the Federal Actions under the caption In re Broadcom Corporation Stockholder Litigation, Case No~~reference. ~~8:15-cv-00979-JVS-PJW.~~For Onan ~~September~~additional ~~25,~~discussion ~~2015, the Superior Court~~ of ~~the~~certain ~~State~~risks ofassociated ~~California, County of Orange, stayed the State Actions pending the outcome of the Federal Actions. On October 28, 2015, Broadcom supplemented its disclosures, and filed additional proxy materials~~ with ~~the~~legal ~~SEC. On November 10~~proceedings, ~~2015,~~see ~~Broadcom~~“Risk ~~shareholders~~Factors” ~~voted to approve the Transactions~~above.

OnItem ~~November~~4. ~~16,~~Mine ~~2015,~~Safety ~~the United States District Court for the Central District of California appointed lead plaintiffs and lead counsel in the Federal Action.~~ Disclosures

ITEM 4. MINE SAFETY DISCLOSURES

None.

732

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PART II

ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER SALE AND PURCHASES OF EQUITY SECURITIES

Market Information

AsBroadcom ofordinary ~~November~~shares 1are listed on The Nasdaq Global Select Market under the symbol “AVGO”. The following table sets forth, ~~2015~~for each quarterly period presented, ~~there~~the ~~are~~high noand ~~partnership~~low ~~units~~sales ~~authorized,~~prices ~~issued~~of orour ~~outstanding.~~ordinary shares as reported by The Nasdaq Global Select Market:



	Market Prices
	High		Low
Fiscal Year ended November 1, 2015:
First Quarter (ended February 1, 2015)	$	108.34	$	83.50
Second Quarter (ended May 3, 2015)	$	136.28	$	99.16
Third Quarter (ended August 2, 2015)	$	150.50	$	115.39
Fourth Quarter (ended November 1, 2015)	$	134.95	$	100.00
Fiscal Year ended October 30, 2016:
First Quarter (ended February 1, 2016)	$	149.72	$	115.21
Second Quarter (ended May 1, 2016)	$	159.65	$	114.25
Third Quarter (ended July 31, 2016)	$	167.60	$	139.18
Fourth Quarter (ended October 30, 2016)	$	179.42	$	158.75

Holders

As of November 1 27, ~~2015~~2016, there ~~are~~were no243 ~~partnership~~holders ~~units~~of ~~authorized~~record ~~for~~of ~~issuance.~~Broadcom ~~Following~~ordinary ~~the~~shares. ~~consummation~~A ofsubstantially ~~the~~greater ~~Transactions,~~number weof ~~expect~~shareholders toare ~~authorize~~“street ~~and~~name” ~~issue~~or ~~(i)~~beneficial ~~Common Units to Holdco~~holders, aswhose ~~our~~shares ~~General~~are ~~Partner;~~held ~~and~~of ~~(ii)~~record ~~Restricted~~by ~~Exchangeable Units to certain former Broadcom shareholders~~banks, asbrokers ~~our Limited Partners, in such number~~ and onother ~~such~~financial ~~terms and conditions as provided for by the Merger Agreement~~institutions.

~~Dividends~~As of November 27, 2016, there were 1,225 holders of record of the Partnership REUs.

~~The~~Dividends Partnership has not paid any cash dividends to date. As noted above, the Partnership expects to enter into the Restated Partnership Agreement upon consummation of the Transactions. Subject to the provisions set forth in the Restated Partnership Agreement, if a cash dividend is declared by Holdco and ~~is payable in respect of a Holdco Ordinary Share, we will be required to make a distribution in the same amount in respect of each corresponding Restricted Exchangeable Unit and Common Unit.~~Distributions

In fiscal years 2016 and 2015, Broadcom declared and paid the following quarterly cash dividends, on a per share basis:

If additional Holdco Ordinary Shares are declared and payable as a stock dividend, then we will be required to issue additional corresponding Restricted Exchangeable Units. The record date and payment date for distributions on the Restricted Exchangeable Units will be the same as the relevant record date and payment date for the dividends on the Holdco Ordinary Shares.



	Fiscal Year 2016		Fiscal Year 2015
First Quarter	$	0.44	$	0.35
Second Quarter	$	0.49	$	0.38
Third Quarter	$	0.50	$	0.40
Fourth Quarter	$	0.51	$	0.42

InFor nothe ~~case~~second ~~will~~quarter weof befiscal ~~required~~year to2016 ~~make~~and onwards, a cash distribution ifper ~~such~~Partnership ~~distribution~~REU ~~would~~was ~~violate~~declared ~~the~~and ~~Cayman~~made ~~Islands~~equal ~~Limited~~to ~~Partnerships~~that ~~Act~~of orthe ~~any~~Broadcom ~~other~~quarterly ~~applicable~~cash ~~law.~~dividend per ordinary share.

~~Our~~On ~~General~~December 6, ~~Partner~~2016, ~~may~~the ~~authorize~~Board usdeclared toan ~~make~~interim ~~further~~ cash ~~distributions~~dividend toof ~~Holdco~~$1.02 inper ~~order~~Broadcom toordinary ~~fund repurchases~~share, ~~redemptions~~payable oron ~~acquisitions~~December 30, of2016 ~~Holdco Ordinary Shares and in order~~ to ~~fund~~shareholders ~~expenses or other obligations incurred by Holdco as a consequence~~ of ~~its~~record ~~role~~at as the ~~General~~close ~~Partner, including, in amounts required for Holdco to pay any tax liabilities, operating or administrative costs, indemnification obligations~~ of ~~Holdco~~business ~~owing~~(Eastern toTime) ~~officers,~~on ~~directors and other persons~~December 16, ~~expenses incurred for director and officer insurance~~2016, ~~expenses incurred as a result of litigation, expenses related to any securities offering, investment~~ or ~~acquisition transaction, any judgments, settlements, penalties or fines and other fees related to~~ the ~~maintenance~~Broadcom ~~and existence of the General Partner~~Dividend. ~~However,~~Broadcom ~~none~~paid ofaggregate ~~such~~cash ~~distributions may be used to pay or facilitate~~ dividends orand distributions onof ~~the~~$750 ~~Holdco~~million ~~Ordinary~~and ~~Shares.~~$408 ~~For~~million ain ~~discussion~~fiscal onyears ~~the~~2016 ~~restrictions~~and ~~related to dividends payable by Holdco~~2015, please see the risk factor entitled “Risks Related to Holdco Ordinary Shares - Holdco cannot assure you that it will pay any cash dividends or repurchase any Holdco Ordinary Shares for the foreseeable future or that you will realize gains on Holdco Ordinary Sharesrespectively.”

~~Securities~~As ~~Authorized~~a ~~for~~result ~~Issuance~~of ~~under~~the Broadcom Dividend, and pursuant to the Partnership Agreement, the Partnership will pay a cash distribution in an ~~Equity~~amount ~~Compensation~~equal ~~Plan~~to the aggregate amount of the Broadcom Dividend to Broadcom, as General Partner, and a $1.02 distribution per Partnership REU, payable on December 30, 2016, to limited partners of record at the close of business (Eastern Time) on December 16, 2016. The Partnership made aggregate distributions of $34 million on its Partnership REUs during fiscal year 2016.

~~The~~Our ~~Partnership~~Board ~~has~~reviews ~~not~~our ~~authorized~~dividend policy regularly and recently adopted a new dividend policy, targeting the ~~issuance~~projected quarterly per share dividend amount for the full fiscal year instead of on a quarter-by-quarter basis. However, the declaration and payment of any ~~partnership~~future ~~units~~cash individends ~~connection~~(and ~~with~~therefore any ~~form~~future ofcash ~~equity~~distributions) ~~compensation~~are ~~plan.~~at the discretion and approval of our

~~Recent Sale of Unregistered Securities~~33

~~During~~Table ~~the year ended November 1, 2015, the Partnership did not have any sales~~ of ~~partnership units.~~Contents

~~Purchases~~Board ofand ~~Equity~~subject ~~Securities~~to byour ~~the~~Board’s ~~Issuer~~continuing determination that they are in our best interests. Future dividend payments will also depend upon such factors as our earnings level, capital requirements, contractual restrictions, cash position, overall financial condition and ~~Affiliated~~any ~~Purchasers~~other factors deemed relevant by our Board.

The ~~Restated~~payment ~~Partnership~~of ~~Agreement,~~cash ~~will~~dividends ~~generally~~on ~~govern~~Broadcom ~~the~~ordinary ~~sources~~shares ~~and~~is ~~uses~~restricted ofunder ~~the~~applicable ~~Partnership’s~~law ~~revenue.~~and Asour ~~noted~~corporate ~~above,~~structure. ~~pursuant~~Pursuant to ~~the~~Singapore ~~terms~~law ofand ~~the~~Broadcom’s ~~Restated Partnership Agreement~~Constitution, ~~following~~no ~~the~~cash ~~Restriction~~dividends ~~Period~~may ~~and~~be ~~subject~~paid toexcept ~~the~~out ~~terms and conditions~~ of ~~the~~our ~~Merger Agreement~~profits, aor ~~holder~~expected ofprofits. ~~Restricted~~Also, ~~Exchangeable~~because ~~Units~~we ~~will~~are ~~have~~a ~~the~~holding ~~right~~company, toour ~~require~~ability us to ~~repurchase~~pay ~~any~~cash ordividends ~~all~~on ofBroadcom ~~the~~ordinary ~~holder’s~~shares ~~Restricted~~and ~~Exchangeable~~cash ~~Units.~~distributions Inon ~~such case, either we or~~ our ~~General~~Partnership ~~Partner~~REUs ~~will~~may ~~repurchase~~be ~~each~~limited ~~Restricted~~by ~~Exchangeable~~restrictions ~~Unit~~on ~~submitted~~our ~~for~~ability ~~repurchase~~to inobtain ~~consideration~~sufficient ~~for~~funds ~~either~~through ~~one~~dividends ~~Holdco~~from ~~Ordinary~~subsidiaries, ~~Share~~including orrestrictions anunder ~~equivalent~~the ~~cash~~terms ~~amount,~~of asagreements ~~determined~~governing by our ~~General Partner in its sole discretion~~indebtedness.

InRecent ~~the~~Sales ~~event that Holdco issues Holdco Ordinary Shares, the Restated Partnership Agreement requires Holdco to contribute the net proceeds from the issuance~~ of ~~such~~Unregistered ~~shares~~Securities to us as a capital contribution on account of its Common Units. In the event that a new class of shares in the capital of Holdco is created, the General Partner will create a corresponding new class of partnership units that has corresponding distribution rights to such new class of shares and will cause us to issue new units of such class to Holdco. The Restated Partnership Agreement also requires Holdco to contribute the net proceeds from the issuance of such shares to us in exchange for such units.

8None.

IfIssuer ~~Holdco~~Purchases ~~proposes~~of toEquity redeem, repurchase or otherwise acquire any Holdco Ordinary Shares for cash, the Restated Partnership Agreement requires us, immediately prior to such redemption, repurchase or acquisition, to make a distribution to Holdco on the Common Units in an amount sufficient for Holdco to fund such redemption, repurchase or acquisition, as the case may be.Securities

None.

Share Performance Graph

The following graph shows a comparison of cumulative total return for our ordinary shares, the Standard & Poor’s 500 Stock Index, or S&P 500 Index, and the Philadelphia Semiconductor Index, or PHLX Semiconductor Index. The graph covers the period from October 30, 2011 (the last day of trading of our fiscal year 2011) to October 30, 2016 (the last trading day of our fiscal year 2016). The total return graph and table assume that $100 was invested on October 30, 2011 in Avago Technologies Limited ordinary shares for each of the S&P 500 Index and the PHLX Semiconductor Index and assumes all dividends are reinvested. Indexes are calculated on a month-end basis.

The comparisons in the graph below are based on historical data and are not indicative of, or intended to forecast, the possible future performance of our ordinary shares.

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Comparison of Five Year Cumulative Total Return

Among Broadcom Limited, the S&P 500 Index and the PHLX Semiconductor Index



	October 30, 2011		October 28, 2012		November 3, 2013		November 2, 2014		November 1, 2015		October 30, 2016
Broadcom Limited	$	100.00	$	102.41	$	138.34	$	271.28	$	392.14	$	546.10
S&P 500 Index	$	100.00	$	112.32	$	143.31	$	167.57	$	176.28	$	184.25
PHLX Semiconductor Index	$	100.00	$	94.10	$	131.84	$	170.06	$	180.10	$	226.95

The graph and the table above shall not be deemed “filed” with the SEC for the purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by us with the SEC, regardless of any general incorporation language in such filing.

Securities Authorized for Issuance Under Equity Compensation Plans

The information required by this item regarding securities authorized for issuance under equity compensation plans is incorporated herein by reference to the definitive Proxy Statement for our 2017 AGM to be filed with the SEC within 120 days after the end of fiscal year 2016.

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ITEM 6.	SELECTED FINANCIAL DATA

The following table sets forth the selected consolidated financial data for Broadcom and the Partnership. We report financial results on a 52-or 53-week fiscal year. Our fiscal year ends on the Sunday closest to October 31. Our fiscal year 2013 was a 53-week fiscal year. You should read the following selected consolidated financial data together with the information included under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our historical financial statements and related notes included elsewhere in this Annual Report on Form 10-K.

Omitted pursuant to General Instruction I(1)(a) and (b) of Form 10-K.



Summary of Five Year Selected Financial Data
	Fiscal Year Ended
	October 30, 2016			November 1, 2015			November 2, 2014			November 3, 2013			October 28, 2012

	(In millions, except per share amounts)
Statement of Operations Data: ⁽¹⁾
Net revenue	$	13,240		$	6,824		$	4,269		$	2,520		$	2,364
Cost of products sold:
Cost of products sold ⁽²⁾	5,295			2,750			1,911			1,251			1,164
Purchase accounting effect on inventory	1,185			30			210			9			—
Amortization of acquisition-related intangible assets	763			484			249			61			56
Restructuring charges ⁽³⁾	57			7			22			1			2
Total cost of products sold	7,300			3,271			2,392			1,322			1,222
Gross margin	5,940			3,553			1,877			1,198			1,142
Research and development	2,674			1,049			695			398			335
Selling, general and administrative ⁽²⁾	806			486			407			222			199
Amortization of acquisition-related intangible assets	1,873			249			197			24			21
Restructuring, impairment and disposal charges ⁽³⁾	996			137			140			2			5
Total operating expenses	6,349			1,921			1,439			646			560
Operating income (loss) ⁽⁴⁾	(409		)	1,632			438			552			582
Interest expense ⁽⁵⁾	(585		)	(191		)	(110		)	(2		)	(1		)
Loss on extinguishment of debt ⁽⁶⁾	(123		)	(10		)	—			—			—
Other income, net	10			36			14			18			4
Income (loss) from continuing operations before income taxes	(1,107		)	1,467			342			568			585
Provision for income taxes ⁽⁷⁾	642			76			33			16			22
Income (loss) from continuing operations	(1,749		)	1,391			309			552			563
Loss from discontinued operations, net of income taxes ⁽⁸⁾	(112		)	(27		)	(46		)	—			—
Net income (loss)	(1,861		)	1,364			263			552			563
Net loss attributable to noncontrolling interest ⁽⁹⁾	(122		)	—			—			—			—
Net income (loss) attributable to ordinary shares	$	(1,739	)	$	1,364		$	263		$	552		$	563

Income (loss) per ordinary share (diluted):
Income (loss) per share from continuing operations	$	(4.57	)	$	4.95		$	1.16		$	2.19		$	2.25
Loss per share from discontinued operations	(0.29		)	(0.10		)	(0.17		)	—			—
Net income (loss) per share	$	(4.86	)	$	4.85		$	0.99		$	2.19		$	2.25

Cash dividend declared and paid per ordinary share	$	1.94		$	1.55		$	1.13		$	0.80		$	0.56

~~ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS~~36

Table of Contents



	October 30, 2016		November 1, 2015		November 2, 2014		November 3, 2013		October 28, 2012

	(In millions)
Balance Sheet Data (at end of period):
Cash and cash equivalents ⁽¹⁰⁾	$	3,097	$	1,822	$	1,604	$	985	$	1,084
Total assets	$	49,966	$	10,515	$	10,376	$	3,415	$	2,862
Debt and capital lease	$	13,642	$	3,872	$	5,395	$	2	$	3
Total shareholders' equity	$	21,876	$	4,714	$	3,243	$	2,886	$	2,419

Shareholders’ equity, partners’ capital and the Limited Partners’ noncontrolling interest in Broadcom are the primary areas of difference between the consolidated financial statements of Broadcom and those of the Partnership. The following table sets forth certain Partnership data, as well as these primary differences.



	October 30, 2016			November 1, 2015		November 2, 2014		November 3, 2013		October 28, 2012

	(In millions, except per share amounts)
Partnership Data:
General Partner's interest in net loss	$	(2,116	)	$	—	$	—	$	—	$	—
Limited Partners' interest in net loss	$	(122	)	$	—	$	—	$	—	$	—
Net income attributable to ordinary shareholders	$	377		$	1,364	$	263	$	552	$	563

Cash distribution paid per restricted exchangeable partnership unit	$	1.50		$	—	$	—	$	—	$	—
Cash distribution paid to General Partner	$	594		$	—	$	—	$	—	$	—
Dividends declared and paid per share	$	0.44		$	1.55	$	1.13	$	0.80	$	0.56

Total partners’ capital/shareholders’ equity	$	21,876		$	4,714	$	3,243	$	2,886	$	2,419

_______________________________________

(1)

On February 1, 2016, we acquired BRCM for total consideration of approximately $35.7 billion. On May 5, 2015, we acquired Emulex for total consideration of approximately $587 million. On August 12, 2014, we acquired PLX for total consideration of approximately $308 million. On May 6, 2014, we acquired LSI for total consideration of approximately $6.5 billion. On June 28, 2013, we acquired CyOptics for total consideration of approximately $380 million. The results of operations of the acquired companies and estimated fair value of assets acquired and liabilities assumed were included in our financial statements from the respective acquisition dates, resulting in a significant change in our statement of operations and balance sheet data for fiscal years 2016, 2015 and 2014 as compared to prior years.


(2)	We incurred acquisition-related costs of $139 million, $74 million and $74 million in fiscal years 2016, 2015 and 2014, respectively, of which $138 million, $71 million and $67 million were presented as part of operating expenses in fiscal years 2016, 2015 and 2014, respectively, and the remainder was presented as part of cost of products sold.


(3)	Fiscal years 2016, 2015 and 2014 restructuring charges primarily reflect actions taken to implement planned cost reduction and restructuring activities in connection with the acquisition and integration of BRCM, Emulex, LSI and PLX.

During fiscal 2016, we recorded impairment charges of $417 million for in-process research and development and $173 million for property, plant and equipment related primarily to BRCM. During fiscal year 2015, we recognized a $61 million loss to write down certain fiber optics subsystems assets that we agreed to sell to fair value less costs to sell.

(4)

Includes share-based compensation expense of $664 million, $232 million, $153 million, $77 million and $53 million for fiscal years 2016, 2015, 2014, 2013 and 2012, respectively. Share-based compensation expense for fiscal years 2016, 2015 and 2014 includes the impact of equity awards assumed as part of the BRCM, Emulex and LSI acquisitions. Share-based compensation expense for fiscal years 2014 and 2013 include the impact of a special, long-term compensation and retention equity award made to our President and Chief Executive Officer.

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(5)	Interest expense in fiscal year 2016 includes contractual interest, debt modification and ticking fees related to financing the Broadcom Merger. Interest expense for fiscal years 2015 and 2014 includes interest on the 2.0% Convertible Senior Notes due 2021.


(6)	Loss on extinguishment of debt during fiscal year 2016 was due to the repayment of certain indebtedness in connection with our Broadcom Merger.


(7)	Our provision for income taxes fluctuates based on the jurisdictional mix of income.

(8)

Beginning on February 1, 2016, we classified certain BRCM businesses as discontinued operations and sold these businesses during fiscal year 2016 for a gain of $36 million. During fiscal year 2015, we classified the Emulex network visibility product business as discontinued operations and sold this business for a loss of $28 million. Beginning in fiscal year 2014, we classified the LSI Flash business and the LSI Axxia networking business as discontinued operations. We sold the LSI Flash business in fiscal year 2014 for a gain of $18 million and the LSI Axxia networking business in fiscal year 2015 for a gain of $14 million.

(9)

As a result of Broadcom’s controlling interest in the Partnership, we consolidate the financial results of the Partnership and present a noncontrolling interest for the portion of the Partnership it does not own in our consolidated financial statements. Net loss attributable to noncontrolling interest on the consolidated statements of operations represents the portion of loss attributable to the economic interest in the Partnership owned by the Limited Partners.


(10)	Cash and cash equivalents balances are the same for Broadcom and the Partnership for all periods presented except for the balance at October 30, 2016. The Partnership’s balance of cash and cash equivalents at October 30, 2016 was $3.0 billion. The difference between the balances is a result of the timing of capital contributions from Broadcom to the Partnership.

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with “Selected Financial Data” and our consolidated financial statements and notes thereto which appear elsewhere in this Annual Report on Form 10-K. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under the caption “Risk Factors” or in other parts of this Annual Report on Form 10-K.

Overview

~~Safari~~Broadcom ~~Cayman~~is Lthe successor to Avago Technologies Limited, or Avago.P. isWe anare ~~exempted~~a ~~limited~~leading ~~partnership~~designer, ~~formed~~developer ~~under~~and ~~the~~global ~~laws~~supplier of ~~the~~a ~~Cayman~~broad ~~Islands~~range ~~pursuant~~of tosemiconductor andevices ~~Exempted~~with ~~Limited~~a ~~Partnership~~focus ~~Agreement~~on ~~(the~~complex ~~“Initial~~digital ~~Partnership~~and ~~Agreement”)~~mixed ~~dated~~signal ~~May 26~~complementary metal oxide semiconductor, ~~2015~~or byCMOS, based devices and ~~between~~analog ~~Pavonia~~III-V ~~Limited,~~based products. We have a ~~limited~~history ~~company~~of ~~incorporated~~innovation ~~under~~and ~~the~~offer ~~laws~~thousands of ~~the~~products ~~Republic~~that ofare ~~Singapore,~~used in end products such as ~~our~~enterprise ~~general~~and ~~partner (“Holdco”~~data orcenter ~~our~~networking, ~~“General~~home ~~Partner”)~~connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones, data center servers and ~~Antelope~~storage ~~Cayman~~systems, ~~CLP~~factory ~~Limited~~automation, anpower ~~exempted~~generation ~~company~~and ~~incorporated~~alternative ~~under~~energy ~~the~~systems, ~~laws~~and ofelectronic ~~the~~displays. ~~Cayman~~We ~~Islands~~have four reportable segments: wired infrastructure, wireless communications, enterprise storage, and aindustrial ~~wholly-owned~~& ~~subsidiary~~other, ofwhich ~~Holdco~~align (with our ~~“Initial~~principal ~~Limited~~target ~~Partner”)~~markets.

AsBroadcom Cayman L.P., or the Partnership, is an exempted limited partnership formed under the laws of ~~November~~the 1Cayman Islands in order to effect the business combination between Avago and Broadcom Corporation, ~~2015~~or BRCM. Pursuant to the amended and restated exempted limited partnership agreement, or the Partnership ~~has~~Agreement, noit ~~operations~~authorized its common partnership units and norestricted ~~material~~exchangeable ~~assets~~limited partnership units, or ~~liabilities~~Partnership REUs. WeThe ~~have~~Partnership ~~not~~REUs ~~carried~~are ondeemed ~~any~~to ~~activities~~be ~~other~~registered ~~than~~under ~~those~~Section ~~incidental~~12(b) toof the ~~Partnership’s~~Securities ~~formation~~Exchange Act of 1934, or the Exchange Act, and the ~~matters~~Partnership ~~contemplated~~is bysubject to the ~~Merger~~informational ~~Agreement~~requirements ~~(as~~of ~~defined~~the ~~below)~~Exchange Act and the rules and regulations promulgated thereunder. WeBroadcom, ~~have~~its noGeneral ~~partnership~~Partner, ~~units~~has ~~authorized~~the exclusive right, power and ~~outstanding~~authority asto manage, control, administer and operate the business and affairs and to make decisions regarding the undertaking and business of ~~such~~the ~~date~~Partnership in accordance with the Partnership Agreement, and applicable laws. There is no board of directors of the Partnership.

~~Merger~~Original ~~Agreement~~equipment manufacturers, or OEMs, or their contract manufacturers, and distributors typically account for the substantial majority of our sales. We have established strong relationships with leading OEM customers across multiple target markets and we have a direct sales force focused on supporting large OEMs. We also distribute a substantial portion of our products through our broad distribution network, and a significant amount of these sales are to large global electronic components distributors, including Avnet, Inc.

WeThe ~~were~~demand ~~formed~~for inour ~~order~~products tohas ~~effect~~been aaffected ~~proposed~~in ~~business~~the ~~combination between Avago Technologies Limited~~past, ~~a limited company incorporated under the laws of the Republic of Singapore (“Avago”)~~ and ~~Broadcom~~is ~~Corporation,~~likely ato ~~California~~continue ~~corporation (“Broadcom”), pursuant~~ to anbe ~~Agreement~~affected ~~and~~in ~~Plan~~the ~~of Merger dated as of May 28~~future, ~~2015,~~ by ~~and~~various ~~among the Partnership~~factors, ~~Holdco,~~including ~~our Initial Limited Partner, Avago, Broadcom and certain other parties named therein (as amended,~~ the ~~“Merger Agreement”).~~following:

~~Subject~~• togeneral ~~and~~economic ~~upon the terms~~ and market conditions ofin the ~~Merger~~semiconductor ~~Agreement~~industry and ain ~~statutory~~our ~~procedure~~target known as a Scheme of Arrangement (the “Avago Scheme”) to be implemented by Avago under Singapore law and subject to approval of the High Court of the Republic of Singapore, all issued ordinary shares of Avago (“Avago Ordinary Shares”) as of immediately prior to the effective time of the transaction will be exchanged on a one-for-one basis for newly allotted and issued ordinary shares of Holdco (“Holdco Ordinary Shares”), and Broadcom will become an indirect subsidiary of Holdco and the Partnership upon the merger of certain indirect subsidiaries of Holdco with and into Broadcom, with Broadcom continuing as the surviving corporation of each such merger (such mergers, the “Broadcom Merger” and together with the Avago Scheme, the “Transactions”). As a result of the Transactions, both Avago and Broadcom will become indirect subsidiaries of Holdco and the Partnership, and their equity securities will cease to be publicly traded. Holdco will be renamed Broadcom Limited. It is a condition to the Transactions that Holdco ordinary shares be listed on the Nasdaq Global Select Market.markets;

~~Share~~• ~~Capital~~our ability to define specifications for, develop or acquire, complete, introduce and market, new products and technologies in a cost-effective and timely manner;

In• ~~connection with~~ the ~~Broadcom Merger~~timing, ~~each~~rescheduling share of Broadcom Class A common stock and Broadcom Class B common stock (collectively, the “Broadcom Common Shares”) will be converted into the right to receive, at the election of each holder of such Broadcom Common Shares, (i) cash, (ii) freely tradable Holdco Ordinary Shares or ~~(iii)~~cancellation ~~limited partnership units in the Partnership (“Restricted Exchangeable Units”) which cannot be transferred, sold, or hedged for a period~~ of ~~one~~expected orcustomer two years after closing of the Transactions (the “Restriction Period”), each in such amounts and subject to such terms and conditions as set forth in the Merger Agreement. Following the Restriction Period, and subject to certain other conditions, a holder of Restricted Exchangeable Units will have the right (the “Exchange Right”) to require us to repurchase any or all of the holder’s Restricted Exchangeable Units in exchange for Holdco Ordinary Shares, or an equivalent cash amount, as determined in the sole discretion of Holdco. orders;

~~Any~~• ~~shares~~the ~~with~~rate ~~respect~~at to which ~~Broadcom~~our ~~shareholders~~present ~~make~~and afuture ~~valid~~customers ~~election~~and toend-users ~~receive~~adopt ~~cash,~~our ~~Holdco~~products ~~Ordinary~~and ~~Shares~~technologies ~~or Restricted Exchangeable Units~~ in ~~connection~~our ~~with~~target ~~the~~markets, ~~Broadcom Merger~~ and ~~subsequent~~the ~~Transactions~~rate ~~are~~at ~~referred~~which toour ~~herein~~customers' asproducts ~~“Cash~~that ~~Electing~~include ~~Shares,”~~our ~~“Stock~~technology ~~Electing~~are ~~Shares”~~accepted ~~and~~in ~~“Unit~~their ~~Electing~~markets; ~~Shares,” respectively.~~and

~~Upon~~• ~~consummation of~~ the ~~Transactions~~qualification, ~~the~~availability ~~Partnership expects to amend~~ and ~~restate~~pricing ~~the Initial Partnership Agreement (as amended and restated, the “Restated Partnership Agreement”) to, among other things, provide for the withdrawal~~ of ~~our~~competing ~~Initial~~products ~~Limited Partner~~ and ~~the~~technologies ~~admission of Broadcom shareholders, who have elected to receive Restricted Exchangeable Units, as limited partners of the Partnership (each, a “Limited Partner”~~ and ~~together,~~ the ~~“Limited~~resulting ~~Partners”).~~effects Inon ~~addition,~~sales ~~we expect to establish~~ and ~~authorize~~pricing ~~the issuance~~ of: ~~(i) Common Units to Holdco, as~~ our ~~General Partner and (ii) Restricted Exchangeable Units, to the former Broadcom shareholders, as our Limited Partners~~products.

~~The~~Current ~~Transactions~~uncertainty ~~are~~in ~~expected~~global toeconomic ~~close~~conditions, onincluding orthe ~~about~~economic ~~February~~recovery 1in the United States and the level of growth in China, ~~2016~~still poses significant risks to our business. For example, ~~subject~~customers may defer purchases in response to ~~certain~~tighter ~~customary~~credit ~~closing~~and ~~conditions~~negative financial news, which would in turn negatively affect product demand and our results of operations.

9Fiscal Year Highlights

On February 1, 2016, or the Acquisition Date, we acquired BRCM for approximately $35.7 billion in ordinary shares, Partnership REUs, and cash, which is discussed in greater detail below under “Acquisitions and Divestitures”. Since the Acquisition Date, we divested substantially all of the non-core BRCM businesses held-for-sale generating aggregate cash proceeds of $830 million in fiscal year 2016. Non-core BRCM businesses are presented as discontinued operations, and have been excluded from continuing operations and from segment results for all periods presented, in accordance with applicable accounting guidance.

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In addition to the acquisition of BRCM, highlights during fiscal year 2016 include the following:


•	Our cash and cash equivalents were $3.1 billion at October 30, 2016, compared with $1.8 billion at November 1, 2015.


•	We generated $3.4 billion of cash from operations during fiscal year 2016.


•	Broadcom paid aggregate cash dividends on its ordinary shares of $716 million, and the Partnership made aggregate distributions of $34 million on its Partnership REUs during fiscal year 2016.


•	As a result of our acquisition of BRCM, our outstanding debt increased by $11.7 billion, which we have reduced by $2 billion through cash generated from operations and the sale of non-core BRCM businesses noted above since the Acquisition Date.

Net Revenue

Substantially all of our net revenue is derived from sales of semiconductor devices that are incorporated into electronic products. Our four reportable segments are wired infrastructure, wireless communications, enterprise storage and industrial & other, which align with our target markets. Applications for our products in these segments include enterprise and data center networking, home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays.

Our overall net revenue, as well as the percentage of total net revenue generated by sales in each of our segments, has varied from quarter to quarter, due largely to fluctuations in end-market demand, including the effects of seasonality, which is discussed in detail below under “Seasonality”.

We use distributors for a significant portion of our business and recognize revenue upon delivery of product to the distributors, which can cause our quarterly net revenue to fluctuate significantly. Such revenue is reduced for estimated returns and distributor allowances. Sales to distributors accounted for 30% and 21% of our net revenue for fiscal years 2016 and 2015, respectively. Historically, a relatively small number of customers has accounted for a significant portion of our net revenue. During fiscal year 2016, Foxconn Technology Group companies (including Hon Hai Precision Industries), or together referred to as Foxconn, accounted for 14% of our net revenue, and our top ten direct customers, which also included four distributors, collectively accounted for 50% of our net revenue. During fiscal year 2015, Foxconn accounted for 24% of our net revenue and our top ten direct customers, which also included three distributors, collectively accounted for 58% of our net revenue. We believe our aggregate sales to Apple, Inc., when our direct sales to it are combined with our sales to the contract manufacturers that it utilizes (which includes Foxconn), accounted for more than 10% of our net revenues for fiscal year 2016 and more than 20% for fiscal year 2015. We expect to continue to experience significant customer concentration in future periods. The loss of, or significant decrease in demand from, any of our top ten direct or indirect customers could have a material adverse effect on our business, results of operations and financial condition.

From time to time, some of our key customers place large orders or delay orders, causing our quarterly net revenue to fluctuate significantly. This is particularly true in our wireless communications segment as fluctuations may be magnified by the launches of, and seasonal variations in, sales of mobile handsets, as well as changes in the overall economic environment.

In recent years, approximately 50% of our net revenue has come from sales to distributors, OEMs or contract manufacturers located in China. However, the end-customers for our products, or for the end products into which our products are incorporated, are frequently located in countries other than China. As a result, we believe that a substantially smaller percentage of our net revenue is ultimately dependent on sales of either our product, or our customers’ product incorporating our product, to end-customers located in China.

Costs and Expenses

Total cost of products sold. Cost of products sold consists primarily of the cost of semiconductor wafers and other materials, and the cost of assembly and testing of those products. Cost of products sold also includes personnel costs and overhead related to our manufacturing operations, including share-based compensation, and related occupancy, computer services and equipment costs, manufacturing quality, order fulfillment, warranty and inventory adjustments, including write-downs for inventory obsolescence, energy costs, other manufacturing expenses and acquisition-related costs. Acquisition-related costs include direct transaction costs and integration-related costs. Total cost of products sold also includes the purchase accounting effect on inventory, amortization of acquisition-related intangible assets and restructuring charges.

Although we outsource a significant portion of our manufacturing activities, we also have some proprietary semiconductor fabrication facilities. If we are unable to utilize our owned fabrication facilities at a desired level, the fixed costs associated with these facilities will not be fully absorbed, resulting in higher average unit costs and lower gross margins.

Research and development. Research and development expense consists primarily of personnel costs for our engineers engaged in the design and development of our products and technologies, including share-based compensation expense. These expenses also include project material costs, third-party fees paid to consultants, prototype development expense, allocated

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facilities costs and other corporate expenses and computer services costs related to supporting computer tools used in the engineering and design process.

Selling, general and administrative. Selling expense consists primarily of compensation and associated costs for sales and marketing personnel, including share-based compensation expense, sales commissions paid to our independent sales representatives, costs of advertising, trade shows, corporate marketing, promotion, travel related to our sales and marketing operations, related occupancy and equipment costs and other marketing costs. General and administrative expense consists primarily of compensation and associated costs for executive management, finance, human resources and other administrative personnel, outside professional fees, allocated facilities costs, acquisition-related costs and other corporate expenses.

Amortization of acquisition-related intangible assets. In connection with our acquisitions, we recognized intangible assets that are being amortized over their estimated useful lives of 1 year to 25 years. We also recognized goodwill and in-process research and development, which are not amortized, in connection with acquisitions.

Restructuring, impairment and disposal charges. Restructuring, impairment and disposal charges consist primarily of compensation costs associated with employee exit programs, alignment of our global manufacturing operations, rationalizing product development program costs, in-process research and development impairment, fixed asset impairment, facility and lease abandonments and other exit costs, including curtailment of service or supply agreements.

Interest expense. Interest expense includes coupon interest, commitment fees, accretion of the original issue discount and amortization of debt issuance costs related to our outstanding debt, expenses related to debt modification and ticking fees.

Loss on extinguishment of debt. In connection with the repurchase or redemption of our outstanding indebtedness, we incur a loss on the extinguishment of debt.

Other income, net. Other income, net includes net realized gains on the sale of available-for-sale securities, realized and unrealized gains (losses) on trading securities, gains on the sale of cost-method investments, interest income, gains (losses) on currency remeasurement and other miscellaneous items.

Provision for income taxes. We have structured our operations to maximize the benefit from various tax incentives and tax holidays extended to us in various jurisdictions to encourage investment or employment. For example, we have obtained several tax incentives from the Singapore Economic Development Board, an agency of the Government of Singapore, which provide that qualifying income we earn in Singapore is subject to tax holiday or reduced rates of Singapore income tax. Each such tax incentive is separate and distinct from the others, and may be granted, withheld, extended, modified, truncated, complied with or terminated independently without any effect on the other incentives. In order to retain these tax benefits in Singapore, we must meet certain operating conditions specific to each incentive relating to, among other things, maintenance of a corporate headquarters function and specified intellectual property, or IP, activities in Singapore. The Singapore tax incentives are presently scheduled to expire at various dates generally between 2020 and 2025, subject in certain cases to potential extensions, which we may or may not be able to obtain. Absent such tax incentives, the corporate income tax rate in Singapore that would otherwise apply to us would be 17%. We also have tax holidays on our qualifying income in Malaysia, which are scheduled to expire between 2018 and 2028. The tax incentives that we have negotiated are also subject to our compliance with various operating and other conditions. If we cannot, or elect not to, comply with the operating conditions included in any particular tax incentive, we will lose the related tax benefits and we could be required to refund previously realized material tax benefits. Depending on the incentive at issue, we could also be required to modify our operational structure and tax strategy, which may not be as beneficial to us as the benefits provided under the present tax concession arrangements. For fiscal years 2016, 2015 and 2014, the effect of all these tax incentives was to reduce the overall provision for income taxes by approximately $169 million, $207 million and $99 million, respectively.

Our interpretations and conclusions regarding the tax incentives are not binding on any taxing authority, and if our assumptions about tax and other laws are incorrect or if these tax incentives are substantially modified or rescinded we could suffer material adverse tax and other financial consequences, which would increase our expenses, reduce our profitability and adversely affect our cash flows. In addition, taxable income in any jurisdiction is dependent upon acceptance of our operational practices and intercompany transfer pricing by local tax authorities as being on an arm’s length basis. Due to inconsistencies in application of the arm’s length standard among taxing authorities, as well as lack of adequate treaty-based protection, transfer pricing challenges by tax authorities could, if successful, substantially increase our income tax expense.

Going forward, our overall effective tax rate and cash taxes payable will vary based on a variety of factors, including overall profitability, the geographical mix of income before income taxes and the related tax rates in the jurisdictions where we operate, as well as discrete events, such as settlements of future audits and acquisitions we may make from time to time and timing of distributions of earnings. In particular, we may owe significant taxes in jurisdictions outside Singapore during periods when we are profitable in those jurisdictions even though we may be experiencing low operating profit or operating losses on a consolidated basis, potentially resulting in significant tax liabilities on a consolidated basis during those periods. Our historical provision for income taxes is not necessarily reflective of our future results of operations.

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Acquisitions and Divestitures

Acquisitions

Broadcom Corporation

On February 1, 2016, pursuant to the Agreement and Plan of Merger, or the Broadcom Agreement, by and among Broadcom, Avago, BRCM, the Partnership, and certain other subsidiaries of Broadcom, (i) Broadcom acquired Avago pursuant to a Scheme of Arrangement, or the Avago Scheme, in which all of the ordinary shares in the capital of Avago issued and outstanding immediately prior to the effective time of the Avago Scheme were exchanged on a one-for-one basis, for newly issued ordinary shares of Broadcom, and (ii) thereafter, two subsidiaries of Broadcom merged with and into BRCM with BRCM as the surviving corporation of each such merger, or the Broadcom Merger, in which BRCM shareholders received, in aggregate, approximately $16.8 billion in cash, 112 million of Broadcom ordinary shares and 23 million Partnership REUs in exchange for all shares of BRCM common stock, par value $0.0001 per share, issued and outstanding immediately prior to the effective time of the Broadcom Merger. In addition, we also paid $137 million in cash for vested BRCM equity awards. Broadcom also assumed unvested restricted stock unit awards, or RSUs, originally granted by BRCM and converted them into 6 million Broadcom RSUs. Following the consummation of the Avago Scheme and the Broadcom Merger, or the Broadcom Transaction, each of Avago and BRCM became indirect subsidiaries of Broadcom and the Partnership.

The aggregate consideration for the Broadcom Merger was approximately $35.7 billion. We funded the cash portion of the Broadcom Merger with net proceeds from the issuance of $15.6 billion in term loans under a new collateralized credit facility, as amended from time to time, or the 2016 Credit Agreement, that we entered into at the time of closing of the Broadcom Merger, which is discussed in detail in “Note 8. Borrowings” included in Part II, Item 8 of this Form 10-K, as well as cash on hand of the combined companies. The financial results provided in this Form 10-K include the results of operations of BRCM commencing as of the Acquisition Date.

Other Acquisitions

During fiscal years 2015 and 2014 we made several other acquisitions to enhance our competitive position. In fiscal year 2015, we acquired Emulex Corporation, or Emulex, a leader in network connectivity, monitoring and management, for a purchase price of $587 million. In fiscal year 2014, we acquired LSI Corporation, or LSI, a provider of high-performance storage and networking semiconductors used in hard disk drives, solid state drives, communication systems, computer servers, storage systems and personal computers, for a purchase price of $6.5 billion. In fiscal year 2014, we also acquired PLX Technology, Inc., or PLX, a provider of PCI Express, or PCIe, semiconductor and software connectivity solutions, for $308 million.

The discussion and analysis in this section and the accompanying consolidated financial statements include the results of operations of acquired companies commencing on their respective acquisition dates.

See Note 3. “Acquisitions” included in Part II, Item 8 of this Form 10-K for additional information.

Pending Acquisition of Brocade Communications Systems, Inc.

On November 2, 2016, we entered into an Agreement and Plan of Merger, or the Brocade Agreement, by and among Broadcom, BRCM, Brocade Communications Systems, Inc., a Delaware corporation, or Brocade, and Bobcat Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of BRCM, or Merger Sub. The Brocade Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will merge with and into Brocade with Brocade as the surviving corporation, or the Brocade Merger. As a result of the Brocade Merger, Brocade will become an indirect subsidiary of Broadcom and the Partnership.

Under the Brocade Agreement, at the effective time of the Brocade Merger, each issued and outstanding share of Brocade common stock held by Brocade stockholders who do not perfect their appraisal rights with respect to the Brocade Merger will be converted into the right to receive $12.75 in cash, without interest. The Brocade Merger is currently valued at $5.5 billion plus $0.4 billion of net debt. We intend to finance the transaction with cash on hand from both companies and new debt financing.

We will also assume certain vested (to the extent not in-the-money) and all unvested Brocade stock options, restricted stock units and performance stock units held by continuing employees and service providers. All vested in-the-money Brocade stock options, after giving effect to any acceleration, and all other restricted stock units and performance stock units will be cashed out at the effective time of the Brocade Merger.

Brocade has made customary representations, warranties and covenants in the Brocade Agreement, including, without limitation, covenants not to solicit alternative transactions or, subject to certain exceptions, not to enter into discussions concerning, or provide confidential information in connection with, an alternative transaction. Each of Broadcom, BRCM and

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Merger Sub, or collectively, the Broadcom Parties, also has made customary representations, warranties and covenants in the Brocade Agreement.

Consummation of the Brocade Merger is subject to the satisfaction or waiver of customary closing conditions, including adoption of the Brocade Agreement by Brocade stockholders, the expiration or termination of the waiting period under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the receipt of regulatory clearance under certain other laws and the absence of certain pending governmental litigation with respect to the transactions contemplated by the Brocade Agreement.

Under the Brocade Agreement, Brocade has agreed to cooperate with us to facilitate the sale, disposition or other transfer of its IP Networking business, including its recently acquired Ruckus Wireless business. The consummation of the Brocade Merger is not conditioned on the divestiture of Brocade’s IP Networking business.

The Brocade Agreement contains certain termination rights for BRCM and Brocade, and further provides that, upon termination of the Brocade Agreement under certain specified circumstances, Brocade will be obligated to pay us a termination fee of $195 million.

We currently expect the Brocade Merger to close in the second half of our fiscal year 2017.

Divestitures

Sale of BRCM Businesses

During fiscal year 2016, we completed the sales of certain non-core BRCM businesses for aggregate cash proceeds of $830 million and recognized an aggregate gain of $36 million.

Sale of LSI Businesses

On September 2, 2014, we sold the LSI Flash business and related assets to Seagate Technology LLC for $450 million, resulting in a gain on sale of $18 million.

On November 18, 2014, we sold the LSI Axxia networking business and related assets to Intel Corporation for $650 million, resulting in a gain on sale of $14 million.

Critical Accounting Estimates

The preparation of financial statements in accordance with generally accepted accounting principles in the United States, or GAAP, requires us 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 financial statements and the reported amounts of revenue and expenses during the reporting period. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by us may differ materially and adversely from our estimates. Our critical accounting policies are those that affect our historical financial statements materially and involve difficult, subjective or complex judgments by management. Those policies include revenue recognition, business combinations, valuation of long-lived assets, intangible assets and goodwill, inventory valuation, income taxes, retirement and post-retirement benefit plan assumptions, share-based compensation and employee bonus programs.

Revenue recognition. We recognize revenue from sales of our products to distributors upon delivery of product to the distributors. An allowance for distributor credits covering price adjustments is made based on our estimate of historical experience rates as well as considering economic conditions and contractual terms. To date, actual distributor claims activity has been materially consistent with the provisions we have made based on our historical estimates. However, because of the inherent nature of estimates, there is always a risk that there could be significant differences between actual amounts and our estimates. Different judgments or estimates could result in variances that might be significant to reported operating results. We also record reductions of revenue for rebates, in the same period that the related revenue is recorded. We accrue 100% of potential rebates at the time of sale and do not apply a breakage factor. We reverse the accrual of unclaimed rebate amounts as specific rebate programs contractually end and when we believe unclaimed rebates are no longer subject to payment and will not be paid. Thus the reversal of unclaimed rebates may have a positive impact on our net revenue and net income in subsequent periods.

Business combinations. Accounting for business combinations requires our management to make significant estimates and assumptions, especially at the acquisition date, including our estimates for intangible assets, contractual obligations assumed, restructuring liabilities, pre-acquisition contingencies and contingent consideration, where applicable. Although we believe the assumptions and estimates we have made in the past have been reasonable and appropriate, they are based, in part, on historical experience and information obtained from the management of the acquired companies and are inherently uncertain. Critical

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estimates in valuing certain of the intangible assets we have acquired include, but are not limited to: future expected cash flows from product sales, customer contracts and acquired technologies, expected costs to develop in-process research and development into commercially viable products, estimated cash flows from the projects when completed, and discount rates. Unanticipated events and circumstances may occur that may affect the accuracy or validity of such assumptions, estimates or actual results.

Valuation of goodwill and long-lived assets. We perform an annual impairment review of our goodwill during the fourth fiscal quarter of each year, and more frequently if we believe indicators of impairment exist. The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment. To review for impairment we first assess qualitative factors to determine whether events or circumstances lead to a determination that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. Our qualitative assessment of the recoverability of goodwill, whether performed annually or based on specific events or circumstances, considers various macroeconomic, industry-specific and company-specific factors. Those factors include: (i) severe adverse industry or economic trends; (ii) significant company-specific actions, including exiting an activity in conjunction with restructuring of operations; (iii) current, historical or projected deterioration of our financial performance; or (iv) a sustained decrease in our market capitalization below our net book value. After assessing the totality of events and circumstances, if we determine that it is not more likely than not that the fair value of any of our reporting units is less than its carrying amount, no further assessment is performed. If we determine that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, we calculate the fair value of that reporting unit and compare the fair value to the reporting unit’s net book value.

Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. Our goodwill impairment test uses both the income approach and the market approach to estimate a reporting unit's fair value. The income approach is based on the discounted cash flow method that uses the reporting unit estimates for forecasted future financial performance including revenues, operating expenses, and taxes, as well as working capital and capital asset requirements. These estimates are developed as part of our long-term planning process based on assumed market segment growth rates and our assumed market segment share, estimated costs based on historical data and various internal estimates. Projected cash flows are then discounted to a present value employing a discount rate that properly accounts for the estimated market weighted-average cost of capital, as well as any risk unique to the subject cash flows. The market approach is based on weighting financial multiples of comparable companies and applies a control premium. A reporting unit's carrying value represents the assignment of various assets and liabilities, excluding certain corporate assets and liabilities, such as cash and debt.

We assess the impairment of long-lived assets including purchased in-process research and development, assets, property, plant and equipment, and intangible assets, whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. Factors we consider important which could trigger an impairment review include (i) significant under-performance relative to historical or projected future operating results, (ii) significant changes in the manner of our use of the acquired assets or the strategy for our overall business, or (iii) significant negative industry or economic trends. The process of evaluating the potential impairment of long-lived assets under the accounting guidance on property, plant and equipment and other intangible assets is also highly subjective and requires significant judgment. In order to estimate the fair value of long-lived assets, we typically make various assumptions about the future prospects about our business or the part of our business that the long-lived asset relates to, consider market factors specific to the business and estimate future cash flows to be generated by the business, which requires significant judgment as it is based on assumptions about market demand for our products over a number of future years. Based on these assumptions and estimates, we determine whether we need to take an impairment charge to reduce the value of the long-lived asset stated on our consolidated balance sheet to reflect its estimated fair value. Assumptions and estimates about future values and remaining useful lives are complex and often subjective. They can be affected by a variety of factors, including external factors, such as the real estate market, industry and economic trends, and internal factors, such as changes in our business strategy and our internal forecasts. Although we believe the assumptions and estimates we have made in the past have been reasonable and appropriate, changes in assumptions and estimates could materially impact our reported financial results.

Inventory valuation. We regularly review inventory quantities on hand and record a provision for excess and obsolete inventory based primarily on our forecast of product demand and production requirements. Demand for our products can fluctuate significantly from period to period. A significant decrease in demand could result in an increase in the amount of excess inventory quantities on hand. In addition, our industry is characterized by rapid technological change, frequent new product development and rapid product obsolescence that could result in an increase in the amount of obsolete inventory quantities on hand. Additionally, our estimates of future product demand may prove to be inaccurate, which may cause us to understate or overstate both the provision required for excess and obsolete inventory and cost of products sold. Therefore, although we make every effort to ensure the accuracy of our forecasts of future product demand, any significant unanticipated changes in demand or technological developments could have a significant impact on the value of our inventory and our results of operations.

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Income taxes. Significant management judgment is required in developing our provision for income taxes, including the determination of deferred tax assets and liabilities and any valuation allowances that might be required against the deferred tax assets. We have considered projected future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for valuation allowances. If we determine, in the future, that a valuation allowance is required, such adjustment to the deferred tax assets would increase our tax expense in the period in which such determination is made. Conversely, if we determine, in the future, a valuation allowance exceeds our requirement, such adjustment to the deferred tax assets would decrease tax expense in the period in which such determination is made. In evaluating the exposure associated with various tax filing positions, we accrue an income tax liability when such positions do not meet the more-likely-than-not threshold for recognition.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax law and regulations in a multitude of jurisdictions. We recognize potential liabilities for anticipated tax audit issues in Singapore and other tax jurisdictions based on our estimate of whether, and the extent to which, additional taxes and interest will be due. If our estimate of income tax liabilities proves to be less than the actual amount ultimately assessed, a further charge to tax expense would be required. If the payment of these amounts ultimately proves to be unnecessary, the reversal of the accrued liabilities would result in tax benefits being recognized in the period when we determine the liabilities no longer exist.

Retirement and post-retirement benefit plan assumptions. Retirement and post-retirement benefit plan costs are a significant cost of doing business. They represent obligations that will ultimately be settled sometime in the future and therefore are subject to estimation. Pension accounting is intended to reflect the recognition of future retirement and post-retirement benefit plan costs over the employees' average expected future service to us, based on the terms of the plans and investment and funding decisions. To estimate the impact of these future payments and our decisions concerning funding of these obligations, we are required to make assumptions using actuarial concepts within the framework of GAAP. One critical assumption is the discount rate used to calculate the estimated costs. Other important assumptions include the expected long-term return on plan assets, the health care cost trend rate, expected future salary increases, expected future increases to benefit payments, expected retirement dates, employee turnover, retiree mortality rates, and portfolio composition. We evaluate these assumptions at least annually.

The discount rate is used to determine the present value of future benefit payments at the relevant measurement dates — October 30, 2016 and November 1, 2015, for both U.S. and non-U.S. plans, in fiscal years 2016 and 2015, respectively. For fiscal years 2016 and 2015, the U.S. discount rates were based on the results of matching expected plan benefit payments with cash flows from a hypothetical yield curve constructed with high-quality corporate bond yields. The discount rate for non-U.S. plans was based either on published rates for government bonds or use of a hypothetical yield curve constructed with high- quality corporate bond yields, depending on the availability of sufficient quantities of quality corporate bonds. Lower discount rates increase present values of the pension liabilities and subsequent year pension expense; higher discount rates decrease present values of the pension liabilities and subsequent year pension expense.

We base our salary increase assumptions on historical experience and future expectations. In developing the expected rate of return, we consider long-term compound annualized returns based on historical market data, historical and expected returns on the various categories of plan assets, and the target investment portfolio allocation among debt, equity securities and other investments.

Actuarial assumptions are based on our best estimates and judgment. Material changes may occur in retirement benefit costs in the future if these assumptions differ from actual events or experience. We performed a sensitivity analysis on the discount rate, which is the key assumption in calculating U.S. pension and post-retirement benefit obligations as of October 30, 2016. Each change of 25 basis points in the discount rate assumption would have had an estimated $43 million impact on the benefit obligations as of October 30, 2016. Each change of 25 basis points in the discount rate assumption and expected rate of return assumption would have an estimated change of $2 million and $3 million, respectively, on annual net retirement benefit costs for fiscal year 2017.

Share-based compensation expense. Share-based compensation expense consists of expense for share options and restricted share units, or RSUs, granted to employees and non-employees or assumed from acquisitions as well as expense associated with Broadcom employee share purchase plan. We recognize compensation expense for share options based on the estimated grant-date fair value method required under the authoritative guidance using the Black-Scholes valuation model.

In fiscal year 2014, we granted share price performance options, which are accounted for as market-based share options. In fiscal year 2015, we began granting share price performance RSUs instead, which are accounted for as market-based RSUs. The fair value of these market-based awards is estimated on the date of grant using a Monte Carlo simulation model. Assumptions utilized in the Monte Carlo simulation model follow the same methodology as our time-based option awards.

Employee Bonus Programs. Our employee bonus programs, which are overseen by our Compensation Committee or our Board, in the case of our Chief Executive Officer, provide for variable compensation based on the attainment of overall

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corporate annual targets and functional performance metrics. In the first fiscal quarter of the year, if management determines that it is probable that the targets and metrics will be achieved and the amounts can be reasonably estimated, a variable, proportional compensation accrual is recognized based on an assumed 100% achievement of the targets and metrics. The bonus payout levels can be greater if attainment of metrics and targets is greater than 100% and a portion of the payouts may not occur if a minimum floor of performance is not achieved. In subsequent quarters, we monitor and accrue for variable compensation expense based on our actual progress toward the achievement of the annual targets and metrics. The actual achievement of target metrics at the end of the fiscal year, which is subject to approval by our Compensation Committee, may result in the actual variable compensation amounts being significantly higher or lower than the relevant estimated amounts accrued in earlier quarters, which would result in a corresponding adjustment in the fourth fiscal quarter.

See Note 2. “Summary of Significant Accounting Policies” included in Part II, Item 8 of this Form 10-K for additional information.

Fiscal Year Presentation

We operate on a 52- or 53-week fiscal year which ends on the Sunday closest to October 31. Each of fiscal years 2016, 2015 and 2014 consisted of 52 weeks.

The financial statements included in this Annual Report on Form 10-K are presented in accordance with GAAP and expressed in U.S. dollars.

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Results of Operations

Fiscal Year 2016 Compared to Fiscal Year 2015

The following table sets forth our results of operations for the periods presented:



	Fiscal Year Ended
	October 30, 2016			November 1, 2015		October 30, 2016		November 1, 2015

	(In millions)					(As a percentage of net revenue)
Statements of Operations Data:
Net revenue	$	13,240		$	6,824	100	%	100	%
Cost of products sold:
Cost of products sold	5,295			2,750		40		41
Purchase accounting effect on inventory	1,185			30		9		—
Amortization of acquisition-related intangible assets	763			484		6		7
Restructuring charges	57			7		—		—
Total cost of products sold	7,300			3,271		55		48
Gross margin	5,940			3,553		45		52
Research and development	2,674			1,049		20		15
Selling, general and administrative	806			486		6		7
Amortization of acquisition-related intangible assets	1,873			249		14		4
Restructuring, impairment and disposal charges	996			137		8		2
Total operating expenses	6,349			1,921		48		28
Operating income (loss)	$	(409	)	$	1,632	(3	)%	24	%

Net Revenue

The following tables set forth net revenue by segment for the periods presented:



	Fiscal Year Ended
Net Revenue	October 30, 2016		November 1, 2015		$ Change		% Change

	(In millions, except for percentages)
Wired infrastructure	$	6,582	$	1,479	$	5,103	345	%
Wireless communications	3,724		2,536		1,188		47	%
Enterprise storage	2,291		2,180		111		5	%
Industrial & other	643		629		14		2	%
Total net revenue	$	13,240	$	6,824	$	6,416	94	%



	Fiscal Year Ended
% of Net Revenue	October 30, 2016		November 1, 2015
Wired infrastructure	50	%	22	%
Wireless communications	28		37
Enterprise storage	17		32
Industrial & other	5		9
Total net revenue	100	%	100	%

Our overall net revenue increased primarily due to the contributions from acquired BRCM products since the closing of the Broadcom Merger on the Acquisition Date. As a result of the Broadcom Merger, our wired infrastructure segment now constitutes our largest segment.

Net revenue from our wired infrastructure segment increased primarily due to the contributions since the Acquisition Date from acquired BRCM products included in this segment. Net revenue from our wireless communications segment increased primarily due to revenue contributions of approximately $1.8 billion from sales of acquired BRCM wireless connectivity and

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related products since the Acquisition Date, partially offset by a decrease in sales of approximately $525 million in sales of our radio frequency, or RF, components due to reduced demand from a key North American smartphone customer. Net revenue from our enterprise storage segment increased primarily due to the additional revenue resulting from a full year of contributions from the Emulex business that we acquired in May 2015, as well as strength in demand for our HDD products, partially offset by a decrease in demand for our server and storage connectivity products. Net revenue from our industrial & other segment remained essentially flat compared to fiscal year 2015. Our net revenue in fiscal year 2016 also included $450 million from development arrangements and sales and licensing of IP, compared to $313 million in fiscal year 2015, which primarily benefited our wired infrastructure and industrial & other segments.

Gross Margin

Gross margin was $5.9 billion for fiscal year 2016 compared to $3.6 billion for fiscal year 2015. The increase in gross margin was primarily due to contributions to our wired infrastructure and wireless communications segments from the BRCM businesses acquired in February 2016. As a percentage of net revenue, gross margin was 45% and 52% for fiscal years 2016 and 2015, respectively. The 7% decrease in gross margin as a percentage of net revenue was largely due to $1.2 billion of costs resulting from the step-up of inventory to fair value and the increase in amortization of acquisition-related intangible assets associated with the Broadcom Merger.

Research and Development Expense

Research and development expense increased $1.6 billion, or 155% in fiscal year 2016. Research and development expense as a percentage of net revenue was 20% for fiscal year 2016 compared to 15% for fiscal year 2015. The overall increase in research and development expense dollars and as a percentage of net revenue for fiscal year 2016 was primarily due to the acquisition of BRCM. Share-based compensation included in research and development expense increased due to RSUs assumed in connection with, and integration equity awards granted to employees acquired in, the Broadcom Merger, as well as annual employee equity awards granted at higher grant-date fair values.

Selling, General and Administrative Expense

Selling, general and administrative expense increased $320 million, or 66% in fiscal year 2016. Selling, general and administrative expense as a percentage of net revenue was 6% for fiscal year 2016 compared to 7% for fiscal year 2015. The overall increase in selling, general and administrative expense dollars for fiscal year 2016 was primarily due to the impact of the acquired BRCM businesses and the acquisition-related costs. The decrease as a percentage of revenue is due to the realization of synergies resulting from the integration of BRCM. Share-based compensation included in selling, general and administrative expense increased due to RSUs assumed in connection with, and integration equity awards granted to employees acquired in, the Broadcom Merger, as well as annual employee equity awards granted at higher grant-date fair values.

Amortization of Acquisition-Related Intangible Assets

Total amortization of acquisition-related intangible assets was $2.6 billion for fiscal year 2016, compared to $733 million for fiscal year 2015. The increase in amortization expense in fiscal year 2016 was primarily attributable to an increase in amortizable intangible assets resulting from the Broadcom Merger.

Restructuring, Impairment and Disposal Charges

Restructuring, impairment and disposal charges, recognized primarily in operating expenses, were $1.1 billion for fiscal year 2016 compared to $144 million in fiscal year 2015. The increase was due primarily to the Broadcom Merger, including impairment charges of $417 million for termination of in-process research and development projects and $173 million for property, plant and equipment. Restructuring charges were due primarily to employee termination costs of approximately $418 million, and lease termination and other exit costs of $29 million, primarily resulting from the BRCM acquisition. We expect to incur approximately additional $50 million of restructuring charges in future periods as a result of the Broadcom Merger. We may incur additional restructuring charges in future periods as a result of any future acquisitions, particularly our pending acquisition of Brocade.

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Segment Operating Results

The following tables set forth operating income by segment for the periods presented:



	Fiscal Year Ended
Operating Income	October 30, 2016			November 1, 2015			$ Change			% Change

	(In millions, except for percentages)
Wired infrastructure	$	2,664		$	478		$	2,186		457	%
Wireless communications	1,282			1,202			80			7	%
Enterprise storage	995			855			140			16	%
Industrial & other	327			310			17			5	%
Unallocated expenses	(5,677		)	(1,213		)	(4,464		)	368	%
Total operating income (loss)	$	(409	)	$	1,632		$	(2,041	)	(125	)%

Operating income from our wired infrastructure segment increased primarily due to contributions from the acquired BRCM wired products. Operating income from our wireless communications segment increased primarily due to contributions from the BRCM wireless connectivity products, partially offset by a decrease in demand for our RF components from a key North American smartphone customer. Operating income from our enterprise storage segment increased primarily due to a full year of contributions from the Emulex business that we acquired in May 2015, as well as strength in demand for our HDD products, partially offset by a decrease in demand for our server and storage connectivity products. Operating income from our industrial & other segment was flat.

Unallocated expenses include amortization of acquisition-related intangible assets, share-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, including charges related to the step-up of acquired inventory to fair value, and other costs that are not used in evaluating the results of, or in allocating resources to, our segments. Unallocated expenses increased 368% in fiscal year 2016, compared to fiscal year 2015, primarily due to increases in charges related to the step-up of inventory to fair value, amortization of acquisition-related intangible assets, restructuring, impairment and disposal charges, and costs incurred in connection with the Broadcom Merger. Additionally, share-based compensation increased due to RSUs assumed in, and integration equity awards granted to employees acquired in, the Broadcom Merger.

Non-Operating Income and Expenses

Interest expense. Interest expense was $585 million for fiscal year 2016 and $191 million for fiscal year 2015. The increase in interest expense in fiscal year 2016 was primarily due to interest on higher outstanding debt balances and expenses related to debt modification and ticking fees, in each case associated with the term loan indebtedness we incurred to finance the Broadcom Merger.

Loss on extinguishment of debt. During fiscal year 2016, in connection with the closing of the Broadcom Merger, we repaid in full our term loan borrowings under a collateralized credit agreement with lenders named therein entered into in fiscal year 2014, or the 2014 Credit Agreement. We subsequently repaid our €900 million Term B-1 Euro Loan (defined below) partially funded by the sale of certain acquired BRCM assets that were held for sale. We also repaid our $500 million Term B-2 Loan (defined below), partially funded with $325 million of additional Term A Loan (defined below) borrowings. These payments and the August 2016 Amendments (defined below) resulted in a loss on extinguishment of debt of $123 million for fiscal year 2016. In fiscal year 2015, we made a $593 million principal prepayment on term loan borrowings under the 2014 Credit Agreement and settled the 2.0% Convertible Senior Notes due 2021, or the Convertible Notes, which resulted in a loss on extinguishment of debt of $10 million for fiscal year 2015.

In connection with the completion of the Broadcom Merger, three Broadcom subsidiaries entered into the 2016 Credit Agreement, which originally provided for a Term A loan facility in the aggregate principal amount of $4.4 billion, or the Term A Loan, a Term B-1 dollar loan facility in the aggregate principal amount of $9.8 billion, or the Term B-1 Loan, a Term B-1 euro loan facility in the aggregate principal amount of €900 million, equivalent to $978 million as of February 1, 2016, or the Term B-1 Euro Loan, a Term B-2 loan facility in the aggregate principal amount of $500 million, or the Term B-2 Loan, and together with the Term A Loan, Term B-1 Loan, and Term B-1 Euro Loan, referred to as the 2016 Term Loans. The 2016 Credit Agreement also provides for a revolving credit facility, or the 2016 Revolving Credit Facility, that permits us to borrow from time to time in an aggregate principal amount of up to $500 million for working capital and other corporate purposes, including swingline loans of up to $150 million in the aggregate and for the issuance of letters of credit of up to $100 million in the aggregate, which, in the case of swingline loans and letters of credit, reduce the available borrowing capacity under the 2016 Revolving Credit Facility on a dollar for dollar basis.

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Provision for income taxes. For fiscal year 2016, we had a provision for income taxes of $642 million compared to $76 million for fiscal year 2015. The income tax provision for the fiscal year 2016 is primarily the result of an increase in tax associated with our undistributed earnings, partially offset by income tax benefits from losses from continuing operations and the recognition of previously unrecognized tax benefits as a result of audit settlements.

During fiscal year 2016, we determined that we no longer intend to indefinitely reinvest our accumulated and current foreign earnings in our operations outside of Singapore. As a result, we made a provision for taxes on $1.9 billion of our undistributed earnings as of November 1, 2015, including projected withholding taxes that would become payable upon the distribution of those earnings, and recognized $93 million of expense in fiscal year 2016 related to the undistributed earnings of foreign operations that were previously considered indefinitely reinvested.

At the time we completed the Broadcom Merger, in connection with the preliminary allocation of the purchase price, we established a deferred tax liability that is associated with our potential tax liability arising from our planned integration of BRCM’s IP, which was completed in November 2016. This tax liability will become payable as earnings resulting from this integration of IP are distributed over time.

As a result of these events, the amount of our income taxes payable could increase materially and consume an increasing amount of our cash. In addition, our provision for income taxes in future periods is likely to change as a result of the impact of internal restructuring and reorganization, in particular as a result of the Broadcom Merger, which would also affect our overall effective tax rate.

Fiscal Year 2015 Compared to Fiscal Year 2014

The following table sets forth our results of operations for the periods presented:



	Fiscal Year Ended
Statements of Operations Data:	November 1, 2015		November 2, 2014		November 1, 2015		November 2, 2014

	(In millions)				(As a percentage of net revenue)
Net revenue	$	6,824	$	4,269	100	%	100	%
Cost of products sold:
Cost of products sold	2,750		1,911		41		45
Purchase accounting effect on inventory	30		210		—		5
Amortization of acquisition-related intangible assets	484		249		7		6
Restructuring charges	7		22		—		—
Total cost of products sold	3,271		2,392		48		56
Gross margin	3,553		1,877		52		44
Research and development	1,049		695		15		16
Selling, general and administrative	486		407		7		10
Amortization of acquisition-related intangible assets	249		197		4		5
Restructuring, impairment and disposal charges	137		140		2		3
Total operating expenses	1,921		1,439		28		34
Operating income	$	1,632	$	438	24	%	10	%

Net Revenue

The following tables set forth net revenue by segment for the periods presented:



	Fiscal Year Ended
Net Revenue	November 1, 2015		November 2, 2014		$ Change		% Change

	(In millions, except for percentages)
Wired infrastructure	$	1,479	$	1,151	$	328	28	%
Wireless communications	2,536		1,689		847		50	%
Enterprise storage	2,180		867		1,313		151	%
Industrial & other	629		562		67		12	%
Total net revenue	$	6,824	$	4,269	$	2,555	60	%

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	Fiscal Year Ended
% of Net Revenue	November 1, 2015		November 2, 2014
Wired infrastructure	22	%	27	%
Wireless communications	37		40
Enterprise storage	32		20
Industrial & other	9		13
Total net revenue	100	%	100	%

Net revenue from our wired infrastructure segment increased 28% in fiscal year 2015, compared with fiscal year 2014. The increase was primarily due to improved revenue contributions from our application specific integrated circuits, or ASICs, and from the inclusion of a full year of contributions from LSI products in this segment. Net revenue from our wireless communications segment increased 50% in fiscal year 2015, compared with fiscal year 2014, primarily due to a substantial increase in our RF product content in smartphones and an increase in unit sales of smartphones containing our products. Net revenue from our enterprise storage segment increased 151% in fiscal year 2015, compared with fiscal year 2014. This segment was acquired in the LSI acquisition and fiscal year 2015 results reflect a full year of operating results compared to a partial year of operating results in fiscal year 2014. The results for fiscal year 2015 also reflect contributions from Emulex following its acquisition and an improvement in the business due to market share gains as well as growth in end market demand. Net revenue from our industrial & other segment increased 12% in fiscal year 2015 compared with fiscal year 2014, primarily due to an increase in IP licensing revenue. Net revenue for fiscal year 2015 included $313 million of revenue from development arrangements and sales and licensing of IP compared to $160 million for fiscal year 2014.

Gross Margin

Gross margin was $3.6 billion for fiscal year 2015 compared to $1.9 billion for fiscal year 2014, an increase of $1.7 billion. As a percentage of net revenue, gross margin was 52% for fiscal year 2015, compared to 44% for fiscal year 2014. The increase in gross margin, both in dollars and as a percentage of revenue, for fiscal year 2015 compared to fiscal year 2014 was due primarily to gross margin contributions from our enterprise storage segment, which we acquired in the LSI acquisition, an improvement in product mix with higher contributions from our FBAR-related wireless products, and a decrease in charges associated with the inventory step-up to fair value related to acquisitions, partially offset by amortization of acquisition-related intangible assets related to the LSI, PLX and Emulex acquisitions.

Research and Development Expense

Research and development expense increased $354 million or 51% in fiscal year 2015. However, as a percentage of net revenue, research and development expense remained relatively flat at 15% for fiscal year 2015 compared to 16% for fiscal year 2014. The majority of the increase in dollars was related primarily to the impact of LSI and PLX for the full fiscal year, the impact of Emulex for the second half of fiscal year 2015, and an increase in share-based compensation expense due to annual focal employee equity awards at higher grant-date fair values and higher headcount as a result of the LSI, PLX and Emulex acquisitions.

Selling, General and Administrative Expense

Selling, general and administrative expense increased $79 million or 19% in fiscal year 2015. However, as a percentage of net revenue, selling, general and administrative expense decreased to 7% for fiscal year 2015 compared to 10% for fiscal year 2014. The increase in selling, general and administrative expense, in dollars, was primarily due to the impact of the LSI acquisition for the full fiscal year and an increase in share-based compensation expense due to annual focal employee equity awards at higher grant-date fair values and higher headcount as a result of the LSI, PLX and Emulex acquisitions. Selling, general and administrative expense as a percentage of net revenue decreased in fiscal year 2015, as revenue growth outpaced the increase in selling, general and administrative expense.

Amortization of Acquisition-Related Intangible Assets

Total amortization expense of intangible assets was $733 million and $446 million, respectively, for fiscal years 2015 and 2014, an increase of $287 million. The increase in amortization expense for fiscal year 2015 was primarily attributable to a full year of amortization for intangible assets obtained in the LSI and PLX acquisitions.

Restructuring, Impairment and Disposal Charges

We incurred total restructuring and asset impairment charges of $144 million for fiscal year 2015 compared to $162 million for fiscal year 2014. The restructuring charges incurred in fiscal year 2015 were primarily due to employee termination costs related to the Emulex and LSI acquisitions. The restructuring charges incurred during fiscal year 2014 were due primarily to employee termination costs related to the LSI acquisition.

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During fiscal year 2015, we realigned certain product groups within our wired infrastructure segment and agreed to sell certain fiber optics subsystems assets to a third party. As a result, we recognized a $61 million loss to write these assets down to fair value less costs to sell.

Segment Operating Results

The following tables set forth operating income by segment for the periods presented:



	Fiscal Year Ended
Operating Income	November 1, 2015			November 2, 2014			$ Change			% Change

	(In millions, except for percentages)
Wired infrastructure	$	478		$	287		$	191		67	%
Wireless communications	1,202			658			544			83	%
Enterprise storage	855			292			563			193	%
Industrial & other	310			246			64			26	%
Unallocated expenses	(1,213		)	(1,045		)	(168		)	16	%
Total operating income	$	1,632		$	438		$	1,194		273	%

Operating income from our wired infrastructure segment was 32% of segment revenue. Operating income increased 67% compared with fiscal year 2014, primarily due to gross margin improvement and higher revenue with stable research and development expense. Operating income from our wireless communications segment was 47% of segment revenue. Operating income increased 83%, compared with fiscal year 2014, primarily due to higher revenue and improvement in product mix. Operating income from our enterprise storage segment was 39% of segment revenue. Operating income increased 193% compared with fiscal year 2014, primarily due to higher revenue with stable research and development expense. Operating income from our industrial & other segment was 49% of segment revenue. Operating income increased 26% compared with fiscal year 2014, primarily due to higher IP licensing revenue.

Unallocated expenses include amortization of acquisition-related intangible assets, share-based compensation expense, restructuring charges, acquisition-related costs, including charges related to the step-up of acquired inventory to fair value, and other costs that are not used in evaluating the results of, or in allocating resources to, our segments. Unallocated expenses increased 16% compared with fiscal year 2014, primarily due to increases in amortization of acquisition-related intangible assets incurred in connection with our acquisitions of LSI, PLX and Emulex. Additionally, share-based compensation expense increased in fiscal year 2015, compared with fiscal year 2014, due to annual focal employee equity awards at higher grant-date fair values and higher headcount as a result of the LSI, PLX and Emulex acquisitions.

Non-Operating Income and Expenses

Interest expense. Interest expense was $191 million for fiscal year 2015 compared to $110 million for fiscal year 2014. This $81 million increase in interest expense was due to the full year interest on our outstanding 2014 Term Loans, along with the amortization of related debt issuance costs that were being charged to interest expense using the effective interest method over the respective borrowing terms.

Provision for income taxes. We recognized a provision for income taxes of $76 million for fiscal year 2015 compared to $33 million for fiscal year 2014. The provision for income taxes in fiscal year 2015 increased from the prior fiscal year primarily due to the increase in profit before tax.

Seasonality

Liquidity and Capital Resources

The ~~Partnership~~following ~~has~~section ~~had~~discusses aour ~~limited~~principal ~~operating~~liquidity ~~history~~and capital resources as well as our principal liquidity requirements and ~~does~~sources ~~not~~and ~~have~~uses ~~any~~of ~~revenues~~cash. Our cash and cash equivalents are maintained in highly liquid investments with remaining maturities of 90 days or ~~earnings~~less ~~from~~at ~~operations~~the totime ~~date~~of purchase. ~~The~~We ~~Partnership~~believe ~~has~~our ~~limited~~cash ~~assets~~equivalents ~~and~~are ~~financial~~liquid ~~resources~~and accessible.

AsOur primary sources of ~~November~~liquidity 1as of October 30, ~~2015~~2016 consisted of: (1) $3.1 billion in cash and cash equivalents, ~~the~~(2) ~~Partnership~~cash ~~has~~we ~~not~~expect ~~authorized~~to ~~the~~generate ~~issuance~~from operations, (3) our outstanding revolving credit facility of ~~any~~up ~~partnership~~to ~~units.~~$500 million aggregate

principal amount, or 2016 Revolving Credit Facility, which is committed until February 1, 2021, and substantially all of which was available to be drawn as of October 30, 2016, and (4) our ability to increase the aggregate term loans and revolving credit commitments under the 2016 Credit Agreement, referred to as the accordion feature, subject to the terms and conditions of the 2016 Credit Agreement and the availability of commitments. The 2016 Credit Agreement was entered in connection with the completion of the Broadcom Merger, and replaced our 2014 Credit Agreement. The 2016 Credit Agreement is discussed in more detail under in “Note 8. Borrowings” included in Part II, Item 8 of this Form 10-K.

Our short-term and long-term liquidity requirements primarily arise from: (i) interest and principal payments related to outstanding indebtedness, (ii) working capital requirements, (iii) research and development and capital expenditure needs, (iv) business acquisitions and investments we may make from time to time, including the Brocade Merger, (v) interim cash dividend payments by Broadcom (if and when declared by the Board), (vi) cash distributions by the Partnership (if and when declared by the Partnership’s general partner), (vii) payment of income taxes, including taxes paid as a result of the intercompany transfer of IP acquired in the Broadcom Merger, and (viii) funding employee benefit plan obligations. Our ability to fund these requirements will depend, in part, on our future cash flows, which are determined by our future operating performance and, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control.

We anticipate that our capital expenditures for fiscal year 2017 will be higher than fiscal year 2016, due primarily to expenditures for construction at our Irvine and San Jose campuses, continued expenditures for capacity expansion in our Fort Collins internal fabrication facility, spending on equipment to support various research and development projects and purchases of test manufacturing equipment.

Our debt and liquidity needs will also increase as a result of the closing of the Brocade Merger. We intend to finance the estimated $5.5 billion of cash consideration with cash on hand from both companies and new debt financing.

We believe that our cash and cash equivalents on hand and cash flows from operations, combined with current borrowing availability under the 2016 Revolving Credit Facility and the accordion feature in our 2016 Credit Agreement, as well as committed debt funding related to the pending Brocade Merger, provide sufficient liquidity, after giving effect to the pending Brocade Merger, to operate our business and fund our current and assumed obligations, for at least the next 12 months.

From time to time, we engage in discussions with third parties regarding potential acquisitions of, or investments in, businesses, technologies and product lines. Any such transaction could require significant use of our cash and cash equivalents, or require us to increase our borrowings under our 2016 Credit Agreement, or otherwise, to fund the transaction. We could also reduce certain expenditures such as payment of our cash dividend. If we do not have sufficient cash to fund our operations or finance growth opportunities, including acquisitions, or unanticipated capital expenditures, our business and financial condition could suffer. In such circumstances we may also seek to obtain new debt or equity financing. However, we cannot assure you that such additional financing will be available on terms acceptable to us or at all. Our ability to service any indebtedness we may incur, including under the 2016 Term Loans and the 2016 Revolving Credit Facility, will depend on our ability to generate cash in the future.

We may also elect to sell additional debt or equity securities, or otherwise increase our outstanding indebtedness, for reasons other than those specified above.

Share Repurchases

During fiscal year 2014, we repurchased and retired 0.3 million shares for $12 million. We did not repurchase any shares in fiscal years 2016 or 2015.

Share repurchases under our share repurchase programs were made in the open market at such times and in such amounts as we deemed appropriate.

Summary and Highlights

Our cash and cash equivalents increased by $1.3 billion to $3.1 billion at October 30, 2016 from $1.8 billion at November 1, 2015. The increase was largely due to $3.4 billion in net cash provided by operating activities, $19.5 billion of proceeds from the 2016 Term Loans, $898 million of aggregate proceeds received from the sales of businesses and $295 million from the issuance of ordinary shares upon exercises of share options and purchase rights under Broadcom’s employee share purchase plan, partially offset by $10 billion in cash paid in the Broadcom Merger, the repayment of $9.8 billion, in aggregate principal amount, of our term loan borrowings under the 2014 Credit Agreement and a portion of the 2016 Term Loans, the repayment of $1.5 billion of debt assumed in the Broadcom Merger, $750 million in dividend payments by Broadcom and cash distributions by the Partnership (discussed in more detail below), $723 million in capital expenditures, and $123 million in debt issuance costs related to the 2016 Term Loans.

Dividends/Distributions

Broadcom paid aggregate cash dividends of $1.94 and $1.55 per ordinary share, or $716 million and $408 million, during fiscal years 2016 and 2015, respectively.

The Partnership paid aggregate cash distributions of $594 million to Broadcom, as General Partner, and cash distributions of $1.50 per Partnership REU, or $34 million, to its limited partners during fiscal year 2016.

Cash Flows

The following table summarizes our cash flows for the periods presented:



	Fiscal Year Ended
	October 30, 2016			November 1, 2015			November 2, 2014

	(In millions)
Net cash provided by operating activities	$	3,411		$	2,318		$	1,175
Net cash used in investing activities	(9,840		)	(241		)	(5,885		)
Net cash provided by (used in) financing activities	7,704			(1,859		)	5,329
Net increase in cash and cash equivalents	$	1,275		$	218		$	619

Operating Activities

Cash provided by operating activities represents net income (loss) adjusted for certain non-cash items and changes in assets and liabilities. The $1.1 billion increase in cash provided by operations during fiscal year 2016 compared to fiscal year 2015 was due to the adjustments to net loss for non-cash items and changes in assets and liabilities, partially offset by the impact of a net loss during fiscal 2016. The adjustments to net loss for non-cash items were higher, compared to fiscal year 2015, primarily due to depreciation and amortization and share-based compensation, as well as restructuring, impairment and disposal charges and deferred taxes. Changes in assets and liabilities as of October 30, 2016 compared to November 1, 2015 are primarily due to the Broadcom Merger.

The $1.1 billion increase in cash provided by operations during fiscal year 2015 compared to fiscal year 2014 was due to the increase in net income and the adjustments to net income for non-cash items and changes in assets and liabilities. The adjustments for non-cash items were higher, compared to fiscal year 2014, primarily due to depreciation and amortization, share-based compensation, as well as restructuring, impairment and disposal charges, partially offset by deferred taxes and excess tax from share-based compensation.

Investing Activities

Cash used in investing activities consists primarily of cash used for acquisitions and capital expenditures, partially offset by proceeds from divestitures. The change in investing cash flows for fiscal year 2016 compared to fiscal year 2015 primarily relates to $10 billion paid for the Broadcom Merger, a $130 million increase in purchases of property, plant and equipment and a $44 million increase in purchases of investments, partially offset by a $248 million increase in proceeds from the sales of businesses and a $104 million increase in proceeds from sales and maturities of investments.

The change in investing cash flows for fiscal year 2015 compared to fiscal year 2014 primarily relates to $6.0 billion paid in aggregate for the LSI and PLX acquisitions in fiscal year 2014 and a $200 million increase in proceeds from the sale of businesses, partially offset by $394 million paid primarily for the Emulex acquisition in fiscal year 2015 and a $184 million increase in purchases of property, plant and equipment in fiscal year 2015, primarily in connection with the expansion of our internal manufacturing facilities in Fort Collins, Colorado.

Financing Activities

Broadcom

Cash provided by (used in) financing activities consists primarily of proceeds from the 2016 Term Loans and from the issuance of ordinary shares through employee equity incentive plans, offset by the repayment of term loan borrowings under the 2014 Credit Agreement, prepayments made on our 2016 Term Loans, the payment of assumed debt, dividend payments by Broadcom, cash distributions by the Partnership and payments of debt issuance costs. The change in financing cash flows for fiscal year 2016 compared to fiscal year 2015 was due to proceeds from the 2016 Term Loans and a $54 million increase in proceeds from the issuance of ordinary shares through employee equity incentive plans, partially offset by the repayment of 2014 Term Loans, prepayments made on our 2016 Term Loans, the payment of assumed debt and a $342 million increase in dividend payments.

The change in financing cash flows for fiscal year 2015 compared to fiscal year 2014 primarily relates to the proceeds of $4.6 billion from term loan borrowings under the 2014 Credit Agreement and $1 billion from the issuance of the Convertible Notes in fiscal year 2014, an increase in fiscal year 2015 for debt repayments of $1.8 billion and a $124 million increase in dividend payments, partially offset by a $117 million increase in proceeds from the issuance of our ordinary shares through employee equity incentive plans and an $86 million increase in excess tax benefit.

The Partnership

Cash provided by (used in) financing activities for the Partnership are materially the same as those discussed for Broadcom above. The differences are due to capital transactions with the General Partner, which are a result of the capital contributions from Broadcom to the Partnership.

Indebtedness

See “Note 8. Borrowings” included in Part II, Item 8 of this Form 10-K.

2016 Credit Agreement

During fiscal year 2016, we made principal prepayments totaling $610 million on the Term B-1 Loan and fully repaid the €900 million Term B-1 Euro Loan and the $500 million Term B-2 Loan. The paydown of the Term B-2 Loan was partially funded with $325 million of additional Term A Loan borrowings. As a result, during fiscal year 2016, we wrote-off $40 million of debt issuance costs, which was included in loss on extinguishment of debt in our consolidated statements of operations.

In August 2016, we amended the 2016 Credit Agreement and refinanced all of the outstanding Term B-1 Loans into the Term B-3 Loans and increased the amount of outstanding Term A Loans, or the August 2016 Amendments. The August 2016 Amendments reduced the applicable margins on the outstanding balance under the Term B-3 Loans and increased our operating flexibility, including the automatic release of all collateral securing the 2016 Term Loans upon the repayment of all outstanding Term B-3 Loans and our achievement of the specified investment grade ratings. As a result of the August 2016 Amendments, we wrote-off $49 million of our previously deferred debt issuance costs, which was included in loss on extinguishment of debt.

The 2016 Term Loans bear interest at floating rates which were 2.28% for the Term A Loans and 3.53% for the Term B-3 Loans as of October 30, 2016.

As of October 30, 2016, the outstanding balance of the 2016 Term Loans, net of the unaccreted discount and unamortized debt issuance costs, was $13.5 billion. As of October 30, 2016, there were no borrowings outstanding under the 2016 Revolving Credit Facility or material outstanding letters of credit.

We were in compliance with all of the covenants described in the 2016 Credit Agreement as of October 30, 2016. Subject to certain conditions, we have the ability to increase the aggregate 2016 Term Loans and/or 2016 Revolving Credit Facility.

Contractual Commitments

The following table summarizes contractual obligations and commitments as of October 30, 2016 (in millions):



			Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Debt principal, interest and fees	$	15,828	$	850	$	1,984	$	6,441	$	6,553
Purchase commitments	1,508		1,455		53		—		—
Other contractual commitments	390		152		185		53		—
Operating lease obligations	446		144		185		61		56
Pension plan contributions	37		37		—		—		—
Total	$	18,209	$	2,638	$	2,407	$	6,555	$	6,609

Debt Principal, Interest and Fees. Represents principal, interest and commitment fees payable on borrowings and credit facilities under the 2016 Credit Agreement and outstanding senior unsecured notes that we assumed as a result of the Broadcom Merger.

Purchase Commitments. Represents unconditional purchase obligations that include agreements to purchase goods or services, primarily inventory, that are enforceable and legally binding on us and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions, and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable without penalty. Cancellation for outstanding purchase orders for capital expenditures in connection with the internal fabrication facility expansion and construction of our new

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campuses is generally allowed but requires payment of all costs incurred through the date of cancellation and, therefore, cancelable purchase orders for these capital expenditures are included in the table above.

Other Contractual Commitments. Represents amounts payable pursuant to agreements related to IT, human resources, financial infrastructure outsourcing services and other service agreements.

Operating Lease Obligations. Represents real property and equipment leased from third parties under non-cancelable operating leases.

Pension Plan Contribution. Represents our planned minimum contributions to our pension plans. Although additional future contributions will be required, the amount and timing of these contributions will be affected by actuarial assumptions, the actual rate of returns on plan assets, the level of market interest rates, legislative changes and the amount of voluntary contributions to the plans. The amount shown in the table represents our planned contributions to our pension plans within a year. Because any contributions for fiscal year 2018 and later will depend on the value of the plan assets in the future and thus are uncertain, we have not included any amounts for fiscal year 2018 and beyond in the above table.

Due to the inherent uncertainty with respect to the timing of future cash outflows associated with our unrecognized tax benefits at October 30, 2016, we are unable to reliably estimate the timing of cash settlement with the respective taxing authority. Therefore, $893 million of unrecognized tax benefits and accrued interest classified within other long-term liabilities on our consolidated balance sheet as of October 30, 2016 have been excluded from the contractual obligations table above.

Off-Balance Sheet Arrangements

~~The~~We ~~Partnership~~had ~~has~~ no material off-balance sheet arrangements at October 30, 2016 as defined in Item 303(a)(4)(ii) of Regulation S-K under the Exchange Act.

~~ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK~~Indemnifications

~~Not~~See ~~applicable~~“Note 14. Commitments and Contingencies” in Part II, Item 8 of this Form 10-K.

10Accounting Changes and Recent Accounting Standards

~~ITEM~~For 8a description of accounting changes and recent accounting standards, including the expected dates of adoption and estimated effects, if any, in our consolidated financial statements, see Note 2. ~~FINANCIAL~~“Summary ~~STATEMENTS~~of ~~AND~~Significant ~~SUPPLEMENTARY~~Accounting ~~DATA~~Policies” to Consolidated Financial Statements of this Annual Report on Form 10-K.

~~SAFARI CAYMAN LIMITED PARTNERSHIP~~56

~~INDEX~~Table TOof ~~CONSOLIDATED FINANCIAL STATEMENTS~~Contents

	Page
Report of Independent Registered Public Accounting Firm	12
Consolidated Balance Sheet	13
Consolidated Statement of Operations	14
Consolidated Statement of Cash Flows	15
Consolidated Statement of Partners’ Capital	16
Notes to Consolidated Financial Statements	17

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

11 Interest Rate Risk

At October 30, 2016, we had a principal balance of $13.7 billion of outstanding 2016 Term Loans, all of which is subject to applicable floating interest rates based on LIBOR. On August 2, 2016, pursuant to the August 2016 Amendments, the maximum interest rates applicable to our outstanding indebtedness under the 2016 Credit Agreement were reduced. Following the August 2016 Amendments, a 1% change in LIBOR would increase interest expense for the next 12 months on our outstanding 2016 Term Loans by $137 million. The foregoing does not include the effects of any debt we may incur in connection with the Brocade Merger.

Foreign Currency Derivative Instruments

We use foreign exchange forward contracts to hedge a portion of our exposures to changes in currency exchange rates, which result from our global operating and financing activities. Gains and losses from foreign currency transactions, as well as derivative instruments, were not significant for any period presented in the consolidated financial statements included in this Form 10-K.

European Debt Exposures

We actively monitor our exposure to the European financial markets, including the impact of sovereign debt issues. We also seek to mitigate our risk by investing in fixed deposits with various financial institutions and we limit the amount we hold with any one institution. We do not have any direct investments in the sovereign debt of European countries. From time to time, we may have deposits with major European financial institutions. We also seek to mitigate collection risks from our customers by performing regular credit evaluations of our customers’ financial condition and require collateral, such as letters of credit and bank guarantees, in certain circumstances. As of October 30, 2016, we do not believe that we have any material direct or indirect exposure to the European financial markets.

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Item 8. Financial Statements and Supplementary Data

BROADCOM LIMITED AND BROADCOM CAYMAN L.P.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS



	Page
Reports of Independent Registered Public Accounting Firm	59
Financial Statements of Broadcom Limited
Consolidated Balance Sheets	62
Consolidated Statements of Operations	63
Consolidated Statements of Comprehensive Income (Loss)	64
Consolidated Statements of Cash Flows	65
Consolidated Statements of Shareholders’ Equity	66
Financial Statements of Broadcom Cayman L.P.
Consolidated Balance Sheets	67
Consolidated Statements of Operations	68
Consolidated Statements of Comprehensive Income (Loss)	69
Consolidated Statements of Cash Flows	70
Consolidated Statements of Partners’ Capital	71
Notes to Consolidated Financial Statements (Broadcom Limited and Broadcom Cayman L.P.)	73
Supplementary Financial Data — Quarterly Data (Unaudited)	117
Schedule II — Valuation and Qualifying Accounts	118

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors ofand ~~Pavonia~~Shareholders ~~Limited, the sole general partner~~ of ~~Safari~~Broadcom ~~Cayman, L.P.:~~Limited

In our opinion, the consolidated financial statements of Broadcom Limited listed in the index appearing under Item 15(a)(1) present fairly, in all material respects, the financial position of ~~Safari~~Broadcom ~~Cayman~~Limited ~~L.P.~~ and its subsidiaries at ~~November~~October 30, 2016 and November 1, 2015, and the results of their operations and their cash flows for ~~the~~each ~~period~~of ~~from~~the ~~May~~three ~~27,~~years ~~2015~~in ~~(date~~the ofperiod ~~inception)~~ended ~~to November 1~~October 30, ~~2015~~2016 in conformity with accounting principles generally accepted in the United States of America. ~~These~~ In addition, in our opinion, the financial statement schedule of Broadcom Limited listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. ~~are~~Also in our opinion, the ~~responsibility~~Company maintained, in all material respects, effective internal control over financial reporting as of October 30, 2016, based on criteria established in Internal Control - Integrated Framework (2013) issued by the ~~Partnership’~~Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express anopinions ~~opinion~~ on these financial statements, on the financial statement schedule, and on the Company's internal control over financial reporting based on our ~~audit~~integrated audits. We conducted our ~~audit~~audits ~~of these statements~~ in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the ~~audit~~audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. An ~~audit~~Our ~~includes~~audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our ~~audit~~audits ~~provides~~provide a reasonable basis for our ~~opinion~~opinions.

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for deferred income taxes in 2016.

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

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 with the policies or procedures may deteriorate.

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded Broadcom Corporation, or BRCM, from its assessment of internal control over financial reporting as of October 30, 2016 because it was acquired by the Company in a business combination during 2016. We have also excluded Broadcom Corporation from our audit of internal control over financial reporting. Broadcom Corporation is an indirect subsidiary whose total assets and total revenues represent 9% and 53%, respectively, of the related consolidated financial statement amounts as of and for the year ended October 30, 2016.

/s/ PricewaterhouseCoopers LLP

San Jose, California

December 23, ~~2015~~2016

1259

~~SAFARI~~Table ~~CAYMAN~~of ~~L.P.~~Contents

~~CONSOLIDATED~~REPORT ~~BALANCE~~OF ~~SHEET~~INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

	November 1, 2015
	(In thousands, except unit amounts)
ASSETS
Current assets:
Total current assets	$	—
Total assets	$	—
LIABILITIES AND PARTNERS’ CAPITAL
Current liabilities:
Total current liabilities	$	—
Total liabilities	—
Commitments and contingencies (Note 5)
Partners’ capital:
Partnership units, no par value; no units authorized, issued or outstanding on November 1, 2015	—
Restricted partnership units, no par value; no units authorized, issued or outstanding on November 1, 2015	—
General Partner’s deficit	—
Limited Partner’s deficit	—
Accumulated other comprehensive income (loss)	—
Total partners’ capital	—
Total liabilities and partners’ capital	$	—

To the Board of Directors and Shareholders of Broadcom Limited, the sole general partner of Broadcom Cayman L.P.

In our opinion, the consolidated financial statements of Broadcom Cayman L.P. listed in the index appearing under Item 15(a)(1) present fairly, in all material respects, the financial position of Broadcom Cayman L.P. and its subsidiaries at October 30, 2016 and November 1, 2015, and the results of their operations and their cash flows for each of the three years in the period ended October 30, 2016 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule of Broadcom Cayman L.P. listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of October 30, 2016, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The management of the Company’s General Partner is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Company's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for deferred income taxes in 2016.

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the Company’s General Partner; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

As described in Management’s Report on Internal Control over Financial Reporting, management has excluded Broadcom Corporation, or BRCM, from its assessment of internal control over financial reporting as of October 30, 2016 because it was acquired by the Company in a business combination during 2016. We have also excluded Broadcom Corporation from our audit of internal control over financial reporting. Broadcom Corporation is a wholly-owned subsidiary whose total assets and total revenues represent 9% and 53%, respectively, of the related consolidated financial statement amounts as of and for the year ended October 30, 2016.

/s/ PricewaterhouseCoopers LLP

San Jose, California

December 23, 2016

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BROADCOM LIMITED

CONSOLIDATED BALANCE SHEETS



	October 30, 2016			November 1, 2015

	(In millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents	$	3,097		$	1,822
Trade accounts receivable, net	2,181			1,019
Inventory	1,400			524
Other current assets	447			394
Total current assets	7,125			3,759
Property, plant and equipment, net	2,509			1,460
Goodwill	24,732			1,674
Intangible assets, net	15,068			3,277
Other long-term assets	532			345
Total assets	$	49,966		$	10,515
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,261		$	617
Employee compensation and benefits	517			250
Current portion of long-term debt	454			46
Other current liabilities	846			206
Total current liabilities	3,078			1,119
Long-term liabilities:
Long-term debt	13,188			3,826
Pension and post-retirement benefit obligations	531			475
Other long-term liabilities	11,293			381
Total liabilities	28,090			5,801
Commitments and contingencies (Note 14)
Shareholders’ equity:
Ordinary shares, no par value; 398,281,461 shares and 276,259,120 shares issued and outstanding on October 30, 2016 and November 1, 2015, respectively	19,241			2,547
Non-economic voting preference shares, no par value; 22,804,591 shares and no shares issued and outstanding on October, 30, 2016 and November 1, 2015, respectively	—			—
Retained earnings (accumulated deficit)	(215		)	2,240
Accumulated other comprehensive loss	(134		)	(73		)
Total Broadcom Limited shareholders’ equity	18,892			4,714
Noncontrolling interest	2,984			—
Total shareholders’ equity	21,876			4,714
Total liabilities and shareholders’ equity	$	49,966		$	10,515

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

1362

~~SAFARI~~Table ~~CAYMAN~~of ~~L.P.~~Contents

	From May 27, 2015 (date of inception) to November 1, 2015
	(In thousands, except per unit data)
Net revenue	$	—
Total operating expenses	105
Provision for income taxes	—
Net loss	$	(105	)
General partner’s interest in net loss	$	(105	)
Limited partner’s interest in net loss	$	—
Loss per partner unit - basic and diluted
Net loss per partner unit	$	—
Weighted-average partner units outstanding:
Basic and diluted	—

BROADCOM LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS



	Fiscal Year Ended
	October 30, 2016			November 1, 2015			November 2, 2014

	(In millions, except per share data)
Net revenue	$	13,240		$	6,824		$	4,269
Cost of products sold:
Cost of products sold	5,295			2,750			1,911
Purchase accounting effect on inventory	1,185			30			210
Amortization of acquisition-related intangible assets	763			484			249
Restructuring charges	57			7			22
Total cost of products sold	7,300			3,271			2,392
Gross margin	5,940			3,553			1,877
Research and development	2,674			1,049			695
Selling, general and administrative	806			486			407
Amortization of acquisition-related intangible assets	1,873			249			197
Restructuring, impairment and disposal charges	996			137			140
Total operating expenses	6,349			1,921			1,439
Operating income (loss)	(409		)	1,632			438
Interest expense	(585		)	(191		)	(110		)
Loss on extinguishment of debt	(123		)	(10		)	—
Other income, net	10			36			14
Income (loss) from continuing operations before income taxes	(1,107		)	1,467			342
Provision for income taxes	642			76			33
Income (loss) from continuing operations	(1,749		)	1,391			309
Loss from discontinued operations, net of income taxes	(112		)	(27		)	(46		)
Net income (loss)	(1,861		)	1,364			263
Net loss attributable to noncontrolling interest	(122		)	—			—
Net income (loss) attributable to ordinary shares	$	(1,739	)	$	1,364		$	263

Basic income (loss) per share attributable to ordinary shares:
Income (loss) per share from continuing operations	$	(4.46	)	$	5.27		$	1.23
Loss per share from discontinued operations	(0.29		)	(0.10		)	(0.18		)
Net income (loss) per share	$	(4.75	)	$	5.17		$	1.05

Diluted income (loss) per share attributable to ordinary shares:
Income (loss) per share from continuing operations	$	(4.57	)	$	4.95		$	1.16
Loss per share from discontinued operations	(0.29		)	(0.10		)	(0.17		)
Net income (loss) per share	$	(4.86	)	$	4.85		$	0.99

Weighted-average shares:
Basic	366			264			251
Diluted	383			281			267

Cash dividends declared and paid per share	$	1.94		$	1.55		$	1.13

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

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BROADCOM LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)



	Fiscal Year Ended
	October 30, 2016			November 1, 2015			November 2, 2014

	(In millions)
Net income (loss)	$	(1,861	)	$	1,364		$	263
Other comprehensive loss, net of tax:
Unrealized loss on defined benefit pension plans and post-retirement benefit plans	(65		)	(24		)	(41		)
Reclassification to net income (loss)	4			1			(3		)
Other comprehensive loss	(61		)	(23		)	(44		)
Comprehensive income (loss)	(1,922		)	1,341			219
Comprehensive loss attributable to noncontrolling interest	(122		)	—			—
Comprehensive income (loss) attributable to ordinary shares	$	(1,800	)	$	1,341		$	219

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

1464

~~SAFARI~~BROADCOM ~~CAYMAN L.P.~~LIMITED

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF CASH FLOWS

	From May 27, 2015 (date of inception) to November 1, 2015
		Fiscal Year Ended
	(In thousands)
		October 30, 2016			November 1, 2015			November 2, 2014
Cash flows from operating activities:
		(In millions)
Net loss	$	(105	)
Cash flows from operating activities:
Adjustments to reconcile net loss to net cash provided by operating activities:	—
Net income (loss)		$	(1,861	)	$	1,364		$	263
Changes in assets and liabilities:
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Other current assets and current liabilities	—
Depreciation and amortization		3,042			962			625
Net cash used in operating activities	(105		)
Share-based compensation		679			232			163
Cash flows from investing activities:
Excess tax benefits from share-based compensation		(89		)	(125		)	(39		)
Net cash provided by investing activities	—
Non-cash restructuring, impairment and disposal charges		662			77			9
Cash flows from financing activities:
Non-cash portion of debt extinguishment loss, net		100			10			—
Contributions from General Partner	105
Deferred taxes		365			(220		)	(92		)
Net cash provided by financing activities	105
Amortization of debt issuance costs and accretion of debt discount		36			22			14
Net change in cash and cash equivalents	—
Other		(6		)	32			(19		)
Cash and cash equivalents at the beginning of period	—
Changes in assets and liabilities, net of acquisitions and disposals:
Cash and cash equivalents at the end of year	$	—
Trade accounts receivable, net		(491		)	(187		)	(70		)
Inventory		996			62			193
Accounts payable		33			29			13
Employee compensation and benefits		163			8			20
Other current assets and current liabilities		(98		)	12			261
Other long-term assets and long-term liabilities		(120		)	40			(166		)
Net cash provided by operating activities		3,411			2,318			1,175
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired		(10,055		)	(394		)	(5,961		)
Proceeds from sales of businesses		898			650			450
Purchases of property, plant and equipment		(723		)	(593		)	(409		)
Proceeds from disposals of property, plant and equipment		5			110			—
Purchases of investments		(58		)	(14		)	—
Proceeds from sales and maturities of investments		104			—			35
Other		(11		)	—			—
Net cash used in investing activities		(9,840		)	(241		)	(5,885		)
Cash flows from financing activities:
Proceeds from term loan borrowings		19,510			—			4,600
Proceeds from issuance of convertible senior notes		—			—			1,000
Debt repayments		(9,842		)	(1,639		)	(12		)
Payments of assumed debt		(1,475		)	(178		)	—
Debt issuance costs		(123		)	—			(124		)
Dividend and distribution payments		(750		)	(408		)	(284		)
Issuance of ordinary shares		295			241			124
Repurchases of ordinary shares		—			—			(12		)
Excess tax benefits from share-based compensation		89			125			39
Other		—			—			(2		)
Net cash provided by (used in) financing activities		7,704			(1,859		)	5,329
Net change in cash and cash equivalents		1,275			218			619
Cash and cash equivalents at the beginning of period		1,822			1,604			985
Cash and cash equivalents at end of period		$	3,097		$	1,822		$	1,604
Supplemental disclosure of cash flow information:
Cash paid for interest		$	448		$	172		$	78
Cash paid for income taxes, net of refunds		$	242		$	138		$	23

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

15Table of Contents

~~SAFARI~~BROADCOM ~~CAYMAN L.P.~~LIMITED

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF ~~PARTNERS~~SHAREHOLDERS’ ~~CAPITAL~~EQUITY

	Number of Limited Partner’s Units			Limited Partner’s Capital			General Partner’s Capital (Deficit)				Limited Partner’s Capital (Deficit)				Total Partners’ Capital (Deficit)
	Ordinary Shares					Non-Economic Voting Preference Shares							Retained Earnings/(Accumulated Deficit)				Accumulated Other Comprehensive Loss			Non-controlling Interest		Total Shareholders’ Equity
	(In thousands, except unit amounts)
	Shares		Amount			Shares			Amount
May 27, 2015 (date of inception)	$	—		$	—		$	—			$	—			$	—
	(In millions)
General Partner contribution	—			—			105				—				105
Balance as of November 3, 2013	249		$	1,587		—			$	—			$	1,305			$	(6	)	$	—	$	2,886
Net loss, November 1, 2015	—			—			(105		)		—				(105		)
Issuance of ordinary shares in connection with equity incentive plans	5		124			—			—				—				—			—		124
Balance, November 1, 2015	$	—		$	—		$	—			$	—			$	—
Repurchase of ordinary shares	—		(12		)	—			—				—				—			—		(12		)
Share-based compensation	—		163			—			—				—				—			—		163
Excess tax benefits from share-based compensation	—		42			—			—				—				—			—		42
Cash dividends paid to ordinary shareholders	—		—			—			—				(284		)		—			—		(284		)
Convertible debt conversion feature	—		85			—			—				—				—			—		85
Fair value of partially vested equity awards assumed in connection with the acquisition of LSI Corporation	—		20			—			—				—				—			—		20
Changes in accumulated other comprehensive loss:
Actuarial losses and prior service costs associated with defined benefit pension plans and post-retirement benefit plans, net of taxes	—		—			—			—				—				(44		)	—		(44		)
Net income	—		—			—			—				263				—			—		263
Balance as of November 2, 2014	254		2,009			—			—				1,284				(50		)	—		3,243
Issuance of ordinary shares in connection with equity incentive plans	8		241			—			—				—				—			—		241
Share-based compensation	—		237			—			—				—				—			—		237
Excess tax benefits from share-based compensation	—		130			—			—				—				—			—		130
Cash dividends paid to ordinary shareholders	—		—			—			—				(408		)		—			—		(408		)
Issuance of ordinary shares upon conversion of Convertible Notes	14		(75		)	—			—				—				—			—		(75		)
Fair value of partially vested equity awards assumed in connection with the acquisition of Emulex Corporation	—		5			—			—				—				—			—		5
Changes in accumulated other comprehensive loss:
Actuarial losses and prior service costs associated with defined benefit pension plans and post-retirement benefit plans, net of taxes	—		—			—			—				—				(23		)	—		(23		)
Net income	—		—

Filing Compare · Broadcom Cayman L.P.