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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 4, 2024
    OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File No. 1-7819
Analog Devices, Inc.
(Exact name of registrant as specified in its charter) 
Massachusetts 04-2348234
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
One Analog Way,Wilmington,MA 01887
(Address of principal executive offices) (Zip Code)
(781) 935-5565
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.16 2/3 par value per shareADINasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of May 4, 2024 there were 496,216,857 shares of common stock of the registrant, $0.16 2/3 par value per share, outstanding.



PART I — FINANCIAL INFORMATION
ITEM 1.Financial Statements


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share amounts)

 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023May 4, 2024April 29, 2023
Revenue$2,159,039 $3,262,930 $4,671,743 $6,512,560 
Cost of sales979,004 1,118,384 2,017,767 2,243,673 
Gross margin1,180,035 2,144,546 2,653,976 4,268,887 
Operating expenses:
Research and development354,862 415,754 746,289 829,849 
Selling, marketing, general and administrative244,129 324,251 534,207 650,535 
Amortization of intangibles188,944 253,021 379,276 506,163 
Special charges, net5,977 23,136 22,117 23,136 
Total operating expenses793,912 1,016,162 1,681,889 2,009,683 
Operating income:386,123 1,128,384 972,087 2,259,204 
Nonoperating expense (income):
Interest expense77,103 63,252 154,244 123,705 
Interest income(15,269)(12,575)(24,438)(23,404)
Other, net(314)(10,216)4,260 (2,493)
Total nonoperating expense (income)61,520 40,461 134,066 97,808 
Income before income taxes324,603 1,087,923 838,021 2,161,396 
Provision for income taxes22,361 110,267 73,052 222,266 
Net income$302,242 $977,656 $764,969 $1,939,130 
Shares used to compute earnings per common share – basic496,130 504,715 495,947 505,918 
Shares used to compute earnings per common share – diluted498,533 508,725 498,637 509,955 
Basic earnings per common share$0.61 $1.94 $1.54 $3.83 
Diluted earnings per common share$0.61 $1.92 $1.53 $3.80 








See accompanying notes.
1




ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
Three Months EndedSix Months Ended
May 4, 2024April 29, 2023May 4, 2024April 29, 2023
Net income$302,242 $977,656 $764,969 $1,939,130 
Foreign currency translation adjustments264 (864)649 1,635 
Change in fair value of derivative instruments designated as cash flow hedges, net1,306 (2,109)9,326 23,358 
Changes in pension plans, net2,514 344 1,126 796 
Other comprehensive income (loss)4,084 (2,629)11,101 25,789 
Comprehensive income$306,326 $975,027 $776,070 $1,964,919 






















See accompanying notes.
2


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)

May 4, 2024October 28, 2023
ASSETS  
Current Assets
Cash and cash equivalents$1,939,695 $958,061 
Short-term investments424,117  
Accounts receivable1,004,628 1,469,734 
Inventories1,479,081 1,642,214 
Prepaid expenses and other current assets346,100 314,013 
Total current assets5,193,621 4,384,022 
Non-current Assets
Net property, plant and equipment3,415,220 3,219,157 
Goodwill26,909,775 26,913,134 
Intangible assets, net10,434,776 11,311,957 
Deferred tax assets2,146,321 2,223,272 
Other assets762,153 742,936 
Total non-current assets43,668,245 44,410,456 
TOTAL ASSETS$48,861,866 $48,794,478 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable$422,683 $493,041 
Income taxes payable360,951 309,046 
Debt, current898,776 499,052 
Commercial paper notes548,235 547,224 
Accrued liabilities1,066,677 1,352,608 
Total current liabilities3,297,322 3,200,971 
Non-current Liabilities
Long-term debt6,611,681 5,902,457 
Deferred income taxes2,887,952 3,127,852 
Income taxes payable266,625 417,076 
Other non-current liabilities549,497 581,000 
Total non-current liabilities10,315,755 10,028,385 
Shareholders’ Equity
Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding
  
Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 496,216,857 shares outstanding (496,261,678 on October 28, 2023)
82,704 82,712 
Capital in excess of par value25,103,737 25,313,914 
Retained earnings10,239,549 10,356,798 
Accumulated other comprehensive loss(177,201)(188,302)
Total shareholders’ equity35,248,789 35,565,122 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$48,861,866 $48,794,478 






See accompanying notes.
3


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(in thousands)

Three Months Ended May 4, 2024
Capital inAccumulated
Other
 Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, FEBRUARY 3, 2024
495,908 $82,653 $25,253,256 $10,393,449 $(181,285)
Net income302,242 
Dividends declared and paid - $0.92 per share
(456,142)
Issuance of stock under stock plans and other1,487 247 14,270 
Stock-based compensation expense58,396 
Other comprehensive income4,084 
Common stock repurchased(1,178)(196)(222,185)
BALANCE, MAY 4, 2024
496,217 $82,704 $25,103,737 $10,239,549 $(177,201)
Six Months Ended May 4, 2024
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, OCTOBER 28, 2023
496,262 $82,712 $25,313,914 $10,356,798 $(188,302)
Net income764,969 
Dividends declared and paid - $1.78 per share
(882,218)
Issuance of stock under stock plans and other2,163 360 63,976 
Stock-based compensation expense128,211 
Other comprehensive income11,101 
Common stock repurchased(2,208)(368)(402,364)
BALANCE, MAY 4, 2024
496,217 $82,704 $25,103,737 $10,239,549 $(177,201)




















See accompanying notes.

4


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(in thousands)

Three Months Ended April 29, 2023
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, JANUARY 28, 2023505,852 $84,306 $27,319,566 $9,297,347 $(169,734)
Net income977,656 
Dividends declared and paid - $0.86 per share
(435,213)
Issuance of stock under stock plans and other1,764 294 25,480 
Stock-based compensation expense69,102 
Other comprehensive loss(2,629)
Common stock repurchased(6,198)(1,029)(1,151,922)
BALANCE, APRIL 29, 2023
501,418 $83,571 $26,262,226 $9,839,790 $(172,363)
Six Months Ended April 29, 2023
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, OCTOBER 29, 2022509,296 $84,880 $27,857,270 $8,721,325 $(198,152)
Net income1,939,130 
Dividends declared and paid - $1.62 per share
(820,665)
Issuance of stock under stock plans and other2,381 397 66,615 
Stock-based compensation expense144,143 
Other comprehensive income25,789 
Common stock repurchased(10,259)(1,706)(1,805,802)
BALANCE, APRIL 29, 2023
501,418 $83,571 $26,262,226 $9,839,790 $(172,363)














See accompanying notes.
5


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

  
Six Months Ended
 May 4, 2024April 29, 2023
Cash flows from operating activities:
Net income$764,969 $1,939,130 
Adjustments to reconcile net income to net cash provided by operations:
Depreciation173,172 165,581 
Amortization of intangibles880,376 1,003,713 
Stock-based compensation expense128,211 144,143 
Deferred income taxes(164,348)(280,110)
Other13,370 2,768 
Changes in operating assets and liabilities150,935 (487,339)
Total adjustments1,181,716 548,756 
Net cash provided by operating activities1,946,685 2,487,886 
Cash flows from investing activities:
Purchases of short-term available-for-sale investments(424,117) 
Additions to property, plant and equipment(411,167)(460,496)
Other14,106 (81)
Net cash used for investing activities(821,178)(460,577)
Cash flows from financing activities:
Proceeds from debt1,087,856  
Early termination of debt (65,688)
Proceeds from commercial paper notes5,383,401 253,635 
Payments of commercial paper notes(5,382,390) 
Repurchase of common stock(402,732)(1,807,508)
Dividend payments to shareholders(882,218)(820,665)
Proceeds from employee stock plans64,336 67,012 
Other(12,126)52,942 
Net cash used for financing activities(143,873)(2,320,272)
Net increase (decrease) in cash and cash equivalents981,634 (292,963)
Cash and cash equivalents at beginning of period958,061 1,470,572 
Cash and cash equivalents at end of period$1,939,695 $1,177,609 










See accompanying notes.
6


ANALOG DEVICES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED MAY 4, 2024 (UNAUDITED)
(all tabular amounts in thousands except per share amounts and percentages)

Note 1 – Basis of Presentation
In the opinion of management, the information furnished in the accompanying condensed consolidated financial statements reflects all normal recurring adjustments that are necessary to fairly state the results for these interim periods and should be read in conjunction with Analog Devices, Inc.’s (the Company) Annual Report on Form 10-K for the fiscal year ended October 28, 2023 (fiscal 2023) and related notes. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending November 2, 2024 (fiscal 2024) or any future period.
The Company has a 52-53 week fiscal year that ends on the Saturday closest to the last day in October. Fiscal 2024 is a 53-week fiscal year and fiscal 2023 was a 52-week fiscal year. The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024. Therefore, the first six months of fiscal 2024 included an additional week of operations as compared to the first six months of fiscal 2023.
Note 2 – Shareholders' Equity
As of May 4, 2024, the Company had repurchased a total of approximately 207.0 million shares of its common stock for approximately $14.8 billion under the Company's share repurchase program. As of May 4, 2024, an additional $1.8 billion remains available for repurchase of shares under the current authorized program. The Company also repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units/awards or the exercise of stock options as well as for the Company's employee stock purchase plan. Future repurchases of common stock will be dependent upon the Company's financial position, results of operations, outlook, liquidity and other factors deemed relevant by the Company.
Note 3 – Accumulated Other Comprehensive (Loss) Income
The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first six months of fiscal 2024.
Foreign currency translation adjustmentUnrealized holding gains (losses) on derivativesPension plansTotal
October 28, 2023$(72,544)$(102,043)$(13,715)$(188,302)
Other comprehensive income before reclassifications649 6,868 94 7,611 
Amounts reclassified out of other comprehensive income 4,207 1,032 5,239 
Tax effects (1,749) (1,749)
Other comprehensive income649 9,326 1,126 11,101 
May 4, 2024$(71,895)$(92,717)$(12,589)$(177,201)
The amounts reclassified out of AOCI into the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Shareholders' Equity with presentation location during each period were as follows:
7


Three Months EndedSix Months Ended
Comprehensive (Loss) Income ComponentMay 4, 2024April 29, 2023May 4, 2024April 29, 2023Location
Unrealized holding (gains) losses on derivatives:
Currency forwards $(521)$1,342 $(592)$283 Cost of sales
(203)570 (272)123 Research and development
(1,500)344 (2,391)(953)Selling, marketing, general and administrative
Interest rate derivatives3,732 3,731 7,462 7,458 Interest expense
1,508 5,987 4,207 6,911 Total before tax
(30)(701)(878)(1,503)Tax
$1,478 $5,286 $3,329 $5,408 Net of tax
Amortization of pension components included in the computation of net periodic pension cost:
Actuarial losses$516 $376 $1,032 $746 Net of tax
Total amounts reclassified out of AOCI, net of tax$1,994 $5,662 $4,361 $6,154 
Note 4 – Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023May 4, 2024April 29, 2023
Net income$302,242 $977,656 $764,969 $1,939,130 
Basic shares:
Weighted-average shares outstanding496,130 504,715 495,947 505,918 
Earnings per common share basic:$0.61 $1.94 $1.54 $3.83 
Diluted shares:
Weighted-average shares outstanding496,130 504,715 495,947 505,918 
Assumed exercise of common stock equivalents2,403 4,010 2,690 4,037 
Weighted-average common and common equivalent shares498,533 508,725 498,637 509,955 
Earnings per common share diluted:$0.61 $1.92 $1.53 $3.80 
Anti-dilutive shares related to:
Outstanding stock-based awards66 387 140 354 
8


Note 5 – Special Charges, Net
Liabilities related to special charges, net are included in Accrued liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. The activity is detailed below:
Accrued Special ChargesGlobal Repositioning Actions
Q4 2023 Plan
Balance at October 28, 2023$36,981 $110,446 
Employee severance and benefit costs, net 11,977 
Severance and benefit payments(4,420)(87,013)
Balance at February 3, 2024$32,561 $35,410 
Employee severance and benefit costs, net(5,106)23,172 
Severance and benefit payments(5,767)(40,559)
Balance at May 4, 2024$21,688 $18,023 
Accrued liabilities$7,834 $18,023 
Other non-current liabilities$13,854 $ 
Note 6 – Commitments and Contingencies
On March 17, 2022, Walter E. Ryan and Ryan Asset Management, LLC, purported stockholders of Maxim Integrated Products, Inc. (Maxim), filed a putative class action in the Court of Chancery of the State of Delaware (C.A. No. 2022—0255) against the Company and the former directors of Maxim. The complaint alleged breaches of fiduciary duties by the individual defendants in connection with Maxim’s agreement, as part of the merger negotiations with the Company, to suspend Maxim dividends for up to four quarters prior to the closing of the Company's acquisition of Maxim. The complaint further alleged that the Company aided and abetted those alleged breaches of fiduciary duties. The plaintiffs sought damages in an amount to be determined at trial, plaintiffs’ costs and disbursements, including reasonable attorneys’ and experts’ fees, costs and other expenses. On May 2, 2023, the Court of Chancery entered an order dismissing the action in its entirety and with prejudice. On May 9, 2023, the plaintiffs filed a Motion for Reargument, which the Court of Chancery denied on May 30, 2023. On June 21, 2023, the plaintiffs filed a Notice of Appeal to the Delaware Supreme Court. On February 26, 2024, the Delaware Supreme Court issued an order affirming the dismissal of the action.
Note 7 – Revenue
Revenue Trends by End Market
The following tables summarize revenue by end market. The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which the Company’s product will be incorporated. As data systems for capturing and tracking this data and the Company's methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, the Company reclassifies revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
9


Three Months Ended
 May 4, 2024April 29, 2023
 Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$1,014,847 47 %(44)%$1,823,831 56 %
Automotive658,238 30 %(10)%732,869 22 %
Communications240,776 11 %(45)%436,542 13 %
Consumer245,178 11 %(9)%269,688 8 %
Total revenue$2,159,039 100 %(34)%$3,262,930 100 %
Six Months Ended
May 4, 2024April 29, 2023
Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$2,210,226 47 %(38)%$3,573,211 55 %
Automotive1,395,923 30 %(1)%1,411,430 22 %
Communications543,791 12 %(41)%914,794 14 %
Consumer521,803 11 %(15)%613,125 9 %
Total revenue$4,671,743 100 %(28)%$6,512,560 100 %
* The sum of the individual percentages may not equal the total due to rounding.
Revenue by Sales Channel
The following tables summarize revenue by channel. The Company sells its products globally through a direct sales force, third party distributors, independent sales representatives and via its website. Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.
Three Months Ended
May 4, 2024April 29, 2023
ChannelRevenue% of Revenue*Revenue% of Revenue*
   Distributors$1,248,382 58 %$1,996,410 61 %
   Direct customers873,593 40 %1,224,786 38 %
   Other37,064 2 %41,734 1 %
Total revenue$2,159,039 100 %$3,262,930 100 %
Six Months Ended
May 4, 2024April 29, 2023
ChannelRevenue% of Revenue*Revenue% of Revenue*
    Distributors$2,783,592 60 %$4,007,733 62 %
    Direct customers1,813,568 39 %2,420,320 37 %
    Other74,583 2 %84,507 1 %
Total revenue$4,671,743 100 %$6,512,560 100 %
* The sum of the individual percentages may not equal the total due to rounding.
Note 8 – Fair Value
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The tables below, set forth by level, present the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of May 4, 2024 and October 28, 2023. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of May 4, 2024 and October 28, 2023, the Company held $877.4 million and $642.1 million, respectively, of cash that is excluded
10


from the tables below.
 May 4, 2024
 
Fair Value Measurement at
Reporting Date Using:
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Assets
Cash equivalents and short-term investments:
Available-for-sale:
Government and institutional money market funds$538,938 $ $538,938 
Corporate obligations (1) 947,461 947,461 
Other assets:
Forward foreign currency exchange contracts (2)
$ $1,847 1,847 
Deferred compensation plan investments88,615  88,615 
Total assets measured at fair value$627,553 $949,308 $1,576,861 
Liabilities
Forward foreign currency exchange contracts (2)
$ $8,744 $8,744 
Interest rate derivatives (3)
 60,408 60,408 
Total liabilities measured at fair value$ $69,152 $69,152 
(1)The amortized cost of the Company's investments classified as available-for-sale as of May 4, 2024 was $950.4 million.
(2)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements.
(3)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements.

 October 28, 2023
 
Fair Value Measurement at
Reporting Date Using:
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds$315,980 $ $315,980 
Other assets:
Forward foreign currency exchange contracts (1) 1,940 1,940 
Deferred compensation plan investments78,246  78,246 
Total assets measured at fair value$394,226 $1,940 $396,166 
Liabilities
Forward foreign currency exchange contracts (1)$ $13,515 $13,515 
Interest rate derivatives (2) 81,602 81,602 
Total liabilities measured at fair value$ $95,117 $95,117 
(1)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements.
11


(2)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements.
Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis
The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company's commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($548.2 million and $547.2 million as of May 4, 2024 and October 28, 2023, respectively). The fair values of the senior unsecured notes are obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy.
May 4, 2024October 28, 2023
Principal Amount OutstandingFair Value Principal Amount Outstanding Fair Value
2024 Notes, due October 2024$500,000 $499,851 $500,000 $499,473 
2025 Notes, due April 2025400,000 391,286 400,000 385,231 
2026 Notes, due December 2026900,000 869,227 900,000 851,023 
2027 Notes, due June 2027440,212 420,964 440,212 408,595 
2028 Notes, due October 2028750,000 656,300 750,000 628,999 
2031 Notes, due October 20311,000,000 823,145 1,000,000 773,404 
2032 Notes, due October 2032300,000 285,033 300,000 269,828 
2034 Notes, due April 2034550,000 550,399   
2036 Notes, due December 2036144,278 128,119 144,278 118,554 
2041 Notes, due October 2041750,000 532,369 750,000 479,078 
2045 Notes, due December 2045332,587 323,805 332,587 292,248 
2051 Notes, due October 20511,000,000 658,194 1,000,000 590,666 
2054 Notes, due April 2054550,000 537,865   
Total senior unsecured notes
$7,617,077 $6,676,557 $6,517,077 $5,297,099 
Note 9 – Derivatives
Foreign Exchange Exposure Management — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges denominated in Euros, British Pounds, Philippine Pesos, Thai Baht, South Korean Won and Japanese Yen as of May 4, 2024 and October 28, 2023 were $249.0 million and $322.6 million, respectively. The fair values of forward foreign currency derivative instruments designated as hedging instruments in the Company’s Condensed Consolidated Balance Sheets as of May 4, 2024 and October 28, 2023 were as follows:
Fair Value At
Balance Sheet LocationMay 4, 2024October 28, 2023
Forward foreign currency exchange contractsPrepaid expenses and other current assets$553 $471 
Forward foreign currency exchange contractsAccrued liabilities$5,498 $9,897 
As of May 4, 2024 and October 28, 2023, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $242.2 million and $334.7 million, respectively. The fair values of undesignated hedges in the Company’s Condensed Consolidated Balance Sheets as of May 4, 2024 and October 28, 2023 were as follows:
Fair Value At
Balance Sheet LocationMay 4, 2024October 28, 2023
Undesignated hedges related to forward foreign currency exchange contracts
Prepaid expenses and other current assets$1,294 $1,469 
Undesignated hedges related to forward foreign currency exchange contracts
Accrued liabilities$3,246 $3,618 
Interest Rate Exposure Management — The Company does not consider the risk of counterparty default to be significant. The gain or loss on the Company's interest rate swap transactions attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps were recorded as follows:
12


May 4, 2024
Balance Sheet LocationLoss on SwapsGain on Note
Accrued liabilities$60,408 $ 
Long-term debt
$ $60,408 
For information on the unrealized holding gains (losses) on derivatives included in and reclassified out of AOCI into the Condensed Consolidated Statements of Income related to forward foreign currency exchange contracts, see Note 3, Accumulated Other Comprehensive (Loss) Income, in these Notes to Condensed Consolidated Financial Statements for further information.
Note 10 – Inventories
Inventories at May 4, 2024 and October 28, 2023 were as follows:
May 4, 2024October 28, 2023
Raw materials$115,509 $128,142 
Work in process1,060,237 1,125,819 
Finished goods303,335 388,253 
Total inventories$1,479,081 $1,642,214 
Note 11 – Debt
Senior Notes Offering. On April 3, 2024, in an underwritten public offering, the Company issued $550.0 million aggregate principal amount of 5.050% senior notes due April 1, 2034 (the 2034 Notes) with semi-annual fixed interest payments due on April 1 and October 1 of each year, commencing October 1, 2024. The net proceeds of the offering were $545.5 million, after discounts and issuance costs. Prior to January 1, 2034 (three months prior to the maturity date of the 2034 Notes), the Company may, at its option, redeem the 2034 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2034 Notes matured on January 1, 2034) on a semi-annual basis at the applicable treasury rate plus 15 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the 2034 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after January 1, 2034, the Company may, at its option, redeem the 2034 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2034 Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. The 2034 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.
On April 3, 2024, in an underwritten public offering, the Company issued $550.0 million aggregate principal amount of 5.300% senior notes due April 1, 2054 (the 2054 Notes) with semi-annual fixed interest payments due on April 1 and October 1 of each year, commencing October 1, 2024. The net proceeds of the offering were $542.3 million, after discounts and issuance costs. Prior to October 1, 2053 (six months prior to the maturity date of the 2054 Notes), the Company may, at its option, redeem the 2054 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2054 Notes matured on October 1, 2053) on a semi-annual basis at the applicable treasury rate plus 15 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the 2054 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after October 1, 2053, the Company may, at its option, redeem the 2054 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2054 Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. The 2054 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.
The 2034 Notes and the 2054 Notes were issued pursuant to a base indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by a supplemental indenture, which contains certain covenants, events of default and other customary provisions. The covenants applicable to the 2034 Notes and the 2054 Notes limit the Company’s ability to incur, create, assume or guarantee any debt secured by a lien upon a principal property; enter into sale and lease-back transactions with respect to a principal property; and consolidate with or merge into, or transfer or lease all or substantially all of its assets to, any other party. As of May 4, 2024, the Company was in compliance with these covenants.
13


Note 12 – Income Taxes
The Company’s effective tax rates for the three- and six-month periods ended May 4, 2024 and April 29, 2023 were below the U.S. statutory tax rate of 21.0%, due to lower statutory tax rates applicable to the Company's operations in the foreign jurisdictions in which it earns income. The Company's effective tax rate also includes the effects of the mandatory capitalization and amortization of research and development expenses which began in fiscal 2023 under the Tax Cuts and Jobs Act of 2017. The mandatory capitalization requirement decreases the Company's effective tax rate primarily by increasing the foreign-derived intangible income deduction.
It is reasonably possible that the balance of gross unrealized tax benefits, including accrued interest and penalties, could decrease by as much as approximately $139.0 million within the next twelve months due to the completion of tax audits, including any administrative appeals.
The Company has numerous audits ongoing throughout the world including: an IRS income tax audit for the fiscal years ended October 30, 2021, November 2, 2019 and November 3, 2018; a pre-acquisition IRS income tax audit for Maxim's fiscal years ended June 27, 2015 through August 26, 2021; and various U.S. state and local audits and international audits, including an Irish corporate tax audit for the fiscal year ended November 2, 2019. The Company's U.S. federal income tax returns prior to the fiscal year ended November 3, 2018 are no longer subject to examination, except for the applicable Maxim pre-acquisition fiscal years noted above.
Note 13 – New Accounting Pronouncements
Standards Implemented
Acquired Contract Assets and Contract Liabilities
In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities. Under this guidance (ASC 805-20-30-28), the acquirer should determine what contract assets and/or contract liabilities it would have recorded under ASC 606 (the revenue guidance) as of the acquisition date, as if the acquirer had entered into the original contract at the same date and on the same terms as the acquiree. The recognition and measurement of those contract assets and contract liabilities will likely be comparable to what the acquiree has recorded on its books under ASC 606 as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2021-08 in the first quarter of fiscal 2024. Upon adoption, ASU 2021-08 did not have a material impact on the Company's financial position and results of operations.
Standards to be Implemented
Segment Reporting
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosure requirements for reportable segments. ASU 2023-07 requires segment disclosure to include significant segment expense categories and amounts, and qualitative detail of other segment items. Disclosure of multiple measures of segment profit and loss may also be reported. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial position and results of operations.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires the disaggregation of information in existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial position and results of operations.
Note 14 – Subsequent Events
On May 21, 2024, the Board of Directors of the Company declared a cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on June 17, 2024 to all shareholders of record at the close of business on June 4, 2024 and is expected to total approximately $456.5 million.
14


ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
This information should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended October 28, 2023 (fiscal 2023).
This Quarterly Report on Form 10-Q, including the following discussion, contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “potential,” “may,” “could” and “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections regarding our future financial performance or results; our anticipated growth and trends in our businesses; the effects of business, economic, political, legal and regulatory impacts or conflicts upon our global operations; changes in demand for semiconductors and the related changes in demand and supply for our products; manufacturing delays, product availability and supply chain disruptions; our ability to recruit or retain our key personnel; our future liquidity, capital needs and capital expenditures; our development of technologies and processes and research and development investments; our future market position and expected competitive changes in the marketplace for our products; the anticipated result of litigation matters; our plans to pay dividends or repurchase stock; servicing our outstanding debt; our plans to borrow under our third amended and restated revolving credit agreement, as amended, and issue notes under our commercial paper program and the planned use of proceeds from such borrowing and issuing; our expected tax rate; expected cost savings; the effect of new accounting pronouncements; our plans to integrate or realize the benefits or synergies expected of acquired businesses and technologies; our Global Repositioning Actions and Q4 2023 Plan; and other characterizations of future events or circumstances are forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors.
The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in the forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; unanticipated difficulties or expenditures relating to integrating Maxim; the discretion of our board of directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. Additional factors that could cause actual results to differ materially from those described in these forward-looking statements include the risk factors included in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for fiscal 2023. We undertake no obligation to revise or update any forward-looking statements, including to reflect events or circumstances occurring after the date of the filing of this report, except to the extent required by law.
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Results of Operations
Overview
(all tabular amounts in thousands except per share amounts and percentages)
 Three Months Ended
 May 4, 2024April 29, 2023$ Change% Change
Revenue$2,159,039 $3,262,930 $(1,103,891)(34)%
Gross margin %54.7 %65.7 %
Net income$302,242 $977,656 $(675,414)(69)%
Net income as a % of revenue14.0 %30.0 %
Diluted EPS$0.61 $1.92 $(1.31)(68)%
Six Months Ended
May 4, 2024April 29, 2023$ Change% Change
Revenue$4,671,743 $6,512,560 $(1,840,817)(28)%
Gross margin %56.8 %65.5 %
Net income$764,969 $1,939,130 $(1,174,161)(61)%
Net income as a % of revenue16.4 %29.8 %
Diluted EPS$1.53 $3.80 $(2.27)(60)%
We have a 52-53 week fiscal year that ends on the Saturday closest to the last day in October. The fiscal year ending November 2, 2024 (fiscal 2024) is a 53-week fiscal year and fiscal 2023 was a 52-week fiscal year. The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024. Therefore, the first six months of fiscal 2024 included an additional week of operations as compared to the first six months of fiscal 2023.
Revenue Trends by End Market
The following tables summarize revenue by end market. The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market
16


can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended
 May 4, 2024April 29, 2023
 Revenue% of
Revenue*
Y/Y%Revenue% of
Revenue*
Industrial$1,014,847 47 %(44)%$1,823,831 56 %
Automotive658,238 30 %(10)%732,869 22 %
Communications240,776 11 %(45)%436,542 13 %
Consumer245,178 11 %(9)%269,688 %
Total revenue$2,159,039 100 %(34)%$3,262,930 100 %
Six Months Ended
May 4, 2024April 29, 2023
Revenue% of
Revenue*
Y/Y%Revenue% of
Revenue*
Industrial$2,210,226 47 %(38)%$3,573,211 55 %
Automotive1,395,923 30 %(1)%1,411,430 22 %
Communications543,791 12 %(41)%914,794 14 %
Consumer521,803 11 %(15)%613,125 %
Total revenue$4,671,743 100 %(28)%$6,512,560 100 %
* The sum of the individual percentages may not equal the total due to rounding.
Revenue decreased 34% and 28% in the three- and six-month periods ended May 4, 2024, respectively, as compared to the same periods of the prior fiscal year, primarily as a result of broad-based decline in demand for our products. The decrease in the six-month period was partially offset by an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
Revenue by Sales Channel
The following tables summarize revenue by sales channel. We sell our products globally through a direct sales force, third party distributors, independent sales representatives and via our website. Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.
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Three Months Ended
May 4, 2024April 29, 2023
Revenue% of Revenue*Revenue% of Revenue*
Channel
   Distributors$1,248,382 58 %$1,996,410 61 %
   Direct customers873,593 40 %1,224,786 38 %
   Other37,064 %41,734 %
Total revenue$2,159,039 100 %$3,262,930 100 %
Six Months Ended
May 4, 2024April 29, 2023
Revenue% of Revenue*Revenue% of Revenue*
Channel
   Distributors$2,783,592 60 %$4,007,733 62 %
   Direct customers1,813,568 39 %2,420,320 37 %
   Other74,583 %84,507 %
Total revenue$4,671,743 100 %$6,512,560 100 %
* The sum of the individual percentages may not equal the total due to rounding.
As indicated in the table above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end customer demand.
Gross Margin
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ Change% ChangeMay 4, 2024April 29, 2023$ Change% Change
Gross margin$1,180,035 $2,144,546 $(964,511)(45)%$2,653,976 $4,268,887 $(1,614,911)(38)%
Gross margin %54.7 %65.7 %56.8 %65.5 %
Gross margin percentage decreased by 1,100 and 870 basis points in the three- and six-month periods ended May 4, 2024, respectively, as compared to the same periods of the prior fiscal year, primarily due to lower utilization of our factories due to decreased customer demand, and unfavorable product mix.
Research and Development (R&D)
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ Change% ChangeMay 4, 2024April 29, 2023$ Change% Change
R&D expenses$354,862 $415,754 $(60,892)(15)%$746,289 $829,849 $(83,560)(10)%
R&D expenses as a % of revenue16 %13 %16 %13 %
R&D expenses decreased in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year, primarily as a result of lower R&D employee-related variable compensation expenses, partially offset by higher salary and benefit expenses. The decrease in the six-month period was partially offset by an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
R&D expenses as a percentage of revenue will fluctuate from year-to-year depending on the amount of revenue and the success of new product development efforts, which we view as critical to our future growth. We expect to continue the development of innovative technologies and processes for new products. We believe that a continued commitment to R&D is essential to maintain product leadership with our existing products as well as to provide innovative new product offerings.
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Selling, Marketing, General and Administrative (SMG&A)
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ Change% ChangeMay 4, 2024April 29, 2023$ Change% Change
SMG&A expenses$244,129 $324,251 $(80,122)(25)%$534,207 $650,535 $(116,328)(18)%
SMG&A expenses as a % of revenue11 %10 %11 %10 %
SMG&A expenses decreased in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year, primarily as a result of lower SMG&A employee-related variable compensation expenses and discretionary spending. The decrease in the six-month period was partially offset by an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2023.
Amortization of Intangibles
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ Change% ChangeMay 4, 2024April 29, 2023$ Change% Change
Amortization expenses$188,944 $253,021 $(64,077)(25)%$379,276 $506,163 $(126,887)(25)%
Amortization expenses as a % of revenue%%%%
Amortization expenses decreased in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2023.
Special Charges, Net
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ Change% ChangeMay 4, 2024April 29, 2023$ Change% Change
Special charges, net$5,977 $23,136 $(17,159)(74)%$22,117 $23,136 $(1,019)(4)%
Special charges, net decreased in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year primarily due to the timing of charges recorded in each period. Fiscal 2023 charges were primarily related to Global Repositioning Actions, while fiscal 2024 charges were primarily related to the Q4 2023 Plan.
Operating Income
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ Change% ChangeMay 4, 2024April 29, 2023$ Change% Change
Operating income$386,123 $1,128,384 $(742,261)(66)%$972,087 $2,259,204 $(1,287,117)(57)%
Operating income as a % of revenue17.9 %34.6 %20.8 %34.7 %
The year-over-year decrease in operating income in the three-month period ended May 4, 2024 was primarily the result of a decrease in revenue, which contributed to a decrease in gross margin of $964.5 million, partially offset by a decrease of $222.3 million in net operating expenses.
The year-over-year decrease in operating income in the six-month period ended May 4, 2024 was primarily the result of a decrease in revenue, which contributed to a decrease in gross margin of $1,614.9 million, partially offset by a decrease of $327.8 million in net operating expenses.
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Nonoperating Expense (Income)
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ ChangeMay 4, 2024April 29, 2023$ Change
Total nonoperating expense (income)$61,520 $40,461 $21,059 $134,066 $97,808 $36,258 
The year-over-year increases in nonoperating expense (income) in the three- and six-month periods ended May 4, 2024, as compared to the same periods of the prior fiscal year, were primarily the result of higher interest expense related to our commercial paper obligations and higher interest rates on certain of our existing debt obligations.
Provision for Income Taxes
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ ChangeMay 4, 2024April 29, 2023$ Change
Provision for income taxes$22,361 $110,267 $(87,906)$73,052 $222,266 $(149,214)
Effective income tax rate6.9 %10.1 %8.7 %10.3 %
The effective tax rates for the three- and six-month periods ended May 4, 2024 and April 29, 2023 were below the U.S. statutory tax rate of 21% due to lower statutory tax rates applicable to our operations in the foreign jurisdictions in which we earn income. Our pretax income for the three- and six-month periods ended May 4, 2024 and April 29, 2023 was primarily generated in Ireland at a tax rate of 12.5%.
See Note 12, Income Taxes, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.
Net Income
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023$ Change% ChangeMay 4, 2024April 29, 2023$ Change% Change
Net income$302,242 $977,656 $(675,414)(69)%$764,969 $1,939,130 $(1,174,161)(61)%
Net income as a % of revenue14.0 %30.0 %16.4 %29.8 %
Diluted EPS$0.61 $1.92 $1.53 $3.80 
Net income decreased in the three-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, as the result of a $742.3 million decrease in operating income and a $21.1 million increase in nonoperating expense (income), partially offset by a $87.9 million decrease in provision for income taxes.
Net income decreased in the six-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, as the result of a $1,287.1 million decrease in operating income and a $36.3 million increase in nonoperating expense (income), partially offset by a $149.2 million decrease in provision for income taxes.
Liquidity and Capital Resources
At May 4, 2024, our principal source of liquidity was $2.4 billion of cash, cash equivalents and short-term investments, of which approximately $1.5 billion was held in the United States, and the balance of our cash, cash equivalents and short-term investments was held outside the United States in various foreign subsidiaries. We manage our worldwide cash requirements by, among other things, reviewing available funds held by our foreign subsidiaries and the cost effectiveness by which those funds can be accessed in the United States. We do not expect current regulatory restrictions or taxes on repatriation to have a material adverse effect on our overall liquidity, financial condition or results of operations. Our cash, cash equivalents and short-term investments consist of highly liquid investments, including money market funds and corporate obligations. We maintain these balances with counterparties with high credit ratings, and continually monitor the amount of credit exposure to any one issuer and diversify our investments in order to minimize our credit risk.
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We believe that our existing sources of liquidity and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing, will be sufficient to fund operations, capital expenditures, research and development efforts and dividend payments (if any) in the immediate future and for at least the next twelve months.
 Six Months Ended
 May 4, 2024April 29, 2023
Net cash provided by operating activities$1,946,685 $2,487,886 
Net cash provided by operations as a % of revenue42 %38 %
Net cash used for investing activities$(821,178)$(460,577)
Net cash used for financing activities$(143,873)$(2,320,272)
The following changes contributed to the net change in cash and cash equivalents in the six-month period ended May 4, 2024 as compared to the same period in fiscal 2023.
Operating Activities
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities. The decrease in cash provided by operating activities during the six-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, was mainly the result of lower net income adjusted for noncash items offset by changes in working capital.
Investing Activities
Investing cash flows generally consist of capital expenditures and cash used for acquisitions. The increase in cash used for investing activities during the six-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, was primarily the result of the purchase of short-term available-for-sale investments, partially offset by a decrease in cash used for capital expenditures.
Financing Activities
Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuance and repayment of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans. The change in cash used for financing activities during the six-month period ended May 4, 2024, as compared to the same period of the prior fiscal year, was primarily the result of lower common stock repurchases and net proceeds from the issuance of debt during fiscal 2024. For additional information, see Note 11, Debt, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Working Capital
May 4, 2024October 28, 2023$ Change% Change
Accounts receivable$1,004,628 $1,469,734 $(465,106)(32)%
Days sales outstanding*46 52 
Inventory$1,479,081 $1,642,214 $(163,133)(10)%
Days cost of sales in inventory*141 143 
_______________________________________
*We use the average of the current quarter and prior quarter ending net accounts receivable and ending inventory balance in our calculation of days sales outstanding and days cost of sales in inventory, respectively.
The decrease in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and decreased revenue levels in the second quarter of fiscal 2024 as compared to the fourth quarter of fiscal 2023.
Inventory decreased primarily as a result of our efforts to balance manufacturing production, demand and inventory levels. Our inventory levels are impacted by our need to support forecasted sales demand and variations between those forecasts and actual demand.
Current liabilities increased to $3,297.3 million at May 4, 2024 as compared to $3,201.0 million at the end of fiscal 2023 due to higher current debt, partially offset by lower accrued liabilities.
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Debt
As of May 4, 2024, our debt obligations consisted of the following:
Principal Amount Outstanding
Commercial paper notes$548,235 
2024 Notes, due October 2024500,000 
2025 Notes, due April 2025400,000 
2026 Notes, due December 2026900,000 
2027 Notes, due June 2027440,212 
2028 Notes, due October 2028750,000 
2031 Notes, due October 20311,000,000 
2032 Notes, due October 2032300,000 
2034 Notes, due April 2034550,000 
2036 Notes, due December 2036144,278 
2041 Notes, due October 2041750,000 
2045 Notes, due December 2045332,587 
2051 Notes, due October 20511,000,000 
2054 Notes, due April 2054550,000 
Total debt$8,165,312 
The indentures governing our outstanding notes contain covenants that may limit our ability to: incur, create, assume or guarantee any debt for borrowed money secured by a lien upon a principal property; enter into sale and lease-back transactions with respect to a principal property; and consolidate with or merge into, or transfer or lease all or substantially all of our assets to, any other party. As of May 4, 2024, we were in compliance with these covenants.
Commercial Paper Program
Under our commercial paper program, we may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $2.5 billion outstanding at any time, with maturities of up to 397 days from the date of issuance. As of May 4, 2024, we had $548.2 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet. We use the net proceeds of the commercial paper program for general corporate purposes, including without limitation, repayment of indebtedness, stock repurchases, acquisitions, capital expenditures and working capital.
Revolving Credit Facility
Our Third Amended and Restated Revolving Credit Agreement, dated as of June 23, 2021 and as amended (Revolving Credit Agreement), provides for a five year unsecured revolving credit facility in an aggregate principal amount not to exceed $2.5 billion (subject to certain terms and conditions).
We may borrow under this revolving credit facility in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes. The terms of the Revolving Credit Agreement impose restrictions on our ability to undertake certain transactions, to create certain liens on assets and to incur certain subsidiary indebtedness. In addition, the Revolving Credit Agreement contains a consolidated leverage ratio covenant of total consolidated funded debt to consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) of not greater than 3.5 to 1.0. As of May 4, 2024, we were in compliance with these covenants.
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Stock Repurchase Program
In the aggregate, our Board of Directors has authorized us to repurchase $16.7 billion of our common stock under our common stock repurchase program. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have repurchased all shares authorized under the program. As of May 4, 2024, an additional $1.8 billion remains available for repurchase under the current authorized program. The repurchased shares are held as authorized but unissued shares of common stock. We also repurchase shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units/awards or the exercise of stock options as well as for our employee stock purchase plan. Future repurchases of common stock will be dependent upon our financial position, results of operations, outlook, liquidity and other factors we deem relevant.
Capital Expenditures
Net additions to property, plant and equipment were $411.2 million in the first six months of fiscal 2024. We expect capital expenditures for fiscal 2024 to be between approximately $600 million and $800 million. These capital expenditures will be funded with a combination of cash on hand and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing.
Dividends
On May 21, 2024, our Board of Directors declared a cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on June 17, 2024 to all shareholders of record at the close of business on June 4, 2024 and is expected to total approximately $456.5 million. We currently expect quarterly dividends to continue in future periods. The payment of any future quarterly dividends, or a future increase in the quarterly dividend amount, will be at the discretion of the Board of Directors and will be dependent upon our financial position, results of operations, outlook, liquidity and other factors deemed relevant by the Board of Directors.
Contractual Obligations
In the second quarter of fiscal 2024, we issued $550.0 million aggregate principal amount of 5.050% senior unsecured notes due April 1, 2034 and $550.0 million aggregate principal amount of 5.300% senior unsecured notes due April 1, 2054. The 2034 Notes and the 2054 Notes have semi-annual fixed interest payments due on April 1 and October 1 of each year, commencing October 1, 2024. For additional information, see Note 11, Debt, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
There have not been any other material changes during the six-month period ended May 4, 2024 to the amounts presented in the table summarizing our contractual obligations included in our Annual Report on Form 10-K for the fiscal year ended October 28, 2023.
New Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards will not have a material impact on our future financial condition and results of operations. See Note 13, New Accounting Pronouncements, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of recently issued and adopted accounting pronouncements, including the dates of adoption and impact on our historical financial condition and results of operations.
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ITEM 3.Quantitative and Qualitative Disclosures About Market Risk
There were no material changes in the six-month period ended May 4, 2024 to the information provided under Item 7A. “Quantitative and Qualitative Disclosures about Market Risk,” set forth in our Annual Report on Form 10-K for the fiscal year ended October 28, 2023.
ITEM 4.Controls and Procedures
(a) Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of May 4, 2024. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of May 4, 2024, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
(b) Changes in Internal Control over Financial Reporting. No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended May 4, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


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PART II — OTHER INFORMATION
ITEM 1.Legal Proceedings
The information required by this Item is provided in Note 6, Commitments and Contingencies, of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
ITEM 1A.Risk Factors
We are subject to a number of risks that could adversely affect our business, results of operations, financial condition and future prospects, including those identified in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended October 28, 2023, which was filed with the Securities and Exchange Commission on November 21, 2023.
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ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities 
PeriodTotal Number of
Shares Purchased
(a)
Average Price
Paid Per Share (b)
Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs (c)
Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under
the Plans or
Programs
February 4, 2024 through March 2, 2024271,611 $189.78 227,258 $1,920,121,368 
March 3, 2024 through March 30, 2024626,241 $194.54 231,167 $1,875,416,710 
March 31, 2024 through May 4, 2024279,741 $192.69 273,830 $1,822,640,104 
Total1,177,594 $193.00 732,255 $1,822,640,104 
(a)Includes 445,339 shares withheld by us from employees to satisfy employee tax obligations upon vesting of restricted stock units/awards granted to our employees under our equity compensation plans.
(b)The average price paid for shares in connection with vesting of restricted stock units/awards are averages of the closing stock price at the vesting date which is used to calculate the number of shares to be withheld.
(c)Shares repurchased pursuant to the stock repurchase program publicly announced on August 12, 2004 and updated thereafter. Under the repurchase program, we may repurchase outstanding shares of our common stock from time to time in the open market and through privately negotiated transactions. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have repurchased all shares authorized for repurchase under the repurchase program.

ITEM 5.Other Information
The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our directors or officers during the second quarter of fiscal 2024 that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (Rule 10b5-1 trading arrangement).

Name and TitleDate of AdoptionDuration of Rule 10b5-1 Trading ArrangementAggregate Number of Securities to Be Purchased or Sold
Vincent Roche
Chief Executive Officer and Chair of the Board of Directors

March 1, 2024Until May 1, 2025, or such earlier date upon which all transactions are completed or expire without execution
Sale of up to 90,017 shares

None of our directors or officers terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the second quarter of fiscal 2024.
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ITEM 6.Exhibits
Exhibit No.  Description
4.1
Supplemental Indenture, dated April 3, 2024, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (including the forms of note contained therein), filed as Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 001-07819) as filed with the Commission on April 3, 2024 and incorporated herein by reference.
31.1†  
31.2†  
32.1†*  
32.2†*  
101.INS  The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.**
101.SCH  Inline XBRL Schema Document.**
101.CAL  Inline XBRL Calculation Linkbase Document.**
101.LAB  Inline XBRL Labels Linkbase Document.**
101.PRE  Inline XBRL Presentation Linkbase Document.**
101.DEF  Inline XBRL Definition Linkbase Document.**
104Cover page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
  Filed or furnished herewith.
*  
The certification furnished in each of Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, except to the extent that the Registrant specifically incorporates each by reference. Such certification will not be deemed to be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Registrant specifically incorporates it by reference.
**Submitted electronically herewith.
Attached as Exhibit 101 to this report are the following formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Condensed Consolidated Statements of Income for the three- and six-months ended May 4, 2024 and April 29, 2023, (ii) Condensed Consolidated Statements of Comprehensive Income for the three- and six-months ended May 4, 2024 and April 29, 2023, (iii) Condensed Consolidated Balance Sheets at May 4, 2024 and October 28, 2023, (iv) Condensed Consolidated Statements of Shareholders' Equity for the three- and six-months ended May 4, 2024 and April 29, 2023, (v) Condensed Consolidated Statements of Cash Flows for the six months ended May 4, 2024 and April 29, 2023 and (vi) Notes to Condensed Consolidated Financial Statements for the three- and six-months ended May 4, 2024.

27


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
ANALOG DEVICES, INC.
Date: May 22, 2024By:/s/ Vincent Roche
Vincent Roche
Chief Executive Officer and Chair of the Board of Directors
(Principal Executive Officer)
Date: May 22, 2024By:
/s/ Richard C. Puccio, Jr.
Richard C. Puccio, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

28

Exhibit 31.1
CERTIFICATION

I, Vincent Roche, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Analog Devices, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Vincent Roche
Vincent Roche
Chief Executive Officer and Chair of the Board of
Directors
(Principal Executive Officer)
Date: May 22, 2024



Exhibit 31.2
CERTIFICATION

I, Richard C. Puccio, Jr., certify that:
1.I have reviewed this quarterly report on Form 10-Q of Analog Devices, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Richard C. Puccio, Jr.
Richard C. Puccio, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
Date: May 22, 2024



Exhibit 32.1
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Analog Devices, Inc. (the “Company”) for the period ended May 4, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Vincent Roche, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Vincent Roche
Vincent Roche
Chief Executive Officer
Date: May 22, 2024



Exhibit 32.2
Certification Pursuant to 18 U.S.C. Section 1350,
As Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Analog Devices, Inc. (the “Company”) for the period ended May 4, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Richard C. Puccio, Jr., Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Richard C. Puccio, Jr.
Richard C. Puccio, Jr.
Chief Financial Officer
Date: May 22, 2024


v3.24.1.1.u2
Cover
6 Months Ended
May 04, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date May 04, 2024
Document Transition Report false
Entity File Number 1-7819
Entity Registrant Name Analog Devices, Inc.
Entity Incorporation, State or Country Code MA
Entity Tax Identification Number 04-2348234
Entity Address, Address Line One One Analog Way,
Entity Address, City or Town Wilmington,
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01887
City Area Code 781
Local Phone Number 935-5565
Title of 12(b) Security Common Stock $0.16 2/3 par value per share
Entity Trading Symbol ADI
Security Exchange Name NASDAQ
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 496,216,857
Entity Central Index Key 0000006281
Current Fiscal Year End Date --11-02
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Amendment Flag false
v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Income Statement [Abstract]        
Revenue $ 2,159,039 $ 3,262,930 $ 4,671,743 $ 6,512,560
Cost of sales 979,004 1,118,384 2,017,767 2,243,673
Gross margin 1,180,035 2,144,546 2,653,976 4,268,887
Operating expenses:        
Research and development 354,862 415,754 746,289 829,849
Selling, marketing, general and administrative 244,129 324,251 534,207 650,535
Amortization of intangibles 188,944 253,021 379,276 506,163
Special charges, net 5,977 23,136 22,117 23,136
Total operating expenses 793,912 1,016,162 1,681,889 2,009,683
Operating income: 386,123 1,128,384 972,087 2,259,204
Nonoperating expense (income):        
Interest expense 77,103 63,252 154,244 123,705
Interest income (15,269) (12,575) (24,438) (23,404)
Other, net (314) (10,216) 4,260 (2,493)
Total nonoperating expense (income) 61,520 40,461 134,066 97,808
Income before income taxes 324,603 1,087,923 838,021 2,161,396
Provision for income taxes 22,361 110,267 73,052 222,266
Net income $ 302,242 $ 977,656 $ 764,969 $ 1,939,130
Shares used to compute earnings per common share – basic (in shares) 496,130 504,715 495,947 505,918
Shares used to compute earnings per common share – diluted (in shares) 498,533 508,725 498,637 509,955
Basic earnings per common share (in dollars per share) $ 0.61 $ 1.94 $ 1.54 $ 3.83
Diluted earnings per common share (in dollars per share) $ 0.61 $ 1.92 $ 1.53 $ 3.80
v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 302,242 $ 977,656 $ 764,969 $ 1,939,130
Foreign currency translation adjustments 264 (864) 649 1,635
Change in fair value of derivative instruments designated as cash flow hedges, net 1,306 (2,109) 9,326 23,358
Changes in pension plans, net 2,514 344 1,126 796
Other comprehensive income (loss) 4,084 (2,629) 11,101 25,789
Comprehensive income $ 306,326 $ 975,027 $ 776,070 $ 1,964,919
v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
May 04, 2024
Oct. 28, 2023
Current Assets    
Cash and cash equivalents $ 1,939,695 $ 958,061
Short-term investments 424,117 0
Accounts receivable 1,004,628 1,469,734
Inventories 1,479,081 1,642,214
Prepaid expenses and other current assets 346,100 314,013
Total current assets 5,193,621 4,384,022
Non-current Assets    
Net property, plant and equipment 3,415,220 3,219,157
Goodwill 26,909,775 26,913,134
Intangible assets, net 10,434,776 11,311,957
Deferred tax assets 2,146,321 2,223,272
Other assets 762,153 742,936
Total non-current assets 43,668,245 44,410,456
TOTAL ASSETS 48,861,866 48,794,478
Current Liabilities    
Accounts payable 422,683 493,041
Income taxes payable 360,951 309,046
Debt, current 898,776 499,052
Commercial paper notes 548,235 547,224
Accrued liabilities 1,066,677 1,352,608
Total current liabilities 3,297,322 3,200,971
Non-current Liabilities    
Long-term debt 6,611,681 5,902,457
Deferred income taxes 2,887,952 3,127,852
Income taxes payable 266,625 417,076
Other non-current liabilities 549,497 581,000
Total non-current liabilities 10,315,755 10,028,385
Shareholders’ Equity    
Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding 0 0
Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 496,216,857 shares outstanding (496,261,678 on October 28, 2023) 82,704 82,712
Capital in excess of par value 25,103,737 25,313,914
Retained earnings 10,239,549 10,356,798
Accumulated other comprehensive loss (177,201) (188,302)
Total shareholders’ equity 35,248,789 35,565,122
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 48,861,866 $ 48,794,478
v3.24.1.1.u2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
May 04, 2024
Oct. 28, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 471,934 471,934
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.16 $ 0.16
Common stock, shares authorized (in shares) 1,200,000,000 1,200,000,000
Common stock, shares outstanding (in shares) 496,216,857 496,261,678
v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Capital in Excess of Par Value
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Oct. 29, 2022   509,296,000      
Beginning balance at Oct. 29, 2022   $ 84,880 $ 27,857,270 $ 8,721,325 $ (198,152)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 1,939,130     1,939,130  
Dividends declared and paid       (820,665)  
Issuance of stock under stock plans and other (in shares)   2,381,000      
Issuance of stock under stock plans and other   $ 397 66,615    
Stock-based compensation expense     144,143    
Other comprehensive income (loss) 25,789       25,789
Common stock repurchased (in shares)   (10,259,000)      
Common stock repurchased   $ (1,706) (1,805,802)    
Ending balance (in shares) at Apr. 29, 2023   501,418,000      
Ending balance at Apr. 29, 2023   $ 83,571 26,262,226 9,839,790 (172,363)
Beginning balance (in shares) at Jan. 28, 2023   505,852,000      
Beginning balance at Jan. 28, 2023   $ 84,306 27,319,566 9,297,347 (169,734)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 977,656     977,656  
Dividends declared and paid       (435,213)  
Issuance of stock under stock plans and other (in shares)   1,764,000      
Issuance of stock under stock plans and other   $ 294 25,480    
Stock-based compensation expense     69,102    
Other comprehensive income (loss) $ (2,629)       (2,629)
Common stock repurchased (in shares)   (6,198,000)      
Common stock repurchased   $ (1,029) (1,151,922)    
Ending balance (in shares) at Apr. 29, 2023   501,418,000      
Ending balance at Apr. 29, 2023   $ 83,571 26,262,226 9,839,790 (172,363)
Beginning balance (in shares) at Oct. 28, 2023 496,261,678 496,262,000      
Beginning balance at Oct. 28, 2023 $ 35,565,122 $ 82,712 25,313,914 10,356,798 (188,302)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 764,969        
Dividends declared and paid       (882,218)  
Issuance of stock under stock plans and other (in shares)   2,163,000      
Issuance of stock under stock plans and other   $ 360 63,976    
Stock-based compensation expense     128,211    
Other comprehensive income (loss) $ 11,101       11,101
Common stock repurchased (in shares)   (2,208,000)      
Common stock repurchased   $ (368) (402,364)    
Ending balance (in shares) at May. 04, 2024 496,216,857 496,217,000      
Ending balance at May. 04, 2024 $ 35,248,789 $ 82,704 25,103,737 10,239,549 (177,201)
Beginning balance (in shares) at Feb. 03, 2024   495,908,000      
Beginning balance at Feb. 03, 2024   $ 82,653 25,253,256 10,393,449 (181,285)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 302,242     302,242  
Dividends declared and paid       (456,142)  
Issuance of stock under stock plans and other (in shares)   1,487,000      
Issuance of stock under stock plans and other   $ 247 14,270    
Stock-based compensation expense     58,396    
Other comprehensive income (loss) $ 4,084       4,084
Common stock repurchased (in shares)   (1,178,000)      
Common stock repurchased   $ (196) (222,185)    
Ending balance (in shares) at May. 04, 2024 496,216,857 496,217,000      
Ending balance at May. 04, 2024 $ 35,248,789 $ 82,704 $ 25,103,737 $ 10,239,549 $ (177,201)
v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends (in dollars per share) $ 0.92 $ 0.86 $ 1.78 $ 1.62
v3.24.1.1.u2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
May 04, 2024
Apr. 29, 2023
Cash flows from operating activities:    
Net income $ 764,969 $ 1,939,130
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation 173,172 165,581
Amortization of intangibles 880,376 1,003,713
Stock-based compensation expense 128,211 144,143
Deferred income taxes (164,348) (280,110)
Other 13,370 2,768
Changes in operating assets and liabilities 150,935 (487,339)
Total adjustments 1,181,716 548,756
Net cash provided by operating activities 1,946,685 2,487,886
Cash flows from investing activities:    
Purchases of short-term available-for-sale investments (424,117) 0
Additions to property, plant and equipment (411,167) (460,496)
Other 14,106 (81)
Net cash used for investing activities (821,178) (460,577)
Cash flows from financing activities:    
Proceeds from debt 1,087,856 0
Early termination of debt 0 (65,688)
Proceeds from commercial paper notes 5,383,401 253,635
Payments of commercial paper notes (5,382,390) 0
Repurchase of common stock (402,732) (1,807,508)
Dividend payments to shareholders (882,218) (820,665)
Proceeds from employee stock plans 64,336 67,012
Other (12,126) 52,942
Net cash used for financing activities (143,873) (2,320,272)
Net increase (decrease) in cash and cash equivalents 981,634 (292,963)
Cash and cash equivalents at beginning of period 958,061 1,470,572
Cash and cash equivalents at end of period $ 1,939,695 $ 1,177,609
v3.24.1.1.u2
Basis of Presentation
6 Months Ended
May 04, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
In the opinion of management, the information furnished in the accompanying condensed consolidated financial statements reflects all normal recurring adjustments that are necessary to fairly state the results for these interim periods and should be read in conjunction with Analog Devices, Inc.’s (the Company) Annual Report on Form 10-K for the fiscal year ended October 28, 2023 (fiscal 2023) and related notes. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending November 2, 2024 (fiscal 2024) or any future period.
The Company has a 52-53 week fiscal year that ends on the Saturday closest to the last day in October. Fiscal 2024 is a 53-week fiscal year and fiscal 2023 was a 52-week fiscal year. The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024. Therefore, the first six months of fiscal 2024 included an additional week of operations as compared to the first six months of fiscal 2023.
v3.24.1.1.u2
Shareholders' Equity
6 Months Ended
May 04, 2024
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
As of May 4, 2024, the Company had repurchased a total of approximately 207.0 million shares of its common stock for approximately $14.8 billion under the Company's share repurchase program. As of May 4, 2024, an additional $1.8 billion remains available for repurchase of shares under the current authorized program. The Company also repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units/awards or the exercise of stock options as well as for the Company's employee stock purchase plan. Future repurchases of common stock will be dependent upon the Company's financial position, results of operations, outlook, liquidity and other factors deemed relevant by the Company.
v3.24.1.1.u2
Accumulated Other Comprehensive (Loss) Income
6 Months Ended
May 04, 2024
Equity [Abstract]  
Accumulated Other Comprehensive (Loss) Income Accumulated Other Comprehensive (Loss) Income
The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first six months of fiscal 2024.
Foreign currency translation adjustmentUnrealized holding gains (losses) on derivativesPension plansTotal
October 28, 2023$(72,544)$(102,043)$(13,715)$(188,302)
Other comprehensive income before reclassifications649 6,868 94 7,611 
Amounts reclassified out of other comprehensive income— 4,207 1,032 5,239 
Tax effects— (1,749)— (1,749)
Other comprehensive income649 9,326 1,126 11,101 
May 4, 2024$(71,895)$(92,717)$(12,589)$(177,201)
The amounts reclassified out of AOCI into the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Shareholders' Equity with presentation location during each period were as follows:
Three Months EndedSix Months Ended
Comprehensive (Loss) Income ComponentMay 4, 2024April 29, 2023May 4, 2024April 29, 2023Location
Unrealized holding (gains) losses on derivatives:
Currency forwards $(521)$1,342 $(592)$283 Cost of sales
(203)570 (272)123 Research and development
(1,500)344 (2,391)(953)Selling, marketing, general and administrative
Interest rate derivatives3,732 3,731 7,462 7,458 Interest expense
1,508 5,987 4,207 6,911 Total before tax
(30)(701)(878)(1,503)Tax
$1,478 $5,286 $3,329 $5,408 Net of tax
Amortization of pension components included in the computation of net periodic pension cost:
Actuarial losses$516 $376 $1,032 $746 Net of tax
Total amounts reclassified out of AOCI, net of tax$1,994 $5,662 $4,361 $6,154 
v3.24.1.1.u2
Earnings Per Share
6 Months Ended
May 04, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023May 4, 2024April 29, 2023
Net income$302,242 $977,656 $764,969 $1,939,130 
Basic shares:
Weighted-average shares outstanding496,130 504,715 495,947 505,918 
Earnings per common share basic:$0.61 $1.94 $1.54 $3.83 
Diluted shares:
Weighted-average shares outstanding496,130 504,715 495,947 505,918 
Assumed exercise of common stock equivalents2,403 4,010 2,690 4,037 
Weighted-average common and common equivalent shares498,533 508,725 498,637 509,955 
Earnings per common share diluted:$0.61 $1.92 $1.53 $3.80 
Anti-dilutive shares related to:
Outstanding stock-based awards66 387 140 354 
v3.24.1.1.u2
Special Charges, Net
6 Months Ended
May 04, 2024
Restructuring and Related Activities [Abstract]  
Special Charges, Net Special Charges, Net
Liabilities related to special charges, net are included in Accrued liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. The activity is detailed below:
Accrued Special ChargesGlobal Repositioning Actions
Q4 2023 Plan
Balance at October 28, 2023$36,981 $110,446 
Employee severance and benefit costs, net— 11,977 
Severance and benefit payments(4,420)(87,013)
Balance at February 3, 2024$32,561 $35,410 
Employee severance and benefit costs, net(5,106)23,172 
Severance and benefit payments(5,767)(40,559)
Balance at May 4, 2024$21,688 $18,023 
Accrued liabilities$7,834 $18,023 
Other non-current liabilities$13,854 $ 
v3.24.1.1.u2
Commitments and Contingencies
6 Months Ended
May 04, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and ContingenciesOn March 17, 2022, Walter E. Ryan and Ryan Asset Management, LLC, purported stockholders of Maxim Integrated Products, Inc. (Maxim), filed a putative class action in the Court of Chancery of the State of Delaware (C.A. No. 2022—0255) against the Company and the former directors of Maxim. The complaint alleged breaches of fiduciary duties by the individual defendants in connection with Maxim’s agreement, as part of the merger negotiations with the Company, to suspend Maxim dividends for up to four quarters prior to the closing of the Company's acquisition of Maxim. The complaint further alleged that the Company aided and abetted those alleged breaches of fiduciary duties. The plaintiffs sought damages in an amount to be determined at trial, plaintiffs’ costs and disbursements, including reasonable attorneys’ and experts’ fees, costs and other expenses. On May 2, 2023, the Court of Chancery entered an order dismissing the action in its entirety and with prejudice. On May 9, 2023, the plaintiffs filed a Motion for Reargument, which the Court of Chancery denied on May 30, 2023. On June 21, 2023, the plaintiffs filed a Notice of Appeal to the Delaware Supreme Court. On February 26, 2024, the Delaware Supreme Court issued an order affirming the dismissal of the action.
v3.24.1.1.u2
Revenue
6 Months Ended
May 04, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Trends by End Market
The following tables summarize revenue by end market. The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which the Company’s product will be incorporated. As data systems for capturing and tracking this data and the Company's methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, the Company reclassifies revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended
 May 4, 2024April 29, 2023
 Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$1,014,847 47 %(44)%$1,823,831 56 %
Automotive658,238 30 %(10)%732,869 22 %
Communications240,776 11 %(45)%436,542 13 %
Consumer245,178 11 %(9)%269,688 %
Total revenue$2,159,039 100 %(34)%$3,262,930 100 %
Six Months Ended
May 4, 2024April 29, 2023
Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$2,210,226 47 %(38)%$3,573,211 55 %
Automotive1,395,923 30 %(1)%1,411,430 22 %
Communications543,791 12 %(41)%914,794 14 %
Consumer521,803 11 %(15)%613,125 %
Total revenue$4,671,743 100 %(28)%$6,512,560 100 %
* The sum of the individual percentages may not equal the total due to rounding.
Revenue by Sales Channel
The following tables summarize revenue by channel. The Company sells its products globally through a direct sales force, third party distributors, independent sales representatives and via its website. Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.
Three Months Ended
May 4, 2024April 29, 2023
ChannelRevenue% of Revenue*Revenue% of Revenue*
   Distributors$1,248,382 58 %$1,996,410 61 %
   Direct customers873,593 40 %1,224,786 38 %
   Other37,064 %41,734 %
Total revenue$2,159,039 100 %$3,262,930 100 %
Six Months Ended
May 4, 2024April 29, 2023
ChannelRevenue% of Revenue*Revenue% of Revenue*
    Distributors$2,783,592 60 %$4,007,733 62 %
    Direct customers1,813,568 39 %2,420,320 37 %
    Other74,583 %84,507 %
Total revenue$4,671,743 100 %$6,512,560 100 %
* The sum of the individual percentages may not equal the total due to rounding.
v3.24.1.1.u2
Fair Value
6 Months Ended
May 04, 2024
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The tables below, set forth by level, present the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of May 4, 2024 and October 28, 2023. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of May 4, 2024 and October 28, 2023, the Company held $877.4 million and $642.1 million, respectively, of cash that is excluded
from the tables below.
 May 4, 2024
 
Fair Value Measurement at
Reporting Date Using:
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Assets
Cash equivalents and short-term investments:
Available-for-sale:
Government and institutional money market funds$538,938 $— $538,938 
Corporate obligations (1)— 947,461 947,461 
Other assets:
Forward foreign currency exchange contracts (2)
$— $1,847 1,847 
Deferred compensation plan investments88,615 — 88,615 
Total assets measured at fair value$627,553 $949,308 $1,576,861 
Liabilities
Forward foreign currency exchange contracts (2)
$— $8,744 $8,744 
Interest rate derivatives (3)
— 60,408 60,408 
Total liabilities measured at fair value$— $69,152 $69,152 
(1)The amortized cost of the Company's investments classified as available-for-sale as of May 4, 2024 was $950.4 million.
(2)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements.
(3)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements.

 October 28, 2023
 
Fair Value Measurement at
Reporting Date Using:
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds$315,980 $— $315,980 
Other assets:
Forward foreign currency exchange contracts (1)— 1,940 1,940 
Deferred compensation plan investments78,246 — 78,246 
Total assets measured at fair value$394,226 $1,940 $396,166 
Liabilities
Forward foreign currency exchange contracts (1)$— $13,515 $13,515 
Interest rate derivatives (2)— 81,602 81,602 
Total liabilities measured at fair value$— $95,117 $95,117 
(1)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements.
(2)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements.
Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis
The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company's commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($548.2 million and $547.2 million as of May 4, 2024 and October 28, 2023, respectively). The fair values of the senior unsecured notes are obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy.
May 4, 2024October 28, 2023
Principal Amount OutstandingFair Value Principal Amount Outstanding Fair Value
2024 Notes, due October 2024$500,000 $499,851 $500,000 $499,473 
2025 Notes, due April 2025400,000 391,286 400,000 385,231 
2026 Notes, due December 2026900,000 869,227 900,000 851,023 
2027 Notes, due June 2027440,212 420,964 440,212 408,595 
2028 Notes, due October 2028750,000 656,300 750,000 628,999 
2031 Notes, due October 20311,000,000 823,145 1,000,000 773,404 
2032 Notes, due October 2032300,000 285,033 300,000 269,828 
2034 Notes, due April 2034550,000 550,399 — — 
2036 Notes, due December 2036144,278 128,119 144,278 118,554 
2041 Notes, due October 2041750,000 532,369 750,000 479,078 
2045 Notes, due December 2045332,587 323,805 332,587 292,248 
2051 Notes, due October 20511,000,000 658,194 1,000,000 590,666 
2054 Notes, due April 2054550,000 537,865 — — 
Total senior unsecured notes
$7,617,077 $6,676,557 $6,517,077 $5,297,099 
v3.24.1.1.u2
Derivatives
6 Months Ended
May 04, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
Foreign Exchange Exposure Management — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges denominated in Euros, British Pounds, Philippine Pesos, Thai Baht, South Korean Won and Japanese Yen as of May 4, 2024 and October 28, 2023 were $249.0 million and $322.6 million, respectively. The fair values of forward foreign currency derivative instruments designated as hedging instruments in the Company’s Condensed Consolidated Balance Sheets as of May 4, 2024 and October 28, 2023 were as follows:
Fair Value At
Balance Sheet LocationMay 4, 2024October 28, 2023
Forward foreign currency exchange contractsPrepaid expenses and other current assets$553 $471 
Forward foreign currency exchange contractsAccrued liabilities$5,498 $9,897 
As of May 4, 2024 and October 28, 2023, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $242.2 million and $334.7 million, respectively. The fair values of undesignated hedges in the Company’s Condensed Consolidated Balance Sheets as of May 4, 2024 and October 28, 2023 were as follows:
Fair Value At
Balance Sheet LocationMay 4, 2024October 28, 2023
Undesignated hedges related to forward foreign currency exchange contracts
Prepaid expenses and other current assets$1,294 $1,469 
Undesignated hedges related to forward foreign currency exchange contracts
Accrued liabilities$3,246 $3,618 
Interest Rate Exposure Management — The Company does not consider the risk of counterparty default to be significant. The gain or loss on the Company's interest rate swap transactions attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps were recorded as follows:
May 4, 2024
Balance Sheet LocationLoss on SwapsGain on Note
Accrued liabilities$60,408 $— 
Long-term debt
$— $60,408 
For information on the unrealized holding gains (losses) on derivatives included in and reclassified out of AOCI into the Condensed Consolidated Statements of Income related to forward foreign currency exchange contracts, see Note 3, Accumulated Other Comprehensive (Loss) Income, in these Notes to Condensed Consolidated Financial Statements for further information.
v3.24.1.1.u2
Inventories
6 Months Ended
May 04, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories at May 4, 2024 and October 28, 2023 were as follows:
May 4, 2024October 28, 2023
Raw materials$115,509 $128,142 
Work in process1,060,237 1,125,819 
Finished goods303,335 388,253 
Total inventories$1,479,081 $1,642,214 
v3.24.1.1.u2
Debt
6 Months Ended
May 04, 2024
Debt Disclosure [Abstract]  
Debt Debt
Senior Notes Offering. On April 3, 2024, in an underwritten public offering, the Company issued $550.0 million aggregate principal amount of 5.050% senior notes due April 1, 2034 (the 2034 Notes) with semi-annual fixed interest payments due on April 1 and October 1 of each year, commencing October 1, 2024. The net proceeds of the offering were $545.5 million, after discounts and issuance costs. Prior to January 1, 2034 (three months prior to the maturity date of the 2034 Notes), the Company may, at its option, redeem the 2034 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2034 Notes matured on January 1, 2034) on a semi-annual basis at the applicable treasury rate plus 15 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the 2034 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after January 1, 2034, the Company may, at its option, redeem the 2034 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2034 Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. The 2034 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.
On April 3, 2024, in an underwritten public offering, the Company issued $550.0 million aggregate principal amount of 5.300% senior notes due April 1, 2054 (the 2054 Notes) with semi-annual fixed interest payments due on April 1 and October 1 of each year, commencing October 1, 2024. The net proceeds of the offering were $542.3 million, after discounts and issuance costs. Prior to October 1, 2053 (six months prior to the maturity date of the 2054 Notes), the Company may, at its option, redeem the 2054 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2054 Notes matured on October 1, 2053) on a semi-annual basis at the applicable treasury rate plus 15 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the 2054 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after October 1, 2053, the Company may, at its option, redeem the 2054 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2054 Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. The 2054 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.
The 2034 Notes and the 2054 Notes were issued pursuant to a base indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by a supplemental indenture, which contains certain covenants, events of default and other customary provisions. The covenants applicable to the 2034 Notes and the 2054 Notes limit the Company’s ability to incur, create, assume or guarantee any debt secured by a lien upon a principal property; enter into sale and lease-back transactions with respect to a principal property; and consolidate with or merge into, or transfer or lease all or substantially all of its assets to, any other party. As of May 4, 2024, the Company was in compliance with these covenants.
v3.24.1.1.u2
Income Taxes
6 Months Ended
May 04, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company’s effective tax rates for the three- and six-month periods ended May 4, 2024 and April 29, 2023 were below the U.S. statutory tax rate of 21.0%, due to lower statutory tax rates applicable to the Company's operations in the foreign jurisdictions in which it earns income. The Company's effective tax rate also includes the effects of the mandatory capitalization and amortization of research and development expenses which began in fiscal 2023 under the Tax Cuts and Jobs Act of 2017. The mandatory capitalization requirement decreases the Company's effective tax rate primarily by increasing the foreign-derived intangible income deduction.
It is reasonably possible that the balance of gross unrealized tax benefits, including accrued interest and penalties, could decrease by as much as approximately $139.0 million within the next twelve months due to the completion of tax audits, including any administrative appeals.
The Company has numerous audits ongoing throughout the world including: an IRS income tax audit for the fiscal years ended October 30, 2021, November 2, 2019 and November 3, 2018; a pre-acquisition IRS income tax audit for Maxim's fiscal years ended June 27, 2015 through August 26, 2021; and various U.S. state and local audits and international audits, including an Irish corporate tax audit for the fiscal year ended November 2, 2019. The Company's U.S. federal income tax returns prior to the fiscal year ended November 3, 2018 are no longer subject to examination, except for the applicable Maxim pre-acquisition fiscal years noted above.
v3.24.1.1.u2
New Accounting Pronouncements
6 Months Ended
May 04, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
Standards Implemented
Acquired Contract Assets and Contract Liabilities
In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities. Under this guidance (ASC 805-20-30-28), the acquirer should determine what contract assets and/or contract liabilities it would have recorded under ASC 606 (the revenue guidance) as of the acquisition date, as if the acquirer had entered into the original contract at the same date and on the same terms as the acquiree. The recognition and measurement of those contract assets and contract liabilities will likely be comparable to what the acquiree has recorded on its books under ASC 606 as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2021-08 in the first quarter of fiscal 2024. Upon adoption, ASU 2021-08 did not have a material impact on the Company's financial position and results of operations.
Standards to be Implemented
Segment Reporting
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosure requirements for reportable segments. ASU 2023-07 requires segment disclosure to include significant segment expense categories and amounts, and qualitative detail of other segment items. Disclosure of multiple measures of segment profit and loss may also be reported. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial position and results of operations.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires the disaggregation of information in existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial position and results of operations.
v3.24.1.1.u2
Subsequent Events
6 Months Ended
May 04, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On May 21, 2024, the Board of Directors of the Company declared a cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on June 17, 2024 to all shareholders of record at the close of business on June 4, 2024 and is expected to total approximately $456.5 million.
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Pay vs Performance Disclosure        
Net income $ 302,242 $ 977,656 $ 764,969 $ 1,939,130
v3.24.1.1.u2
Insider Trading Arrangements
3 Months Ended 6 Months Ended
May 04, 2024
shares
May 04, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our directors or officers during the second quarter of fiscal 2024 that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (Rule 10b5-1 trading arrangement).

Name and TitleDate of AdoptionDuration of Rule 10b5-1 Trading ArrangementAggregate Number of Securities to Be Purchased or Sold
Vincent Roche
Chief Executive Officer and Chair of the Board of Directors

March 1, 2024Until May 1, 2025, or such earlier date upon which all transactions are completed or expire without execution
Sale of up to 90,017 shares
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Vincent Roche [Member]    
Trading Arrangements, by Individual    
Name Vincent Roche  
Title Chief Executive Officer and Chair of the Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date March 1, 2024  
Arrangement Duration 426 days  
Aggregate Available 90,017,000 90,017,000
v3.24.1.1.u2
Basis of Presentation (Policies)
6 Months Ended
May 04, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Fiscal Period
The Company has a 52-53 week fiscal year that ends on the Saturday closest to the last day in October. Fiscal 2024 is a 53-week fiscal year and fiscal 2023 was a 52-week fiscal year. The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024. Therefore, the first six months of fiscal 2024 included an additional week of operations as compared to the first six months of fiscal 2023.
Standards Implemented and Standards to be Implemented
Standards Implemented
Acquired Contract Assets and Contract Liabilities
In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities. Under this guidance (ASC 805-20-30-28), the acquirer should determine what contract assets and/or contract liabilities it would have recorded under ASC 606 (the revenue guidance) as of the acquisition date, as if the acquirer had entered into the original contract at the same date and on the same terms as the acquiree. The recognition and measurement of those contract assets and contract liabilities will likely be comparable to what the acquiree has recorded on its books under ASC 606 as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2021-08 in the first quarter of fiscal 2024. Upon adoption, ASU 2021-08 did not have a material impact on the Company's financial position and results of operations.
Standards to be Implemented
Segment Reporting
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosure requirements for reportable segments. ASU 2023-07 requires segment disclosure to include significant segment expense categories and amounts, and qualitative detail of other segment items. Disclosure of multiple measures of segment profit and loss may also be reported. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial position and results of operations.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires the disaggregation of information in existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial position and results of operations.
v3.24.1.1.u2
Accumulated Other Comprehensive (Loss) Income (Tables)
6 Months Ended
May 04, 2024
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive (Loss) Income, Net of Tax
The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first six months of fiscal 2024.
Foreign currency translation adjustmentUnrealized holding gains (losses) on derivativesPension plansTotal
October 28, 2023$(72,544)$(102,043)$(13,715)$(188,302)
Other comprehensive income before reclassifications649 6,868 94 7,611 
Amounts reclassified out of other comprehensive income— 4,207 1,032 5,239 
Tax effects— (1,749)— (1,749)
Other comprehensive income649 9,326 1,126 11,101 
May 4, 2024$(71,895)$(92,717)$(12,589)$(177,201)
Schedule of Reclassification Out of Accumulated Other Comprehensive (Loss) Income
The amounts reclassified out of AOCI into the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Shareholders' Equity with presentation location during each period were as follows:
Three Months EndedSix Months Ended
Comprehensive (Loss) Income ComponentMay 4, 2024April 29, 2023May 4, 2024April 29, 2023Location
Unrealized holding (gains) losses on derivatives:
Currency forwards $(521)$1,342 $(592)$283 Cost of sales
(203)570 (272)123 Research and development
(1,500)344 (2,391)(953)Selling, marketing, general and administrative
Interest rate derivatives3,732 3,731 7,462 7,458 Interest expense
1,508 5,987 4,207 6,911 Total before tax
(30)(701)(878)(1,503)Tax
$1,478 $5,286 $3,329 $5,408 Net of tax
Amortization of pension components included in the computation of net periodic pension cost:
Actuarial losses$516 $376 $1,032 $746 Net of tax
Total amounts reclassified out of AOCI, net of tax$1,994 $5,662 $4,361 $6,154 
v3.24.1.1.u2
Earnings Per Share (Tables)
6 Months Ended
May 04, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share:
 Three Months EndedSix Months Ended
 May 4, 2024April 29, 2023May 4, 2024April 29, 2023
Net income$302,242 $977,656 $764,969 $1,939,130 
Basic shares:
Weighted-average shares outstanding496,130 504,715 495,947 505,918 
Earnings per common share basic:$0.61 $1.94 $1.54 $3.83 
Diluted shares:
Weighted-average shares outstanding496,130 504,715 495,947 505,918 
Assumed exercise of common stock equivalents2,403 4,010 2,690 4,037 
Weighted-average common and common equivalent shares498,533 508,725 498,637 509,955 
Earnings per common share diluted:$0.61 $1.92 $1.53 $3.80 
Anti-dilutive shares related to:
Outstanding stock-based awards66 387 140 354 
v3.24.1.1.u2
Special Charges, Net (Tables)
6 Months Ended
May 04, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Accrued Restructuring
Liabilities related to special charges, net are included in Accrued liabilities and Other non-current liabilities in the Condensed Consolidated Balance Sheets. The activity is detailed below:
Accrued Special ChargesGlobal Repositioning Actions
Q4 2023 Plan
Balance at October 28, 2023$36,981 $110,446 
Employee severance and benefit costs, net— 11,977 
Severance and benefit payments(4,420)(87,013)
Balance at February 3, 2024$32,561 $35,410 
Employee severance and benefit costs, net(5,106)23,172 
Severance and benefit payments(5,767)(40,559)
Balance at May 4, 2024$21,688 $18,023 
Accrued liabilities$7,834 $18,023 
Other non-current liabilities$13,854 $ 
v3.24.1.1.u2
Revenue (Tables)
6 Months Ended
May 04, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following tables summarize revenue by end market. The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which the Company’s product will be incorporated. As data systems for capturing and tracking this data and the Company's methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, the Company reclassifies revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended
 May 4, 2024April 29, 2023
 Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$1,014,847 47 %(44)%$1,823,831 56 %
Automotive658,238 30 %(10)%732,869 22 %
Communications240,776 11 %(45)%436,542 13 %
Consumer245,178 11 %(9)%269,688 %
Total revenue$2,159,039 100 %(34)%$3,262,930 100 %
Six Months Ended
May 4, 2024April 29, 2023
Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$2,210,226 47 %(38)%$3,573,211 55 %
Automotive1,395,923 30 %(1)%1,411,430 22 %
Communications543,791 12 %(41)%914,794 14 %
Consumer521,803 11 %(15)%613,125 %
Total revenue$4,671,743 100 %(28)%$6,512,560 100 %
* The sum of the individual percentages may not equal the total due to rounding.
The following tables summarize revenue by channel. The Company sells its products globally through a direct sales force, third party distributors, independent sales representatives and via its website. Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.
Three Months Ended
May 4, 2024April 29, 2023
ChannelRevenue% of Revenue*Revenue% of Revenue*
   Distributors$1,248,382 58 %$1,996,410 61 %
   Direct customers873,593 40 %1,224,786 38 %
   Other37,064 %41,734 %
Total revenue$2,159,039 100 %$3,262,930 100 %
Six Months Ended
May 4, 2024April 29, 2023
ChannelRevenue% of Revenue*Revenue% of Revenue*
    Distributors$2,783,592 60 %$4,007,733 62 %
    Direct customers1,813,568 39 %2,420,320 37 %
    Other74,583 %84,507 %
Total revenue$4,671,743 100 %$6,512,560 100 %
* The sum of the individual percentages may not equal the total due to rounding.
v3.24.1.1.u2
Fair Value (Tables)
6 Months Ended
May 04, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
The tables below, set forth by level, present the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of May 4, 2024 and October 28, 2023. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of May 4, 2024 and October 28, 2023, the Company held $877.4 million and $642.1 million, respectively, of cash that is excluded
from the tables below.
 May 4, 2024
 
Fair Value Measurement at
Reporting Date Using:
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Assets
Cash equivalents and short-term investments:
Available-for-sale:
Government and institutional money market funds$538,938 $— $538,938 
Corporate obligations (1)— 947,461 947,461 
Other assets:
Forward foreign currency exchange contracts (2)
$— $1,847 1,847 
Deferred compensation plan investments88,615 — 88,615 
Total assets measured at fair value$627,553 $949,308 $1,576,861 
Liabilities
Forward foreign currency exchange contracts (2)
$— $8,744 $8,744 
Interest rate derivatives (3)
— 60,408 60,408 
Total liabilities measured at fair value$— $69,152 $69,152 
(1)The amortized cost of the Company's investments classified as available-for-sale as of May 4, 2024 was $950.4 million.
(2)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements.
(3)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements.

 October 28, 2023
 
Fair Value Measurement at
Reporting Date Using:
 
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds$315,980 $— $315,980 
Other assets:
Forward foreign currency exchange contracts (1)— 1,940 1,940 
Deferred compensation plan investments78,246 — 78,246 
Total assets measured at fair value$394,226 $1,940 $396,166 
Liabilities
Forward foreign currency exchange contracts (1)$— $13,515 $13,515 
Interest rate derivatives (2)— 81,602 81,602 
Total liabilities measured at fair value$— $95,117 $95,117 
(1)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company's master netting arrangements.
(2)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements.
Schedule of Debt
The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company's commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($548.2 million and $547.2 million as of May 4, 2024 and October 28, 2023, respectively). The fair values of the senior unsecured notes are obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy.
May 4, 2024October 28, 2023
Principal Amount OutstandingFair Value Principal Amount Outstanding Fair Value
2024 Notes, due October 2024$500,000 $499,851 $500,000 $499,473 
2025 Notes, due April 2025400,000 391,286 400,000 385,231 
2026 Notes, due December 2026900,000 869,227 900,000 851,023 
2027 Notes, due June 2027440,212 420,964 440,212 408,595 
2028 Notes, due October 2028750,000 656,300 750,000 628,999 
2031 Notes, due October 20311,000,000 823,145 1,000,000 773,404 
2032 Notes, due October 2032300,000 285,033 300,000 269,828 
2034 Notes, due April 2034550,000 550,399 — — 
2036 Notes, due December 2036144,278 128,119 144,278 118,554 
2041 Notes, due October 2041750,000 532,369 750,000 479,078 
2045 Notes, due December 2045332,587 323,805 332,587 292,248 
2051 Notes, due October 20511,000,000 658,194 1,000,000 590,666 
2054 Notes, due April 2054550,000 537,865 — — 
Total senior unsecured notes
$7,617,077 $6,676,557 $6,517,077 $5,297,099 
v3.24.1.1.u2
Derivatives (Tables)
6 Months Ended
May 04, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Hedging Instruments The fair values of forward foreign currency derivative instruments designated as hedging instruments in the Company’s Condensed Consolidated Balance Sheets as of May 4, 2024 and October 28, 2023 were as follows:
Fair Value At
Balance Sheet LocationMay 4, 2024October 28, 2023
Forward foreign currency exchange contractsPrepaid expenses and other current assets$553 $471 
Forward foreign currency exchange contractsAccrued liabilities$5,498 $9,897 
The fair values of undesignated hedges in the Company’s Condensed Consolidated Balance Sheets as of May 4, 2024 and October 28, 2023 were as follows:
Fair Value At
Balance Sheet LocationMay 4, 2024October 28, 2023
Undesignated hedges related to forward foreign currency exchange contracts
Prepaid expenses and other current assets$1,294 $1,469 
Undesignated hedges related to forward foreign currency exchange contracts
Accrued liabilities$3,246 $3,618 
Schedule of Interest Rate Derivatives The gain or loss on the Company's interest rate swap transactions attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps were recorded as follows:
May 4, 2024
Balance Sheet LocationLoss on SwapsGain on Note
Accrued liabilities$60,408 $— 
Long-term debt
$— $60,408 
v3.24.1.1.u2
Inventories (Tables)
6 Months Ended
May 04, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories at May 4, 2024 and October 28, 2023 were as follows:
May 4, 2024October 28, 2023
Raw materials$115,509 $128,142 
Work in process1,060,237 1,125,819 
Finished goods303,335 388,253 
Total inventories$1,479,081 $1,642,214 
v3.24.1.1.u2
Shareholders' Equity (Details)
shares in Millions, $ in Billions
May 04, 2024
USD ($)
shares
Stockholders' Equity Note [Abstract]  
Stock repurchase program, number of shares authorized to be repurchased (in shares) | shares 207.0
Stock repurchase program, authorized amount $ 14.8
Stock repurchase program, remaining authorized repurchase amount $ 1.8
v3.24.1.1.u2
Accumulated Other Comprehensive (Loss) Income - Changes By Component and Tax Effect (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     $ 35,565,122  
Other comprehensive income before reclassifications     7,611  
Amounts reclassified out of other comprehensive income     5,239  
Tax effects     (1,749)  
Other comprehensive income (loss) $ 4,084 $ (2,629) 11,101 $ 25,789
Ending balance 35,248,789   35,248,789  
AOCI        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (181,285) (169,734) (188,302) (198,152)
Other comprehensive income (loss) 4,084 (2,629) 11,101 25,789
Ending balance (177,201) $ (172,363) (177,201) $ (172,363)
Foreign currency translation adjustment        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (72,544)  
Other comprehensive income before reclassifications     649  
Amounts reclassified out of other comprehensive income     0  
Tax effects     0  
Other comprehensive income (loss)     649  
Ending balance (71,895)   (71,895)  
Unrealized holding gains (losses) on derivatives        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (102,043)  
Other comprehensive income before reclassifications     6,868  
Amounts reclassified out of other comprehensive income     4,207  
Tax effects     (1,749)  
Other comprehensive income (loss)     9,326  
Ending balance (92,717)   (92,717)  
Pension plans        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (13,715)  
Other comprehensive income before reclassifications     94  
Amounts reclassified out of other comprehensive income     1,032  
Tax effects     0  
Other comprehensive income (loss)     1,126  
Ending balance $ (12,589)   $ (12,589)  
v3.24.1.1.u2
Accumulated Other Comprehensive (Loss) Income - Amounts Reclassified Out of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Cost of sales $ 979,004 $ 1,118,384 $ 2,017,767 $ 2,243,673
Research and development 354,862 415,754 746,289 829,849
Selling, marketing, general and administrative 244,129 324,251 534,207 650,535
Interest expense 77,103 63,252 154,244 123,705
Total before tax (324,603) (1,087,923) (838,021) (2,161,396)
Tax 22,361 110,267 73,052 222,266
Net of tax (302,242) (977,656) (764,969) (1,939,130)
Reclassification out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net of tax 1,994 5,662 4,361 6,154
Reclassification out of Accumulated Other Comprehensive Income | Unrealized holding gains (losses) on derivatives        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total before tax 1,508 5,987 4,207 6,911
Tax (30) (701) (878) (1,503)
Net of tax 1,478 5,286 3,329 5,408
Reclassification out of Accumulated Other Comprehensive Income | Pension plans        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Net of tax 516 376 1,032 746
Reclassification out of Accumulated Other Comprehensive Income | Currency forwards | Unrealized holding gains (losses) on derivatives        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Cost of sales (521) 1,342 (592) 283
Research and development (203) 570 (272) 123
Selling, marketing, general and administrative (1,500) 344 (2,391) (953)
Reclassification out of Accumulated Other Comprehensive Income | Interest rate derivatives | Unrealized holding gains (losses) on derivatives        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Interest expense $ 3,732 $ 3,731 $ 7,462 $ 7,458
v3.24.1.1.u2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Earnings per share        
Net income $ 302,242 $ 977,656 $ 764,969 $ 1,939,130
Basic shares:        
Weighted-average shares outstanding (in shares) 496,130 504,715 495,947 505,918
Earnings per common share, basic (in dollars per share) $ 0.61 $ 1.94 $ 1.54 $ 3.83
Diluted shares:        
Assumed exercise of common stock equivalents (in shares) 2,403 4,010 2,690 4,037
Weighted-average common and common equivalent shares (in shares) 498,533 508,725 498,637 509,955
Earnings per common share, diluted (in dollars per share) $ 0.61 $ 1.92 $ 1.53 $ 3.80
Anti-dilutive shares related to:        
Outstanding stock-based awards (in shares) 66 387 140 354
v3.24.1.1.u2
Special Charges, Net (Details) - USD ($)
$ in Thousands
3 Months Ended
May 04, 2024
Feb. 03, 2024
Global Repositioning Actions    
Restructuring Reserve [Roll Forward]    
Accrued restructuring, beginning balance $ 32,561 $ 36,981
Employee severance and benefit costs, net (5,106) 0
Severance and benefit payments (5,767) (4,420)
Accrued restructuring, ending balance 21,688 32,561
Accrued liabilities 7,834  
Other non-current liabilities 13,854  
Q4 2023 Plan    
Restructuring Reserve [Roll Forward]    
Accrued restructuring, beginning balance 35,410 110,446
Employee severance and benefit costs, net 23,172 11,977
Severance and benefit payments (40,559) (87,013)
Accrued restructuring, ending balance 18,023 $ 35,410
Accrued liabilities 18,023  
Other non-current liabilities $ 0  
v3.24.1.1.u2
Revenue - Revenue Trends by Segment (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 2,159,039 $ 3,262,930 $ 4,671,743 $ 6,512,560
Percent of revenue (as percent) 100.00% 100.00% 100.00% 100.00%
Year over year change (as percent) (34.00%)   (28.00%)  
Industrial        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 1,014,847 $ 1,823,831 $ 2,210,226 $ 3,573,211
Percent of revenue (as percent) 47.00% 56.00% 47.00% 55.00%
Year over year change (as percent) (44.00%)   (38.00%)  
Automotive        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 658,238 $ 732,869 $ 1,395,923 $ 1,411,430
Percent of revenue (as percent) 30.00% 22.00% 30.00% 22.00%
Year over year change (as percent) (10.00%)   (1.00%)  
Communications        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 240,776 $ 436,542 $ 543,791 $ 914,794
Percent of revenue (as percent) 11.00% 13.00% 12.00% 14.00%
Year over year change (as percent) (45.00%)   (41.00%)  
Consumer        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 245,178 $ 269,688 $ 521,803 $ 613,125
Percent of revenue (as percent) 11.00% 8.00% 11.00% 9.00%
Year over year change (as percent) (9.00%)   (15.00%)  
v3.24.1.1.u2
Revenue - Revenue by Sales Channel (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 2,159,039 $ 3,262,930 $ 4,671,743 $ 6,512,560
Percent of revenue (as percent) 100.00% 100.00% 100.00% 100.00%
Distributors        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 1,248,382 $ 1,996,410 $ 2,783,592 $ 4,007,733
Percent of revenue (as percent) 58.00% 61.00% 60.00% 62.00%
Direct customers        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 873,593 $ 1,224,786 $ 1,813,568 $ 2,420,320
Percent of revenue (as percent) 40.00% 38.00% 39.00% 37.00%
Other        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 37,064 $ 41,734 $ 74,583 $ 84,507
Percent of revenue (as percent) 2.00% 1.00% 2.00% 1.00%
v3.24.1.1.u2
Fair Value - Textual (Details) - USD ($)
$ in Thousands
May 04, 2024
Oct. 28, 2023
Fair Value Disclosures [Abstract]    
Cash $ 877,400 $ 642,100
Commercial paper notes $ 548,235 $ 547,224
v3.24.1.1.u2
Fair Value - Assets and Liabilities (Details) - USD ($)
$ in Thousands
May 04, 2024
Oct. 28, 2023
Liabilities    
Available-for-sale, amortized cost $ 950,400  
Recurring    
Other assets:    
Forward foreign currency exchange contracts 1,847 $ 1,940
Deferred compensation plan investments 88,615 78,246
Total assets measured at fair value 1,576,861 396,166
Liabilities    
Forward foreign currency exchange contracts 8,744 13,515
Interest rate derivatives 60,408 81,602
Total liabilities measured at fair value 69,152 95,117
Recurring | Government and institutional money market funds    
Available-for-sale:    
Cash equivalents available for sale 538,938 315,980
Recurring | Corporate obligations    
Available-for-sale:    
Cash equivalents available for sale 947,461  
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Other assets:    
Forward foreign currency exchange contracts 0 0
Deferred compensation plan investments 88,615 78,246
Total assets measured at fair value 627,553 394,226
Liabilities    
Forward foreign currency exchange contracts 0 0
Interest rate derivatives 0 0
Total liabilities measured at fair value 0 0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and institutional money market funds    
Available-for-sale:    
Cash equivalents available for sale 538,938 315,980
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate obligations    
Available-for-sale:    
Cash equivalents available for sale 0  
Recurring | Significant Other Observable Inputs (Level 2)    
Other assets:    
Forward foreign currency exchange contracts 1,847 1,940
Deferred compensation plan investments 0 0
Total assets measured at fair value 949,308 1,940
Liabilities    
Forward foreign currency exchange contracts 8,744 13,515
Interest rate derivatives 60,408 81,602
Total liabilities measured at fair value 69,152 95,117
Recurring | Significant Other Observable Inputs (Level 2) | Government and institutional money market funds    
Available-for-sale:    
Cash equivalents available for sale 0 $ 0
Recurring | Significant Other Observable Inputs (Level 2) | Corporate obligations    
Available-for-sale:    
Cash equivalents available for sale $ 947,461  
v3.24.1.1.u2
Fair Value - Debt (Details) - USD ($)
May 04, 2024
Apr. 03, 2024
Oct. 28, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding $ 7,617,077,000   $ 6,517,077,000
Fair Value 6,676,557,000,000   5,297,099,000
Senior notes | 2024 Notes, due October 2024      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 500,000,000   500,000,000
Fair Value 499,851,000,000   499,473,000
Senior notes | 2025 Notes, due April 2025      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 400,000,000   400,000,000
Fair Value 391,286,000,000   385,231,000
Senior notes | 2026 Notes, due December 2026      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 900,000,000   900,000,000
Fair Value 869,227,000,000   851,023,000
Senior notes | 2027 Notes, due June 2027      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 440,212,000   440,212,000
Fair Value 420,964,000,000   408,595,000
Senior notes | 2028 Notes, due October 2028      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 750,000,000   750,000,000
Fair Value 656,300,000,000   628,999,000
Senior notes | 2031 Notes, due October 2031      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 1,000,000,000   1,000,000,000
Fair Value 823,145,000,000   773,404,000
Senior notes | 2032 Notes, due October 2032      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 300,000,000   300,000,000
Fair Value 285,033,000,000   269,828,000
Senior notes | 2034 Notes, due April 2034      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 550,000,000 $ 550,000,000 0
Fair Value 550,399,000,000   0
Senior notes | 2036 Notes, due December 2036      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 144,278,000   144,278,000
Fair Value 128,119,000,000   118,554,000
Senior notes | 2041 Notes, due October 2041      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 750,000,000   750,000,000
Fair Value 532,369,000,000   479,078,000
Senior notes | 2045 Notes, due December 2045      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 332,587,000   332,587,000
Fair Value 323,805,000,000   292,248,000
Senior notes | 2051 Notes, due October 2051      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 1,000,000,000   1,000,000,000
Fair Value 658,194,000,000   590,666,000
Senior notes | 2054 Notes, due April 2054      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Principal Amount Outstanding 550,000,000 $ 550,000,000 0
Fair Value $ 537,865,000,000   $ 0
v3.24.1.1.u2
Derivatives - Textual (Details) - Forward foreign currency exchange contract - USD ($)
$ in Millions
May 04, 2024
Oct. 28, 2023
Designated Hedging Instrument    
Derivative [Line Items]    
Notional amount of derivative $ 249.0 $ 322.6
Undesignated Hedging Instrument    
Derivative [Line Items]    
Notional amount of derivative $ 242.2 $ 334.7
v3.24.1.1.u2
Derivatives - Forward Foreign Currency Balance Sheet (Details) - Forward foreign currency exchange contracts - USD ($)
$ in Thousands
May 04, 2024
Oct. 28, 2023
Designated Hedging Instrument | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Forward foreign currency exchange contracts $ 553 $ 471
Designated Hedging Instrument | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
Forward foreign currency exchange contracts 5,498 9,897
Undesignated Hedging Instrument | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Forward foreign currency exchange contracts 1,294 1,469
Undesignated Hedging Instrument | Accrued liabilities    
Derivatives, Fair Value [Line Items]    
Forward foreign currency exchange contracts $ 3,246 $ 3,618
v3.24.1.1.u2
Derivatives - Interest Rate Derivatives (Details) - Interest rate swap
$ in Thousands
6 Months Ended
May 04, 2024
USD ($)
Accrued liabilities  
Derivatives, Fair Value [Line Items]  
Loss on Swaps $ 60,408
Gain on Note 0
Long-term debt  
Derivatives, Fair Value [Line Items]  
Loss on Swaps 0
Gain on Note $ 60,408
v3.24.1.1.u2
Inventories (Details) - USD ($)
$ in Thousands
May 04, 2024
Oct. 28, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 115,509 $ 128,142
Work in process 1,060,237 1,125,819
Finished goods 303,335 388,253
Total inventories $ 1,479,081 $ 1,642,214
v3.24.1.1.u2
Debt (Details) - USD ($)
6 Months Ended
Apr. 03, 2024
May 04, 2024
Apr. 29, 2023
Oct. 28, 2023
Debt Instrument [Line Items]        
Aggregate principal amount of debt   $ 7,617,077,000   $ 6,517,077,000
Proceeds from debt   1,087,856,000 $ 0  
2034 Notes, due April 2034 | Senior notes        
Debt Instrument [Line Items]        
Aggregate principal amount of debt $ 550,000,000 550,000,000   0
Interest rate (as percent) 5.05%      
Proceeds from debt $ 545,500,000      
Redemption price (as percent) 100.00%      
2034 Notes, due April 2034 | Senior notes | Treasury rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 0.15%      
2054 Notes, due April 2054 | Senior notes        
Debt Instrument [Line Items]        
Aggregate principal amount of debt $ 550,000,000 $ 550,000,000   $ 0
Interest rate (as percent) 5.30%      
Proceeds from debt $ 542,300,000      
Redemption price (as percent) 100.00%      
2054 Notes, due April 2054 | Senior notes | Treasury rate        
Debt Instrument [Line Items]        
Basis spread on variable rate (as percent) 0.15%      
v3.24.1.1.u2
Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
May 04, 2024
Apr. 29, 2023
May 04, 2024
Apr. 29, 2023
Income Tax Disclosure [Abstract]        
Federal statutory rate (as percent) 21.00% 21.00% 21.00% 21.00%
Maxim | Settlement with Taxing Authority        
Income Tax Contingency [Line Items]        
Decrease in unrealized tax benefits is reasonably possible $ 139.0   $ 139.0  
v3.24.1.1.u2
Subsequent Events (Details) - Common Stock - Subsequent event
$ / shares in Units, $ in Millions
May 21, 2024
USD ($)
$ / shares
Subsequent Event [Line Items]  
Common stock cash dividends per share, declared (in dollars per share) | $ / shares $ 0.92
Dividends | $ $ 456.5

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