Acquisitions (Tables)

12 Months Ended

Oct. 29, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of business acquisitions, by acquisition

The Acquisition Date fair value of the consideration transferred in the Acquisition consisted of the following:

Cash consideration (a)	$	47
Issuance of common stock (b)	27,754,161
Fair value of partially vested restricted stock and restricted stock unit replacement awards (c)	194,890
Total purchase consideration	$	27,949,098

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(a)This reflects the cash paid for fractional shares of the Company’s common stock in respect of shares of Maxim common stock outstanding.

(b)The fair value is based on the issuance of approximately 169.2 million shares of the Company's common stock with a per share value of $164.00 on the Acquisition Date.

(c)In connection with the Acquisition, the Company issued equity awards, consisting of restricted stock and restricted stock units, to certain Maxim employees in replacement of Maxim equity awards that were cancelled at closing. The replacement awards consist of restricted stock and restricted stock unit awards for approximately 3.7 million shares of the Company's common stock with a weighted average grant date fair value of $161.63. This amount represents the portion of the fair value of the replacement equity awards associated with services rendered through the Acquisition Date and has been included as a component of the total purchase consideration.

Schedule of recognized identified assets acquired and liabilities assumed

During fiscal 2022, the Company completed the acquisition accounting for the Acquisition. The following is a summary of the amounts recognized in accounting for the Acquisition:

Cash and cash equivalents	$	2,450,597
Accounts receivable	609,245
Inventories	858,300
Prepaid expenses and other current assets	59,310
Property, plant and equipment	759,544
Intangible assets (Note 2f)	12,429,100
Goodwill (Note 2f)	14,660,343
Other long-term assets	80,373
Total assets	$	31,906,812
Accounts payable	112,828
Income taxes payable	156,592
Accrued liabilities	592,432
Long-term debt	1,072,150
Deferred income taxes	1,661,907
Other non-current liabilities	361,805
Total liabilities	$	3,957,714
Total purchase consideration	$	27,949,098

Schedule of finite-lived intangible assets acquired as part of business combination

The acquired intangible assets consisted of the following, which are being amortized on a straight-line basis over their estimated useful lives or on an accelerated method of amortization that is expected to reflect the estimated pattern of economic use.

	Fair Value (in thousands)		Weighted Average Useful Life (in Years)
Customer relationships	$	5,642,100	14
Developed technology	6,425,800		8
Backlog	361,200		2
Total amortizable intangible assets	$	12,429,100	10

Schedule of business acquisitions, pro forma information

The following unaudited pro forma consolidated financial information for the twelve months ended October 30, 2021 combines the results of the Company for fiscal 2021 and the unaudited results of Maxim for the corresponding period through the Acquisition Date. The following unaudited pro forma consolidated financial information for the twelve months ended October 31, 2020 combines the results of the Company for fiscal 2020 and the unaudited results of Maxim for the corresponding period. The unaudited pro forma consolidated financial information assumes that the Acquisition, which closed on August 26, 2021, was completed on November 3, 2019 (the first day of fiscal 2020). The pro forma consolidated financial information has been calculated after applying the Company’s accounting policies and includes adjustments for amortization expense of acquired intangible assets, fair value adjustments for acquired inventory, property, plant and equipment and long-term debt and compensation expense for ongoing share-based compensation arrangements that were replaced in conjunction with the Acquisition, together with the consequential tax effects. For fiscal 2020, non-recurring pro forma adjustments directly attributable to the Acquisition included pre-tax amounts of $602.5 million related to the acquisition accounting effect of inventories acquired and $54.2 million of accelerated stock-based compensation expense, together with the consequential tax effects. Additionally, $309.0 million of pre-tax transaction costs, together with the consequential tax effects, that were incurred

related to the Acquisition are reflected in the pro forma results for fiscal 2020. These pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the operating results of the Company that would have been achieved had the Acquisition actually taken place on November 3, 2019. In addition, these results are not intended to be a projection of future results and do not reflect events that may occur after the Acquisition, including but not limited to revenue enhancements, cost savings or operating synergies that the combined Company may achieve as a result of the Acquisition.

	Pro Forma Twelve Months Ended (unaudited)
	October 30, 2021		October 31, 2020
Revenue	$	9,541,488	$	7,897,855
Net income (loss)	$	1,578,274	$	(144,198)
Basic net income (loss) per common share	$	2.94	$	(0.27)
Diluted net income (loss) per common share	$	2.91	$	(0.27)