QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ☐ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
ITEM 1. | Financial Statements |
Three Months Ended | |||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||
Revenue | $ | $ | |||||||||
Cost of sales | |||||||||||
Gross margin | |||||||||||
Operating expenses: | |||||||||||
Research and development | |||||||||||
Selling, marketing, general and administrative | |||||||||||
Amortization of intangibles | |||||||||||
Special charges, net | |||||||||||
Total operating expenses | |||||||||||
Operating income: | |||||||||||
Nonoperating expense (income): | |||||||||||
Interest expense | |||||||||||
Interest income | ( | ( | |||||||||
Other, net | |||||||||||
Total nonoperating expense (income) | |||||||||||
Income before income taxes | |||||||||||
Provision for income taxes | |||||||||||
Net income | $ | $ | |||||||||
Shares used to compute earnings per common share – basic | |||||||||||
Shares used to compute earnings per common share – diluted | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share | $ | $ | |||||||||
Three Months Ended | |||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||
Net income | $ | $ | |||||||||
Foreign currency translation adjustments | |||||||||||
Change in fair value of derivative instruments designated as cash flow hedges, net | |||||||||||
Changes in pension plans, net actuarial gain/loss and foreign currency translation adjustments, net | ( | ||||||||||
Other comprehensive income | |||||||||||
Comprehensive income | $ | $ | |||||||||
February 3, 2024 | October 28, 2023 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable | |||||||||||
Inventories | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Non-current Assets | |||||||||||
Net property, plant and equipment | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Deferred tax assets | |||||||||||
Other assets | |||||||||||
Total non-current assets | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Income taxes payable | |||||||||||
Debt, current | |||||||||||
Commercial paper notes | |||||||||||
Accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Non-current Liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Income taxes payable | |||||||||||
Other non-current liabilities | |||||||||||
Total non-current liabilities | |||||||||||
Shareholders’ Equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ |
Three Months Ended February 3, 2024 | |||||||||||||||||||||||||||||
Capital in | Accumulated Other | ||||||||||||||||||||||||||||
Common Stock | Excess of | Retained | Comprehensive | ||||||||||||||||||||||||||
Shares | Amount | Par Value | Earnings | Loss | |||||||||||||||||||||||||
BALANCE, OCTOBER 28, 2023 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Dividends declared and paid - $ | ( | ||||||||||||||||||||||||||||
Issuance of stock under stock plans and other | |||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | ( | ||||||||||||||||||||||||||
BALANCE, FEBRUARY 3, 2024 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Three Months Ended January 28, 2023 | |||||||||||||||||||||||||||||
Capital in | Accumulated Other | ||||||||||||||||||||||||||||
Common Stock | Excess of | Retained | Comprehensive | ||||||||||||||||||||||||||
Shares | Amount | Par Value | Earnings | Loss | |||||||||||||||||||||||||
BALANCE, OCTOBER 29, 2022 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||
Dividends declared and paid - $ | ( | ||||||||||||||||||||||||||||
Issuance of stock under stock plans and other | |||||||||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | ( | ||||||||||||||||||||||||||
BALANCE, JANUARY 28, 2023 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Three Months Ended | |||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operations: | |||||||||||
Depreciation | |||||||||||
Amortization of intangibles | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Other | |||||||||||
Changes in operating assets and liabilities | ( | ||||||||||
Total adjustments | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Additions to property, plant and equipment | ( | ( | |||||||||
Other | |||||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from commercial paper notes | |||||||||||
Payments of commercial paper notes | ( | ||||||||||
Repurchase of common stock | ( | ( | |||||||||
Dividend payments to shareholders | ( | ( | |||||||||
Proceeds from employee stock plans | |||||||||||
Other | ( | ( | |||||||||
Net cash used for financing activities | ( | ( | |||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Foreign currency translation adjustment | Unrealized holding gains (losses) on derivatives | Pension plans | Total | ||||||||||||||||||||
October 28, 2023 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive income before reclassifications | ( | ||||||||||||||||||||||
Amounts reclassified out of other comprehensive income | |||||||||||||||||||||||
Tax effects | ( | ( | |||||||||||||||||||||
Other comprehensive income | ( | ||||||||||||||||||||||
February 3, 2024 | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended | ||||||||||||||||||||
Comprehensive (Loss) Income Component | February 3, 2024 | January 28, 2023 | Location | |||||||||||||||||
Unrealized holding (gains) losses on derivatives: | ||||||||||||||||||||
Currency forwards | $ | ( | $ | ( | Cost of sales | |||||||||||||||
( | ( | Research and development | ||||||||||||||||||
( | ( | Selling, marketing, general and administrative | ||||||||||||||||||
Interest rate derivatives | Interest expense | |||||||||||||||||||
Total before tax | ||||||||||||||||||||
( | ( | Tax | ||||||||||||||||||
$ | $ | Net of tax | ||||||||||||||||||
Amortization of pension components included in the computation of net periodic pension cost: | ||||||||||||||||||||
Actuarial losses | $ | $ | Net of tax | |||||||||||||||||
Total amounts reclassified out of AOCI, net of tax | $ | $ |
Three Months Ended | |||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||
Net income | $ | $ | |||||||||
Basic shares: | |||||||||||
Weighted-average shares outstanding | |||||||||||
Earnings per common share basic: | $ | $ | |||||||||
Diluted shares: | |||||||||||
Weighted-average shares outstanding | |||||||||||
Assumed exercise of common stock equivalents | |||||||||||
Weighted-average common and common equivalent shares | |||||||||||
Earnings per common share diluted: | $ | $ | |||||||||
Anti-dilutive shares related to: | |||||||||||
Outstanding stock-based awards |
Accrued Special Charges | Global Repositioning Actions | Q4 2023 Plan | ||||||||||||
Balance at October 28, 2023 | $ | $ | ||||||||||||
Employee severance and benefit costs | ||||||||||||||
Severance and benefit payments | ( | ( | ||||||||||||
Balance at February 3, 2024 | $ | $ | ||||||||||||
Accrued liabilities | $ | $ | ||||||||||||
Other non-current liabilities | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||
Revenue | % of Revenue* | Y/Y% | Revenue | % of Revenue* | |||||||||||||||||||||||||
Industrial | $ | % | ( | % | $ | % | |||||||||||||||||||||||
Automotive | % | % | % | ||||||||||||||||||||||||||
Communications | % | ( | % | % | |||||||||||||||||||||||||
Consumer | % | ( | % | % | |||||||||||||||||||||||||
Total revenue | $ | % | ( | % | $ | % | |||||||||||||||||||||||
* The sum of the individual percentages may not equal the total due to rounding. |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||
Channel | Revenue | % of Revenue* | Revenue | % of Revenue* | |||||||||||||||||||
Distributors | $ | % | $ | % | |||||||||||||||||||
Direct customers | % | % | |||||||||||||||||||||
Other | % | % | |||||||||||||||||||||
Total revenue | $ | % | $ | % | |||||||||||||||||||
* The sum of the individual percentages may not equal the total due to rounding. |
February 3, 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: | |||||||||||||||||
Available-for-sale: | |||||||||||||||||
Government and institutional money market funds | $ | $ | $ | ||||||||||||||
Corporate obligations (1) | |||||||||||||||||
Other assets: | |||||||||||||||||
Forward foreign currency exchange contracts (2) | $ | $ | |||||||||||||||
Deferred compensation plan investments | |||||||||||||||||
Total assets measured at fair value | $ | $ | $ | ||||||||||||||
Liabilities | |||||||||||||||||
Forward foreign currency exchange contracts (2) | $ | $ | $ | ||||||||||||||
Interest rate derivatives (3) | |||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ |
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 | $ | $ | $ | ||||||||||||||
Other assets: | |||||||||||||||||
Forward foreign currency exchange contracts (1) | |||||||||||||||||
Deferred compensation plan investments | |||||||||||||||||
Total assets measured at fair value | $ | $ | $ | ||||||||||||||
Liabilities | |||||||||||||||||
Forward foreign currency exchange contracts (1) | $ | $ | $ | ||||||||||||||
Interest rate derivatives (2) | |||||||||||||||||
Total liabilities measured at fair value | $ | $ | $ |
February 3, 2024 | October 28, 2023 | ||||||||||||||||||||||
Principal Amount Outstanding | Fair Value | Principal Amount Outstanding | Fair Value | ||||||||||||||||||||
2024 Notes, due October 2024 | $ | $ | $ | $ | |||||||||||||||||||
2025 Notes, due April 2025 | |||||||||||||||||||||||
2026 Notes, due December 2026 | |||||||||||||||||||||||
2027 Notes, due June 2027 | |||||||||||||||||||||||
2028 Notes, due October 2028 | |||||||||||||||||||||||
2031 Notes, due October 2031 | |||||||||||||||||||||||
2032 Notes, due October 2032 | |||||||||||||||||||||||
2036 Notes, due December 2036 | |||||||||||||||||||||||
2041 Notes, due October 2041 | |||||||||||||||||||||||
2045 Notes, due December 2045 | |||||||||||||||||||||||
2051 Notes, due October 2051 | |||||||||||||||||||||||
Total senior unsecured notes | $ | $ | $ | $ | |||||||||||||||||||
Fair Value At | |||||||||||||||||
Balance Sheet Location | February 3, 2024 | October 28, 2023 | |||||||||||||||
Forward foreign currency exchange contracts | Prepaid expenses and other current assets | $ | $ | ||||||||||||||
Forward foreign currency exchange contracts | Accrued liabilities | $ | $ |
Fair Value At | |||||||||||||||||
Balance Sheet Location | February 3, 2024 | October 28, 2023 | |||||||||||||||
Undesignated hedges related to forward foreign currency exchange contracts | Prepaid expenses and other current assets | $ | $ | ||||||||||||||
Undesignated hedges related to forward foreign currency exchange contracts | Accrued liabilities | $ | $ |
February 3, 2024 | ||||||||||||||
Balance Sheet Location | Loss on Swaps | Gain on Note | ||||||||||||
Accrued liabilities | $ | $ | ||||||||||||
Long-term debt | $ | $ |
February 3, 2024 | October 28, 2023 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
Total inventories | $ | $ | |||||||||
ITEM 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | % Change | ||||||||||||||||||||
Revenue | $ | 2,512,704 | $ | 3,249,630 | $ | (736,926) | (23) | % | |||||||||||||||
Gross margin % | 58.7 | % | 65.4 | % | |||||||||||||||||||
Net income | $ | 462,727 | $ | 961,474 | $ | (498,747) | (52) | % | |||||||||||||||
Net income as a % of revenue | 18.4 | % | 29.6 | % | |||||||||||||||||||
Diluted EPS | $ | 0.93 | $ | 1.88 | $ | (0.95) | (51) | % | |||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||||||||
Revenue | % of Revenue* | Y/Y% | Revenue | % of Revenue* | |||||||||||||||||||||||||
Industrial | $ | 1,196,832 | 48 | % | (31) | % | $ | 1,740,780 | 54 | % | |||||||||||||||||||
Automotive | 739,158 | 29 | % | 9 | % | 680,637 | 21 | % | |||||||||||||||||||||
Communications | 302,573 | 12 | % | (37) | % | 477,266 | 15 | % | |||||||||||||||||||||
Consumer | 274,141 | 11 | % | (22) | % | 350,947 | 11 | % | |||||||||||||||||||||
Total revenue | $ | 2,512,704 | 100 | % | (23) | % | $ | 3,249,630 | 100 | % | |||||||||||||||||||
* The sum of the individual percentages may not equal the total due to rounding. |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||||||||||||||
Revenue | % of Revenue* | Revenue | % of Revenue* | ||||||||||||||||||||
Channel | |||||||||||||||||||||||
Distributors | $ | 1,535,210 | 61 | % | $ | 2,011,323 | 62 | % | |||||||||||||||
Direct customers | 939,975 | 37 | % | 1,195,534 | 37 | % | |||||||||||||||||
Other | 37,519 | 1 | % | 42,773 | 1 | % | |||||||||||||||||
Total revenue | $ | 2,512,704 | 100 | % | $ | 3,249,630 | 100 | % | |||||||||||||||
* The sum of the individual percentages may not equal the total due to rounding. |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | % Change | ||||||||||||||||||||
Gross margin | $ | 1,473,941 | $ | 2,124,341 | $ | (650,400) | (31) | % | |||||||||||||||
Gross margin % | 58.7 | % | 65.4 | % |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | % Change | ||||||||||||||||||||
R&D expenses | $ | 391,427 | $ | 414,095 | $ | (22,668) | (5) | % | |||||||||||||||
R&D expenses as a % of revenue | 16 | % | 13 | % |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | % Change | ||||||||||||||||||||
SMG&A expenses | $ | 290,078 | $ | 326,284 | $ | (36,206) | (11) | % | |||||||||||||||
SMG&A expenses as a % of revenue | 12 | % | 10 | % |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | % Change | ||||||||||||||||||||
Amortization expenses | $ | 190,332 | $ | 253,142 | $ | (62,810) | (25) | % | |||||||||||||||
Amortization expenses as a % of revenue | 8 | % | 8 | % |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | % Change | ||||||||||||||||||||
Special charges, net | $ | 16,140 | $ | — | $ | 16,140 | n/a | ||||||||||||||||
Special charges, net as a % of revenue | 1 | % | — | % |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | % Change | ||||||||||||||||||||
Operating income | $ | 585,964 | $ | 1,130,820 | $ | (544,856) | (48) | % | |||||||||||||||
Operating income as a % of revenue | 23.3 | % | 34.8 | % |
Three Months Ended | |||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | |||||||||||||||
Total nonoperating expense (income) | $ | 72,546 | $ | 57,347 | $ | 15,199 |
Three Months Ended | |||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | |||||||||||||||
Provision for income taxes | $ | 50,691 | $ | 111,999 | $ | (61,308) | |||||||||||
Effective income tax rate | 9.9 | % | 10.4 | % |
Three Months Ended | |||||||||||||||||||||||
February 3, 2024 | January 28, 2023 | $ Change | % Change | ||||||||||||||||||||
Net income | $ | 462,727 | $ | 961,474 | $ | (498,747) | (52) | % | |||||||||||||||
Net income as a % of revenue | 18.4 | % | 29.6 | % | |||||||||||||||||||
Diluted EPS | $ | 0.93 | $ | 1.88 |
Three Months Ended | |||||||||||
February 3, 2024 | January 28, 2023 | ||||||||||
Net cash provided by operating activities | $ | 1,138,832 | $ | 1,406,305 | |||||||
Net cash provided by operations as a % of revenue | 45 | % | 43 | % | |||||||
Net cash used for investing activities | $ | (219,101) | $ | (176,056) | |||||||
Net cash used for financing activities | $ | (574,232) | $ | (1,030,359) |
February 3, 2024 | October 28, 2023 | $ Change | % Change | ||||||||||||||||||||
Accounts receivable | $ | 1,196,721 | $ | 1,469,734 | $ | (273,013) | (19) | % | |||||||||||||||
Days sales outstanding* | 52 | 52 | |||||||||||||||||||||
Inventory | $ | 1,553,221 | $ | 1,642,214 | $ | (88,993) | (5) | % | |||||||||||||||
Days cost of sales in inventory* | 151 | 143 |
Principal Amount Outstanding | |||||
Commercial paper notes | $ | 544,444 | |||
2024 Notes, due October 2024 | 500,000 | ||||
2025 Notes, due April 2025 | 400,000 | ||||
2026 Notes, due December 2026 | 900,000 | ||||
2027 Notes, due June 2027 | 440,212 | ||||
2028 Notes, due October 2028 | 750,000 | ||||
2031 Notes, due October 2031 | 1,000,000 | ||||
2032 Notes, due October 2032 | 300,000 | ||||
2036 Notes, due December 2036 | 144,278 | ||||
2041 Notes, due October 2041 | 750,000 | ||||
2045 Notes, due December 2045 | 332,587 | ||||
2051 Notes, due October 2051 | 1,000,000 | ||||
Total debt | $ | 7,061,521 |
ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 4. | Controls and Procedures |
ITEM 1. | Legal Proceedings |
ITEM 1A. | Risk Factors |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Period | Total 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 | |||||||||||||||||||
October 29, 2023 through November 25, 2023 | 836,805 | $ | 170.95 | 796,643 | $ | 1,994,312,494 | |||||||||||||||||
November 26, 2023 through December 30, 2023 | 177,796 | $ | 183.84 | 169,189 | $ | 1,963,312,783 | |||||||||||||||||
December 31, 2023 through February 3, 2024 | 15,477 | $ | 190.14 | — | $ | 1,963,312,783 | |||||||||||||||||
Total | 1,030,078 | $ | 173.47 | 965,832 | $ | 1,963,312,783 | |||||||||||||||||
ITEM 5. | Other Information |
Name and Title | Date of Adoption | Duration of Rule 10b5-1 Trading Arrangement | Aggregate Number of Securities to Be Purchased or Sold | ||||||||
Until June 28, 2024, or such earlier date upon which all transactions are completed or expire without execution | Sale of up to |
ITEM 6. | Exhibits |
Exhibit No. | Description | |||||||
#10.1† | ||||||||
#10.2† | ||||||||
#10.3† | ||||||||
#10.4† | ||||||||
#10.5† | ||||||||
#10.6† | ||||||||
#10.7† | ||||||||
#10.8† | ||||||||
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.** | |||||||
104 | Cover page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). | |||||||
† | Filed or furnished herewith. | |||||||
# | Indicates management contract or compensatory plan, contract or agreement. | |||||||
* | 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. |
ANALOG DEVICES, INC. | |||||||||||
Date: February 21, 2024 | By: | /s/ Vincent Roche | |||||||||
Vincent Roche | |||||||||||
Chief Executive Officer and Chair of the Board of Directors | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: February 21, 2024 | By: | /s/ Richard C. Puccio, Jr. | |||||||||
Richard C. Puccio, Jr. | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Principal Financial Officer) |
By: | /s/ Vincent Roche | ||||
Vincent Roche | |||||
Chief Executive Officer & Chair |
The Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this document by and among, as applicable, the Employer, and the Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing the Optionee's participation in the Plan. The Optionee understands that the Company and the Employer may hold certain personal information about the Optionee, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Optionee's favor, for the purpose of implementing, administering and managing the Plan (“Data”). The source of the Data is the Employer as well as information the Optionee is providing to the Company and the Employer in connection with the Option. The Optionee understands that Data may be transferred to Fidelity or any other third parties as may be selected by the Company in the future, which are assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Optionee’s country or elsewhere and that the recipients' country (e.g., the United States) may have different data privacy laws and protections than the Optionee's country. The Optionee understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Optionee authorizes the Company, Fidelity and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Optionee may elect to deposit any Shares acquired upon exercise of this Option. The Optionee understands that Data will be held only as long as is necessary to implement, administer and manage the Optionee's participation in the Plan. The Optionee understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. The Optionee understands, however, that refusing or withdrawing his or her consent may affect the Optionee's ability to participate in the Plan. For more information on the consequences of a refusal to consent or withdrawal of consent, the Optionee understands that he or she may contact his or her regional stock plan administrator at Stock_Plan_Admin@Analog.com. | Pemegang Opsyen dengan ini secara eksplicit, secara sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadinya seperti yang dinyatakan dalam dokumen ini, oleh dan di antara, sebagaimana yang berkenaan, Majikan, Syarikat, dan mana-mana Anak Syarikatnya bagi tujuan ekslusif untuk membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan Pemegang Opsyen dalam Pelan. Pemegang Opsyen memahami bahawa Syarikat dan Majikan mungkin memegang maklumat peribadi tertentu tentang Pemegang Opsyen, termasuk, tetapi tidak terhad kepada, namanya , alamat rumah dan nombor telefon, tarikh lahir, nombor insurans sosial atau nombor pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa syer dalam saham atau jawatan pengarah yang dipegang dalam Syarikat, butir-butir semua opsyen atau apa-apa hak lain untuk syer dalam saham yang dianugerahkan, dibatalkan, dilaksanakan, terletak hak, tidak diletak hak ataupun yang belum dijelaskan bagi faedah Pemegang Opsyen, untuk tujuan eksklusif bagi melaksanakan, mentadbir dan menguruskan Pelan (“Data”). Sumber Data adalah daripada Majikan dan juga daripada maklumat yang dibekalkan oleh Pemegang Opsyen kepada Syarikat dan Majikan berkenaan dengan Opysen. Pemegang Opysen juga memahami bahawa Data mungkin dipindahkan kepada Fidelity atau mana-mana pihak ketiga yang mungkin dipilih oleh Syarikat pada masa depan, yang membantu dalam pelaksanaan, pentadbiran dan pengurusan Pelan, bahawa penerima-penerima ini mungkin berada di negara Pemegang Opsyen atau di tempat lain, dan bahawa negara penerima (contohnya, Amerika Syarikat) mungkin mempunyai undang-undang privasi data dan perlindungan yang berbeza daripada negara Pemegang Opsyen. Pemegang Opsyen memahami bahawa dia boleh meminta senarai nama dan alamat mana-mana penerima Data dengan menghubungi wakil sumber manusia tempatannya. Pemegang Opsyen memberi kuasa kepada Syarikat, Fidelity, dan mana-mana penerima lain yang mungkin membantu Syarikat (masa sekarang atau pada masa depan) untuk melaksanakan, mentadbir dan menguruskan penyertaan Pemegang Opsyen dalam Pelan untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaan Pemegang Opsyen dalam Pelan, termasuk apa-apa pemindahan Data yang diperlukan kepada broker atau pihak ketiga dengan siapa Pemegang Opsyen mungkin pilih untuk mendepositkan apa-apa Saham yang diperolehi di atas pelaksanaan Opsyen ini. Pemegang Opsyen memahami bahawa Data akan dipegang hanya untuk tempoh yang diperlukan untuk melaksanakan, mentadbir dan menguruskan penyertaannya dalam Pelan tersebut. Pemegang Opsyen memahami bahawa dia boleh, pada bila-bila masa, melihat data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi secara bertulis wakil sumber manusia tempatannya. Pemegang Opsyen memahami bahawa keengganan atau penarikan balik persetujuannya boleh menjejaskan keupayaannya untuk mengambil bahagian dalam Pelan. Untuk maklumat lanjut mengenai akibat keengganannya untuk memberikan keizinan atau penarikan balik keizinan, Pemegang Opsyen fahami bahawa dia boleh menghubungi pentadbir pelan saham serantau di Stock_Plan_Admin@Analog.com. |
/s/ Richard P. Ahern | ||
Richard P. Ahern | ||
Corporate Vice President |
Registered Office: | 15 Pressing Lane, Blyth Road, Hayes, England, UB3 1EP | ||||
Company Registration Number: | 00895439 | ||||
Corporation Tax Reference: | 6873689030216A | ||||
PAYE Reference: | 120/A4055 |
Registered Office: | First Floor, Templeback, 10 Temple Back, Bristol, England, BS1 6FL | ||||
Company Registration Number: | 01873931 | ||||
Corporation Tax Reference: | 56090 07213 | ||||
PAYE Reference: | 577/RM581 |
Registered Office: | 50 Lothian Road, Festival Square, Edinburgh, United Kingdom EH3 9WJ | ||||
Company Registration Number: | SC342295 | ||||
Corporation Tax Reference: | 4889926696 | ||||
PAYE Reference: | 961/VA27993 |
Registered Office: | First Floor, Templeback, 10 Temple Back, Bristol, England, BS1 6FL | ||||
Company Registration Number: | 04075331 | ||||
Corporation Tax Reference: | 1086827375 | ||||
PAYE Reference: | N/A |
Registered Office: | 612 Reading Road, Wokingham, Winnersh, RG41 5HE | ||||
Company Registration Number: | BR014351 | ||||
Corporation Tax Reference: | 27787 13294 | ||||
PAYE Reference: | 577/NA44944 |
By: | /s/ Vincent Roche | ||||
Vincent Roche | |||||
Chief Executive Officer & Chair |
The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this document by and among, as applicable, the Employer, and the Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that the Company and the Employer may hold certain personal information about the Participant, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the purpose of implementing, administering and managing the Plan (“Data”). The source of the Data is the Employer as well as information the Participant is providing to the Company and the Employer in connection with the RSUs. The Participant understands that Data may be transferred to Fidelity or any other third parties as may be selected by the Company in the future, which are assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant’s country or elsewhere and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Participant’s country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, Fidelity and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit any Shares acquired upon settlement of the Award. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. The Participant understands, however, that refusing or withdrawing his or her consent may affect the Participant’s ability to participate in the Plan. For more information on the consequences of a refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her regional stock plan administrator at Stock_Plan_Admin@Analog.com. | Peserta dengan ini secara eksplicit, secara sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadinya seperti yang dinyatakan dalam dokumen ini, oleh dan di antara, sebagaimana yang berkenaan, Majikan, Syarikat, dan mana-mana anak Syarikatnya bagi tujuan ekslusif untuk membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan Peserta dalam Pelan. Peserta memahami bahawa Syarikat dan Majikan mungkin memegang maklumat peribadi tertentu tentang Peserta, termasuk, tetapi tidak terhad kepada, namanya, alamat rumah dan nombor telefon, tarikh lahir, nombor insurans sosial atau nombor pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa syer dalam saham atau jawatan pengarah yang dipegang dalam Syarikat, butir-butir semua RSUs atau apa-apa hak lain untuk syer dalam saham yang dianugerahkan, dibatalkan, dilaksanakan, terletak hak, tidak diletak hak ataupun yang belum dijelaskan bagi faedah Peserta, untuk tujuan eksklusif bagi melaksanakan, mentadbir dan menguruskan Pelan (“Data”). Sumber Data adalah daripada Majikan dan juga daripada maklumat yang dibekalkan oleh Peserta kepada Syarikat dan Majikan berkenaan dengan RSUs. Penerima Anugerah juga memahami bahawa Data mungkin dipindahkan kepada Fidelity atau mana-mana pihak ketiga yang mungkin dipilih oleh Syarikat pada masa depan, yang membantu dalam pelaksanaan, pentadbiran dan pengurusan Pelan, bahawa penerima-penerima ini mungkin berada di negara Peserta atau di tempat lain, dan bahawa negara penerima (contohnya, Amerika Syarikat) mungkin mempunyai undang-undang privasi data dan perlindungan yang berbeza daripada negara Peserta. Peserta memahami bahawa dia boleh meminta senarai nama dan alamat mana-mana penerima Data dengan menghubungi wakil sumber manusia tempatannya. Peserta memberi kuasa kepada Syarikat, Fidelity, dan mana-mana penerima lain yang mungkin membantu Syarikat (masa sekarang atau pada masa depan) untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan, termasuk apa-apa pemindahan Data yang diperlukan kepada broker atau pihak ketiga dengan siapa Peserta mungkin pilih untuk mendepositkan apa-apa Saham yang diperolehi di atas penyelesaian Anugerah. Peserta memahami bahawa Data akan dipegang hanya untuk tempoh yang diperlukan untuk melaksanakan, mentadbir dan menguruskan penyertaannya dalam Pelan tersebut. Peserta memahami bahawa dia boleh, pada bila-bila masa, melihat data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi secara bertulis wakil sumber manusia tempatannya. Peserta memahami bahawa keengganan atau penarikan balik persetujuannya boleh menjejaskan keupayaannya untuk mengambil bahagian dalam Pelan. Untuk maklumat lanjut mengenai akibat keengganannya untuk memberikan keizinan atau penarikan balik keizinan, Peserta fahami bahawa dia boleh menghubungi pentadbir pelan saham serantau di Stock_Plan_Admin@Analog.com. |
/s/ Richard P. Ahern | ||
Richard P. Ahern | ||
Corporate Vice President |
Registered Office: | 15 Pressing Lane, Blyth Road, Hayes, England, UB3 1EP | ||||
Company Registration Number: | 00895439 | ||||
Corporation Tax Reference: | 6873689030216A | ||||
PAYE Reference: | 120/A4055 |
Registered Office: | First Floor, Templeback, 10 Temple Back, Bristol, England, BS1 6FL | ||||
Company Registration Number: | 01873931 | ||||
Corporation Tax Reference: | 56090 07213 | ||||
PAYE Reference: | 577/RM581 |
Registered Office: | 50 Lothian Road, Festival Square, Edinburgh, United Kingdom EH3 9WJ | ||||
Company Registration Number: | SC342295 | ||||
Corporation Tax Reference: | 4889926696 | ||||
PAYE Reference: | 961/VA27993 |
Registered Office: | First Floor, Templeback, 10 Temple Back, Bristol, England, BS1 6FL | ||||
Company Registration Number: | 04075331 | ||||
Corporation Tax Reference: | 1086827375 | ||||
PAYE Reference: | N/A |
Registered Office: | 612 Reading Road, Wokingham, Winnersh, RG41 5HE | ||||
Company Registration Number: | BR014351 | ||||
Corporation Tax Reference: | 27787 13294 | ||||
PAYE Reference: | 577/NA44944 |
By: | /s/ Vincent Roche | ||||
Vincent Roche | |||||
Chief Executive Officer & Chair |
The Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this document by and among, as applicable, the Employer, and the Company and its subsidiaries for the exclusive purpose of implementing, administering and managing the Optionee's participation in the Plan. The Optionee understands that the Company and the Employer may hold certain personal information about the Optionee, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all options or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Optionee's favor, for the purpose of implementing, administering and managing the Plan (“Data”). The source of the Data is the Employer as well as information the Optionee is providing to the Company and the Employer in connection with the Option. The Optionee understands that Data may be transferred to Fidelity or any other third parties as may be selected by the Company in the future, which are assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Optionee’s country or elsewhere and that the recipients' country (e.g., the United States) may have different data privacy laws and protections than the Optionee's country. The Optionee understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Optionee authorizes the Company, Fidelity and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Optionee may elect to deposit any Shares acquired upon exercise of this Option. The Optionee understands that Data will be held only as long as is necessary to implement, administer and manage the Optionee's participation in the Plan. The Optionee understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. The Optionee understands, however, that refusing or withdrawing his or her consent may affect the Optionee's ability to participate in the Plan. For more information on the consequences of a refusal to consent or withdrawal of consent, the Optionee understands that he or she may contact his or her regional stock plan administrator at Stock_Plan_Admin@Analog.com. | Pemegang Opsyen dengan ini secara eksplicit, secara sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadinya seperti yang dinyatakan dalam dokumen ini, oleh dan di antara, sebagaimana yang berkenaan, Majikan, Syarikat, dan mana-mana Anak Syarikatnya bagi tujuan ekslusif untuk membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan Pemegang Opsyen dalam Pelan. Pemegang Opsyen memahami bahawa Syarikat dan Majikan mungkin memegang maklumat peribadi tertentu tentang Pemegang Opsyen, termasuk, tetapi tidak terhad kepada, namanya , alamat rumah dan nombor telefon, tarikh lahir, nombor insurans sosial atau nombor pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa syer dalam saham atau jawatan pengarah yang dipegang dalam Syarikat, butir-butir semua opsyen atau apa-apa hak lain untuk syer dalam saham yang dianugerahkan, dibatalkan, dilaksanakan, terletak hak, tidak diletak hak ataupun yang belum dijelaskan bagi faedah Pemegang Opsyen, untuk tujuan eksklusif bagi melaksanakan, mentadbir dan menguruskan Pelan (“Data”). Sumber Data adalah daripada Majikan dan juga daripada maklumat yang dibekalkan oleh Pemegang Opsyen kepada Syarikat dan Majikan berkenaan dengan Opysen. Pemegang Opysen juga memahami bahawa Data mungkin dipindahkan kepada Fidelity atau mana-mana pihak ketiga yang mungkin dipilih oleh Syarikat pada masa depan, yang membantu dalam pelaksanaan, pentadbiran dan pengurusan Pelan, bahawa penerima-penerima ini mungkin berada di negara Pemegang Opsyen atau di tempat lain, dan bahawa negara penerima (contohnya, Amerika Syarikat) mungkin mempunyai undang-undang privasi data dan perlindungan yang berbeza daripada negara Pemegang Opsyen. Pemegang Opsyen memahami bahawa dia boleh meminta senarai nama dan alamat mana-mana penerima Data dengan menghubungi wakil sumber manusia tempatannya. Pemegang Opsyen memberi kuasa kepada Syarikat, Fidelity, dan mana-mana penerima lain yang mungkin membantu Syarikat (masa sekarang atau pada masa depan) untuk melaksanakan, mentadbir dan menguruskan penyertaan Pemegang Opsyen dalam Pelan untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaan Pemegang Opsyen dalam Pelan, termasuk apa-apa pemindahan Data yang diperlukan kepada broker atau pihak ketiga dengan siapa Pemegang Opsyen mungkin pilih untuk mendepositkan apa-apa Saham yang diperolehi di atas pelaksanaan Opsyen ini. Pemegang Opsyen memahami bahawa Data akan dipegang hanya untuk tempoh yang diperlukan untuk melaksanakan, mentadbir dan menguruskan penyertaannya dalam Pelan tersebut. Pemegang Opsyen memahami bahawa dia boleh, pada bila-bila masa, melihat data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi secara bertulis wakil sumber manusia tempatannya. Pemegang Opsyen memahami bahawa keengganan atau penarikan balik persetujuannya boleh menjejaskan keupayaannya untuk mengambil bahagian dalam Pelan. Untuk maklumat lanjut mengenai akibat keengganannya untuk memberikan keizinan atau penarikan balik keizinan, Pemegang Opsyen fahami bahawa dia boleh menghubungi pentadbir pelan saham serantau di Stock_Plan_Admin@Analog.com. |
/s/ Richard P. Ahern | ||
Richard P. Ahern | ||
Corporate Vice President |
Registered Office: | 15 Pressing Lane, Blyth Road, Hayes, England, UB3 1EP | ||||
Company Registration Number: | 00895439 | ||||
Corporation Tax Reference: | 6873689030216A | ||||
PAYE Reference: | 120/A4055 |
Registered Office: | First Floor, Templeback, 10 Temple Back, Bristol, England, BS1 6FL | ||||
Company Registration Number: | 01873931 | ||||
Corporation Tax Reference: | 56090 07213 | ||||
PAYE Reference: | 577/RM581 |
Registered Office: | 50 Lothian Road, Festival Square, Edinburgh, United Kingdom EH3 9WJ | ||||
Company Registration Number: | SC342295 | ||||
Corporation Tax Reference: | 4889926696 | ||||
PAYE Reference: | 961/VA27993 |
Registered Office: | First Floor, Templeback, 10 Temple Back, Bristol, England, BS1 6FL | ||||
Company Registration Number: | 04075331 | ||||
Corporation Tax Reference: | 1086827375 | ||||
PAYE Reference: | N/A |
Registered Office: | 612 Reading Road, Wokingham, Winnersh, RG41 5HE | ||||
Company Registration Number: | BR014351 | ||||
Corporation Tax Reference: | 27787 13294 | ||||
PAYE Reference: | 577/NA44944 |
By: | /s/ Vincent Roche | ||||
Vincent Roche | |||||
Chief Executive Officer & Chair |
The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this document by and among, as applicable, the Employer, and the Company and its subsidiaries for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that the Company and the Employer may hold certain personal information about the Participant, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the purpose of implementing, administering and managing the Plan (“Data”). The source of the Data is the Employer as well as information the Participant is providing to the Company and the Employer in connection with the RSUs. The Participant understands that Data may be transferred to Fidelity or any other third parties as may be selected by the Company in the future, which are assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant’s country or elsewhere and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Participant’s country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, Fidelity and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit any Shares acquired upon settlement of the Award. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. The Participant understands, however, that refusing or withdrawing his or her consent may affect the Participant’s ability to participate in the Plan. For more information on the consequences of a refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her regional stock plan administrator at Stock_Plan_Admin@Analog.com. | Peserta dengan ini secara eksplicit, secara sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadinya seperti yang dinyatakan dalam dokumen ini, oleh dan di antara, sebagaimana yang berkenaan, Majikan, Syarikat, dan mana-mana anak Syarikatnya bagi tujuan ekslusif untuk membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan Peserta dalam Pelan. Peserta memahami bahawa Syarikat dan Majikan mungkin memegang maklumat peribadi tertentu tentang Peserta, termasuk, tetapi tidak terhad kepada, namanya, alamat rumah dan nombor telefon, tarikh lahir, nombor insurans sosial atau nombor pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa syer dalam saham atau jawatan pengarah yang dipegang dalam Syarikat, butir-butir semua RSUs atau apa-apa hak lain untuk syer dalam saham yang dianugerahkan, dibatalkan, dilaksanakan, terletak hak, tidak diletak hak ataupun yang belum dijelaskan bagi faedah Peserta, untuk tujuan eksklusif bagi melaksanakan, mentadbir dan menguruskan Pelan (“Data”). Sumber Data adalah daripada Majikan dan juga daripada maklumat yang dibekalkan oleh Peserta kepada Syarikat dan Majikan berkenaan dengan RSUs. Penerima Anugerah juga memahami bahawa Data mungkin dipindahkan kepada Fidelity atau mana-mana pihak ketiga yang mungkin dipilih oleh Syarikat pada masa depan, yang membantu dalam pelaksanaan, pentadbiran dan pengurusan Pelan, bahawa penerima-penerima ini mungkin berada di negara Peserta atau di tempat lain, dan bahawa negara penerima (contohnya, Amerika Syarikat) mungkin mempunyai undang-undang privasi data dan perlindungan yang berbeza daripada negara Peserta. Peserta memahami bahawa dia boleh meminta senarai nama dan alamat mana-mana penerima Data dengan menghubungi wakil sumber manusia tempatannya. Peserta memberi kuasa kepada Syarikat, Fidelity, dan mana-mana penerima lain yang mungkin membantu Syarikat (masa sekarang atau pada masa depan) untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan, termasuk apa-apa pemindahan Data yang diperlukan kepada broker atau pihak ketiga dengan siapa Peserta mungkin pilih untuk mendepositkan apa-apa Saham yang diperolehi di atas penyelesaian Anugerah. Peserta memahami bahawa Data akan dipegang hanya untuk tempoh yang diperlukan untuk melaksanakan, mentadbir dan menguruskan penyertaannya dalam Pelan tersebut. Peserta memahami bahawa dia boleh, pada bila-bila masa, melihat data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi secara bertulis wakil sumber manusia tempatannya. Peserta memahami bahawa keengganan atau penarikan balik persetujuannya boleh menjejaskan keupayaannya untuk mengambil bahagian dalam Pelan. Untuk maklumat lanjut mengenai akibat keengganannya untuk memberikan keizinan atau penarikan balik keizinan, Peserta fahami bahawa dia boleh menghubungi pentadbir pelan saham serantau di Stock_Plan_Admin@Analog.com. |
/s/ Richard P. Ahern | ||
Richard P. Ahern | ||
Corporate Vice President |
Registered Office: | 15 Pressing Lane, Blyth Road, Hayes, England, UB3 1EP | ||||
Company Registration Number: | 00895439 | ||||
Corporation Tax Reference: | 6873689030216A | ||||
PAYE Reference: | 120/A4055 |
Registered Office: | First Floor, Templeback, 10 Temple Back, Bristol, England, BS1 6FL | ||||
Company Registration Number: | 01873931 | ||||
Corporation Tax Reference: | 56090 07213 | ||||
PAYE Reference: | 577/RM581 |
Registered Office: | 50 Lothian Road, Festival Square, Edinburgh, United Kingdom EH3 9WJ (Office of Corp. Secretary, Burness Paull LLP) | ||||
Company Registration Number: | SC342295 | ||||
Corporation Tax Reference: | 4889926696 | ||||
PAYE Reference: | 961/VA27993 |
Registered Office: | First Floor, Templeback, 10 Temple Back, Bristol, England, BS1 6FL Secretary/Correspondence address: 50 Lothian Road, Festival Square, Edinburgh, United Kingdom EH3 9WJ (Office of Corp. Secretary, Burness Paull LLP) | ||||
Company Registration Number: | 04075331 | ||||
Corporation Tax Reference: | 1086827375 | ||||
PAYE Reference: | N/A |
Registered Office: | 612 Reading Road, Wokingham, Winnersh, RG41 5HE | ||||
Company Registration Number: | BR014351 | ||||
Corporation Tax Reference: | 27787 13294 | ||||
PAYE Reference: | 577/NA44944 |
By: | /s/ Vincent Roche | ||||
Vincent Roche | |||||
Chief Executive Officer & Chair |
By: | /s/ Vincent Roche | ||||
Vincent Roche | |||||
Chief Executive Officer & Chair |
Payout Percent | Number of Potential Shares Attained | Performance Parameters | ||||||
0% | 0 | Company Operating Profit Goal does not meet minimum threshold approved by the Compensation Committee of the Board | ||||||
100% | Number of Awards Granted | Company Operating Profit Goal meets target approved by Compensation Committee of the Board | ||||||
200% | Grant Custom 2 | Company Operating Profit Goal meets or exceeds the maximum target approved by the Compensation Committee of the Board |
The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this document by and among, as applicable, the Employer, and the Company and its subsidiaries for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that the Company and the Employer may hold certain personal information about the Participant, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Performance RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the purpose of implementing, administering and managing the Plan (“Data”). The source of the Data is the Employer as well as information the Participant is providing to the Company and the Employer in connection with the Performance RSUs. The Participant understands that Data may be transferred to Fidelity or any other third parties as may be selected by the Company in the future, which are assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant’s country or elsewhere and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Participant’s country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, Fidelity and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit any Shares acquired upon settlement of the Award. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. The Participant understands, however, that refusing or withdrawing his or her consent may affect the Participant’s ability to participate in the Plan. For more information on the consequences of a refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her regional stock plan administrator at Stock_Plan_Admin@Analog.com. | Peserta dengan ini secara eksplicit, secara sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadinya seperti yang dinyatakan dalam dokumen ini, oleh dan di antara, sebagaimana yang berkenaan, Majikan, Syarikat, dan mana-mana anak Syarikatnya bagi tujuan ekslusif untuk membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan Peserta dalam Pelan. Peserta memahami bahawa Syarikat dan Majikan mungkin memegang maklumat peribadi tertentu tentang Peserta, termasuk, tetapi tidak terhad kepada, namanya, alamat rumah dan nombor telefon, tarikh lahir, nombor insurans sosial atau nombor pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa syer dalam saham atau jawatan pengarah yang dipegang dalam Syarikat, butir-butir semua Performance RSUs atau apa-apa hak lain untuk syer dalam saham yang dianugerahkan, dibatalkan, dilaksanakan, terletak hak, tidak diletak hak ataupun yang belum dijelaskan bagi faedah Peserta, untuk tujuan eksklusif bagi melaksanakan, mentadbir dan menguruskan Pelan (“Data”). Sumber Data adalah daripada Majikan dan juga daripada maklumat yang dibekalkan oleh Peserta kepada Syarikat dan Majikan berkenaan dengan Performance RSUs. Penerima Anugerah juga memahami bahawa Data mungkin dipindahkan kepada Fidelity atau mana-mana pihak ketiga yang mungkin dipilih oleh Syarikat pada masa depan, yang membantu dalam pelaksanaan, pentadbiran dan pengurusan Pelan, bahawa penerima-penerima ini mungkin berada di negara Peserta atau di tempat lain, dan bahawa negara penerima (contohnya, Amerika Syarikat) mungkin mempunyai undang-undang privasi data dan perlindungan yang berbeza daripada negara Peserta. Peserta memahami bahawa dia boleh meminta senarai nama dan alamat mana-mana penerima Data dengan menghubungi wakil sumber manusia tempatannya. Peserta memberi kuasa kepada Syarikat, Fidelity, dan mana-mana penerima lain yang mungkin membantu Syarikat (masa sekarang atau pada masa depan) untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan, termasuk apa-apa pemindahan Data yang diperlukan kepada broker atau pihak ketiga dengan siapa Peserta mungkin pilih untuk mendepositkan apa-apa Saham yang diperolehi di atas penyelesaian Anugerah. Peserta memahami bahawa Data akan dipegang hanya untuk tempoh yang diperlukan untuk melaksanakan, mentadbir dan menguruskan penyertaannya dalam Pelan tersebut. Peserta memahami bahawa dia boleh, pada bila-bila masa, melihat data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi secara bertulis wakil sumber manusia tempatannya. Peserta memahami bahawa keengganan atau penarikan balik persetujuannya boleh menjejaskan keupayaannya untuk mengambil bahagian dalam Pelan. Untuk maklumat lanjut mengenai akibat keengganannya untuk memberikan keizinan atau penarikan balik keizinan, Peserta fahami bahawa dia boleh menghubungi pentadbir pelan saham serantau di Stock_Plan_Admin@Analog.com. |
/s/ Richard P. Ahern | ||
Richard P. Ahern | ||
Corporate Vice President |
Registered Office: | 15 Pressing Lane, Blyth Road, Hayes, England, UB3 1EP | ||||
Company Registration Number: | 00895439 | ||||
Corporation Tax Reference: | 6873689030216A | ||||
PAYE Reference: | 120/A4055 |
By: | /s/ Vincent Roche | ||||
Vincent Roche | |||||
Chief Executive Officer & Chair |
Percentile Attainment | PRSU Payout % | ||||
< 25th percentile | 0% | ||||
25th percentile | 50% | ||||
55th percentile | 100% | ||||
75th percentile | 200% |
The Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of his or her personal data as described in this document by and among, as applicable, the Employer, and the Company and its subsidiaries for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. The Participant understands that the Company and the Employer may hold certain personal information about the Participant, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Performance RSUs or any other entitlement to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor, for the purpose of implementing, administering and managing the Plan (“Data”). The source of the Data is the Employer as well as information the Participant is providing to the Company and the Employer in connection with the Performance RSUs. The Participant understands that Data may be transferred to Fidelity or any other third parties as may be selected by the Company in the future, which are assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Participant’s country or elsewhere and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Participant’s country. The Participant understands that he or she may request a list with the names and addresses of any potential recipients of the Data by contacting his or her local human resources representative. The Participant authorizes the Company, Fidelity and any other possible recipients which may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit any Shares acquired upon settlement of the Award. The Participant understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s participation in the Plan. The Participant understands that he or she may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative. The Participant understands, however, that refusing or withdrawing his or her consent may affect the Participant’s ability to participate in the Plan. For more information on the consequences of a refusal to consent or withdrawal of consent, the Participant understands that he or she may contact his or her regional stock plan administrator at Stock_Plan_Admin@Analog.com. | Peserta dengan ini secara eksplicit, secara sukarela dan tanpa sebarang keraguan mengizinkan pengumpulan, penggunaan dan pemindahan, dalam bentuk elektronik atau lain-lain, data peribadinya seperti yang dinyatakan dalam dokumen ini, oleh dan di antara, sebagaimana yang berkenaan, Majikan, Syarikat, dan mana-mana anak Syarikatnya bagi tujuan ekslusif untuk membantu dalam pelaksanaan, pentadbiran dan pengurusan penyertaan Peserta dalam Pelan. Peserta memahami bahawa Syarikat dan Majikan mungkin memegang maklumat peribadi tertentu tentang Peserta, termasuk, tetapi tidak terhad kepada, namanya, alamat rumah dan nombor telefon, tarikh lahir, nombor insurans sosial atau nombor pengenalan lain, gaji, kewarganegaraan, jawatan, apa-apa syer dalam saham atau jawatan pengarah yang dipegang dalam Syarikat, butir-butir semua Performance RSUs atau apa-apa hak lain untuk syer dalam saham yang dianugerahkan, dibatalkan, dilaksanakan, terletak hak, tidak diletak hak ataupun yang belum dijelaskan bagi faedah Peserta, untuk tujuan eksklusif bagi melaksanakan, mentadbir dan menguruskan Pelan (“Data”). Sumber Data adalah daripada Majikan dan juga daripada maklumat yang dibekalkan oleh Peserta kepada Syarikat dan Majikan berkenaan dengan Performance RSUs. Penerima Anugerah juga memahami bahawa Data mungkin dipindahkan kepada Fidelity atau mana-mana pihak ketiga yang mungkin dipilih oleh Syarikat pada masa depan, yang membantu dalam pelaksanaan, pentadbiran dan pengurusan Pelan, bahawa penerima-penerima ini mungkin berada di negara Peserta atau di tempat lain, dan bahawa negara penerima (contohnya, Amerika Syarikat) mungkin mempunyai undang-undang privasi data dan perlindungan yang berbeza daripada negara Peserta. Peserta memahami bahawa dia boleh meminta senarai nama dan alamat mana-mana penerima Data dengan menghubungi wakil sumber manusia tempatannya. Peserta memberi kuasa kepada Syarikat, Fidelity, dan mana-mana penerima lain yang mungkin membantu Syarikat (masa sekarang atau pada masa depan) untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan untuk menerima, memiliki, menggunakan, mengekalkan dan memindahkan Data, dalam bentuk elektronik atau lain-lain, semata-mata dengan tujuan untuk melaksanakan, mentadbir dan menguruskan penyertaan Peserta dalam Pelan, termasuk apa-apa pemindahan Data yang diperlukan kepada broker atau pihak ketiga dengan siapa Peserta mungkin pilih untuk mendepositkan apa-apa Saham yang diperolehi di atas penyelesaian Anugerah. Peserta memahami bahawa Data akan dipegang hanya untuk tempoh yang diperlukan untuk melaksanakan, mentadbir dan menguruskan penyertaannya dalam Pelan tersebut. Peserta memahami bahawa dia boleh, pada bila-bila masa, melihat data, meminta maklumat tambahan mengenai penyimpanan dan pemprosesan Data, meminta bahawa pindaan-pindaan dilaksanakan ke atas Data atau menolak atau menarik balik persetujuan dalam ini, dalam mana-mana kes, tanpa kos, dengan menghubungi secara bertulis wakil sumber manusia tempatannya. Peserta memahami bahawa keengganan atau penarikan balik persetujuannya boleh menjejaskan keupayaannya untuk mengambil bahagian dalam Pelan. Untuk maklumat lanjut mengenai akibat keengganannya untuk memberikan keizinan atau penarikan balik keizinan, Peserta fahami bahawa dia boleh menghubungi pentadbir pelan saham serantau di Stock_Plan_Admin@Analog.com. |
/s/ Richard P. Ahern | ||
Richard P. Ahern | ||
Corporate Vice President |
Registered Office: | 15 Pressing Lane, Blyth Road, Hayes, England, UB3 1EP | ||||
Company Registration Number: | 00895439 | ||||
Corporation Tax Reference: | 6873689030216A | ||||
PAYE Reference: | 120/A4055 |
By: | /s/ Mariya Trickett | ||||
Mariya Trickett | |||||
Senior Vice President & Chief People Officer |
By: | /s/ Richard C. Puccio, Jr. | Date: | January 18, 2024 | |||||||||||
Richard C. Puccio, Jr. |
/s/ Vincent Roche | ||||||||
Vincent Roche | ||||||||
Chief Executive Officer and Chair of the Board of | ||||||||
Directors | ||||||||
(Principal Executive Officer) | ||||||||
Date: February 21, 2024 |
/s/ Richard C. Puccio, Jr. | ||||||||
Richard C. Puccio, Jr. | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: February 21, 2024 |
/s/ Vincent Roche | ||||||||
Vincent Roche | ||||||||
Chief Executive Officer | ||||||||
Date: February 21, 2024 |
/s/ Richard C. Puccio, Jr. | ||||||||
Richard C. Puccio, Jr. | ||||||||
Chief Financial Officer | ||||||||
Date: February 21, 2024 |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 03, 2024 |
Jan. 28, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 462,727 | $ 961,474 |
Foreign currency translation adjustments | 385 | 2,499 |
Change in fair value of derivative instruments designated as cash flow hedges, net | 8,020 | 25,467 |
Changes in pension plans, net actuarial gain/loss and foreign currency translation adjustments, net | (1,388) | 452 |
Other comprehensive income | 7,017 | 28,418 |
Comprehensive income | $ 469,744 | $ 989,892 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Feb. 03, 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) | 495,908,150 | 496,261,678 |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Feb. 03, 2024 |
Jan. 28, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends (in dollars per share) | $ 0.86 | $ 0.76 |
Basis of Presentation |
3 Months Ended |
---|---|
Feb. 03, 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 is included in the first quarter ended February 3, 2024. Therefore, the first quarter of fiscal 2024 included 14 weeks of operations and the first quarter of fiscal 2023 included 13 weeks of operations.
|
Shareholders' Equity |
3 Months Ended |
---|---|
Feb. 03, 2024 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity As of February 3, 2024, the Company had repurchased a total of approximately 206.2 million shares of its common stock for approximately $14.7 billion under the Company's share repurchase program. As of February 3, 2024, an additional $2.0 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.
|
Accumulated Other Comprehensive (Loss) Income |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 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 three months of fiscal 2024.
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:
|
Earnings Per Share |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per ShareThe following table sets forth the computation of basic and diluted earnings per share:
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Special Charges, Net |
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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:
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Commitments and Contingencies |
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Feb. 03, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 alleges 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 alleges that the Company aided and abetted those alleged breaches of fiduciary duties. The plaintiffs seek 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 denied on May 30, 2023. On June 21, 2023, the plaintiffs filed a Notice of Appeal to the Delaware Supreme Court. The appeal is fully briefed, and the Delaware Supreme Court heard argument on February 14, 2024. The Company believes that it and the other defendants have meritorious arguments in response to the appeal and defenses to the underlying allegations; however, the Company is currently unable to determine the ultimate outcome of this matter or determine an estimate, or a range of estimates, of potential losses, if any.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Revenue Trends by End Market The following table summarizes 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.
Revenue by Sales Channel The following table summarizes 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.
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Fair Value |
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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 February 3, 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 February 3, 2024 and October 28, 2023, the Company held $721.4 million and $642.1 million, respectively, of cash that is excluded from the tables below.
(1)The amortized cost of the Company's investments classified as available-for-sale as of February 3, 2024 was $69.8 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.
(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 ($544.4 million and $547.2 million as of February 3, 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.
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Derivatives |
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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 February 3, 2024 and October 28, 2023 were $292.7 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 February 3, 2024 and October 28, 2023 were as follows:
As of February 3, 2024 and October 28, 2023, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $293.1 million and $334.7 million, respectively. The fair values of undesignated hedges in the Company’s Condensed Consolidated Balance Sheets as of February 3, 2024 and October 28, 2023 were as follows:
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:
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.
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories at February 3, 2024 and October 28, 2023 were as follows:
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Income Taxes |
3 Months Ended |
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Feb. 03, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s effective tax rates for the three-month periods ended February 3, 2024 and January 28, 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 $136.0 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 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; 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.
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New Accounting Pronouncements |
3 Months Ended |
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Feb. 03, 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.
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Subsequent Events |
3 Months Ended |
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Feb. 03, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 20, 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 March 15, 2024 to all shareholders of record at the close of business on March 5, 2024 and is expected to total approximately $456.2 million.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Feb. 03, 2024 |
Jan. 28, 2023 |
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Pay vs Performance Disclosure | ||
Net income | $ 462,727 | $ 961,474 |
Insider Trading Arrangements |
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Feb. 03, 2024
shares
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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 first 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).
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Non-Rule 10b5-1 Arrangement Adopted | false | ||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||
James Mollica [Member] | |||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||
Name | James Mollica | ||||||||||||||||||||||||||||||||||||
Title | Vice President, Finance and Sales Operations and former Interim Chief Financial Officer | ||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||
Adoption Date | November 28, 2023 | ||||||||||||||||||||||||||||||||||||
Arrangement Duration | 213 days | ||||||||||||||||||||||||||||||||||||
Aggregate Available | 4,381,000 |
Basis of Presentation (Policies) |
3 Months Ended |
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Feb. 03, 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 is included in the first quarter ended February 3, 2024. Therefore, the first quarter of fiscal 2024 included 14 weeks of operations and the first quarter of fiscal 2023 included 13 weeks of operations.
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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.
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Accumulated Other Comprehensive (Loss) Income (Tables) |
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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 three months of fiscal 2024.
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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:
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Earnings Per Share (Tables) |
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Feb. 03, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share:
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Special Charges, Net (Tables) |
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Feb. 03, 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:
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Revenue (Tables) |
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Feb. 03, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of revenue | The following table summarizes 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.
Revenue by Sales Channel The following table summarizes 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.
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Fair Value (Tables) |
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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 February 3, 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 February 3, 2024 and October 28, 2023, the Company held $721.4 million and $642.1 million, respectively, of cash that is excluded from the tables below.
(1)The amortized cost of the Company's investments classified as available-for-sale as of February 3, 2024 was $69.8 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.
(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.
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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 ($544.4 million and $547.2 million as of February 3, 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.
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Derivatives (Tables) |
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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 February 3, 2024 and October 28, 2023 were as follows:
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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:
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories at February 3, 2024 and October 28, 2023 were as follows:
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Shareholders' Equity (Details) shares in Millions, $ in Billions |
Feb. 03, 2024
USD ($)
shares
|
---|---|
Stockholders' Equity Note [Abstract] | |
Stock repurchase program, number of shares authorized to be repurchased (in shares) | shares | 206.2 |
Stock repurchase program, authorized amount | $ 14.7 |
Stock repurchase program, remaining authorized repurchase amount | $ 2.0 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 03, 2024 |
Jan. 28, 2023 |
|
Earnings per share | ||
Net income | $ 462,727 | $ 961,474 |
Basic shares: | ||
Weighted-average shares outstanding (in shares) | 495,765 | 507,121 |
Earnings per common share, basic (in dollars per share) | $ 0.93 | $ 1.90 |
Diluted shares: | ||
Assumed exercise of common stock equivalents (in shares) | 2,976 | 4,063 |
Weighted-average common and common equivalent shares (in shares) | 498,741 | 511,184 |
Earnings per common share, diluted (in dollars per share) | $ 0.93 | $ 1.88 |
Anti-dilutive shares related to: | ||
Outstanding stock-based awards (in shares) | 214 | 322 |
Special Charges, Net (Details) $ in Thousands |
3 Months Ended |
---|---|
Feb. 03, 2024
USD ($)
| |
Global Repositioning Actions | |
Restructuring Reserve [Roll Forward] | |
Accrued restructuring, beginning balance | $ 36,981 |
Employee severance and benefit costs | 0 |
Severance and benefit payments | (4,420) |
Accrued restructuring, ending balance | 32,561 |
Accrued liabilities | 9,425 |
Other non-current liabilities | 23,136 |
Q4 2023 Plan | |
Restructuring Reserve [Roll Forward] | |
Accrued restructuring, beginning balance | 110,446 |
Employee severance and benefit costs | 11,977 |
Severance and benefit payments | (87,013) |
Accrued restructuring, ending balance | 35,410 |
Accrued liabilities | 35,410 |
Other non-current liabilities | $ 0 |
Revenue - Revenue by Sales Channel (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Feb. 03, 2024 |
Jan. 28, 2023 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 2,512,704 | $ 3,249,630 |
Percent of revenue (as percent) | 100.00% | 100.00% |
Distributors | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 1,535,210 | $ 2,011,323 |
Percent of revenue (as percent) | 61.00% | 62.00% |
Direct customers | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 939,975 | $ 1,195,534 |
Percent of revenue (as percent) | 37.00% | 37.00% |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 37,519 | $ 42,773 |
Percent of revenue (as percent) | 1.00% | 1.00% |
Fair Value - Textual (Details) - USD ($) $ in Thousands |
Feb. 03, 2024 |
Oct. 28, 2023 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Cash | $ 721,400 | $ 642,100 |
Commercial paper notes | $ 544,444 | $ 547,224 |
Derivatives - Textual (Details) - Forward foreign currency exchange contract - USD ($) $ in Millions |
Feb. 03, 2024 |
Oct. 28, 2023 |
---|---|---|
Designated Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 292.7 | $ 322.6 |
Undesignated Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 293.1 | $ 334.7 |
Derivatives - Forward Foreign Currency Balance Sheet (Details) - Forward foreign currency exchange contracts - USD ($) $ in Thousands |
Feb. 03, 2024 |
Oct. 28, 2023 |
---|---|---|
Designated Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Forward foreign currency exchange contracts | $ 1,724 | $ 471 |
Designated Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Forward foreign currency exchange contracts | 4,637 | 9,897 |
Undesignated Hedging Instrument | Prepaid expenses and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Forward foreign currency exchange contracts | 2,320 | 1,469 |
Undesignated Hedging Instrument | Accrued liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Forward foreign currency exchange contracts | $ 6,645 | $ 3,618 |
Derivatives - Interest Rate Derivatives (Details) - Interest rate swap $ in Thousands |
3 Months Ended |
---|---|
Feb. 03, 2024
USD ($)
| |
Accrued liabilities | |
Derivatives, Fair Value [Line Items] | |
Loss on Swaps | $ 37,074 |
Gain on Note | 0 |
Long-term debt | |
Derivatives, Fair Value [Line Items] | |
Loss on Swaps | 0 |
Gain on Note | $ 37,074 |
Inventories (Details) - USD ($) $ in Thousands |
Feb. 03, 2024 |
Oct. 28, 2023 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 125,131 | $ 128,142 |
Work in process | 1,108,667 | 1,125,819 |
Finished goods | 319,423 | 388,253 |
Total inventories | $ 1,553,221 | $ 1,642,214 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Feb. 03, 2024 |
Jan. 28, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Federal statutory rate (as percent) | 21.00% | 21.00% |
Maxim | Settlement with Taxing Authority | ||
Income Tax Contingency [Line Items] | ||
Decrease in unrealized tax benefits is reasonably possible | $ 136.0 |
Subsequent Events (Details) - Common Stock - Subsequent event $ / shares in Units, $ in Millions |
Feb. 20, 2024
USD ($)
$ / shares
|
---|---|
Subsequent Event [Line Items] | |
Common stock cash dividends per share, declared (in dollars per share) | $ / shares | $ 0.92 |
Dividends | $ | $ 456.2 |
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