1 ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 11-K (Mark One) X ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE --- SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) For the fiscal year ended December 31, 1993 OR --- TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED) For the Transition period from __________ to __________ Commission File No. 1-7819 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN (Full Title of Plan) ANALOG DEVICES, INC. (Name of issuer of the securities held pursuant to the plan) One Technology Way Norwood, Massachusetts 02062-9106 (Address of principal executive offices) ================================================================================ 1 2 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN Financial Statements -------------------- - - - Audited Statements of Assets, Liabilities and Participants' Equity as of December 31, 1993 and 1992. - - - Audited Statements of Changes in Participants' Equity for the Years Ended December 31, 1993, 1992 and 1991. Exhibits -------- 23.1 Consent of Ernst & Young, filed herewith. 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the plan) have duly caused this annual report to be signed by the undersigned thereunto duly authorized. ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP -------------------------- (the Plan) by:/s/ Joseph E. McDonough -------------------------------- Joseph E. McDonough Vice President-Finance and Chief Financial Officer and Member of The Investment Partnership Plan Administration Committee June 29, 1994 3 4 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991 with REPORT OF INDEPENDENT AUDITORS 4 5 REPORT OF INDEPENDENT AUDITORS The Administration Committee Analog Devices, Inc. The Investment Partnership Plan We have audited the accompanying statements of assets, liabilities and participants' equity of Analog Devices, Inc. The Investment Partnership Plan as of December 31, 1993 and 1992, and the related statements of changes in participants' equity for each of the three years in the period ended December 31, 1993. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and participants' equity of Analog Devices, Inc. The Investment Partnership Plan at December 31, 1993 and 1992, and its changes in participant's equity for each of the three years in the period ended December 31, 1993, in conformity with generally accepted accounting principles. Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993, transactions or series of transactions in excess of 5% of plan assets for the year ended December 31, 1993, and party-in-interest transactions for the year ended December 31, 1993 are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ ERNST & YOUNG ------------------ ERNST & YOUNG Boston, Massachusetts April 29, 1994 5 6 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN STATEMENTS OF ASSETS, LIABILITIES AND PARTICIPANTS' EQUITY December 31, 1993, 1992 and 1991
See accompanying notes. 6ASSETS 1993 1992 ------ ---- ---- Investments, at fair value (Notes 2 and 4) $111,484,667 $90,882,196 Accrued interest and dividends 160,895 179,846 Participant loans receivable 1,859,351 1,549,804 ------------ ----------- $113,504,913 $92,611,846 ============ =========== LIABILITIES AND PARTICIPANTS' EQUITY - - ------------------------------------ Forfeitures payable $ 84,404 $ 87,903 Participants' equity (Notes 2, 6 and 7) 113,420,509 92,523,943 ------------ ----------- $113,504,913 $92,611,846 ============ =========== 7 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY Years ended December 31, 1993, 1992 and 1991
See accompanying notes. 71993 1992 1991 ---- ---- ---- Investment income: Interest income $ 145,916 $ 105,137 $ 348,660 Change in net unrealized appreciation (Note 4) 2,595,505 2,431,642 3,471,774 Realized gains (losses) (Note 4) 4,666,665 19,669 (118,764) Dividend income and capital gains distributions 4,395,863 4,335,695 4,321,585 ------------ ----------- ----------- Net investment income 11,803,949 6,892,143 8,023,255 Contributions (Note 2): Employer 7,379,875 7,033,332 6,603,997 Employees 5,840,838 5,211,191 4,711,240 ------------ ----------- ----------- Total contributions 13,220,713 12,244,523 11,315,237 Paid and accrued participant withdrawals (Note 2) (4,011,098) (6,854,899) (6,044,481) Paid and accrued forfeitures (Note 2) (116,998) (288,346) (462,577) ------------ ----------- ----------- Net increase in participants' equity 20,896,566 11,993,421 12,831,434 Participants' equity at beginning of year 92,523,943 80,530,522 67,699,088 ------------ ----------- ----------- Participants' equity at end of year $113,420,509 $92,523,943 $80,530,522 ============ =========== =========== 8 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 1. Summary of significant accounting policies and basis of presentation -------------------------------------------------------------------- General plan information ------------------------ The Investment Partnership Plan (the "Plan") is a defined contribution plan sponsored and administered by Analog Devices, Inc. (the "Company"). Investments ----------- The investments in the Fidelity Institutional Cash Portfolio - U.S. Government Portfolio, Fidelity Short-Term U.S. Government Reserves, Fidelity Equity Income Fund, Fidelity Magellan Fund and the Analog Devices, Inc. Common Stock Fund are valued at quoted market prices. Contributions ------------- Contributions from employees are recorded when the Company makes payroll deductions from plan participants. Employer contributions are accrued at the end of the period in which they become obligations of the Company based upon the terms the Plan. Investment income ----------------- Net investment income resulted from interest income, interest dividends and capital gains distributions from the money market and mutual funds, realized gains or losses on sales of investments and the change in net unrealized appreciation (depreciation) between the cost and market value of investments at the beginning and end of the accounting period. All interest, dividends and capital gains distributions are reinvested in the respective funds and are recorded as earned on an accrual basis. Interest, dividends, capital gains distributions and unrealized appreciation (depreciation) has been allocated to participants based upon the proportion that each participant's share in a fund bears to the total in that fund (see Note 2(g)). Income tax status ----------------- The Plan is qualified under Sections 401(a) and 401(k) of the Internal Revenue Code of 1986, as amended. The trust holding the assets of the Plan is therefore exempt from federal income taxes under Section 501(a) of the Internal Revenue Code of 1986, as amended. 8 9 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 Administrative expenses ----------------------- For the years ended December 31, 1993, 1992 and 1991, the Company elected to pay the administrative expenses of the Plan. 2. Contributions and benefits -------------------------- The Plan is a contributory defined contribution plan operated through a trust. The trust qualifies under the Internal Revenue Code as a tax exempt employee plan and trust. The major provisions of the Plan are as follows: (a) Eligibility: Domestic employees of the Company are eligible for participation in the Plan on the first day of the calendar quarter after having completed one year of service, with the exception of approximately 645 employees of the Precision Monolithics Division who are not eligible for participation in the Plan. For eligibility purposes, a year of service is a 12-month period during which an employee completes at least 1,000 hours of service. The total number of participants at December 31, 1993 was as follows:
(b) Contributions: The Company makes a contribution to the Plan equal to 5% of each participant's total eligible compensation. For 1993, the Internal Revenue Service defined total eligible compensation as an amount not to exceed $235,840; for 1992, this amount was $228,860; and for 1991, this amount was $222,220. For 1994, this amount has been defined as $150,000. The Company also matches each participant's pre-tax contribution, if any, by contributing an amount not to exceed 2% of such participant's total eligible compensation. A participant may voluntarily contribute to the Plan up to 10% of his or her pre-tax total eligible compensation; however, pre-tax contributions could not exceed $8,994 in 1993, $8,728 in 1992 and $8,475 in 1991. This amount has been increased to $9,240 for 1994. A participant may also elect to make an after-tax contribution to the Plan of up to 5% of his or her total eligible compensation. 9Vested 2,282 Nonvested 577 ----- 2,859 ===== 10 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 Company contributions, participants' pre-tax contributions and the investment income related to all contributions are excluded from the participants' income for federal income tax purposes until such amounts are withdrawn or distributed. (c) Investments: The trust agreement of the Plan provides for the maintenance of four separate and distinct Funds: - Income Fund For 1993, 1992 and 1991, the Income Fund consisted primarily of investments in short-term, variable rate, institutional money market funds, the Fidelity Institutional Cash Portfolio - U.S. Government Portfolio and the Fidelity Short-Term U.S. Government Reserves. These money market funds, managed by Fidelity Investments, invest only in debt obligations issued or guaranteed as to principal and interest by the U.S. government. The investment objective of the Income Fund is to obtain as high a level of current income consistent with the preservation of principal and liquidity. The interest rate earned on investments in the Income Fund is determined primarily by and reflects the prevailing rates paid on short-term U.S. government obligations. - Fidelity Equity Income Fund is a growth and income mutual fund, managed by Fidelity Management and Research Company, which invests primarily in income producing equity securities. - Fidelity Magellan Fund is a growth-oriented mutual fund, managed by Fidelity Management and Research Company, which invests primarily in a wide range of common stocks. - Analog Devices, Inc. Common Stock Fund Effective January 1, 1994, four new Funds will be offered in addition to the four Funds currently offered as investment options in the Plan. The additional investment options are as follows: Fidelity Asset Manager: Income Fund, Fidelity Asset Manager Fund, Fidelity Asset Manager: Growth Fund and Fidelity Growth Company Fund. 10 11 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 (d) Vesting: Employee contributions are vested at the time they are deducted from participants' compensation. Investment income on employee contributions is vested as it is earned. Company contributions and earnings thereon become fully vested upon the first to occur of (i) completion of five years of service with the Company, (ii) after reaching age 65 or (iii) upon death or permanent disability while employed by the Company. (e) Benefits: Upon normal retirement at age 65, death, permanent disability or termination of employment, the participant's vested benefits are paid to the participant or his or her beneficiary, at the election of the participant, either in a lump sum or in monthly installments over a ten-year period. Participants may elect to defer payment of their account until he or she attains age 70 1/2. However, if a participant's vested benefits are less than $3,500 upon termination of employment, distribution will be made in the form of a lump-sum payment within one year following termination of employment. (f) Loans Participants may borrow a maximum of 50% of their vested balance up to $50,000, for an immediate and heavy financial need as defined by the Plan. Participants repay loans plus interest to their accounts through payroll deductions generally over a five-year period unless for the purchase of a primary residence, in which case the repayment period may be extended for up to twenty years. The interest rate on loans, which is announced quarterly, is tied to the interest rate of Treasury bonds with 3- and 10-year maturities. Once determined, the interest rate is fixed for the duration of the loan. (g) Accounting: A separate account is maintained for each participant. The account balance is adjusted periodically for employee and employer contributions, withdrawals and a pro rata share of net investment income. Forfeitures which arise when participants terminate employment with the Company prior to vesting are used to offset future Company contributions and/or for the reimbursement of Plan expenses which are paid by the Company. If an employee who had terminated after December 31, 1984 returns to the employment of the Company within five years, any amount which had been forfeited will be reinstated by the Company. 11 12 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 Since the transfer of Plan net assets to the trusteeship of Fidelity on January 1, 1992 (see Note 3), all transactions of the Plan (including contributions, withdrawals and exchanges) have been accounted for and reported using units as well as dollars. Net investment earnings in each Fund are allocated based on the proportion of units in each participant's account to the total units in each fund. (h) Investment allocation: The vested share of a participant's account balance is invested in one or more of the Funds depending upon the allocation instructions of the participant. In the absence of such allocation instructions, all amounts accruing to the participant are invested in the Income Fund. Nonvested employer contributions made through December 31, 1993 were invested in the Income Fund. Beginning January 1, 1994, participants may invest nonvested Company contributions in the investment options of their choice. The number of participants under each investment fund at December 31, 1993 was as follows:
(i) Continuation of the Plan: While the Company has not expressed any intent to terminate the Plan or completely suspend contributions, it is free to do so at any time. In the event of such termination or complete suspension, each participant automatically becomes vested to the extent of his or her account balance. 3. Trustee, investment manager and Plan recordkeeper ------------------------------------------------- Effective January 1, 1992, Fidelity Management Trust Company and Fidelity Institutional Retirement Services Company were named as trustee and recordkeeper, respectively, to the Plan. Prior to this date, all assets of the Plan were in the custody of The Boston Safe Deposit and Trust Co. and were held under a trust agreement through December 31, 1991. State Street Bank and Trust Company served as investment manager with respect to The Income Fund's former investment in the State Street Bank and Trust Company Selection Fund through the end of 1991 when this investment matured. The Plan's recordkeeper through December 31, 1991 was Towers, Perrin, Forster and Crosby. 12Income Fund 2,395 Fidelity Equity Income Fund 661 Fidelity Magellan Fund 1,572 Analog Devices, Inc. Common Stock Fund 416 13 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 4. Investment of Plan assets ------------------------- Investments at December 31, 1993 and 1992 were as follows:
131993 1992 ---- ---- Cost Fair Value Cost Fair Value ---- ---------- ---- ---------- Income Fund: Fidelity Institutional Cash Portfolio - U.S. Government Portfolio $ 51,487,423 $ 51,487,423 $ 54,093,851 $ 54,093,851 Fidelity Short-Term U.S. Government Reserves 10,593,089 10,593,089 10,416,382 10,416,382 ------------ ------------ ------------ ------------ Total 62,080,512 62,080,512 64,510,233 64,510,233 Fidelity Equity Income Fund, 415,574 shares (233,136 in 1992) 12,246,315 14,063,035 6,210,429 6,763,282 Fidelity Magellan Fund, 332,780 shares (203,103 in 1992) 21,817,640 23,577,433 12,601,121 12,797,580 Analog Devices, Inc. Common Stock Fund: Analog Devices, Inc. Common Stock, 465,304 shares (415,316 in 1992) 9,432,176 11,458,111 4,491,254 6,748,885 Fidelity Short-Term U.S. Government Reserves 305,576 305,576 62,216 62,216 ------------ ------------ ------------ ------------ Total 9,737,752 11,763,687 4,553,470 6,811,101 Total All Funds $105,882,219 $111,484,667 $87,875,253 $90,882,196 ============ ============ ============ ============ Unrealized appreciation of investments $5,602,448 $3,006,943 ========== ========== 14 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 The net realized gain (loss) on disposition of investments was computed as follows:
14Analog Fidelity Devices, Inc. Equity Fidelity Common Income Fund Magellan Fund Stock Fund Total ----------- ------------- ---------- ----- Year ended December 31, 1993 Aggregate proceeds $5,018,779 $5,187,937 $15,118,638 $25,325,354 Aggregate cost-average 4,732,679 5,037,315 10,888,695 20,658,689 ---------- ---------- ----------- ----------- Net realized gain $ 286,100 $ 150,622 $ 4,229,943 $ 4,666,665 ========== ========== =========== =========== Year ended December 31, 1992 Aggregate proceeds $ 638,126 $1,612,642 $ 1,974,514 $ 4,225,282 Aggregate cost-average 620,876 1,683,328 1,901,409 4,205,613 ---------- ---------- ----------- ----------- Net realized gain (loss) $ 17,250 $ (70,686) $ 73,105 $ 19,669 ========== ========== =========== =========== Year ended December 31, 1991 Aggregate proceeds $ 132,813 $ 165,597 $ 389,449 $ 687,859 Aggregate cost-average 162,185 170,809 473,629 806,623 ---------- ---------- ----------- ----------- Net realized (loss) $ (29,372) $ (5,212) $ (84,180) $ (118,764) ========== ========== =========== =========== For fiscal years beginning in 1991, the U.S. Department of Labor requires that the realized gain or loss on the sale of investments be calculated using the fair market value of the securities at the beginning of the year or the purchase price of the securities if purchased during the year, rather than the historical cost basis required by generally accepted accounting principles. If the ERISA basis were used, the total realized gain on the sale of securities would have been $3,628,992 for the year ended December 31, 1993, $214,802 for the year ended December 31, 1992 and $128,109 for the year ended December 31, 1991. 15 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 5. Other ----- There were no party-in-interest transactions which are prohibited by ERISA Section 406 and for which there is no statutory or administrative exemption. 6. Statements of assets, liabilities and participants' equity by fund ------------------------------------------------------------------
15Fidelity Fidelity Analog Income Equity Magellan Devices, Inc. 1993 Fund Income Fund Fund Common Stock Fund Total ---- ---- ----------- ---- ----------------- ----- Assets ------ Investments, at fair value $62,080,512 $14,063,035 $23,577,433 $11,763,687 $111,484,667 Accrued interest and dividends 160,399 - - 496 160,895 Interfund transfers receivable (payable) 153,115 - - (153,115) - Participant loans receivable 1,084,002 254,731 383,026 137,592 1,859,351 ----------- ----------- ----------- ----------- ------------ $63,478,028 $14,317,766 $23,960,459 $11,748,660 $113,504,913 =========== =========== =========== =========== ============ Liabilities and Participants' Equity -------------------- Forfeitures payable $ 84,404 $ - $ - $ - $ 84,404 Participants' equity 63,393,624 14,317,766 23,960,459 11,748,660 113,420,509 ----------- ----------- ----------- ----------- ------------ $63,478,028 $14,317,766 $23,960,459 $11,748,660 $113,504,913 =========== =========== =========== =========== ============ 16 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 6. Statements of assets, liabilities and participants' equity by fund (Continued) ------------------------------------------------------------------------------
16Fidelity Analog Income Equity Fidelity Devices, Inc. 1992 Fund Income Fund Magellan Fund Common Stock Fund Total ---- ---- ----------- ------------- ----------------- ----- Assets ------ Investments, at fair value $64,510,233 $6,763,282 $12,797,580 $6,811,101 $90,882,196 Accrued interest and dividends 179,594 - - 252 179,846 Interfund transfers receivable (payable) 23,335 12,399 6,108 (41,842) - Participant loans receivable 1,108,110 137,933 226,271 77,490 1,549,804 ----------- ---------- ----------- ---------- ----------- $65,821,272 $6,913,614 $13,029,959 $6,847,001 $92,611,846 =========== ========== =========== ========== =========== Liabilities and Participants' Equity -------------------- Forfeitures payable $ 87,903 $ - $ - $ - $ 87,903 Participants' equity 65,733,369 6,913,614 13,029,959 6,847,001 92,523,943 ----------- ---------- ----------- ---------- ----------- $65,821,272 $6,913,614 $13,029,959 $6,847,001 $92,611,846 =========== ========== =========== ========== =========== 17 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 7. Statements of changes in participants' equity for all funds -----------------------------------------------------------
17Fidelity Analog Income Equity Fidelity Devices, Inc. 1993 Fund Income Fund Magellan Fund Common Stock Fund Total ---- ---- ----------- ------------- ----------------- ----- Participants' equity at January 1, 1993 $65,733,369 $ 6,913,614 $13,029,959 $ 6,847,001 $ 92,523,943 Investment income: Interest income 89,928 18,991 28,027 8,970 145,916 Change in net unrealized appreciation (depreciation) - 1,263,867 1,563,334 (231,696) 2,595,505 Realized gains - 286,100 150,622 4,229,943 4,666,665 Dividend income and capital gains distributions 1,928,971 458,509 1,997,478 10,905 4,395,863 ----------- ----------- ----------- ----------- ------------ Net investment income 2,018,899 2,027,467 3,739,461 4,018,122 11,803,949 Contributions: Employer 5,278,443 687,785 1,090,777 322,870 7,379,875 Employees 2,881,059 1,038,591 1,585,782 335,406 5,840,838 ----------- ----------- ----------- ----------- ------------ Total contributions 8,159,502 1,726,376 2,676,559 658,276 13,220,713 Paid and accrued participant withdrawals (3,043,601) (222,380) (546,263) (198,854) (4,011,098) Paid and accrued forfeitures (116,998) - - - (116,998) Interfund transfers (9,357,547) 3,872,689 5,060,743 424,115 - ----------- ----------- ----------- ----------- ------------ Net increase in participants' equity (2,339,745) 7,404,152 10,930,500 4,901,659 20,896,566 Participants' equity at December 31, 1993 $63,393,624 $14,317,766 $23,960,459 $11,748,660 $113,420,509 =========== =========== =========== =========== ============ 18 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 7. Statements of changes in participants' equity for all funds (Continued) -----------------------------------------------------------------------
18Fidelity Analog Income Equity Fidelity Devices, Inc. 1992 Fund Income Fund Magellan Fund Common Stock Fund Total ---- ---- ----------- ------------- ----------------- ----- Participants' equity at January 1, 1992 $63,704,898 $3,592,123 $ 9,158,199 $4,075,302 $80,530,522 Investment income: Interest income 77,010 7,636 14,869 5,622 105,137 Change in net unrealized appreciation (depreciation) - 484,652 (840,756) 2,787,746 2,431,642 Realized gains (losses) - 17,250 (70,686) 73,105 19,669 Dividend income and capital gains distributions 2,429,874 200,888 1,701,944 2,989 4,335,695 ----------- ----------- ----------- ----------- ----------- Net investment income 2,506,884 710,426 805,371 2,869,462 6,892,143 Contributions: Employer 5,579,992 393,179 853,722 206,439 7,033,332 Employees 3,333,282 534,823 1,119,308 223,778 5,211,191 ----------- ----------- ----------- ----------- ----------- Total contributions 8,913,274 928,002 1,973,030 430,217 12,244,523 Paid and accrued participant withdrawals (5,747,910) (251,198) (543,980) (311,811) (6,854,899) Paid and accrued forfeitures (288,346) - - - (288,346) Interfund transfers (3,355,431) 1,934,261 1,637,339 (216,169) - ----------- ----------- ----------- ----------- ----------- Net increase in participants' equity 2,028,471 3,321,491 3,871,760 2,771,699 11,993,421 ----------- ----------- ----------- ----------- ----------- Participants' equity at December 31, 1992 $65,733,369 $6,913,614 $13,029,959 $6,847,001 $92,523,943 =========== =========== =========== =========== =========== 19 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN NOTES TO FINANCIAL STATEMENTS December 31, 1993, 1992 and 1991 7. Statements of changes in participants' equity for all funds (Continued) -----------------------------------------------------------------------
19Fidelity Analog Income Equity Fidelity Devices, Inc. 1991 Fund Income Fund Magellan Fund Common Stock Fund Total ---- ---- ----------- ------------- ----------------- ----- Participants' equity at January 1, 1991 $58,013,245 $2,149,444 $4,931,519 $2,604,880 $67,699,088 Investment income: Interest income 333,289 3,271 7,698 4,402 348,660 Change in net unrealized appreciation - 577,200 1,497,040 1,397,534 3,471,774 Realized (losses) - (29,372) (5,212) (84,180) (118,764) Dividend income and capital gains distributions 3,428,934 137,759 754,892 - 4,321,585 ----------- ---------- ---------- ---------- ----------- Net investment income 3,762,223 688,858 2,254,418 1,317,756 8,023,255 Contributions: Employer 5,639,430 233,271 572,275 159,021 6,603,997 Employees 3,377,114 345,433 787,353 201,340 4,711,240 ----------- ---------- ---------- ---------- ----------- Total contributions 9,016,544 578,704 1,359,628 360,361 11,315,237 Paid and accrued participant withdrawals (5,127,401) (142,722) (519,220) (255,138) (6,044,481) Paid and accrued forfeitures (462,577) - - - (462,577) Interfund transfers (1,497,136) 317,839 1,131,854 47,443 - ----------- ---------- ---------- ---------- ----------- Net increase in participants' equity 5,691,653 1,442,679 4,226,680 1,470,422 12,831,434 ----------- ---------- ---------- ---------- ----------- Participants' equity at December 31, 1991 $63,704,898 $3,592,123 $9,158,199 $4,075,302 $80,530,522 =========== ========== ========== ========== =========== 20 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN SUPPLEMENTAL SCHEDULES DECEMBER 31, 1993 20 21 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN SUPPLEMENTAL SCHEDULE ASSETS HELD FOR INVESTMENT December 31, 1993 The cost and market value of assets held for investment at December 31, 1993 were as follows:
21Market Shares Cost Value ------ ---- ------ Description of Investment: Fidelity Institutional Cash Portfolio - U.S. Government Portfolio 51,487,423 $ 51,487,423 $ 51,487,423 Fidelity Short-term U.S. Government Reserves 10,898,665 10,898,665 10,898,665 Fidelity Equity Income Fund 415,574 12,246,315 14,063,035 Fidelity Magellan Fund 332,780 21,817,640 23,577,433 Analog Devices, Inc. Common Stock (1) 465,304 9,432,176 11,458,111 ------------ ------------ $105,882,219 $111,484,667 Other: Participant Loans Receivable (2) 1,859,351 1,859,351 ------------ ------------ Total $107,741,570 $113,344,018 ============ ============ (1) Indicates party-in-interest to the Plan. (2) The loan account at December 31, 1993 bears interest at rates ranging from 6 1/4% to 10 3/4% with terms ranging from 1 to 20 years. 22 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN SUPPLEMENTAL SCHEDULE TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5% OF PLAN ASSETS Year Ended December 31, 1993
There were no category (i), (ii) or (iv) reportable transactions during 1993. 22Purchases Sales --------- ---------------------------------------------------- Selling Net Gain Description of Assets Cost Price Cost (Loss) - - --------------------- ---- ----- ---- ------ Category (iii) - Series of transactions in excess of 5% of plan assets Fidelity Institutional Cash Portfolio - U.S. Government Portfolio $ 1,693,572 $ 4,300,000 $ 4,300,000 $ - Fidelity Short-Term U.S. Government Reserves 38,075,684 37,655,617 37,655,617 - Fidelity Equity Income Fund 10,768,565 5,018,779 4,732,679 286,100 Fidelity Magellan Fund 14,253,834 5,187,937 5,037,315 150,622 Analog Devices, Inc. Common Stock 15,829,617 15,118,638 10,888,695 4,229,943 23 ANALOG DEVICES, INC. THE INVESTMENT PARTNERSHIP PLAN SUPPLEMENTAL SCHEDULE SCHEDULE OF PARTY-IN-INTEREST TRANSACTIONS Year Ended December 31, 1993 There were no party-in-interest transactions which were prohibited by ERISA Section 406 and for which there is no statutory or administrative exemption. 23
1 EXHIBIT 23.1 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement (Form S-8 Nos. 33-2502 and 2-95495) pertaining to the Analog Devices, Inc. The Investment Partnership Plan and the related prospectus of our report dated April 29, 1994, with respect to the financial statements of the Analog Devices, Inc. The Investment Parternship Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1993. ERNST & YOUNG Boston, Massachusetts June 29, 1994