adi-20210731
0000006281--10-302021Q3FALSEhttp://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201802Memberhttp://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate201802Member00000062812020-11-012021-07-31xbrli:shares00000062812021-07-31iso4217:USD00000062812021-05-022021-07-3100000062812020-05-032020-08-0100000062812019-11-032020-08-01iso4217:USDxbrli:shares00000062812020-10-310000006281us-gaap:CommonStockMember2021-05-010000006281us-gaap:AdditionalPaidInCapitalMember2021-05-010000006281us-gaap:RetainedEarningsMember2021-05-010000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-010000006281us-gaap:RetainedEarningsMember2021-05-022021-07-310000006281us-gaap:CommonStockMember2021-05-022021-07-310000006281us-gaap:AdditionalPaidInCapitalMember2021-05-022021-07-310000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-05-022021-07-310000006281us-gaap:CommonStockMember2021-07-310000006281us-gaap:AdditionalPaidInCapitalMember2021-07-310000006281us-gaap:RetainedEarningsMember2021-07-310000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-310000006281us-gaap:CommonStockMember2020-10-310000006281us-gaap:AdditionalPaidInCapitalMember2020-10-310000006281us-gaap:RetainedEarningsMember2020-10-310000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-10-310000006281us-gaap:RetainedEarningsMember2020-11-012021-07-310000006281us-gaap:CommonStockMember2020-11-012021-07-310000006281us-gaap:AdditionalPaidInCapitalMember2020-11-012021-07-310000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-11-012021-07-310000006281us-gaap:CommonStockMember2020-05-020000006281us-gaap:AdditionalPaidInCapitalMember2020-05-020000006281us-gaap:RetainedEarningsMember2020-05-020000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-020000006281us-gaap:RetainedEarningsMember2020-05-032020-08-010000006281us-gaap:CommonStockMember2020-05-032020-08-010000006281us-gaap:AdditionalPaidInCapitalMember2020-05-032020-08-010000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-05-032020-08-010000006281us-gaap:CommonStockMember2020-08-010000006281us-gaap:AdditionalPaidInCapitalMember2020-08-010000006281us-gaap:RetainedEarningsMember2020-08-010000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-08-010000006281us-gaap:CommonStockMember2019-11-020000006281us-gaap:AdditionalPaidInCapitalMember2019-11-020000006281us-gaap:RetainedEarningsMember2019-11-020000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-11-0200000062812018-11-042019-11-020000006281us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-11-020000006281srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-11-020000006281us-gaap:RetainedEarningsMember2019-11-032020-08-010000006281us-gaap:CommonStockMember2019-11-032020-08-010000006281us-gaap:AdditionalPaidInCapitalMember2019-11-032020-08-010000006281us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-11-032020-08-0100000062812019-11-0200000062812020-08-010000006281adi:PerformanceStockOptionMember2021-01-300000006281adi:PerformanceStockOptionMember2020-11-012021-01-30xbrli:pure0000006281adi:PerformanceStockOptionMembersrt:MinimumMember2020-11-012021-01-300000006281srt:MaximumMemberadi:PerformanceStockOptionMember2020-11-012021-01-300000006281us-gaap:RestrictedStockUnitsRSUMember2020-10-310000006281us-gaap:RestrictedStockUnitsRSUMember2020-11-012021-07-310000006281us-gaap:RestrictedStockUnitsRSUMember2021-07-310000006281adi:PerformanceBasedRestrictedStockUnitsMemberadi:MaximMember2020-11-012021-05-010000006281adi:PerformanceBasedRestrictedStockUnitsMembersrt:MinimumMemberadi:MaximMember2020-11-012021-05-010000006281srt:MaximumMemberadi:PerformanceBasedRestrictedStockUnitsMemberadi:MaximMember2020-11-012021-05-010000006281us-gaap:CostOfSalesMember2021-05-022021-07-310000006281us-gaap:CostOfSalesMember2020-05-032020-08-010000006281us-gaap:CostOfSalesMember2020-11-012021-07-310000006281us-gaap:CostOfSalesMember2019-11-032020-08-010000006281us-gaap:ResearchAndDevelopmentExpenseMember2021-05-022021-07-310000006281us-gaap:ResearchAndDevelopmentExpenseMember2020-05-032020-08-010000006281us-gaap:ResearchAndDevelopmentExpenseMember2020-11-012021-07-310000006281us-gaap:ResearchAndDevelopmentExpenseMember2019-11-032020-08-010000006281adi:SellingMarketingGeneralAndAdministrativeExpenseMember2021-05-022021-07-310000006281adi:SellingMarketingGeneralAndAdministrativeExpenseMember2020-05-032020-08-010000006281adi:SellingMarketingGeneralAndAdministrativeExpenseMember2020-11-012021-07-310000006281adi:SellingMarketingGeneralAndAdministrativeExpenseMember2019-11-032020-08-010000006281us-gaap:RestructuringChargesMember2021-05-022021-07-310000006281us-gaap:RestructuringChargesMember2020-05-032020-08-010000006281us-gaap:RestructuringChargesMember2020-11-012021-07-310000006281us-gaap:RestructuringChargesMember2019-11-032020-08-010000006281us-gaap:InventoriesMember2021-07-310000006281us-gaap:InventoriesMember2020-10-310000006281srt:MaximumMember2021-07-310000006281us-gaap:AccumulatedTranslationAdjustmentMember2020-10-310000006281us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-10-310000006281us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-10-310000006281us-gaap:AccumulatedTranslationAdjustmentMember2020-11-012021-07-310000006281us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-11-012021-07-310000006281us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-11-012021-07-310000006281us-gaap:AccumulatedTranslationAdjustmentMember2021-07-310000006281us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-07-310000006281us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ForeignExchangeContractMember2021-05-022021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ForeignExchangeContractMember2020-05-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ForeignExchangeContractMember2020-11-012021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:ForeignExchangeContractMember2019-11-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMember2021-05-022021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMember2020-05-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMember2020-11-012021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateContractMember2019-11-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-05-022021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-05-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-11-012021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-11-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-05-022021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-05-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-11-012021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-11-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-05-022021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-05-032020-08-010000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-11-012021-07-310000006281us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2019-11-032020-08-010000006281us-gaap:FacilityClosingMember2020-10-310000006281adi:RepositionActionMember2020-10-310000006281adi:OtherActionsMember2020-10-310000006281us-gaap:FacilityClosingMember2020-11-012021-01-300000006281adi:RepositionActionMember2020-11-012021-01-300000006281adi:OtherActionsMember2020-11-012021-01-300000006281us-gaap:FacilityClosingMember2021-01-300000006281adi:RepositionActionMember2021-01-300000006281adi:OtherActionsMember2021-01-300000006281us-gaap:FacilityClosingMember2021-01-312021-05-010000006281adi:RepositionActionMember2021-01-312021-05-010000006281adi:OtherActionsMember2021-01-312021-05-010000006281us-gaap:FacilityClosingMember2021-05-010000006281adi:RepositionActionMember2021-05-010000006281adi:OtherActionsMember2021-05-010000006281us-gaap:FacilityClosingMember2021-05-022021-07-310000006281adi:RepositionActionMember2021-05-022021-07-310000006281adi:OtherActionsMember2021-05-022021-07-310000006281us-gaap:FacilityClosingMember2021-07-310000006281adi:RepositionActionMember2021-07-310000006281adi:OtherActionsMember2021-07-310000006281us-gaap:FacilityClosingMemberus-gaap:AccruedLiabilitiesMember2021-07-310000006281adi:RepositionActionMemberus-gaap:AccruedLiabilitiesMember2021-07-310000006281adi:OtherActionsMemberus-gaap:AccruedLiabilitiesMember2021-07-310000006281adi:TestingFacilityMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMembercountry:SG2021-05-022021-07-310000006281us-gaap:EmployeeSeveranceMember2021-07-310000006281adi:RepositionActionMemberus-gaap:IntellectualPropertyMember2018-11-042019-11-020000006281adi:LinearTechnologyCorporationMemberus-gaap:FacilityClosingMember2021-07-310000006281adi:TestingFacilityMembercountry:SGus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMember2021-07-310000006281us-gaap:LandAndBuildingMember2021-07-31adi:segment0000006281adi:IndustrialMember2021-05-022021-07-310000006281adi:IndustrialMember2020-05-032020-08-010000006281adi:CommunicationsMember2021-05-022021-07-310000006281adi:CommunicationsMember2020-05-032020-08-010000006281adi:AutomotiveMember2021-05-022021-07-310000006281adi:AutomotiveMember2020-05-032020-08-010000006281adi:ConsumerMember2021-05-022021-07-310000006281adi:ConsumerMember2020-05-032020-08-010000006281adi:IndustrialMember2020-11-012021-07-310000006281adi:IndustrialMember2019-11-032020-08-010000006281adi:CommunicationsMember2020-11-012021-07-310000006281adi:CommunicationsMember2019-11-032020-08-010000006281adi:AutomotiveMember2020-11-012021-07-310000006281adi:AutomotiveMember2019-11-032020-08-010000006281adi:ConsumerMember2020-11-012021-07-310000006281adi:ConsumerMember2019-11-032020-08-010000006281us-gaap:SalesChannelThroughIntermediaryMember2021-05-022021-07-310000006281us-gaap:SalesChannelThroughIntermediaryMember2020-05-032020-08-010000006281us-gaap:SalesChannelDirectlyToConsumerMember2021-05-022021-07-310000006281us-gaap:SalesChannelDirectlyToConsumerMember2020-05-032020-08-010000006281adi:SalesChannelOtherMember2021-05-022021-07-310000006281adi:SalesChannelOtherMember2020-05-032020-08-010000006281us-gaap:SalesChannelThroughIntermediaryMember2020-11-012021-07-310000006281us-gaap:SalesChannelThroughIntermediaryMember2019-11-032020-08-010000006281us-gaap:SalesChannelDirectlyToConsumerMember2020-11-012021-07-310000006281us-gaap:SalesChannelDirectlyToConsumerMember2019-11-032020-08-010000006281adi:SalesChannelOtherMember2020-11-012021-07-310000006281adi:SalesChannelOtherMember2019-11-032020-08-010000006281us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-07-310000006281us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-07-310000006281us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-07-310000006281us-gaap:FairValueMeasurementsRecurringMemberadi:CorporateObligationsMemberus-gaap:FairValueInputsLevel1Member2021-07-310000006281us-gaap:FairValueMeasurementsRecurringMemberadi:CorporateObligationsMemberus-gaap:FairValueInputsLevel2Member2021-07-310000006281us-gaap:FairValueMeasurementsRecurringMemberadi:CorporateObligationsMember2021-07-310000006281us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-07-310000006281us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-07-310000006281us-gaap:FairValueMeasurementsRecurringMember2021-07-310000006281us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-10-310000006281us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-10-310000006281us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2020-10-310000006281us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2020-10-310000006281us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-10-310000006281us-gaap:FairValueMeasurementsRecurringMember2020-10-310000006281adi:UnsecuredTermLoanThreeYearDueMarch2022Memberus-gaap:UnsecuredDebtMember2020-11-012021-07-310000006281adi:UnsecuredTermLoanThreeYearDueMarch2022Memberus-gaap:UnsecuredDebtMember2021-07-310000006281adi:UnsecuredTermLoanThreeYearDueMarch2022Memberus-gaap:UnsecuredDebtMember2020-10-310000006281us-gaap:SeniorNotesMemberadi:Senior2.50UnsecuredNotesDueDecember2021Member2021-07-310000006281us-gaap:SeniorNotesMemberadi:Senior2.50UnsecuredNotesDueDecember2021Member2020-10-310000006281us-gaap:SeniorNotesMemberadi:Senior2.875UnsecuredNotesDueJune2023Member2021-07-310000006281us-gaap:SeniorNotesMemberadi:Senior2.875UnsecuredNotesDueJune2023Member2020-10-310000006281us-gaap:SeniorNotesMemberadi:Senior3.125UnsecuredNotesDueDecember2023Member2021-07-310000006281us-gaap:SeniorNotesMemberadi:Senior3.125UnsecuredNotesDueDecember2023Member2020-10-310000006281us-gaap:SeniorNotesMemberadi:Senior295UnsecuredNotesDueApril2025Member2021-07-310000006281us-gaap:SeniorNotesMemberadi:Senior295UnsecuredNotesDueApril2025Member2020-10-310000006281us-gaap:SeniorNotesMemberadi:Senior3.90UnsecuredNoteDueDecember2025Member2021-07-310000006281us-gaap:SeniorNotesMemberadi:Senior3.90UnsecuredNoteDueDecember2025Member2020-10-310000006281us-gaap:SeniorNotesMemberadi:Senior3.50UnsecuredNotesDueDecember2026Member2021-07-310000006281us-gaap:SeniorNotesMemberadi:Senior3.50UnsecuredNotesDueDecember2026Member2020-10-310000006281us-gaap:SeniorNotesMemberadi:Senior4.50UnsecuredNotesDuesDecember2036Member2021-07-310000006281us-gaap:SeniorNotesMemberadi:Senior4.50UnsecuredNotesDuesDecember2036Member2020-10-310000006281us-gaap:SeniorNotesMemberadi:Senior5.30UnsecuredNotesDuesDecember2045Member2021-07-310000006281us-gaap:SeniorNotesMemberadi:Senior5.30UnsecuredNotesDuesDecember2045Member2020-10-310000006281us-gaap:ForwardContractsMember2021-07-310000006281us-gaap:ForwardContractsMember2020-10-310000006281us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2021-07-310000006281us-gaap:ForeignExchangeContractMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2020-10-310000006281us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMember2021-07-310000006281us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMember2020-10-310000006281us-gaap:ForwardContractsMember2020-11-012021-07-310000006281us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMemberus-gaap:InterestRateSwapMember2021-07-310000006281us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccruedLiabilitiesMemberus-gaap:InterestRateSwapMember2020-10-310000006281us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2021-06-232021-06-230000006281us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2021-06-230000006281us-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMemberadi:MaximMember2021-06-230000006281srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMemberus-gaap:EurodollarMember2021-07-310000006281srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMemberus-gaap:EurodollarMember2021-07-310000006281srt:MinimumMemberus-gaap:FederalFundsEffectiveSwapRateMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2021-07-310000006281srt:MaximumMemberus-gaap:FederalFundsEffectiveSwapRateMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2021-07-310000006281srt:MinimumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-11-012021-07-310000006281srt:MaximumMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:UnsecuredDebtMember2020-11-012021-07-31iso4217:EUR0000006281us-gaap:RevenueCommissionersIrelandMemberus-gaap:TaxYear2013Member2021-07-310000006281adi:MaximMember2020-07-120000006281us-gaap:SubsequentEventMemberadi:MaximMember2021-08-132021-08-130000006281adi:SellingMarketingGeneralAndAdministrativeExpenseMemberadi:MaximMember2021-05-022021-07-310000006281adi:SellingMarketingGeneralAndAdministrativeExpenseMemberadi:MaximMember2020-11-012021-07-310000006281us-gaap:SubsequentEventMemberus-gaap:CommonStockMember2021-08-172021-08-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File No. 1-7819
Analog Devices, Inc.
(Exact name of registrant as specified in its charter) 
Massachusetts 04-2348234
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
One Analog Way,Wilmington,MA 01887
(Address of principal executive offices) (Zip Code)
(781) 329-4700
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.16 2/3 par value per shareADINasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of July 31, 2021 there were 368,214,341 shares of common stock of the registrant, $0.16 2/3 par value per share, outstanding.




PART I - FINANCIAL INFORMATION
 
ITEM 1.Financial Statements


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

 Three Months EndedNine Months Ended
 July 31, 2021August 1, 2020July 31, 2021August 1, 2020
Revenue$1,758,853 $1,456,136 $4,978,718 $4,076,761 
Cost of sales537,669 483,558 1,575,526 1,409,367 
Gross margin1,221,184 972,578 3,403,192 2,667,394 
Operating expenses:
Research and development306,617 260,794 897,005 770,280 
Selling, marketing, general and administrative206,076 153,753 597,963 494,808 
Amortization of intangibles107,783 107,077 323,217 321,448 
Special charges, net(8,938)31,830 (8,189)44,286 
611,538 553,454 1,809,996 1,630,822 
Operating income:609,646 419,124 1,593,196 1,036,572 
Nonoperating expense (income):
Interest expense44,659 45,914 130,204 144,712 
Interest income(300)(504)(799)(3,778)
Other, net(6,991)685 (21,090)1,331 
37,368 46,095 108,315 142,265 
Income before income taxes572,278 373,029 1,484,881 894,307 
Provision for income taxes68,967 10,364 170,146 60,072 
Net income$503,311 $362,665 $1,314,735 $834,235 
Shares used to compute earnings per common share – basic368,476 368,791 368,834 368,417 
Shares used to compute earnings per common share – diluted371,849 372,003 372,457 371,857 
Basic earnings per common share$1.37 $0.98 $3.56 $2.26 
Diluted earnings per common share$1.35 $0.97 $3.53 $2.24 

See accompanying notes.
1




ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
Three Months EndedNine Months Ended
July 31, 2021August 1, 2020July 31, 2021August 1, 2020
Net income$503,311 $362,665 $1,314,735 $834,235 
Foreign currency translation adjustments(2,952)7,257 5,073 197 
Change in fair value of derivative instruments designated as cash flow hedges (net of taxes of $10,657, $1,437, $6,452 and $26,503, respectively)
(40,040)(1,605)19,853 (83,016)
Changes in pension plans, net actuarial loss and foreign currency translation adjustments (net of taxes of $85, $168, $257 and $485, respectively)
964 (1,579)(408)68 
Other comprehensive (loss) income(42,028)4,073 24,518 (82,751)
Comprehensive income$461,283 $366,738 $1,339,253 $751,484 


See accompanying notes.


2


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)
July 31, 2021October 31, 2020
ASSETS  
Current Assets
Cash and cash equivalents$1,480,701 $1,055,860 
Accounts receivable823,163 737,536 
Inventories657,520 608,260 
Prepaid expenses and other current assets129,071 116,032 
Total current assets3,090,455 2,517,688 
Property, Plant and Equipment, at Cost
Land and buildings954,125 974,604 
Machinery and equipment2,825,698 2,667,846 
Office equipment89,399 85,291 
Leasehold improvements160,983 157,915 
 4,030,205 3,885,656 
Less accumulated depreciation and amortization2,856,531 2,765,095 
Net property, plant and equipment1,173,674 1,120,561 
Other Assets
Other investments105,562 86,729 
Goodwill12,278,898 12,278,425 
Intangible assets, net3,248,802 3,650,280 
Deferred tax assets1,425,293 1,503,064 
Other assets318,506 311,856 
Total other assets17,377,061 17,830,354 
 $21,641,190 $21,468,603 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable$265,933 $227,273 
Income taxes payable233,055 182,080 
Debt, current1,324,677  
Accrued liabilities969,677 955,633 
Total current liabilities2,793,342 1,364,986 
Non-current liabilities
Long-term debt3,824,819 5,145,102 
Deferred income taxes1,776,308 1,919,595 
Income taxes payable529,057 591,780 
Other non-current liabilities453,701 449,195 
Total non-current liabilities6,583,885 8,105,672 
Commitments and contingencies  
Shareholders’ Equity
Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding
  
Common stock, 0.16 2/3 par value, 1,200,000,000 shares authorized, 368,214,341 shares outstanding (369,484,899 on October 31, 2020)
61,370 61,582 
Capital in excess of par value4,614,677 4,949,586 
Retained earnings7,812,859 7,236,238 
Accumulated other comprehensive loss(224,943)(249,461)
Total shareholders’ equity12,263,963 11,997,945 
 $21,641,190 $21,468,603 
See accompanying notes.
3


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(in thousands)
Three Months Ended July 31, 2021
Capital inAccumulated
Other
 Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, MAY 1, 2021
368,827 $61,472 $4,724,493 $7,564,054 $(182,915)
Net income503,311 
Dividends declared and paid - $0.69 per share
(254,506)
Issuance of stock under stock plans and other396 66 11,610 
Stock-based compensation expense41,687 
Other comprehensive loss(42,028)
Common stock repurchased(1,009)(168)(163,113)
BALANCE, JULY 31, 2021
368,214 $61,370 $4,614,677 $7,812,859 $(224,943)
Nine Months Ended July 31, 2021
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, OCTOBER 31, 2020
369,485 $61,582 $4,949,586 $7,236,238 $(249,461)
Net income1,314,735 
Dividends declared and paid - $2.00 per share
(738,114)
Issuance of stock under stock plans and other2,040 340 55,008 
Stock-based compensation expense118,683 
Other comprehensive income24,518 
Common stock repurchased(3,311)(552)(508,600)
BALANCE, JULY 31, 2021
368,214 $61,370 $4,614,677 $7,812,859 $(224,943)

See accompanying notes.

4


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(in thousands)
Three Months Ended August 1, 2020
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, MAY 2, 2020368,425 $61,405 $4,861,013 $6,945,442 $(277,002)
Net income362,665 
Dividends declared and paid - $0.62 per share
(228,798)
Issuance of stock under stock plans and other892 149 26,704 
Stock-based compensation expense39,560 
Other comprehensive income4,073 
Common stock repurchased(151)(25)(17,626)
BALANCE, AUGUST 1, 2020
369,166 $61,529 $4,909,651 $7,079,309 $(272,929)
Nine Months Ended August 1, 2020
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, NOVEMBER 2, 2019368,302 $61,385 $4,936,349 $6,899,253 $(187,799)
Effect of Accounting Standards Update 2018-022,379 (2,379)
Net income834,235 
Dividends declared and paid - $1.78 per share
(656,558)
Issuance of stock as charitable contribution336 56 39,944 
Issuance of stock under stock plans and other2,730 455 57,295 
Stock-based compensation expense112,961 
Other comprehensive loss(82,751)
Common stock repurchased(2,202)(367)(236,898)
BALANCE, AUGUST 1, 2020
369,166 $61,529 $4,909,651 $7,079,309 $(272,929)

See accompanying notes.
5



ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
  
Nine Months Ended
 July 31, 2021August 1, 2020
Cash flows from operating activities:
Net income$1,314,735 $834,235 
Adjustments to reconcile net income to net cash provided by operations:
Depreciation158,937 176,722 
Amortization of intangibles436,734 431,985 
Stock-based compensation expense118,683 112,961 
Gain on sale of property, plant and equipment(13,557) 
Deferred income taxes(72,578)(42,802)
Non-cash contribution to charitable foundation 40,000 
Other(14,965)5,675 
Changes in operating assets and liabilities(133,644)(222,887)
Total adjustments479,610 501,654 
Net cash provided by operating activities1,794,345 1,335,889 
Cash flows from investing activities:
Proceeds from other investments22,215  
Additions to property, plant and equipment(212,899)(135,804)
Proceeds from sale of property, plant and equipment35,714  
Payments for acquisitions, net of cash acquired(24,950)(12,763)
Changes in other assets(3,360)(1,214)
Net cash used for investing activities(183,280)(149,781)
Cash flows from financing activities:
Proceeds from debt 395,646 
Proceeds from revolver 350,000 
Payments on revolver (350,000)
Debt repayments (300,000)
Dividend payments to shareholders(738,114)(656,558)
Repurchase of common stock(509,152)(237,265)
Proceeds from employee stock plans55,348 57,750 
Changes in other financing activities1,952 (4,015)
Net cash used for financing activities(1,189,966)(744,442)
Effect of exchange rate changes on cash3,742 276 
Net increase in cash and cash equivalents424,841 441,942 
Cash and cash equivalents at beginning of period1,055,860 648,322 
Cash and cash equivalents at end of period$1,480,701 $1,090,264 

See accompanying notes.
6


ANALOG DEVICES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHS ENDED JULY 31, 2021 (UNAUDITED)
(all tabular amounts in thousands except per share amounts and percentages)

Note 1 – Basis of Presentation
In the opinion of management, the information furnished in the accompanying condensed consolidated financial statements reflects all normal recurring adjustments that are necessary to fairly state the results for these interim periods and should be read in conjunction with Analog Devices, Inc.’s (the Company) Annual Report on Form 10-K for the fiscal year ended October 31, 2020 (fiscal 2020) 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 October 30, 2021 (fiscal 2021) 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. Certain amounts reported in previous periods have been reclassified to conform to the fiscal 2021 presentation.
Proposed acquisition of Maxim Integrated Products, Inc.
On July 12, 2020, the Company entered into a definitive agreement (the Merger Agreement) to acquire Maxim Integrated Products, Inc. (Maxim), an independent manufacturer of innovative analog and mixed-signal products and technologies. See Note 14, Acquisitions, for additional information.
Note 2 – Stock-Based Compensation and Shareholders' Equity
A summary of the Company’s stock option activity as of July 31, 2021 and changes during the nine-month period then ended is presented below:
Options
Outstanding
(in thousands)
Weighted-
Average Exercise
Price Per Share
Weighted-
Average
Remaining
Contractual
Term in Years
Aggregate
Intrinsic
Value
Options outstanding at October 31, 20204,192 $70.73 
Options granted644 $145.04 
Options exercised(875)$63.18 
Options forfeited(36)$87.18 
Options expired(6)$40.69 
Options outstanding at July 31, 20213,919 $84.53 5.7$324,862 
Options exercisable at July 31, 20212,511 $66.15 4.3$254,262 
Options vested or expected to vest at July 31, 2021 (1)3,816 $83.41 5.7$320,532 
(1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.
In the first quarter of fiscal 2021, the Company issued a special performance stock option award to the Company's chief executive officer. The performance stock option award is exercisable for up to 460,000 shares of the Company's common stock (the Target Number of Shares) at an exercise price per share of $144.06, which was the closing price of the Company's common stock on the date of grant, and vests subject to the satisfaction of certain target stock price thresholds during a five-year period, measured on the basis of the average of the closing prices of the Company's common stock over 70 consecutive trading days. The actual number of shares that will become exercisable will range from 0% to a maximum of 100% of the Target Number of Shares based on the attainment of such target stock price thresholds at any time during a five-year period from December 15, 2020 to December 15, 2025. The grant date fair value of the award was calculated using the Monte Carlo simulation model which utilizes multiple input variables that determine the probability of satisfying the performance conditions stipulated in the award to calculate the fair market value. The Monte Carlo simulation model also uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions, including the possibility that the market condition may not be satisfied, and the resulting fair value of the award.
7


During the nine-month periods ended July 31, 2021 and August 1, 2020, the total intrinsic value of options exercised (i.e., the difference between the market price at exercise and the price paid by the employee to exercise the options) was $79.1 million and $61.7 million, respectively.
A summary of the Company’s restricted stock unit/award activity as of July 31, 2021 and changes during the nine-month period then ended is presented below:
Restricted
Stock Units/Awards
Outstanding
(in thousands)
Weighted-
Average Grant-
Date Fair Value
Per Share
Restricted stock units/awards outstanding at October 31, 20203,637 $91.54 
Units/Awards granted1,034 $143.88 
Restrictions lapsed(1,160)$89.08 
Forfeited(163)$100.74 
Restricted stock units/awards outstanding at July 31, 20213,348 $107.70 
In the first half of fiscal 2021, the Company issued approximately 121,000 performance-based restricted stock units (Maxim Integration PRSUs) related to the Company's planned acquisition of Maxim to a select group of employees. The number of Maxim Integration PRSUs that may be earned will range from 0% to a maximum of 200% of the issued amount of Maxim Integration PRSUs and will be determined according to the achievement of certain performance metrics. Any shares earned will vest on the 60th day following the two-year anniversary of the closing of the Maxim acquisition. If the Maxim acquisition does not close, the awards will be cancelled. The grant date fair value of these awards were calculated using the value of the Company's common stock on the date of grant, reduced by the present value of dividends expected to be paid on the Company's common stock prior to vesting. The grant-date fair value of these awards is also impacted by the number of units that are expected to vest during the performance period and is adjusted through the related stock-based compensation expense at each reporting period based on the probability of achievement of that performance condition.

As of July 31, 2021, there was $337.9 million of total unrecognized compensation cost related to unvested stock-based awards comprised of stock options and restricted stock units/awards. That cost is expected to be recognized over a weighted-average period of 1.4 years. The total grant-date fair values of awards that vested during the nine-month periods ended July 31, 2021 and August 1, 2020 were approximately $114.7 million and $157.9 million, respectively.

Total stock-based compensation expense recognized was as follows:
Three Months EndedNine Months Ended
July 31, 2021August 1, 2020July 31, 2021August 1, 2020
Cost of sales$4,331 $4,508 $13,338 $13,428 
Research and development19,806 19,158 57,675 55,163 
Selling, marketing, general and administrative17,550 14,951 47,670 43,427 
Special charges, net 943  943 
Total stock-based compensation expense$41,687 $39,560 $118,683 $112,961 

As of July 31, 2021 and October 31, 2020, the Company capitalized $6.0 million and $5.8 million, respectively, of stock-based compensation in Inventories on the Condensed Consolidated Balance Sheets.
Common Stock Repurchases
As of July 31, 2021, the Company had repurchased a total of approximately 159.0 million shares of its common stock for approximately $6.7 billion under the Company's share repurchase program. As of July 31, 2021, an additional $1.4 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. 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.

8


Note 3 – Accumulated Other Comprehensive (Loss) Income
The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first nine months of fiscal 2021.
Foreign currency translation adjustmentUnrealized holding gains (losses) on derivativesPension plansTotal
October 31, 2020$(26,852)$(172,670)$(49,939)$(249,461)
Other comprehensive income (loss) before reclassifications5,073 32,548 (2,396)35,225 
Amounts reclassified out of other comprehensive income (loss) (6,243)2,245 (3,998)
Tax effects (6,452)(257)(6,709)
Other comprehensive income (loss) 5,073 19,853 (408)24,518 
July 31, 2021$(21,779)$(152,817)$(50,347)$(224,943)
The amounts reclassified out of AOCI into the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Shareholders' Equity with presentation location during each period were as follows:
Three Months EndedNine Months Ended
Comprehensive Income ComponentJuly 31, 2021August 1, 2020July 31, 2021August 1, 2020Location
Unrealized holding losses (gains) on derivatives
Currency forwards $(351)$(842)$(3,700)$(762)Cost of sales
(283)(226)(2,138)640 Research and development
28 (189)(1,796)895 Selling, marketing, general and administrative
Interest rate derivatives464 464 1,391 1,392 Interest expense
(142)(793)(6,243)2,165 Total before tax
(28)79 505 (488)Tax
Effect of Accounting Standards Update 2018-02
— —  (2,379)Retained earnings
$(170)$(714)$(5,738)$(702)Net of tax
Amortization of pension components included in the computation of net periodic pension cost
     Actuarial losses747 672 2,245 1,954 
(85)(168)(257)(485)Tax
$662 $504 $1,988 $1,469 Net of tax
Total amounts reclassified out of AOCI, net of tax$492 $(210)$(3,750)$767 
Realized gains or losses on investments are determined based on the specific identification basis and are recognized in nonoperating expense (income). There were no material net realized gains or losses from the sales of available-for-sale investments during any of the fiscal periods presented.
9


Note 4 – Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
 Three Months EndedNine Months Ended
 July 31, 2021August 1, 2020July 31, 2021August 1, 2020
Net Income$503,311 $362,665 $1,314,735 $834,235 
Basic shares:
Weighted-average shares outstanding368,476 368,791 368,834 368,417 
Earnings per common share basic:$1.37 $0.98 $3.56 $2.26 
Diluted shares:
Weighted-average shares outstanding368,476 368,791 368,834 368,417 
Assumed exercise of common stock equivalents3,373 3,212 3,623 3,440 
Weighted-average common and common equivalent shares371,849 372,003 372,457 371,857 
Earnings per common share diluted:$1.35 $0.97 $3.53 $2.24 
Anti-dilutive shares related to:
Outstanding stock-based awards645 384 502 487 

Note 5 – Special Charges, net
The following table is a quarterly roll-forward from October 31, 2020 to July 31, 2021 of the employee separation and exit cost accruals established related to existing restructuring actions:
Accrued RestructuringClosure of Manufacturing Facilities Repositioning ActionOther Actions
Balance at October 31, 2020$45,176 $20,774 $3,489 
First quarter fiscal 2021 special charges438   
Severance and other payments(1,950)(8,128)(333)
Effect of foreign currency on accrual 248  
Balance at January 30, 2021$43,664 $12,894 $3,156 
Second quarter fiscal 2021 special charges311   
Severance and other payments(5,769)(2,767)(270)
Effect of foreign currency on accrual (44) 
Balance at May 1, 2021$38,206 $10,083 $2,886 
Third quarter fiscal 2021 special charges4,618   
Severance and other payments(15,949)(2,178)(219)
Effect of foreign currency on accrual (24) 
Balance at July 31, 2021$26,875 $7,881 $2,667 
Accrued liabilities$26,875 $7,881 $2,667 
Special charges, net, for the quarter ended July 31, 2021 was a net gain of $8.9 million, which included charges of $4.6 million related to the closure of the Company’s manufacturing facilities reflected in the table above as well as a gain of $13.6 million related to the sale of the Company’s Singapore test facility described further below.
Repositioning Action
The Company recorded special charges of $137.5 million on a cumulative basis through July 31, 2021, as a result of organizational initiatives to better align the global workforce with the Company's long-term strategic plan. Approximately $123.3 million of the total charges was for severance and fringe benefit costs in accordance with either the Company's ongoing benefit plan or statutory requirements for the impacted manufacturing, engineering and selling, marketing, general and administrative (SMG&A) employees. The remaining $14.2 million of the charges were recorded in the fiscal year ended November 2, 2019 (fiscal 2019) and related to the write-off of acquired intellectual property due to the Company's decision to discontinue certain product development strategies.
10


Closure of Manufacturing Facilities
The Company recorded net special charges of $46.8 million on a cumulative basis through July 31, 2021 as a result of its decision to consolidate certain wafer and test facility operations acquired as part of the acquisition of Linear Technology Corporation (Linear).
The special charges include severance and fringe benefit costs, in accordance with the Company's ongoing benefit plan or statutory requirements at foreign locations, one-time termination benefits for the impacted manufacturing, engineering and SMG&A employees and other exit costs. These one-time termination benefits are being recognized over the future service period required for employees to earn these benefits.
During the third quarter of fiscal 2021, the Company ceased production at its Hillview wafer fabrication facility located in Milpitas, California and determined that this facility met the held for sale criteria specified in Accounting Standards Codification (ASC ) 360. See Note 6 - Property, Plant and Equipment for amounts reclassified.
During the third quarter of fiscal 2021, the Company completed the sale of its facility and certain equipment in Singapore, that were previously classified as held for sale, for approximately $35.7 million, which resulted in a gain of $13.6 million. Concurrent with the sale, the Company entered into a short-term lease agreement to leaseback a portion of the facility while it completes its transition of related operations to its facilities in Penang, Malaysia and the Philippines, as well as to its outsourced assembly and test partners, which is expected to be competed in the fiscal year ending October 29, 2022 (fiscal 2022).
Note 6 – Property, Plant and Equipment
During the third quarter of fiscal 2021, the Company ceased production at its Hillview wafer fabrication facility located in Milpitas, California and determined that this facility met the held for sale criteria specified in ASC 360. No write-down to fair value was required upon this designation, as the fair value of the asset group, less costs to sell, was greater than its carrying value. As shown below, this carrying value was reclassified from Property, plant and equipment to Prepaid expenses and other current assets upon designation and remains in Prepaid expenses and other current assets as of July 31, 2021.
Land and buildings$42,608 
Less accumulated depreciation and amortization(13,634)
Net property, plant and equipment reclassified to Prepaid expenses and other current assets$28,974 
Note 7 – Segment Information
The Company designs, develops, manufactures and markets a broad range of integrated circuits. The Company operates and tracks its results in one reportable segment based on the aggregation of nine operating segments.
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.
Three Months Ended
 July 31, 2021August 1, 2020
 Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$1,001,867 57 %29 %$778,361 53 %
Communications288,743 16 %(21)%363,304 25 %
Automotive290,077 16 %80 %161,489 11 %
Consumer178,166 10 %16 %152,982 11 %
Total revenue$1,758,853 100 %21 %$1,456,136 100 %
11


Nine Months Ended
 July 31, 2021August 1, 2020
 Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$2,829,648 57 %30 %$2,184,413 54 %
Communications847,632 17 %(4)%880,633 22 %
Automotive793,443 16 %45 %548,002 13 %
Consumer507,995 10 %10 %463,713 11 %
Total revenue$4,978,718 100 %22 %$4,076,761 100 %
* The sum of the individual percentages may not equal the total due to rounding.
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 (OEMs). Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.
Three Months Ended
July 31, 2021August 1, 2020
ChannelRevenue% of Revenue*Revenue% of Revenue*
   Distributors$1,123,301 64 %$819,472 56 %
   Direct customers588,001 33 %614,770 42 %
   Other47,551 3 %21,894 2 %
Total revenue$