10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ANALOG DEVICES INC | |||
Ticker: ADI Fiscal Year: 2014 | |||
Consolidated Statements of Income | |||
Period Ending Nov 1, 2014 10-K (Filed: Dec 10, 2014) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 1, 2014 | Nov 2, 2013 | Nov 3, 2012 | |
| Revenue | |||
| Revenue | $ 2,864,773 | 2,633,689 | 2,701,142 |
| Costs and Expenses | |||
| Cost of sales | 1,034,585 | 941,278 | 960,141 |
| Gross margin | 1,830,188 | 1,692,411 | 1,741,001 |
| Operating expenses: | |||
| Research and development | 559,686 | 513,035 [1] | 511,835 |
| Selling, marketing, general and administrative | 454,676 | 396,233 | 396,519 |
| Amortization of intangible Assets Operating Expenses | 26,020 | 220 | 168 |
| Special charges | 37,322 | 29,848 | 8,431 |
| Total operating expenses | 1,077,704 | 939,336 | 916,953 |
| Operating income from continuing operations | 752,484 | 753,075 | 824,048 |
| Nonoperating (income) expenses: | |||
| Interest expense | 34,784 | 27,102 | 26,422 |
| Interest income | (12,173) | (12,753) | (14,448) |
| Other, net | 528 | (76,597) | (1,459) |
| Total nonoperating (income) expense | 23,139 | (62,248) | 10,515 |
| Earnings | |||
| Income from continuing operations before income taxes | 729,345 | 815,323 | 813,533 |
| Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
| Provision for income taxes | 100,025 | 141,836 | 162,297 |
| Deferred | (77,711) | (17,699) | (9,801) |
| Payable currently | 177,736 | 159,535 | 172,098 |
| Income from continuing operations, net of tax | 629,320 | 673,487 | 651,236 |
| Net income | 629,320 | 673,487 | 651,236 |
| Shares used to compute earnings per share - Basic (in shares) | 313,195 | 307,763 | 298,761 |
| Shares used to compute earnings per share - Diluted (in shares) | 318,027 | 314,041 | 306,191 |
| Earnings per share - Basic (in dollars per share) | |||
| Income from continuing operations, net of tax | 2.01 | 2.19 | 2.18 |
| Earnings per share - Diluted (in dollars per share) | |||
| Income from continuing operations, net of tax | 1.98 | 2.14 | 2.13 |
| Dividends declared and paid per share | 1.45 | 1.32 | 1.15 |
| Includes stock-based compensation expense as follows: | |||
| Income Statement Location | |||
| Cost of sales | |||
| Stock-based compensation expense | 7,069 | 6,593 | 7,254 |
| Research and development | |||
| Stock-based compensation expense | 20,707 | 21,901 | 23,169 |
| Selling, marketing, general and administrative | |||
| Stock-based compensation expense | 23,036 | 28,392 | 23,077 |
| [1] Includes stock-based compensation expense as follows: | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ANALOG DEVICES INC | |||
Ticker: ADI Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Nov 1, 2014 10-K (Filed: Dec 10, 2014) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 1, 2014 | Nov 2, 2013 | Nov 3, 2012 | |
| Income from continuing operations, net of tax | $ 629,320 | 673,487 | 651,236 |
| Foreign currency translation adjustment | (5,615) | (499) | 3,020 |
| Net unrealized (losses) gains on securities: | |||
| Net unrealized holding gains (losses) (net of taxes) on available-for-sale securities classified as short-term investments | (306) | 497 | 525 |
| Net unrealized holding (losses) gains (net of taxes) on securities classified as other investments | 0 | 0 | 241 |
| Net realized gain on securites classified as other investmetns reclassified into earnings | 0 | 0 | (799) |
| Net unrealized (losses) gains on securities | (306) | 497 | (33) |
| Derivative instruments designated as cash flow hedges: | |||
| Changes in fair value of derivatives (net of taxes) | (9,350) | 9,708 | (7,923) |
| Realized loss (gain) reclassification (net of taxes) | 912 | (1,776) | 7,401 |
| Net change in derivative instruments designated as cash flow hedges | (8,438) | 7,932 | (522) |
| Accumulated other comprehensive (loss) income - pension plans: | |||
| Transition asset (obligation) (net of taxes) | 22 | 20 | 15 |
| Net actuarial (loss) gain (net of taxes) | (74,049) | (24,099) | (44,784) |
| Net prior service income (net of taxes) | 406 | (3) | 4,079 |
| Net change in accumulated other comprehensive (loss) income - pension plans (net of taxes) | (73,621) | (24,082) | (40,690) |
| Other comprehensive (loss) income | (87,980) | (16,152) | (38,225) |
| Comprehensive income from continuing operations | 541,340 | 657,335 | 613,011 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ANALOG DEVICES INC | |||
Ticker: ADI Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Nov 1, 2014 10-K (Filed: Dec 10, 2014) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 1, 2014 | Nov 2, 2013 | Nov 3, 2012 | |
| Cash flows from operating activities: | |||
| Net income | $ 629,320 | 673,487 | 651,236 |
| Adjustments to reconcile net income to net cash provided by operations: | |||
| Depreciation | 114,064 | 110,196 | 109,705 |
| Amortization of intangibles | 27,906 | 220 | 128 |
| Stock-based compensation expense | 50,812 | 56,886 | 53,500 |
| Gain on sale of investments | 0 | 0 | (1,231) |
| Gain on Sale of Product Line | 0 | (85,444) | 0 |
| Gains (Losses) on Extinguishment of Debt | 0 | 10,205 | 0 |
| Non-cash portion of special charges | 0 | 0 | 219 |
| Other non-cash activity | 4,423 | (185) | (3,187) |
| Excess tax benefit - stock options | (22,231) | (16,171) | (12,230) |
| Deferred income taxes | (77,711) | (17,699) | (9,801) |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (36,460) | 12,377 | 5,774 |
| Inventories | 24,642 | 28,527 | (18,592) |
| Prepaid expenses and other current assets | (5,354) | 4,660 | 8,471 |
| Deferred compensation plan investments | (3,746) | 11,116 | (2,070) |
| Prepaid income tax | 10,499 | 6,124 | 13,319 |
| Accounts payable, deferred income and accrued liabilities | 58,373 | 17,487 | 60 |
| Deferred compensation plan liability | 3,746 | (11,116) | 2,052 |
| Income taxes payable | 96,536 | 50,705 | 25,930 |
| Other liabilities | (3,217) | 60,970 | (8,741) |
| Total adjustments | 242,282 | 238,858 | 163,306 |
| Net cash provided by operating activities | 871,602 | 912,345 | 814,542 |
| Cash flows from investing: | |||
| Purchases of short-term available-for-sale investments | (7,485,162) | (8,540,335) | (8,165,043) |
| Maturities of short-term available-for-sale investments | 7,318,877 | 6,970,885 | 6,543,795 |
| Sales of short-term available-for-sale investments | 2,187,389 | 650,730 | 437,748 |
| Additions to property, plant and equipment, net | (177,913) | (123,074) | (132,176) |
| Proceeds related to sale of investments | 0 | 0 | 1,506 |
| Proceeds from Divestiture of Businesses | 0 | 100,000 | 0 |
| Payments for acquisitions, net of cash acquired | (1,945,887) | (2,475) | (24,158) |
| (Increase) decrease in other assets | (12,055) | (5,657) | (1,362) |
| Net cash used for investing activities | (114,751) | (949,926) | (1,339,690) |
| Cash flows from financing activities: | |||
| Proceeds from long-term debt | 1,995,398 | 493,880 | 0 |
| Early termination of swap agreements | 0 | 0 | 18,520 |
| ProceedsFromDerivativeInstruments | 0 | 10,952 | 0 |
| Payment of senior unsecured notes | 0 | (392,790) | 0 |
| Term Loan Repayments | (1,995,398) | (60,108) | (56,500) |
| Dividend payments to shareholders | (454,225) | (405,955) | (344,701) |
| Repurchase of common stock | (356,346) | (60,529) | (161,046) |
| Net proceeds from employee stock plans | 200,114 | 306,277 | 191,730 |
| Contingent consideration payment | (3,576) | (5,665) | (1,991) |
| (Decrease) Increase in other financing activities | 15,192 | (2,790) | (7,869) |
| Excess tax benefit - stock options | 22,231 | 16,171 | 12,230 |
| Net cash (used for) provided by financing activities | (576,610) | (100,557) | (349,627) |
| Effect of exchange rate changes on cash | (3,097) | 1,394 | (1,492) |
| Net (decrease) increase in cash and cash equivalents | 177,144 | (136,744) | (876,267) |
| Cash and cash equivalents at beginning of year | 392,089 | 528,833 | |
| Cash and cash equivalents at end of year | 569,233 | 392,089 | 528,833 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ANALOG DEVICES INC | ||
Ticker: ADI Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Nov 1, 2014 10-K (Filed: Dec 10, 2014) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Nov 1, 2014 | Nov 2, 2013 | |
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | $ 569,233 | 392,089 |
| Short-term investments | 2,297,235 | 4,290,823 |
| Accounts receivable less allowances | 396,605 | 325,144 |
| Inventories | 367,927 | 283,337 [1] |
| Deferred tax assets | 128,934 | 136,299 |
| Prepaid income tax | 6,633 | 2,391 |
| Prepaid expenses and other current assets | 45,319 | 42,342 |
| Total current assets | 3,811,886 | 5,472,425 |
| Property, Plant and Equipment, at Cost | ||
| Land and buildings | 495,738 | 458,853 |
| Machinery and equipment | 1,880,351 | 1,733,850 |
| Office equipment | 51,477 | 49,321 |
| Leasehold improvements | 50,782 | 50,870 |
| Property, plant and equipment, at cost | 2,478,348 | 2,292,894 |
| Less accumulated depreciation and amortization | 1,855,926 | 1,784,723 |
| Net property, plant and equipment | 622,422 | 508,171 |
| Other Assets | ||
| Deferred compensation plan investments | 21,110 | 17,364 |
| Other investments | 13,397 | 3,816 |
| Goodwill | 1,642,438 | 284,112 |
| Intangible assets, net | 671,402 | 28,552 |
| Deferred tax assets | 27,249 | 26,226 |
| Other assets | 49,786 | 41,084 |
| Total other assets | 2,425,382 | 401,154 |
| Total assets | 6,859,690 | 6,381,750 |
| Liabilities and Shareholders' Equity | ||
| Current Liabilities | ||
| Accounts payable | 138,967 | 119,994 |
| Deferred income on shipments to distributors, net | 278,435 | 247,428 |
| Income taxes payable | 62,770 | 45,490 |
| Accrued liabilities | 228,884 | 157,600 |
| Total current liabilities | 709,056 | 570,512 |
| Non-current Liabilities | ||
| Long-term debt | 872,789 | 872,241 |
| Deferred income taxes | 235,791 | 6,037 |
| Deferred compensation plan liability | 21,110 | 17,364 |
| Other non-current liabilities | 263,047 | 176,020 |
| Total non-current liabilities | 1,392,737 | 1,071,662 |
| Commitments and contingencies (Note 12) | ||
| Shareholders' Equity | ||
| Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding | 0 | 0 |
| Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 311,204,926 shares issued and outstanding (311,045,084 on November 2, 2013) | 51,869 | 51,842 |
| Capital in excess of par value | 643,058 | 711,879 |
| Retained earnings | 4,231,496 | 4,056,401 |
| Accumulated other comprehensive loss | (168,526) | (80,546) |
| Total shareholders' equity | 4,757,897 | 4,739,576 |
| Liabilities and Shareholders' Equity | 6,859,690 | 6,381,750 |
| [1] Includes $3,291 and $2,273 related to stock-based compensation at November 1, 2014 and November 2, 2013, respectively. | ||
| External Links | |
| ANALOG DEVICES INC (ADI) Fiscal Year 2014 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |