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: 2017 | |||
Consolidated Statements of Income | |||
Period Ending Oct 28, 2017 10-K (Filed: Nov 22, 2017) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Oct 28, 2017 | Oct 29, 2016 | Oct 31, 2015 | |
| Revenue | |||
| Revenue | $ 5,107,503 | 3,421,409 | 3,435,092 |
| Costs and Expenses | |||
| Cost of sales | 2,045,907 | 1,194,236 | 1,175,830 |
| Gross margin | 3,061,596 | 2,227,173 | 2,259,262 |
| Operating expenses: | |||
| Research and development | 968,602 | 653,816 | 637,459 |
| Selling, marketing, general and administrative | 691,046 | 461,438 | 478,972 [1] |
| Amortization of intangibles | 297,351 | 70,123 | 88,318 |
| Special charges | 49,463 | 13,684 | 0 |
| Other operating expense | 0 | 0 | 223,672 |
| Total operating expenses | 2,006,462 | 1,199,061 | 1,428,421 |
| Operating income | 1,055,134 | 1,028,112 | 830,841 |
| Nonoperating (income) expenses: | |||
| Interest expense | 250,840 | 88,757 | 27,030 |
| Interest income | (30,333) | (21,221) | (8,625) |
| Other, net | 6,142 | 3,655 | 2,322 |
| Total nonoperating (income) expense | 226,649 | 71,191 | 20,727 |
| Earnings | |||
| Income before income taxes | 828,485 | 956,921 | 810,114 |
| Provision for income taxes | 101,226 | 95,257 | 113,236 |
| Net Income | 727,259 | 861,664 | 696,878 |
| Shares used to compute earnings per common share (in shares) | |||
| Shares used to compute earnings per share - Basic (in shares) | 346,371 | 308,736 | 312,660 |
| Shares used to compute earnings per share - Diluted (in shares) | 350,484 | 312,308 | 316,872 |
| Earnings per share - Basic (in dollars per share) | |||
| Basic earnings per common share (in dollars per share) | 2.09 | 2.79 | 2.23 |
| Earnings per share - Diluted (in dollars per share) | |||
| Diluted earnings per common share (in dollars per share) | 2.07 | 2.76 | 2.20 |
| Dividends declared and paid per share (in dollars per share) | 1.77 | 1.66 | 1.57 |
| Includes stock-based compensation expense as follows: | |||
| Income Statement Location | |||
| Cost of sales | |||
| Stock-based compensation expense | 12,569 | 7,808 | 8,983 |
| Research and development | |||
| Stock-based compensation expense | 51,258 | 27,039 | 26,617 |
| Selling, marketing, general and administrative | |||
| Stock-based compensation expense | 40,361 | 28,574 | 33,319 |
| [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: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Oct 28, 2017 10-K (Filed: Nov 22, 2017) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Oct 28, 2017 | Oct 29, 2016 | Oct 31, 2015 | |
| Net Income | $ 727,259 | 861,664 | 696,878 |
| Foreign currency translation adjustment (net of taxes of $1,556 in 2017, $1,175 in 2016 and $1,479 in 2015) | 1,572 | (6,006) | (12,925) |
| Change in unrecognized gains/losses on marketable securities: | |||
| Change in fair value of available-for-sale securities (net of taxes of $35 in 2017, $56 in 2016 and $55 in 2015) | (517) | 847 | (540) |
| Total change in unrealized gains/losses on marketable securities, net of tax | (517) | 847 | (540) |
| Change in unrecognized gains/losses on derivative instruments designated as cash flow hedges: | |||
| Changes in fair value of derivatives (net of taxes of $920 in 2017, $903 in 2016 and $10,889 in 2015) | 3,806 | (4,629) | (28,798) |
| Adjustment for realized gain/loss reclassified into earnings (net of taxes of $1,326 in 2017, $1,050 in 2016 and $1,064 in 2015) | 4,199 | 3,437 | 10,447 |
| Total change in derivative instruments designated as cash flow hedges, net of tax | 8,005 | (1,192) | (18,351) |
| Changes in accumulated other comprehensive loss pension plans: | |||
| Change in transition asset (net of taxes of $0 in 2017, $3 in 2016 and $0 in 2015) | 14 | 17 | 19 |
| Change in actuarial loss/gain (net of taxes of $355 in 2017, $3,297 in 2016 and $23,500 in 2015) | 3,513 | (16,730) | 153,953 |
| Change in prior service cost/income (net of taxes of $61 in 2017, $47 in 2016 and $640 in 2015) | (132) | 101 | (4,481) |
| Total change in accumulated other comprehensive (loss) income pension plans, net of tax | 3,395 | (16,612) | 149,491 |
| Other comprehensive income (loss) | 12,455 | (22,963) | 117,675 |
| Comprehensive income | 739,714 | 838,701 | 814,553 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ANALOG DEVICES INC | |||
Ticker: ADI Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Oct 28, 2017 10-K (Filed: Nov 22, 2017) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Oct 28, 2017 | Oct 29, 2016 | Oct 31, 2015 | |
| Cash flows from operating activities: | |||
| Net Income | $ 727,259 | 861,664 | 696,878 |
| Adjustments to reconcile net income to net cash provided by operations: | |||
| Depreciation | 194,666 | 134,540 | 130,147 |
| Amortization of intangibles | 389,393 | 75,250 | 92,093 |
| Cost of goods sold for inventory acquired | 358,718 | 0 | 0 |
| Stock-based compensation expense | 104,188 | 63,421 | 68,919 |
| Loss on extinguishment of debt | 0 | 3,290 | 0 |
| Other non-cash activity | (10,865) | 24,570 | 6,974 |
| Excess tax benefit equity based awards | (41,773) | (10,453) | (25,045) |
| Deferred income taxes | (825,869) | 8,124 | (52,214) |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (65,669) | (9,392) | (71,198) |
| Inventories | (47,354) | 38,221 | (35,557) |
| Prepaid expenses and other current assets | (1,875) | (5,618) | 2,861 |
| Deferred compensation plan investments | (7,358) | (2,399) | (2,643) |
| Prepaid income tax | 2,679 | (4,315) | 4,546 |
| Accounts payable, deferred income and accrued liabilities | 192,249 | 85,502 | 56,614 |
| Deferred compensation plan liability | 7,358 | 2,399 | 2,643 |
| Income taxes payable | 119,618 | 9,950 | 25,060 |
| Other liabilities | 17,227 | 6,141 | 7,720 |
| Total adjustments | 385,333 | 419,231 | 210,920 |
| Net cash provided by operating activities | 1,112,592 | 1,280,895 | 907,798 |
| Cash flows from investing: | |||
| Purchases of short-term available-for-sale investments | (705,485) | (7,697,260) | (6,083,999) |
| Maturities of short-term available-for-sale investments | 3,362,792 | 6,375,361 | 4,984,980 |
| Sales of short-term available-for-sale investments | 577,187 | 332,716 | 1,251,194 |
| Additions to property, plant and equipment, net | (204,098) | (127,397) | (153,960) |
| Payments for acquisitions, net of cash acquired | (9,632,568) | (83,170) | (7,065) |
| Change in other assets | (15,842) | (18,520) | (8,275) |
| Net cash used for investing activities | (6,618,014) | (1,218,270) | (17,125) |
| Cash flows from financing activities: | |||
| Proceeds from debt | 11,156,164 | 1,235,331 | 0 |
| Debt repayments | (5,050,000) | 0 | 0 |
| Early termination of debt | 0 | (378,156) | 0 |
| Proceeds from (payments of) derivative instruments | 3,904 | (33,430) | 0 |
| Payments of deferred financing fees | (5,625) | (26,583) | 0 |
| Dividend payments to shareholders | (602,119) | (513,180) | (491,059) |
| Repurchase of common stock | (46,533) | (370,061) | (226,953) |
| Proceeds from employee stock plans | 133,302 | 61,496 | 122,631 |
| Contingent consideration payment | (1,764) | (1,409) | (1,767) |
| Change in other financing activities | (524) | (7,378) | 500 |
| Excess tax benefit equity based awards | 41,773 | 10,453 | 25,045 |
| Net cash provided by (used for) financing activities | 5,628,578 | (22,917) | (571,603) |
| Effect of exchange rate changes on cash | 3,550 | (2,929) | (3,950) |
| Net increase in cash and cash equivalents | 126,706 | 36,779 | 315,120 |
| Cash and cash equivalents at beginning of year | 921,132 | 884,353 | |
| Cash and cash equivalents at end of year | 1,047,838 | 921,132 | 884,353 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ANALOG DEVICES INC | ||
Ticker: ADI Fiscal Year: 2017 | ||
Consolidated Balance Sheets | ||
Period Ending Oct 28, 2017 10-K (Filed: Nov 22, 2017) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Oct 28, 2017 | Oct 29, 2016 | |
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $ 1,047,838 | 921,132 |
| Short-term investments | 0 | 3,134,661 |
| Accounts receivable less allowances of $7,213 ($5,117 in 2016) | 688,953 | 477,609 |
| Inventories | 550,816 [1] | 376,555 |
| Prepaid income tax | 3,522 | 6,405 |
| Prepaid expenses and other current assets | 60,209 | 58,501 |
| Total current assets | 2,351,338 | 4,974,863 |
| Property, Plant and Equipment, at Cost | ||
| Land and buildings | 794,456 | 564,329 |
| Machinery and equipment | 2,368,215 | 1,994,115 |
| Office equipment | 66,493 | 58,785 |
| Leasehold improvements | 75,263 | 59,649 |
| Property, plant and equipment, at cost | 3,304,427 | 2,676,878 |
| Less accumulated depreciation and amortization | 2,197,123 | 2,040,762 |
| Net property, plant and equipment | 1,107,304 | 636,116 |
| Other Assets | ||
| Deferred compensation plan investments | 32,572 | 26,152 |
| Other investments | 24,838 | 21,937 |
| Goodwill | 12,217,455 | 1,679,116 |
| Intangible assets, net | 5,319,425 | 549,368 |
| Deferred tax assets | 32,322 | 36,005 |
| Other assets | 56,040 | 46,721 |
| Total other assets | 17,682,652 | 2,359,299 |
| Total assets | 21,141,294 | 7,970,278 |
| LIABILITIES AND SHAREHOLDERS EQUITY | ||
| Current Liabilities | ||
| Accounts payable | 236,629 | 171,439 |
| Deferred income on shipments to distributors, net | 473,972 | 351,538 |
| Income taxes payable | 86,905 | 4,100 |
| Debt, current | 300,000 | 0 |
| Accrued liabilities | 498,826 | 255,857 |
| Total current liabilities | 1,596,332 | 782,934 |
| Non-current Liabilities | ||
| Long-term debt | 7,551,084 | 1,732,177 |
| Deferred income taxes | 1,674,683 | 109,931 |
| Deferred compensation plan liability | 32,572 | 26,152 |
| Other non-current liabilities | 125,083 | 153,466 |
| Total non-current liabilities | 9,383,422 | 2,021,726 |
| 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, 368,635,788 shares outstanding (308,170,560 on October 29, 2016) | 61,441 | 51,363 |
| Capital in excess of par value | 5,250,519 | 402,270 |
| Retained earnings | 4,910,939 | 4,785,799 |
| Accumulated other comprehensive loss | (61,359) | (73,814) |
| Total shareholders equity | 10,161,540 | 5,165,618 |
| Liabilities and Shareholders' Equity | 21,141,294 | 7,970,278 |
| [1] Includes $5,373 and $2,486 related to stock-based compensation at October 28, 2017 and October 29, 2016, respectively. | ||
| External Links | |
| ANALOG DEVICES INC (ADI) Fiscal Year 2017 | |
| 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 |