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: 2018 | |||
Consolidated Statements of Income | |||
Period Ending Nov 3, 2018 10-K (Filed: Nov 27, 2018) | |||
| (In Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 3, 2018 | Oct 28, 2017 | Oct 29, 2016 | |
| Revenue | |||
| Revenue | $ 6,200,942 | 5,107,503 | 3,421,409 |
| Costs and Expenses | |||
| Cost of sales | 1,967,640 | 2,045,907 | 1,194,236 |
| Gross margin | 4,233,302 | 3,061,596 | 2,227,173 |
| Operating expenses: | |||
| Research and development | 1,165,410 | 968,602 | 653,816 |
| Selling, marketing, general and administrative | 695,937 [1] | 691,046 | 461,438 |
| Amortization of intangibles | 428,902 | 297,351 | 70,123 |
| Special charges | 61,318 | 49,463 | 13,684 |
| Total operating expenses | 2,351,567 | 2,006,462 | 1,199,061 |
| Operating income | 1,881,735 | 1,055,134 | 1,028,112 |
| Nonoperating (income) expenses: | |||
| Interest expense | 253,589 | 250,840 | 88,757 |
| Interest income | (9,383) | (30,333) | (21,221) |
| Other, net | (988) | 6,142 | 3,655 |
| Total nonoperating (income) expense | 243,218 | 226,649 | 71,191 |
| Earnings | |||
| Income before income taxes | 1,638,517 | 828,485 | 956,921 |
| Provision for income taxes | 143,085 | 101,226 | 95,257 |
| Net Income | 1,495,432 | 727,259 | 861,664 |
| Shares used to compute earnings per common share (in shares) | |||
| Shares used to compute earnings per share - Basic (in shares) | 370,430 | 346,371 | 308,736 |
| Shares used to compute earnings per share - Diluted (in shares) | 374,938 | 350,484 | 312,308 |
| Earnings per share - Basic (in dollars per share) | |||
| Basic earnings per common share (in dollars per share) | 4.02 | 2.09 | 2.79 |
| Earnings per share - Diluted (in dollars per share) | |||
| Diluted earnings per common share (in dollars per share) | 3.97 | 2.07 | 2.76 |
| Dividends declared and paid per share (in dollars per share) | 1.89 | 1.77 | 1.66 |
| Includes stock-based compensation expense as follows: | |||
| Income Statement Location | |||
| Cost of sales | |||
| Stock-based compensation expense | 18,733 | 12,569 | 7,808 |
| Research and development | |||
| Stock-based compensation expense | 81,444 | 51,258 | 27,039 |
| Selling, marketing, general and administrative | |||
| Stock-based compensation expense | 50,988 | 40,361 | 28,574 |
| [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: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Nov 3, 2018 10-K (Filed: Nov 27, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 3, 2018 | Oct 28, 2017 | Oct 29, 2016 | |
| Net Income | $ 1,495,432 | 727,259 | 861,664 |
| Foreign currency translation adjustment (net of taxes of $0 in 2018, $1,556 in 2017 and $1,175 in 2016) | (6,222) | 1,572 | (6,006) |
| Change in unrecognized gains/losses on marketable securities: | |||
| Change in fair value of available-for-sale securities (net of taxes of $0 in 2018, $35 in 2017 and $56 in 2016) | (10) | (517) | 847 |
| Total change in unrealized gains/losses on marketable securities, net of tax | (10) | (517) | 847 |
| Change in unrecognized gains/losses on derivative instruments designated as cash flow hedges: | |||
| Changes in fair value of derivatives (net of taxes of $416 in 2018, $920 in 2017 and $903 in 2016) | (1,863) | 3,806 | (4,629) |
| Adjustment for realized gain/loss reclassified into earnings (net of taxes of $94 in 2018, $1,326 in 2017 and $1,050 in 2016) | (1,613) | 4,199 | 3,437 |
| Total change in derivative instruments designated as cash flow hedges, net of tax | (3,476) | 8,005 | (1,192) |
| Changes in accumulated other comprehensive loss pension plans: | |||
| Change in transition asset (net of taxes of $0 in 2018, $1 in 2017 and $3 in 2016) | 10 | 14 | 17 |
| Change in actuarial loss/gain (net of taxes of $2,363 in 2018, $355 in 2017 and $3,297 in 2016) | 12,616 | 3,513 | (16,730) |
| Change in prior service cost/income (net of taxes of $0 in 2018, $61 in 2017 and $47 in 2016) | 1 | (132) | 101 |
| Total change in accumulated other comprehensive loss pension plans, net of tax | 12,627 | 3,395 | (16,612) |
| Other comprehensive income (loss) | 2,919 | 12,455 | (22,963) |
| Comprehensive income | 1,498,351 | 739,714 | 838,701 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
ANALOG DEVICES INC | |||
Ticker: ADI Fiscal Year: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Nov 3, 2018 10-K (Filed: Nov 27, 2018) | |||
| (In Thousands, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Nov 3, 2018 | Oct 28, 2017 | Oct 29, 2016 | |
| Cash flows from operating activities: | |||
| Net Income | $ 1,495,432 | 727,259 | 861,664 |
| Adjustments to reconcile net income to net cash provided by operations: | |||
| Depreciation | 228,525 | 194,666 | 134,540 |
| Amortization of intangibles | 570,538 | 389,393 | 75,250 |
| Cost of goods sold for inventory acquired | 0 | 358,718 | 0 |
| Stock-based compensation expense | 151,165 | 104,188 | 63,421 |
| Loss on extinguishment of debt | 0 | 0 | 3,290 |
| Other non-cash activity | 36,569 | (10,865) | 24,570 |
| Deferred income taxes | (736,759) | (825,869) | 8,124 |
| Change in operating assets and liabilities: | |||
| Accounts receivable | 45,979 | (65,669) | (9,392) |
| Inventories | (34,636) | (47,354) | 38,221 |
| Prepaid expenses and other current assets | (1,721) | (1,875) | (5,618) |
| Deferred compensation plan investments | (7,484) | (7,358) | (2,399) |
| Prepaid income tax | 133 | 2,679 | (4,315) |
| Accounts payable, deferred income and accrued liabilities | (5,069) | 192,249 | 85,502 |
| Deferred compensation plan liability | 7,484 | 7,358 | 2,399 |
| Income taxes payable | (3,903) | 119,618 | 9,950 |
| Other liabilities | 696,108 | 17,227 | 6,141 |
| Total adjustments | 946,929 | 427,106 | 429,684 |
| Net cash provided by operating activities | 2,442,361 | 1,154,365 | 1,291,348 |
| Cash flows from investing: | |||
| Purchases of short-term available-for-sale investments | 0 | 705,485 | 7,697,260 |
| Maturities of short-term available-for-sale investments | 0 | 3,362,792 | 6,375,361 |
| Sales of short-term available-for-sale investments | 0 | 577,187 | 332,716 |
| Additions to property, plant and equipment, net | (254,876) | (204,098) | (127,397) |
| Payments for acquisitions, net of cash acquired | (52,839) | (9,632,568) | (83,170) |
| Change in other assets | (6,283) | (15,842) | (18,520) |
| Net cash used for investing activities | (313,998) | (6,618,014) | (1,218,270) |
| Cash flows from financing activities: | |||
| Proceeds from debt | 743,778 | 11,156,164 | 1,235,331 |
| Debt repayments | (2,275,000) | (5,050,000) | 0 |
| Early termination of debt | 0 | 0 | (378,156) |
| Proceeds from (payments of) derivative instruments | 0 | 3,904 | (33,430) |
| Payments of deferred financing fees | 0 | (5,625) | (26,583) |
| Dividend payments to shareholders | (703,307) | (602,119) | (513,180) |
| Repurchase of common stock | (225,977) | (46,533) | (370,061) |
| Proceeds from employee stock plans | 99,027 | 133,302 | 61,496 |
| Contingent consideration payment | (2,890) | (1,764) | (1,409) |
| Change in other financing activities | 6,327 | (524) | (7,378) |
| Net cash (used for) provided by financing activities | (2,358,042) | 5,586,805 | (33,370) |
| Effect of exchange rate changes on cash | (1,568) | 3,550 | (2,929) |
| Net (decrease) increase in cash and cash equivalents | (231,247) | 126,706 | 36,779 |
| Cash and cash equivalents at beginning of year | 1,047,838 | 921,132 | |
| Cash and cash equivalents at end of year | 816,591 | 1,047,838 | 921,132 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
ANALOG DEVICES INC | ||
Ticker: ADI Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Nov 3, 2018 10-K (Filed: Nov 27, 2018) | ||
| (In Thousands, except shares in actual) | ||
| As of | As of | |
| Nov 3, 2018 | Oct 28, 2017 | |
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $ 816,591 | 1,047,838 |
| Accounts receivable less allowances of $2,284 ($7,213 in 2017) | 639,717 | 688,953 |
| Inventories | 586,760 | 550,816 [1] |
| Prepaid income tax | 3,196 | 3,522 |
| Prepaid expenses and other current assets | 65,862 | 60,209 |
| Total current assets | 2,112,126 | 2,351,338 |
| Property, Plant and Equipment, at Cost | ||
| Land and buildings | 873,186 | 794,456 |
| Machinery and equipment | 2,478,032 | 2,368,215 |
| Office equipment | 76,233 | 66,493 |
| Leasehold improvements | 100,374 | 75,263 |
| Property, plant and equipment, at cost | 3,527,825 | 3,304,427 |
| Less accumulated depreciation and amortization | 2,373,497 | 2,197,123 |
| Net property, plant and equipment | 1,154,328 | 1,107,304 |
| Other Assets | ||
| Deferred compensation plan investments | 39,853 | 32,572 |
| Other investments | 28,730 | 24,838 |
| Goodwill | 12,252,604 | 12,217,455 |
| Intangible assets, net | 4,778,192 | 5,319,425 |
| Deferred tax assets | 21,078 | 32,322 |
| Other assets | 62,868 | 56,040 |
| Total other assets | 17,183,325 | 17,682,652 |
| Total assets | 20,449,779 | 21,141,294 |
| LIABILITIES AND SHAREHOLDERS EQUITY | ||
| Current Liabilities | ||
| Accounts payable | 260,919 | 236,629 |
| Deferred income on shipments to distributors, net | 487,417 | 473,972 |
| Income taxes payable | 93,722 | 86,905 |
| Debt, current | 67,000 | 300,000 |
| Accrued liabilities | 497,080 | 498,826 |
| Total current liabilities | 1,406,138 | 1,596,332 |
| Non-current Liabilities | ||
| Long-term debt | 6,265,674 | 7,551,084 |
| Deferred income taxes | 927,065 | 1,674,683 |
| Deferred compensation plan liability | 39,846 | 32,572 |
| Income taxes payable | 710,179 | 49,583 |
| Other non-current liabilities | 112,337 | 75,500 |
| Total non-current liabilities | 8,055,101 | 9,383,422 |
| Commitments and contingencies (Note 10) | ||
| 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, 370,159,553 shares outstanding (368,635,788 on October 28, 2017) | 61,694 | 61,441 |
| Capital in excess of par value | 5,282,222 | 5,250,519 |
| Retained earnings | 5,703,064 | 4,910,939 |
| Accumulated other comprehensive loss | (58,440) | (61,359) |
| Total shareholders equity | 10,988,540 | 10,161,540 |
| Liabilities and Shareholders' Equity | 20,449,779 | 21,141,294 |
| [1] Includes $7,128 and $5,373 related to stock-based compensation at November 3, 2018 and October 28, 2017, respectively. | ||
| External Links | |
| ANALOG DEVICES INC (ADI) Fiscal Year 2018 | |
| 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 |