Item 1. Financial Statements

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in thousands, except per share amounts)

			Three Months Ended												Six Months Ended
			May 3, 2025						May 4, 2024						May 3, 2025						May 4, 2024
Revenue			$	2,640,068					$	2,159,039					$	5,063,242					$	4,671,743
Cost of sales			1,028,458						979,004						2,021,329						2,017,767
Gross margin			1,611,610						1,180,035						3,041,913						2,653,976
Operating expenses:
Research and development			441,837						354,862						844,729						746,289
Selling, marketing, general and administrative			302,669						244,129						587,465						534,207
Amortization of intangibles			187,415						188,944						374,830						379,276
Special charges, net			1,745						5,977						65,632						22,117
Total operating expenses			933,666						793,912						1,872,656						1,681,889
Operating income:			677,944						386,123						1,169,257						972,087
Nonoperating expense (income):
Interest expense			74,703						77,103						149,967						154,244
Interest income			(21,725)						(15,269)						(45,212)						(24,438)
Other, net			(962)						(314)						2,998						4,260
Total nonoperating expense (income)			52,016						61,520						107,753						134,066
Income before income taxes			625,928						324,603						1,061,504						838,021
Provision for income taxes			56,158						22,361						100,418						73,052
Net income			$	569,770					$	302,242					$	961,086					$	764,969
Shares used to compute earnings per common share – basic			496,173						496,130						496,145						495,947
Shares used to compute earnings per common share – diluted			498,201						498,533						498,434						498,637
Basic earnings per common share			$	1.15					$	0.61					$	1.94					$	1.54
Diluted earnings per common share			$	1.14					$	0.61					$	1.93					$	1.53

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)

			Three Months Ended												Six Months Ended
			May 3, 2025						May 4, 2024						May 3, 2025						May 4, 2024
Net income			$	569,770					$	302,242					$	961,086					$	764,969
Foreign currency translation adjustments			(753)						264						(912)						649
Change in fair value of derivative instruments designated as cash flow hedges, net			17,573						1,306						17,496						9,326
Changes in pension plans, net			517						2,514						1,040						1,126
Other comprehensive income			17,337						4,084						17,624						11,101
Comprehensive income			$	587,107					$	306,326					$	978,710					$	776,070

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share amounts)

			May 3, 2025						November 2, 2024
ASSETS
Current Assets
Cash and cash equivalents			$	2,376,235					$	1,991,342
Short-term investments			—						371,822
Accounts receivable			1,382,365						1,336,331
Inventories			1,524,897						1,447,687
Prepaid expenses and other current assets			305,040						337,472
Total current assets			5,588,537						5,484,654
Non-current Assets
Net property, plant and equipment			3,336,128						3,415,550
Goodwill			26,945,180						26,909,775
Intangible assets, net			8,787,380						9,585,464
Deferred tax assets			1,985,591						2,083,752
Other assets			701,671						749,082
Total non-current assets			41,755,950						42,743,623
TOTAL ASSETS			$	47,344,487					$	48,228,277
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable			$	429,405					$	487,457
Income taxes payable			358,949						447,379
Debt, current			—						399,636
Commercial paper notes			548,720						547,738
Accrued liabilities			1,353,568						1,106,070
Total current liabilities			2,690,642						2,988,280
Non-current Liabilities
Long-term debt			6,648,417						6,634,313
Deferred income taxes			2,379,575						2,624,392
Income taxes payable			96,354						260,486
Other non-current liabilities			518,879						544,489
Total non-current liabilities			9,643,225						10,063,680
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, 496,248,196 shares outstanding (496,296,854 on November 2, 2024)			82,710						82,718
Capital in excess of par value			24,885,204						25,082,243
Retained earnings			10,210,338						10,196,612
Accumulated other comprehensive loss			(167,632)						(185,256)
Total shareholders’ equity			35,010,620						35,176,317
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	47,344,487					$	48,228,277

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands)

			Three Months Ended May 3, 2025
															Capital in												Accumulated Other
			Common Stock												Excess of						Retained						Comprehensive
			Shares						Amount						Par Value						Earnings						Loss
BALANCE, FEBRUARY 1, 2025			495,976						$	82,664					$	25,041,250					$	10,131,590					$	(184,969)
Net income																					569,770
Dividends declared and paid - $0.99 per share																					(491,022)
Issuance of stock under stock plans and other			1,491						249						19,566
Stock-based compensation expense															72,831
Other comprehensive income																											17,337
Common stock repurchased			(1,219)						(203)						(248,443)
BALANCE, MAY 3, 2025			496,248						$	82,710					$	24,885,204					$	10,210,338					$	(167,632)
			Six Months Ended May 3, 2025
															Capital in												Accumulated Other
			Common Stock												Excess of						Retained						Comprehensive
			Shares						Amount						Par Value						Earnings						Loss
BALANCE, NOVEMBER 2, 2024			496,297						$	82,718					$	25,082,243					$	10,196,612					$	(185,256)
Net income																					961,086
Dividends declared and paid - $1.91 per share																					(947,360)
Issuance of stock under stock plans and other			1,902						317						61,245
Stock-based compensation expense															150,405
Other comprehensive income																											17,624
Common stock repurchased			(1,951)						(325)						(408,689)
BALANCE, MAY 3, 2025			496,248						$	82,710					$	24,885,204					$	10,210,338					$	(167,632)

See accompanying notes.

			Three Months Ended May 4, 2024
															Capital in												Accumulated Other
			Common Stock												Excess of						Retained						Comprehensive
			Shares						Amount						Par Value						Earnings						Loss
BALANCE, FEBRUARY 3, 2024			495,908						$	82,653					$	25,253,256					$	10,393,449					$	(181,285)
Net income																					302,242
Dividends declared and paid - $0.92 per share																					(456,142)
Issuance of stock under stock plans and other			1,487						247						14,270
Stock-based compensation expense															58,396
Other comprehensive income																											4,084
Common stock repurchased			(1,178)						(196)						(222,185)
BALANCE, MAY 4, 2024			496,217						$	82,704					$	25,103,737					$	10,239,549					$	(177,201)
			Six Months Ended May 4, 2024
															Capital in												Accumulated Other
			Common Stock												Excess of						Retained						Comprehensive
			Shares						Amount						Par Value						Earnings						Loss
BALANCE, OCTOBER 28, 2023			496,262						$	82,712					$	25,313,914					$	10,356,798					$	(188,302)
Net income																					764,969
Dividends declared and paid - $1.78 per share																					(882,218)
Issuance of stock under stock plans and other			2,163						360						63,976
Stock-based compensation expense															128,211
Other comprehensive income																											11,101
Common stock repurchased			(2,208)						(368)						(402,364)
BALANCE, MAY 4, 2024			496,217						$	82,704					$	25,103,737					$	10,239,549					$	(177,201)

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

			Six Months Ended
			May 3, 2025						May 4, 2024
Cash flows from operating activities:
Net income			$	961,086					$	764,969
Adjustments to reconcile net income to net cash provided by operations:
Depreciation			198,781						173,172
Amortization of intangibles			817,429						880,376
Stock-based compensation expense			150,405						128,211
Deferred income taxes			(149,370)						(164,348)
Other			4,203						13,370
Changes in operating assets and liabilities			(36,247)						150,935
Total adjustments			985,201						1,181,716
Net cash provided by operating activities			1,946,287						1,946,685
Cash flows from investing activities:
Purchases of short-term available-for-sale investments			—						(424,117)
Maturities of short-term available-for-sale investments			372,778						—
Additions to property, plant and equipment			(239,246)						(411,167)
Proceeds from sale of property, plant and equipment, net			58,892						—
Payments for acquisitions, net of cash acquired			(45,652)						—
Other			(12,880)						14,106
Net cash provided by (used for) investing activities			133,892						(821,178)
Cash flows from financing activities:
Proceeds from debt			—						1,087,856
Debt repayments			(399,998)						—
Proceeds from commercial paper notes			4,316,340						5,383,401
Payments of commercial paper notes			(4,315,358)						(5,382,390)
Repurchase of common stock			(409,014)						(402,732)
Dividend payments to shareholders			(947,360)						(882,218)
Proceeds from employee stock plans			61,562						64,336
Other			(1,458)						(12,126)
Net cash used for financing activities			(1,695,286)						(143,873)
Net increase in cash and cash equivalents			384,893						981,634
Cash and cash equivalents at beginning of period			1,991,342						958,061
Cash and cash equivalents at end of period			$	2,376,235					$	1,939,695

See accompanying notes.

ANALOG DEVICES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED MAY 3, 2025 (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 November 2, 2024 (fiscal 2024) 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 November 1, 2025 (fiscal 2025) 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. Fiscal 2025 is a 52-week fiscal year and fiscal 2024 was a 53-week fiscal year. The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024. Therefore, the first six months of fiscal 2025 included one less week of operations as compared to the first six months of fiscal 2024.

Note 2 – Shareholders’ Equity

As of May 3, 2025, the Company’s Board of Directors authorized the repurchase of $26.7 billion of its common stock under its common stock repurchase program and $11.4 billion remained available for repurchases under the program.

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 six months of fiscal 2025.

			Foreign currency translation adjustment																		Unrealized holding gains/losses on derivatives						Pension plans						Total
November 2, 2024			$	(71,511)																	$	(85,202)					$	(28,543)					$	(185,256)
Other comprehensive income before reclassifications			(912)																		16,942						—						16,030
Amounts reclassified out of other comprehensive income			—																		3,552						1,040						4,592
Tax effects			—																		(2,998)						—						(2,998)
Other comprehensive income			(912)																		17,496						1,040						17,624
May 3, 2025			$	(72,423)																	$	(67,706)					$	(27,503)					$	(167,632)

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 Ended												Six Months Ended
Comprehensive (Loss) Income Component						May 3, 2025						May 4, 2024						May 3, 2025						May 4, 2024						Location
Unrealized holding gains/losses on derivatives:
Currency forwards						$	446					$	(521)					$	(1,133)					$	(592)					Cost of sales
						118						(203)						(729)						(272)						Research and development
						36						(1,500)						(2,048)						(2,391)						Selling, marketing, general and administrative
Interest rate derivatives						3,731						3,732						7,462						7,462						Interest expense
						4,331						1,508						3,552						4,207						Total before tax
						(850)						(30)						(1,008)						(878)						Tax
						$	3,481					$	1,478					$	2,544					$	3,329					Net of tax
Amortization of pension components included in the computation of net periodic pension cost:
Actuarial losses						$	517					$	516					$	1,040					$	1,032					Net of tax
Total amounts reclassified out of AOCI, net of tax						$	3,998					$	1,994					$	3,584					$	4,361

Note 4 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

			Three Months Ended												Six Months Ended
			May 3, 2025						May 4, 2024						May 3, 2025						May 4, 2024
Net income			$	569,770					$	302,242					$	961,086					$	764,969
Basic shares:
Weighted-average shares outstanding			496,173						496,130						496,145						495,947
Earnings per common share basic:			$	1.15					$	0.61					$	1.94					$	1.54
Diluted shares:
Weighted-average shares outstanding			496,173						496,130						496,145						495,947
Assumed exercise of common stock equivalents			2,028						2,403						2,289						2,690
Weighted-average common and common equivalent shares			498,201						498,533						498,434						498,637
Earnings per common share diluted:			$	1.14					$	0.61					$	1.93					$	1.53
Anti-dilutive shares related to:
Outstanding stock-based awards			52						66						121						140

Note 5 – Special Charges, Net

Liabilities related to special charges, net are included in Accrued liabilities in the Condensed Consolidated Balance Sheets. The activity is detailed below:

Accrued Special Charges																					Global Repositioning Actions
Balance at November 2, 2024																					$	13,855
Employee severance costs, net																					56,334
Severance payments																					(2,887)
Balance at February 1, 2025																					$	67,302
Employee severance costs, net																					5,189
Severance payments																					(51,448)
Balance at May 3, 2025																					$	21,043

The Company recorded net special charges of $65.6 million as part of its Global Repositioning Actions in the six months ended May 3, 2025. The Global Repositioning Actions were part of a transformation initiative aimed at aligning the Company’s enterprise strategy, organizational design and streamlining its operations to achieve its long-term strategic plan. The special charges include severance costs, in accordance with the Company’s ongoing benefit plan or statutory requirements at foreign locations, related to the termination of certain employees in manufacturing, engineering and selling, marketing, general and administrative roles.

During the second quarter of fiscal 2025, the Company completed the sale of its facility in Milpitas, CA, that was previously classified as held for sale, for approximately $39.7 million, net of selling costs, which resulted in an immaterial loss recorded in Special charges, net.

Note 6 – Revenue

Revenue Trends by End Market

The following tables summarize 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
			May 3, 2025																		May 4, 2024
			Revenue						% of Revenue*						Y/Y%						Revenue						% of Revenue*
Industrial			$	1,157,747					44		%				17		%				$	991,446					46		%
Automotive			849,505						32		%				24		%				684,102						32		%
Consumer			317,756						12		%				30		%				244,947						11		%
Communications			315,060						12		%				32		%				238,544						11		%
Total revenue			$	2,640,068					100		%				22		%				$	2,159,039					100		%
			Six Months Ended
			May 3, 2025																		May 4, 2024
			Revenue						% of Revenue*						Y/Y%						Revenue						% of Revenue*
Industrial			$	2,229,837					44		%				2		%				$	2,181,828					47		%
Automotive			1,584,534						31		%				11		%				1,433,586						31		%
Consumer			634,667						13		%				23		%				514,063						11		%
Communications			614,204						12		%				13		%				542,266						12		%
Total revenue			$	5,063,242					100		%				8		%				$	4,671,743					100		%
* The sum of the individual percentages may not equal the total due to rounding.

Revenue by Sales Channel

The following tables summarize 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. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.

			Three Months Ended
			May 3, 2025												May 4, 2024
Channel			Revenue						% of Revenue*						Revenue						% of Revenue*
Distributors			$	1,480,088					56		%				$	1,248,382					58		%
Direct customers			1,125,775						43		%				873,593						40		%
Other			34,205						1		%				37,064						2		%
Total revenue			$	2,640,068					100		%				$	2,159,039					100		%
			Six Months Ended
			May 3, 2025												May 4, 2024
Channel			Revenue						% of Revenue*						Revenue						% of Revenue*
Distributors			$	2,855,552					56		%				$	2,783,592					60		%
Direct customers			2,145,647						42		%				1,813,568						39		%
Other			62,043						1		%				74,583						2		%
Total revenue			$	5,063,242					100		%				$	4,671,743					100		%
* The sum of the individual percentages may not equal the total due to rounding.

Note 7 – Fair Value

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The tables below, set forth by level, present the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of May 3, 2025 and November 2, 2024. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of May 3, 2025 and November 2, 2024, the Company held $1.8 billion and $1.4 billion, respectively, of cash that is excluded from the tables below.

			May 3, 2025
			Fair Value Measurement at Reporting Date Using:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)												Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds			$	564,760					$	—											$	564,760
Other assets:
Forward foreign currency exchange contracts (1)			—						20,704												20,704
Deferred compensation plan investments			88,173						—												88,173
Total assets measured at fair value			$	652,933					$	20,704											$	673,637
Liabilities
Forward foreign currency exchange contracts (1)			$	—					$	5,320											$	5,320
Interest rate derivatives (2)			—						21,881												21,881
Total liabilities measured at fair value			$	—					$	27,201											$	27,201

(1)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company’s master netting arrangements.

(2)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements.

			November 2, 2024
			Fair Value Measurement at Reporting Date Using:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)												Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds			$	592,560					$	—											$	592,560
Short-term investments:
Available-for-sale:
Securities with one year or less to maturity:
Corporate obligations (1)			—						71,246												71,246
Bank obligations (1)			—						300,576												300,576
Other assets:
Forward foreign currency exchange contracts (2)			—						7,318												7,318
Deferred compensation plan investments			92,698						—												92,698
Total assets measured at fair value			$	685,258					$	379,140											$	1,064,398
Liabilities
Forward foreign currency exchange contracts (2)			$	—					$	16,279											$	16,279
Interest rate derivatives (3)			—						36,855												36,855
Total liabilities measured at fair value			$	—					$	53,134											$	53,134

(1)The amortized cost of the Company’s investments classified as available-for-sale as of November 2, 2024 was $382.9 million.

(2)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company’s master netting arrangements.

(3)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements.

Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis

The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company’s commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($548.7 million and $547.7 million as of May 3, 2025 and November 2, 2024, respectively). The fair values of the senior unsecured notes are obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy.

			May 3, 2025												November 2, 2024
			Principal Amount Outstanding						Fair Value						Principal Amount Outstanding						Fair Value
2025 Notes, due April 2025			$	—					$	—					400,000						397,027
2026 Notes, due December 2026			900,000						888,786						900,000						882,795
2027 Notes, due June 2027			440,212						433,822						440,212						421,077
2028 Notes, due October 2028			750,000						687,186						750,000						673,316
2031 Notes, due October 2031			1,000,000						855,938						1,000,000						843,766
2032 Notes, due October 2032			300,000						290,073						300,000						287,172
2034 Notes, due April 2034			550,000						550,679						550,000						553,375
2036 Notes, due December 2036			144,278						135,324						144,278						136,718
2041 Notes, due October 2041			750,000						531,630						750,000						534,435
2045 Notes, due December 2045			332,587						312,258						332,587						322,942
2051 Notes, due October 2051			1,000,000						627,351						1,000,000						655,668
2054 Notes, due April 2054			550,000						510,692						550,000						541,912
Total senior unsecured notes			$	6,717,077					$	5,823,739					$	7,117,077					$	6,250,203

Note 8 – Derivatives

Foreign Exchange Exposure Management — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges as of May 3, 2025 and November 2, 2024 were $276.0 million and $257.0 million, respectively, and the fair values of these instruments in the Company’s Condensed Consolidated Balance Sheets were as follows:

									Fair Value At
			Balance Sheet Location						May 3, 2025						November 2, 2024
Forward foreign currency exchange contracts			Prepaid expenses and other current assets						$	12,297					$	780
Forward foreign currency exchange contracts			Accrued liabilities						$	136					$	4,235

As of May 3, 2025 and November 2, 2024, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $191.8 million and $176.8 million, respectively, and the fair values of undesignated hedges in the Company’s Condensed Consolidated Balance Sheets were as follows:

									Fair Value At
			Balance Sheet Location						May 3, 2025						November 2, 2024
Undesignated hedges related to forward foreign currency exchange contracts			Prepaid expenses and other current assets						$	8,407					$	6,538
Undesignated hedges related to forward foreign currency exchange contracts			Accrued liabilities						$	5,184					$	12,044

Interest Rate Exposure Management — The Company does not consider the risk of counterparty default to be significant. The gain or loss on the Company’s interest rate swap transactions attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps were recorded as follows:

						May 3, 2025
Balance Sheet Location						Loss on Swaps						Gain on Note
Accrued liabilities						$	21,881					$	—
Long-term debt						$	—					$	21,881

For information on the unrealized holding gains (losses) on derivatives included in and reclassified out of AOCI into the Condensed Consolidated Statements of Income related to forward foreign currency exchange contracts, see Note 3, Accumulated Other Comprehensive (Loss) Income, in these Notes to Condensed Consolidated Financial Statements for further information.

Note 9 – Inventories

Inventories at May 3, 2025 and November 2, 2024 were as follows:

			May 3, 2025						November 2, 2024
Raw materials			$	74,105					$	93,608
Work in process			1,172,112						1,047,022
Finished goods			278,680						307,057
Total inventories			$	1,524,897					$	1,447,687

Note 10 – Debt

Revolving Credit Agreement

On April 11, 2025, the Company entered into its Fourth Amended and Restated Revolving Credit Agreement (Revolving Credit Agreement) with the Company and Bank of America, N.A. as administrative agent and the other banks identified therein as lenders, which further amended and restated its revolving credit agreement dated as of June 23, 2021. The Revolving Credit Agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount of up to $3.0 billion, expiring on April 11, 2030.

The Revolving Credit Agreement contains customary representations and warranties, and affirmative and negative covenants and events of default applicable to the Company and its subsidiaries. As of May 3, 2025, the Company was in compliance with these covenants.

Senior Notes

During the second quarter of fiscal 2025, the Company repaid the $400.0 million principal amount on its 2025 Notes, due April 2025.

Note 11 – Income Taxes

The Company’s effective tax rates for the three- and six-month periods ended May 3, 2025 and May 4, 2024 were below the U.S. statutory tax rate of 21.0%, due to lower statutory tax rates applicable to the Company’s operations in the foreign jurisdictions in which it earns income.

The Company has numerous audits ongoing throughout the world including: an IRS income tax audit for the fiscal years ended October 30, 2021 (fiscal 2021), November 2, 2019 (fiscal 2019) and November 3, 2018 (fiscal 2018); a pre-acquisition IRS income tax audit for Maxim Integrated Products, Inc.’s (Maxim) fiscal years ended June 27, 2015 through August 26, 2021; and various U.S. state and local audits and international audits, including Irish corporate tax audits for fiscal 2021. The Company’s U.S. federal income tax returns prior to fiscal 2018 are no longer subject to examination, except for the applicable Maxim pre-acquisition fiscal years noted above.

During the second quarter of fiscal 2025, the Company received an assessment from the U.S. Internal Revenue Service (IRS) for fiscal 2018 and fiscal 2019, totaling approximately $267.0 million. The assessment excludes any penalties and interest. The assessment pertains to transfer pricing arrangements between the Company and one of its wholly-owned foreign subsidiaries. The Company firmly disagrees with this assessment and maintains that its transfer pricing is appropriate. Consequently, the Company has not recorded any additional tax liability related to fiscal 2018 and fiscal 2019 in relation to this issue, nor to any other periods. The Company intends to vigorously defend its original tax return position and is currently in the process of preparing a formal protest and appeal with the IRS. Should the IRS ultimately prevail regarding its assessments for fiscal 2018 and fiscal 2019, such a resolution, along with any potential impact on subsequent fiscal years, could have a material adverse effect on the Company’s income tax expense and net earnings in future periods.

Note 12 – New Accounting Pronouncements

Standards to Be Implemented

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosure requirements for reportable segments. ASU 2023-07 requires segment disclosure to include significant segment expense categories and amounts, and qualitative detail of other segment items. Disclosure of multiple measures of segment profit and loss may also be reported. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial statement

disclosures.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires the disaggregation of information in existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial statement disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public companies to disaggregate key expense categories such as inventory purchases, employee compensation and depreciation in their financial statements. This aims to improve investor insights into company performance. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial statement disclosures.

Note 13 – Subsequent Events

On May 21, 2025, the Board of Directors of the Company declared a cash dividend of $0.99 per outstanding share of common stock. The dividend will be paid on June 18, 2025 to all shareholders of record at the close of business on June 4, 2025 and is expected to total approximately $491.3 million.