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Summary of Significant Accounting Policies | 12 Months Ended
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Nov. 02, 2024
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies a.Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries. Upon consolidation, all intercompany accounts and transactions are eliminated. Certain amounts reported in previous years have been reclassified to conform to the presentation for the fiscal year ended November 2, 2024 (fiscal 2024). Such reclassified amounts are immaterial. The Company’s fiscal year is the 52-week or 53-week period ending on the Saturday closest to the last day in October. Fiscal 2024 was a 53-week fiscal period, while the fiscal year ended October 28, 2023 (fiscal 2023) and the fiscal year ended October 29, 2022 (fiscal 2022) were 52-week fiscal periods. The additional week in fiscal 2024 is included in the first quarter ended February 3, 2024. Therefore, fiscal 2024 includes an additional week of operations as compared to fiscal 2023 and fiscal 2022. On August 26, 2021 (Acquisition Date), the Company completed the acquisition of Maxim Integrated Products, Inc. (Maxim), an independent manufacturer of innovative analog and mixed-signal products and technologies. The acquisition of Maxim is referred to as the Acquisition. See Note 6, Acquisitions, of the Notes to Consolidated Financial Statements for additional information. b.Cash, Cash Equivalents and Short-term Investments Cash and cash equivalents are highly liquid investments with insignificant interest rate risk and maturities of ninety days or less at the time of acquisition. Short-term investments have original maturities of greater than ninety days at the time of acquisition. Cash, cash equivalents and short-term investments consist primarily of government and institutional money market funds, corporate obligations such as commercial paper and floating rate notes, bonds, demand deposit accounts, money market deposit accounts, and bank time deposits. The Company classifies its investments in readily marketable debt and equity securities as “held-to-maturity,” “available-for-sale” or “trading” at the time of purchase. The Company’s readily marketable cash equivalents and short-term investments are classified as available-for-sale. Available-for-sale securities are carried at fair value with unrealized gains and losses, net of related tax, reported in accumulated other comprehensive (loss) income (AOCI). Adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease in AOCI, unless the adjustment is considered an other-than-temporary impairment, in which case the adjustment is recorded as a charge in the Consolidated Statements of Income. The Company reviews available-for-sale securities and evaluates impairment whenever the fair value of the security is less than its amortized cost. If the Company intends to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the Company will write down the security to its fair value at the reporting date, recognizing the difference as a charge in the Consolidated Statements of Income. If the impairment is partially or wholly due to a credit loss, the Company will recognize the portion of the fair value adjustment due to credit loss in the Consolidated Statements of Income. Realized gains or losses on investments are determined based on the specific identification basis and are recognized in nonoperating (income) expense. There were no material net realized gains or losses from the sales of available-for-sale investments during any of the fiscal periods presented. The components of the Company’s cash and cash equivalents and short-term investments as of November 2, 2024 and October 28, 2023 were as follows:
| 2024 |  | 2023
Cash and Cash Equivalents: |  |  |
Cash and cash equivalents | $ | 1,398,782 |  |  | $ | 642,081 |
Available-for-sale securities | 592,560 |  |  | 315,980 |
Total cash and cash equivalents | $ | 1,991,342 |  |  | $ | 958,061 |
Short-term investments: |  |  |
Available-for-sale securities | 371,822 |  |  | — |
Total short-term investments | $ | 371,822 |  |  | $ | — |
See Note 2j, Fair Value, of the Notes to Consolidated Financial Statements for additional information on the Company’s cash equivalents and short-term investments. c.Supplemental Cash Flow Statement Information
| 2024 |  | 2023 |  | 2022
Cash paid during the fiscal year for: |  |  |  |  |
Income taxes | $ | 414,838 |  |  | $ | 987,225 |  |  | $ | 821,683 |
Interest | $ | 268,192 |  |  | $ | 206,415 |  |  | $ | 172,957 |
d.Inventories Inventories are valued at the lower of cost (first-in, first-out method) or net realizable value. The valuation of inventory requires the Company to estimate obsolete or excess inventory as well as inventory that is not of saleable quality. The Company employs a variety of methodologies to determine the net realizable value of its inventory. While a portion of the calculation to record inventory at its net realizable value is based on the age of the inventory and lower of cost or net realizable value calculations, a key factor in estimating obsolete or excess inventory requires the Company to estimate the future demand for its products. If actual demand is less than the Company’s estimates, impairment charges, which are recorded to cost of sales, may need to be recorded in future periods. Inventory in excess of saleable amounts is not valued, and the remaining inventory is valued at the lower of cost or net realizable value. Inventories at November 2, 2024 and October 28, 2023 were as follows:
| 2024 |  | 2023
Raw materials | $ | 93,608 |  |  | $ | 128,142 |
Work in process | 1,047,022 |  |  | 1,125,819 |
Finished goods | 307,057 |  |  | 388,253 |
Total inventories | $ | 1,447,687 |  |  | $ | 1,642,214 |
e.Property, Plant and Equipment The following table presents details of the Company’s property, plant and equipment (PP&E), net of accumulated depreciation:
| 2024 |  | 2023 (1)
Land and buildings | $ | 2,061,751 |  |  | $ | 1,737,842 |
Machinery and equipment | 4,456,926 |  |  | 4,355,651 |
Office equipment | 477,884 |  |  | 373,126 |
Leasehold improvements | 191,427 |  |  | 177,313 |
| 7,187,988 |  |  | 6,643,932 |
Less accumulated depreciation and amortization | 3,772,438 |  |  | 3,424,775 |
Net property, plant and equipment | $ | 3,415,550 |  |  | $ | 3,219,157 |
_________________________________ (1) Certain amounts previously reported between land and buildings and machinery and equipment have been reclassified to conform to the current year presentation. PP&E is recorded at cost, less allowances for depreciation and amortization. The straight-line method of depreciation is used for all classes of assets for financial statement purposes while both straight-line and accelerated methods are used for income tax purposes. Leasehold improvements are depreciated over the lesser of the term of the lease or the useful life of the asset. Repairs and maintenance charges are expensed as incurred. Depreciation is based on the following ranges of estimated useful lives:
Buildings | Up to 30 years
Machinery & equipment | 4-10 years
Office equipment | 2-10 years
Leasehold improvements | 5-20 years
The Company reviews PP&E for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Recoverability of these assets is determined by comparison of their carrying amount to the future undiscounted cash flows the assets are expected to generate over their remaining economic lives. If such assets are considered to be impaired, the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. If such assets are not impaired, but their useful lives have decreased, the remaining net book value is depreciated over the revised useful life. PP&E is identified as held for sale when it meets the held for sale criteria of Accounting Standards Codification Topic 360, Property, Plant, and Equipment (ASC 360). Depreciation is not recorded for assets that are classified as held for sale. When an asset meets the held for sale criteria, the lower of its carrying value or fair value less costs to sell is reclassified from the relevant PP&E line items and into current assets on the balance sheet, where it remains until it is either sold or it no longer meets the held for sale criteria. If the assets held for sale were carried at fair value, it would be considered a Level 3 fair value measurement, and determined based on the use of appraisals and input from market participants. The Company determined its campus facility located in Milpitas, California met the held for sale criteria specified in Accounting Standards Codification (ASC) 360. No write-downs to fair value were required upon this determination as the fair value of the asset group, less costs to sell, was greater than the carrying value. As of November 2, 2024, prepaid expenses and other current assets includes the following assets held for sale:
Land and buildings | $ | 62,106 |  |  |
Less accumulated depreciation and amortization | (20,604) |  |  |
Net property, plant and equipment reclassified to Prepaid expenses and other current assets | $ | 41,502 |  |  |
f.Goodwill and Intangible Assets Goodwill The Company evaluates goodwill for impairment annually, as well as whenever events or changes in circumstances suggest that the carrying value of goodwill may not be recoverable, utilizing either the qualitative or quantitative method. The Company tests goodwill for impairment at the reporting unit level, which the Company has determined is consistent with its identified operating segments, on an annual basis on the first day of the fourth quarter (on or about August 4th) or more frequently if indicators of impairment exist or the Company reorganizes its operating segments or reporting units. The Company has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its net book value. When using the qualitative method, the Company considers several factors, including the following: –the amount by which the fair values of each reporting unit exceeded their carrying values as of the date of the most recent quantitative impairment analysis, which indicated there would need to be substantial negative developments in the markets in which these reporting units operate in order for there to be potential impairment; –the carrying values of these reporting units as of the assessment date compared to the previously calculated fair values as of the date of the most recent quantitative impairment analysis; –the Company’s current forecasts as compared to the forecasts included in the most recent quantitative impairment analysis; –public information from competitors and other industry information to determine if there were any significant adverse trends in the Company’s competitors’ businesses; –changes in the value of major U.S. stock indices that could suggest declines in overall market stability that could impact the valuation of the Company’s reporting units; –changes in the Company’s market capitalization and overall enterprise valuation to determine if there were any significant decreases that could be an indication that the valuation of its reporting units had significantly decreased; and –whether there had been any significant increases to the weighted-average cost of capital rates for each reporting unit, which could materially lower the Company’s prior valuation conclusions under a discounted cash flow approach. If the Company elects not to use this option, or it determines that it is more likely than not that the fair value of a reporting unit is less than its net book value, then the Company performs the quantitative goodwill impairment test. The quantitative goodwill impairment test requires an entity to compare the fair value of a reporting unit with its carrying amount. If fair value is determined to be less than carrying value, an impairment loss is recognized for the amount of the carrying value that exceeds the amount of the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to the reporting unit. Additionally, the Company considers income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. Management determines the fair values of the reporting units using a weighting of the income and market approaches. Under the income approach, it uses a discounted cash flow methodology, which requires management to make significant estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, perpetual growth rates and long-term discount rates, among others. For the market approach, it uses the guideline public company method. Under this method management utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units, to create valuation multiples that are applied to the operating performance of the reporting unit being tested, in order to obtain its respective fair value. In order to assess the reasonableness of the calculated values, the aggregate fair values of the reporting units are reconciled to the Company’s total market capitalization, allowing for a reasonable control premium. During fiscal 2024 and fiscal 2023, the Company elected to use the qualitative method of assessing goodwill for all of its reporting units. In all periods presented, management concluded the reporting units’ fair values exceeded their carrying amounts as of the assessment dates and no risk of impairment existed. The Company’s next annual impairment assessment will be performed as of the first day of the fourth quarter of the fiscal year ending November 1, 2025 (fiscal 2025) unless indicators arise that would require the Company to reevaluate at an earlier date. Intangible Assets The Company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of assets may not be recoverable. If required, recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining estimated useful lives. If such assets are considered to be impaired, the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their estimated fair value determined by either a quoted market price, if any, or a value determined by utilizing a discounted cash flow technique. As of November 2, 2024 and October 28, 2023, the Company’s intangible assets consisted of the following:
| November 2, 2024 |  | October 28, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Gross Carrying Amount |  | Accumulated Amortization
Customer relationships | $ | 10,335,903 |  |  | $ | 4,561,856 |  |  | $ | 10,335,903 |  |  | $ | 3,811,865 |
Technology-based | 7,597,471 |  |  | 3,786,054 |  |  | 7,589,027 |  |  | 2,804,876 |
Trade-name | 72,200 |  |  | 72,200 |  |  | 72,200 |  |  | 68,432 |
Backlog (1) | — |  |  | — |  |  | 361,200 |  |  | 361,200 |
Assembled workforce | 1,800 |  |  | 1,800 |  |  | 1,800 |  |  | 1,800 |
Total | $ | 18,007,374 |  |  | $ | 8,421,910 |  |  | $ | 18,360,130 |  |  | $ | 7,048,173 |
_________________________________ (1) Backlog-related intangible asset was fully utilized during fiscal 2024. Amortization expense related to intangible assets was $1.7 billion, $2.0 billion and $2.0 billion in fiscal 2024, 2023 and 2022, respectively, and is recorded in cost of sales and amortization of intangibles on the Consolidated Statements of Income. The remaining amortization expense will be recognized over the remaining weighted average life of approximately 3.7 years. The Company expects annual amortization expense for intangible assets as follows:
Fiscal Year | Amortization Expense
2025 | $ | 1,584,043 |
2026 | $ | 1,534,232 |
2027 | $ | 1,529,740 |
2028 | $ | 1,463,291 |
2029 | $ | 1,126,744 |
g.Grant Accounting Certain of the Company’s subsidiaries have received grants from governmental agencies. These grants include capital, employment and research and development grants. Capital grants for the acquisition of property, plant and equipment are netted against the related capital expenditures and amortized as a credit to depreciation expense over the estimated useful life of the related asset. Employment grants, which relate to employee hiring and training, and research and development grants are recognized in earnings in the period in which the related expenditures are incurred by the Company. In August 2022, the U.S. government enacted the CHIPS and Science Act of 2022 (CHIPS Act), which provides funding for manufacturing grants and research investments and establishes a 25% investment tax credit for certain investments in U.S. semiconductor manufacturing. As of November 2, 2024, the Company recorded $106.3 million and $174.5 million as offsets within current income taxes payable and in other assets, respectively, with a corresponding reduction to the carrying amounts of the qualifying manufacturing assets on the Consolidated Balance Sheet. As of October 28, 2023, the Company recognized $174.3 million in other assets with a corresponding reduction to these fixed asset carrying amounts. h.Translation of Foreign Currencies Generally, the functional currency of the Company’s foreign operations is the U.S. dollar. In certain entities where that is not the case, gains and losses resulting from translation of the foreign currencies into U.S. dollars are recorded in AOCI. Transaction gains and losses and re-measurement of foreign currency denominated assets and liabilities are included in income currently, including those at the Company’s principal foreign manufacturing operations where the functional currency is the U.S. dollar. Foreign currency transaction gains or losses are included in other, net in the Consolidated Statements of Income. i.Derivative Instruments and Hedging Agreements Foreign Exchange Exposure Management — The Company enters into forward foreign currency exchange contracts to offset certain operational and balance sheet exposures from the impact of changes in foreign currency exchange rates. Such exposures result from the portion of the Company’s operations, assets and liabilities that are denominated in currencies other than the U.S. dollar, primarily the Euro; other significant exposures include the British Pound, Philippine Peso, Thai Baht, Malaysian Ringgit and the Japanese Yen. Derivative instruments are employed to eliminate or minimize certain foreign currency exposures that can be confidently identified and quantified. These foreign currency exchange contracts are entered into to support transactions made in the normal course of business, and accordingly, are not speculative in nature. The contracts are for periods consistent with the terms of the underlying transactions, generally one year or less. Hedges related to anticipated transactions are matched with the underlying exposures at inception and designated and documented as cash flow hedges. They are qualitatively evaluated for effectiveness on a quarterly basis. The gain or loss on the derivatives are reported as a component of AOCI in shareholders’ equity and reclassified into earnings in the same line item on the Consolidated Statements of Income as the impact of the hedged transaction in the same period during which the hedged transaction affects earnings. The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges as of November 2, 2024 and October 28, 2023 was $257.0 million and $322.6 million, respectively. The fair values of forward foreign currency derivative instruments designated as hedging instruments in the Company’s Consolidated Balance Sheets as of November 2, 2024 and October 28, 2023 were as follows:
|  |  | Fair Value At
| Balance Sheet Location |  | November 2, 2024 |  | October 28, 2023
Forward foreign currency exchange contracts | Prepaid expenses and other current assets |  | $ | 780 |  |  | $ | 471 |
Forward foreign currency exchange contracts | Accrued liabilities |  | $ | 4,235 |  |  | $ | 9,897 |
Additionally, the Company enters into forward foreign currency contracts that economically hedge the gains and losses generated by the re-measurement of certain recorded assets and liabilities in a non-functional currency. Changes in the fair value of these undesignated hedges are recognized in other (income) expense immediately as an offset to the changes in the fair value of the asset or liability being hedged. As of November 2, 2024 and October 28, 2023, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $176.8 million and $334.7 million, respectively.
|  |  | Fair Value At
| Balance Sheet Location |  | November 2, 2024 |  | October 28, 2023
Undesignated hedges related to forward foreign currency exchange contracts | Prepaid expenses and other current assets |  | $ | 6,538 |  |  | $ | 1,469 |
Undesignated hedges related to forward foreign currency exchange contracts | Accrued liabilities |  | $ | 12,044 |  |  | $ | 3,618 |
All of the Company’s derivative financial instruments are eligible for netting arrangements that allow the Company and its counterparties to net settle amounts owed to each other. As of November 2, 2024 and October 28, 2023, none of the netting arrangements involved collateral. Interest Rate Exposure Management — The Company’s current and future debt may be subject to interest rate risk. The Company utilizes interest rate derivatives to alter interest rate exposure in an attempt to reduce the effects of changes in interest rates. During fiscal 2023, the Company entered into interest rate swap transactions related to its outstanding $1.0 billion aggregate principal amount of 2.1% senior unsecured notes (the 2031 Notes) where the Company swapped the notional amount of its $1.0 billion of fixed rate debt at 2.1% into floating interest rate debt through April 1, 2031. The fair value of the swaps at inception was zero and subsequent changes in the fair value of the interest rate swaps were reflected in the carrying value of the interest rate swaps on the balance sheet. The carrying value of the debt on the balance sheet was adjusted by an equal and offsetting amount. The interest rate swaps were designated and qualified as fair value hedges. The Company does not consider the risk of counterparty default to be significant. The gain or loss on the hedged item attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps were recorded as follows:
| November 2, 2024 |  | October 28, 2023
Balance Sheet Location | Loss on Swaps |  | Gain on Note |  | Loss on Swaps |  | Gain on Note
Accrued liabilities | $ | 36,855 |  |  | $ | — |  |  | $ | 81,602 |  |  | $ | — |
Long-term debt | $ | — |  |  | $ | 36,855 |  |  | $ | — |  |  | $ | 81,602 |
The market risk associated with the Company’s derivative instruments results from currency exchange rate or interest rate movements that are expected to offset the market risk of the underlying transactions, assets and liabilities being hedged. The counterparties to the agreements relating to the Company’s derivative instruments consist of a number of major international financial institutions with high credit ratings. Based on the credit ratings of the Company’s counterparties as of November 2, 2024 and October 28, 2023, nonperformance is not perceived to be a material risk. Furthermore, none of the Company’s derivatives are subject to collateral or other security arrangements and none contain provisions that are dependent on the Company’s credit ratings from any credit rating agency. While the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions, they do not represent the amount of the Company’s exposure to credit risk. The amounts potentially subject to credit risk (arising from the possible inability of counterparties to meet the terms of their contracts) are generally limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the obligations of the Company to the counterparties. As a result of the above considerations, the Company does not consider the risk of counterparty default to be significant. The Company records the fair value of its derivative financial instruments in its Consolidated Financial Statements in other current assets, other assets, accrued liabilities, other non-current liabilities and long-term debt, depending on their net position, regardless of the purpose or intent for holding the derivative contract. Changes in the fair value of cash flow hedges are recorded in AOCI and reclassified into earnings in the same line item on the Consolidated Statements of Income as the impact of the hedged transaction when the underlying contract matures. Changes in the fair value of designated fair value hedges are recorded on the Consolidated Balance Sheets as a swap asset or an accrued liability with an offsetting increment/decrement to the long-term debt balance, which is the underlying item being hedged. Changes in the fair values of derivatives not qualifying for hedge accounting are reported in earnings as they occur. For information on the unrealized holding gains (losses) on derivatives included in and reclassified out of AOCI into the Consolidated Statements of Income related to forward foreign currency exchange contracts, see Note 2o, Accumulated Other Comprehensive (Loss) Income, of the Notes to Consolidated Financial Statements. j.Fair Value The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Level 1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 — Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The tables below, set forth by level, presents the Company’s financial assets and liabilities, excluding accrued interest components, that were accounted for at fair value on a recurring basis as of November 2, 2024 and October 28, 2023. 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 November 2, 2024 and October 28, 2023, the Company held $1.4 billion and $642.1 million, respectively, of cash that was excluded from the tables below.
| 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 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 2i, Derivative Instruments and Hedging Agreements, of the Notes to 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 2i, Derivative Instruments and Hedging Agreements, of the Notes to Consolidated Financial Statements.
| October 28, 2023
| 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 | $ | 315,980 |  |  | $ | — |  |  |  |  | $ | 315,980 |
Other assets: |  |  |  |  |  |  |
Forward foreign currency exchange contracts (1) |  |  | 1,940 |  |  |  |  | 1,940 |
Deferred compensation investments | 78,246 |  |  | — |  |  |  |  | 78,246 |
Total assets measured at fair value | $ | 394,226 |  |  | $ | 1,940 |  |  |  |  | $ | 396,166 |
Liabilities |  |  |  |  |  |  |
Forward foreign currency exchange contracts (1) | $ | — |  |  | $ | 13,515 |  |  |  |  | $ | 13,515 |
Interest rate derivatives (2) | — |  |  | 81,602 |  |  |  |  | 81,602 |
Total liabilities measured at fair value | $ | — |  |  | $ | 95,117 |  |  |  |  | $ | 95,117 |
(1) The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 2i, Derivative Instruments and Hedging Agreements, of the Notes to 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 2i, Derivative Instruments and Hedging Agreements, of the Notes to Consolidated Financial Statements. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: Cash equivalents and short-term investments — These investments are adjusted to fair value based on quoted market prices or are determined using a yield curve model based on current market rates. Deferred compensation plan investments — The fair value of these mutual fund, money market fund and equity investments are based on quoted market prices. Forward foreign currency exchange contracts — The estimated fair value of forward foreign currency exchange contracts, which includes derivatives that are accounted for as cash flow hedges and those that are not designated as cash flow hedges, is based on the estimated amount the Company would receive if it sold these agreements at the reporting date taking into consideration current exchange rates as well as the creditworthiness of the counterparty for assets and the Company’s creditworthiness for liabilities. The fair value of these instruments is based upon valuation models using current market information such as strike price, spot rate, forward points, and maturity date. Interest rate derivative — The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis Santa Clara, California leased property asset group — As a result of a sublease transaction involving a leased property in Santa Clara, California during fiscal 2022, the Company estimated the fair value of the sublease assets using discounted cash flows from the estimated net sublease rental income discounted at a market rate and recorded an impairment charge which represented the excess carrying value of the asset group associated with the Santa Clara, California leased property over its estimated fair value. These assets are considered a Level 2 fair value measurement. See Note 5, Special Charges, Net, of the Notes to Consolidated Financial Statements for additional information. Held for sale assets — The Company has classified the assets held for sale at carrying value. However, if they were to be carried at fair value, they would be considered a Level 3 fair value measurement and would be determined based on the use of appraisals and input from market participants. Debt — The table below presents the estimated fair value 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 ($547.7 million and $547.2 million as of November 2, 2024 and October 28, 2023, 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. See Note 14, Debt, of the Notes to Consolidated Financial Statements for further discussion related to outstanding debt.
| November 2, 2024 |  | October 28, 2023
| Principal Amount Outstanding |  | Fair Value |  | Principal Amount Outstanding |  | Fair Value
2024 Notes, due October 2024 | $ | — |  |  | $ | — |  |  | $ | 500,000 |  |  | $ | 499,473 |
2025 Notes, due April 2025 | 400,000 |  |  | 397,027 |  |  | 400,000 |  |  | 385,231 |
2026 Notes, due December 2026 | 900,000 |  |  | 882,795 |  |  | 900,000 |  |  | 851,023 |
2027 Notes, due June 2027 | 440,212 |  |  | 421,077 |  |  | 440,212 |  |  | 408,595 |
2028 Notes, due October 2028 | 750,000 |  |  | 673,316 |  |  | 750,000 |  |  | 628,999 |
2031 Notes, due October 2031 | 1,000,000 |  |  | 843,766 |  |  | 1,000,000 |  |  | 773,404 |
2032 Notes, due October 2032 | 300,000 |  |  | 287,172 |  |  | 300,000 |  |  | 269,828 |
2034 Notes, due April 2034 | 550,000 |  |  | 553,375 |  |  | — |  |  | — |
2036 Notes, due December 2036 | 144,278 |  |  | 136,718 |  |  | 144,278 |  |  | 118,554 |
2041 Notes, due October 2041 | 750,000 |  |  | 534,435 |  |  | 750,000 |  |  | 479,078 |
2045 Notes, due December 2045 | 332,587 |  |  | 322,942 |  |  | 332,587 |  |  | 292,248 |
2051 Notes, due October 2051 | 1,000,000 |  |  | 655,668 |  |  | 1,000,000 |  |  | 590,666 |
2054 Notes, due April 2054 | 550,000 |  |  | 541,912 |  |  | — |  |  | — |
Total Debt | $ | 7,117,077 |  |  | $ | 6,250,203 |  |  | $ | 6,517,077 |  |  | $ | 5,297,099 |
k.Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Such estimates relate to the useful lives of fixed assets and identified intangible assets; allowances for doubtful accounts and customer returns; the net realizable value of inventory; potential reserves relating to litigation matters; accrued liabilities, including estimates of variable consideration related to distributor sales; accrued taxes; uncertain tax positions; deferred tax valuation allowances; assumptions pertaining to stock-based compensation payments and defined benefit plans; and fair value of acquired assets and liabilities, including inventory, property, plant and equipment, goodwill and acquired intangibles; and other reserves. Actual results could differ from those estimates and such differences may be material to the financial statements. l.Concentrations of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of investments and trade accounts receivable. The Company maintains cash, cash equivalents and short-term investments with high credit quality counterparties, continuously monitors the amount of credit exposure to any one issuer and diversifies its investments in order to minimize its credit risk. The Company sells its products to distributors and original equipment manufacturers (OEMs) involved in a variety of industries including industrial, communications, automotive and consumer end markets. The Company has adopted credit policies and standards to accommodate growth in these markets. The Company performs continuing credit evaluations of its customers’ financial condition and although the Company generally does not require collateral, the Company may require letters of credit from customers in certain circumstances. The Company provides reserves for estimated amounts of accounts receivable that may not be collected. Revenue attributable to significant distributors whose revenue as a percentage of total revenue was 10% or greater of total revenue is presented in the following table:
|  | Year Ended
|  | November 2, 2024 |  | October 28, 2023 |  | October 29, 2022
Distributor 1 |  | 24% |  | 25% |  | 22%
Distributor 2 |  | 12% |  | 10% |  | 10%
Distributor 3 |  | 12% |  | * |  | *
___________________________________________________________ *Revenue for this distributor was not greater than 10% of total revenue for these periods. No other customer accounted for greater than 10% of total revenue in any period presented. m.Concentration of Other Risks The semiconductor industry is characterized by rapid technological change, competitive pricing pressures and cyclical market patterns. The Company’s financial results are affected by a wide variety of factors, including general economic conditions worldwide, economic conditions specific to the semiconductor industry, the timely implementation of new manufacturing technologies, the ability to safeguard patents and intellectual property in a rapidly evolving market and reliance on assembly and test subcontractors, third-party wafer fabricators and independent distributors. In addition, the semiconductor market has historically been cyclical and subject to significant economic downturns at various times. The Company is exposed to the risk of obsolescence of its inventory depending on the mix of future business. Additionally, more than half of the Company’s purchases of external wafer and foundry services are from a limited number of suppliers, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others. If these suppliers or any of the Company’s other key suppliers are unable or unwilling to manufacture and deliver sufficient quantities of components, on the time schedule and of the quality that the Company requires, the Company may be forced to engage additional or replacement suppliers, which could result in significant expenses and disruptions or delays in manufacturing, product development and shipment of product to the Company’s customers. n.Revenue Recognition Recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the providing entity expects to be entitled in exchange for those goods or services. The Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company recognizes revenue when all of the following criteria are met: (1) the Company has entered into a binding agreement, (2) the performance obligations have been identified, (3) the transaction price to the customer has been determined, (4) the transaction price has been allocated to the performance obligations in the contract, and (5) the performance obligations have been satisfied. The majority of the Company’s shipping terms permit the Company to recognize revenue at point of shipment or delivery. Certain shipping terms require the goods to be through customs or be received by the customer before title passes. In those instances, the Company defers the revenue recognized until title and control of the promised goods have passed to the customer. Shipping costs are charged to selling, marketing, general and administrative expense as incurred. Sales taxes are excluded from revenue. Revenue from contracts with the United States government, government prime contractors and certain commercial customers is recorded over time using either units delivered or costs incurred as the measurement basis for progress toward completion. These measures are used to measure results directly and is generally the best measure of progress toward completion in circumstances in which a reliable measure of output can be established. Estimated revenue in excess of amounts billed is reported as unbilled receivables. Contract accounting requires judgment in estimating costs and assumptions related to technical issues and delivery schedule. Contract costs include material, subcontract costs, labor and an allocation of indirect costs. The estimation of costs at completion of a contract is subject to numerous variables involving contract costs and estimates as to the length of time to complete the contract. Changes in contract performance, estimated gross margin, including the impact of final contract settlements, and estimated losses are recognized in the period in which the changes or losses are determined. Performance Obligations: Substantially all of the Company’s contracts with customers contain a single performance obligation, the sale of mixed-signal integrated circuit products. Such sales represent a single performance obligation because the sale is one type of good or includes multiple goods that are neither capable of being distinct nor separable from the other promises in the contract. This performance obligation is satisfied when control of the product is transferred to the customer, which occurs upon shipment or delivery. Unsatisfied performance obligations primarily represent contracts for products with future delivery dates and with an original expected duration of one year or less. The Company generally offers a twelve-month warranty for its products. The Company’s warranty policy provides for replacement of defective products. Specific accruals are recorded for known product warranty issues. Product warranty expenses during fiscal 2024, fiscal 2023 and fiscal 2022 were not material. Transaction Price: The transaction price reflects the Company’s expectations about the consideration it will be entitled to receive from the customer and may include fixed or variable amounts. Fixed consideration primarily includes sales to direct customers and sales to distributors in which both the sale to the distributor and the sale to the end customer occur within the same reporting period. Variable consideration includes sales in which the amount of consideration that the Company will receive is unknown as of the end of a reporting period. The vast majority of such consideration are credits issued to the distributor due to price protection, but also include sales made to distributors under agreements that allow certain rights of return, referred to as stock rotation. Price protection represents price discounts granted to certain distributors to allow the distributor to earn an appropriate margin on sales negotiated with certain customers and in the event of a price decrease subsequent to the date the product was shipped and billed to the distributor. Stock rotation allows distributors limited levels of returns in order to reduce the amounts of slow-moving, discontinued or obsolete product from their inventory. A liability for distributor credits covering variable consideration is made based on the Company’s estimate of historical experience rates as well as considering economic conditions and contractual terms. To date, actual distributor claims activity has been materially consistent with the provisions the Company has made based on its historical estimates. For fiscal 2024 and fiscal 2023, sales to distributors were approximately $5.5 billion and $7.5 billion, respectively, net of variable consideration for which the liability balances as of November 2, 2024 and October 28, 2023 were $508.7 million and $525.4 million, respectively, and were recorded in accrued liabilities on the Consolidated Balance Sheets. Contract Balances: Accounts receivable represents the Company’s unconditional right to receive consideration from its customers. Payments are typically due within 30 to 45 days of invoicing and do not include a significant financing component. To date, there have been no material credit losses on accounts receivable. There were no material contract assets or contract liabilities recorded on the Consolidated Balance Sheets in any of the periods presented. o.Accumulated Other Comprehensive (Loss) Income AOCI includes certain transactions that have generally been reported in the Consolidated Statement of Shareholders’ Equity. The changes in components of AOCI at November 2, 2024 and October 28, 2023 consisted of the following:
| Foreign currency translation adjustment |  |  |  |  |  | Unrealized holding gains/losses on derivatives |  | Pension plans |  | Total
October 28, 2023 | $ | (72,544) |  |  |  |  |  |  | $ | (102,043) |  |  | $ | (13,715) |  |  | $ | (188,302) |
Other comprehensive income before reclassifications | 1,033 |  |  |  |  |  |  | 10,481 |  |  | (14,662) |  |  | (3,148) |
Amounts reclassified out of other comprehensive loss | — |  |  |  |  |  |  | 10,168 |  |  | 1,032 |  |  | 11,200 |
Tax | — |  |  |  |  |  |  | (3,808) |  |  | (1,198) |  |  | (5,006) |
Other comprehensive income | 1,033 |  |  |  |  |  |  | 16,841 |  |  | (14,828) |  |  | 3,046 |
November 2, 2024 | $ | (71,511) |  |  |  |  |  |  | $ | (85,202) |  |  | $ | (28,543) |  |  | $ | (185,256) |
The amounts reclassified out of AOCI into the Consolidated Statements of Income, with presentation location during each period were as follows:
Comprehensive Income Component |  | 2024 |  | 2023 |  |  |  | Location
Changes in unrealized holding gains/losses on derivatives |  |  |  |
Currency forwards |  | $ | (775) |  |  | $ | 213 |  |  |  |  | Cost of sales
|  | (219) |  |  | 538 |  |  |  |  | Research and development
|  | (3,762) |  |  | (2,738) |  |  |  |  | Selling, marketing, general and administrative
Interest rate derivatives |  | 14,924 |  |  | 14,920 |  |  |  |  | Interest expense
|  | 10,168 |  |  | 12,933 |  |  |  |  | Total before tax
|  | (2,140) |  |  | (3,311) |  |  |  |  | Tax
|  | $ | 8,028 |  |  | $ | 9,622 |  |  |  |  | Net of tax
Amortization of pension components included in the computation of net periodic benefit cost
Actuarial losses (1) |  | $ | 1,032 |  |  | $ | 1,513 |  |  |  |  | Net of tax
Total amounts reclassified out of AOCI, net of tax |  | $ | 9,060 |  |  | $ | 11,135 |  |  |  |  |
_______________________________________ (1)The amortization of pension components is included in the computation of net periodic benefit cost. See Note 11, Retirement Plans, of the Notes to Consolidated Financial Statements for further information. p.Income Taxes The Company makes certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of income tax credits, benefits, and deductions, and in the calculation of certain tax assets and liabilities, which arise from differences in the timing of the recognition of certain expenses for tax and financial statement purposes. The likelihood of the realization of deferred tax assets is assessed and a corresponding valuation allowance is recorded as necessary if management determines those deferred tax assets may not be realized due to the uncertainty of the timing and amount to be realized of certain state and international tax credit carryovers. In reaching this conclusion, the Company evaluates certain relevant criteria including the existence of deferred tax liabilities that can be used to realize deferred tax assets, the taxable income in prior carryback years in the impacted state and international jurisdictions that can be used to absorb net operating losses and taxable income in future years. Judgments regarding future profitability may change due to future market conditions, changes in U.S. or international tax laws and other factors. These changes, if any, may require material adjustments to these deferred tax assets, which may result in an increase or decrease to the income tax provision in future periods. The Company accounts for uncertain tax positions by first determining if it is “more likely than not” that a tax position will be sustained by the appropriate taxing authorities prior to recording any benefit in the Consolidated Financial Statements. An uncertain income tax position is not recognized if it has less than a 50% likelihood of being sustained. For those tax positions where it is more likely than not that a tax position will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Management classifies interest and penalties related to uncertain tax positions within the provision for income taxes line of the Consolidated Statements of Income. Management reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in known facts or circumstances, changes in tax law, effectively settled issues under audit, and new guidance on legislative interpretations. A change in these factors could result in the recognition of an increase or decrease to the Company’s income tax provision which could materially impact its consolidated financial position and results of operations. In the ordinary course of global business, there are many transactions and calculations where the ultimate tax outcome is uncertain. Some of these uncertainties arise as a consequence of cost reimbursement and royalty arrangements among related entities. Although the Company believes its estimates are reasonable, no assurance can be given that the final tax outcome of these matters will not be different than that which is reflected in the historical income tax provisions and income tax liabilities. In the event management’s assumptions are incorrect, the differences could have a material impact on its income tax provision and operating results in the period in which such determination is made. In addition to the factors described above, the current and expected effective tax rate is based on then-current tax law. Significant changes in enacted tax law could affect these estimates. See Note 12, Income Taxes, of the Notes to Consolidated Financial Statements for further information related to income taxes. q.Earnings Per Share of Common Stock Basic earnings per share is computed based only on the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding during the period, plus the dilutive effect of potential future issuances of common stock relating to stock option programs and other potentially dilutive securities using the treasury stock method. In calculating diluted earnings per share, the dilutive effect of stock options and restricted stock units is computed using the average market price for the respective period. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money and restricted stock units. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of in-the-money stock options. Potential shares related to certain of the Company’s outstanding stock options and restricted stock units were excluded because they were anti-dilutive. Those potential shares, determined based on the weighted average exercise prices during the respective periods, could be dilutive in the future. The following table sets forth the computation of basic and diluted earnings per share:
| 2024 |  | 2023 |  | 2022
Net income | $ | 1,635,273 |  |  | $ | 3,314,579 |  |  | $ | 2,748,561 |
Basic shares: |  |  |  |  |
Weighted-average shares outstanding | 496,166 |  |  | 502,232 |  |  | 519,226 |
Earnings per common share basic | $ | 3.30 |  |  | $ | 6.60 |  |  | $ | 5.29 |
Diluted shares: |  |  |  |  |
Weighted-average shares outstanding | 496,166 |  |  | 502,232 |  |  | 519,226 |
Assumed exercise of common stock equivalents | 2,531 |  |  | 3,727 |  |  | 3,952 |
Weighted-average common and common equivalent shares | 498,697 |  |  | 505,959 |  |  | 523,178 |
Earnings per common share diluted | $ | 3.28 |  |  | $ | 6.55 |  |  | $ | 5.25 |
Anti-dilutive shares related to: |  |  |  |  |
Outstanding stock options | 71 |  |  | 253 |  |  | 608 |
r.Stock-Based Compensation Stock-based compensation is measured at the grant date based on the grant-date fair value of the awards ultimately expected to vest and is recognized as an expense on a straight-line basis over the vesting period, which is generally four years for stock options and restricted stock units, or in annual installments of 25% on each of the first, second, third and fourth anniversaries of the date of grant. Restricted stock units with service and performance or market conditions generally vest in one installment on the third anniversary of the date of grant. For grants issued prior to fiscal 2018, the vesting period was generally five years for stock options, or in annual installments of 20% on each of the first, second, third, fourth and fifth anniversaries of the date of grant and in one installment on the third anniversary of the date of grant for restricted stock units/awards. The maximum contractual term of all stock options is ten years. Determining the amount of stock-based compensation expense to be recorded requires the Company to develop estimates used in calculating the grant-date fair value of awards. These estimates may be based on different valuation models depending upon the type of award and may include assumptions, such as expected volatility, expected term, risk-free interest rate, expected dividend yield, forfeiture rate and others. The Company uses the Black-Scholes valuation model to calculate the grant-date fair value of stock option awards. The grant-date fair value of restricted stock units with a service condition and restricted stock units with both service and performance conditions is 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. For restricted stock units with both service and performance conditions, this grant-date fair value 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. If the Company determines that an award is unlikely to vest, any previously recorded stock-based compensation expense is reversed in the period of that determination. The grant date fair value of restricted stock units and performance-based stock options with both service and market conditions is calculated using the Monte Carlo simulation model to estimate the probability of satisfying the performance condition stipulated in the award grant, including the possibility that the market condition may not be satisfied. The fair value of shares issued under the Company’s employee stock purchase plan (ESPP) is computed using the Black-Scholes model at the commencement of an offering period in June and December of each year and the related expense is recorded over the offering period. See Note 3, Stock-Based Compensation and Shareholders’ Equity, of the Notes to Consolidated Financial Statements for additional information relating to stock-based compensation. s.New Accounting Pronouncements Standards Implemented Acquired Contract Assets and Contract Liabilities In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities. Under this guidance (ASC 805-20-30-28), the acquirer should determine what contract assets and/or contract liabilities it would have recorded under ASC 606 (the revenue guidance) as of the acquisition date, as if the acquirer had entered into the original contract at the same date and on the same terms as the acquiree. The recognition and measurement of those contract assets and contract liabilities will likely be comparable to what the acquiree has recorded on its books under ASC 606 as of the acquisition date. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2021-08 in the first quarter of fiscal 2024. Upon adoption, ASU 2021-08 did not have a material impact on the Company’s financial position and results of operations. 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 position and results of operations. 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 position and results of operations. 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, 2024, and interim periods within fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial position and results of operations.

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