Analog Devices (ADI) 10-Q 15 Feb 23 2023 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Jan. 28, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 28, 2023
Document Transition Report	false
Entity File Number	1-7819
Entity Registrant Name	Analog Devices, Inc.
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-2348234
Entity Address, Address Line One	One Analog Way,
Entity Address, City or Town	Wilmington,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01887
City Area Code	781
Local Phone Number	935-5565
Title of 12(b) Security	Common Stock $0.16 2/3 par value per share
Entity Trading Symbol	ADI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	505,852,499
Entity Central Index Key	0000006281
Current Fiscal Year End Date	--10-28
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Income Statement [Abstract]
Revenue	$ 3,249,630	$ 2,684,293
Cost of sales	1,125,289	1,282,296
Gross margin	2,124,341	1,401,997
Operating expenses:
Research and development	414,095	426,780
Selling, marketing, general and administrative	326,284	297,365
Amortization of intangibles	253,142	253,367
Special charges, net	0	59,728
Total operating expenses	993,521	1,037,240
Operating income:	1,130,820	364,757
Nonoperating expense (income):
Interest expense	60,453	51,964
Interest income	(10,829)	(218)
Other, net	7,723	(10,544)
Total nonoperating expense (income)	57,347	41,202
Income before income taxes	1,073,473	323,555
Provision for income taxes	111,999	43,478
Net income	$ 961,474	$ 280,077
Shares used to compute earnings per common share – basic (in shares)	507,121	525,291
Shares used to compute earnings per common share – diluted (in shares)	511,184	530,142
Basic earnings per common share (in dollars per share)	$ 1.90	$ 0.53
Diluted earnings per common share (in dollars per share)	$ 1.88	$ 0.53

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 961,474	$ 280,077
Foreign currency translation adjustments	2,499	(4,603)
Change in fair value of derivative instruments designated as cash flow hedges, net	25,467	1,046
Changes in pension plans, net actuarial gain/loss and foreign currency translation adjustments, net	452	1,504
Other comprehensive income (loss)	28,418	(2,053)
Comprehensive income	$ 989,892	$ 278,024

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jan. 28, 2023	Oct. 29, 2022
Current Assets
Cash and cash equivalents	$ 1,670,462	$ 1,470,572
Accounts receivable	1,629,870	1,800,462
Inventories	1,522,942	1,399,914
Prepaid expenses and other current assets	338,226	267,044
Total current assets	5,161,500	4,937,992
Non-current Assets
Net property, plant and equipment	2,524,655	2,401,304
Goodwill	26,913,134	26,913,134
Intangible assets, net	12,763,229	13,265,406
Deferred tax assets	2,267,178	2,264,888
Other assets	604,824	519,626
Total non-current assets	45,073,020	45,364,358
TOTAL ASSETS	50,234,520	50,302,350
Current Liabilities
Accounts payable	534,659	582,160
Income taxes payable	513,943	265,845
Accrued liabilities	1,385,075	1,594,650
Total current liabilities	2,433,677	2,442,655
Non-current Liabilities
Long-term debt	6,543,250	6,548,625
Deferred income taxes	3,477,044	3,622,538
Income taxes payable	712,376	707,846
Other non-current liabilities	536,688	515,363
Total non-current liabilities	11,269,358	11,394,372
Shareholders’ Equity
Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding	0	0
Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 505,852,499 shares outstanding (509,295,941 on October 29, 2022)	84,306	84,880
Capital in excess of par value	27,319,566	27,857,270
Retained earnings	9,297,347	8,721,325
Accumulated other comprehensive loss	(169,734)	(198,152)
Total shareholders’ equity	36,531,485	36,465,323
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 50,234,520	$ 50,302,350

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 28, 2023	Oct. 29, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	471,934	471,934
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.16	$ 0.16
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares outstanding (in shares)	505,852,499	509,295,941

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Oct. 30, 2021		525,331,000
Beginning balance at Oct. 30, 2021		$ 87,554	$ 30,574,237	$ 7,517,316	$ (186,565)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 280,077			280,077
Dividends declared and paid				(362,645)
Issuance of stock under stock plans and other (in shares)		579,000
Issuance of stock under stock plans and other		$ 100	8,371
Stock-based compensation expense			86,939
Other comprehensive income (loss)	$ (2,053)				(2,053)
Common stock repurchased (in shares)		(2,595,000)
Common stock repurchased		$ (433)	(575,586)
Ending balance (in shares) at Jan. 29, 2022		523,315,000
Ending balance at Jan. 29, 2022		$ 87,221	30,093,961	7,434,748	(188,618)
Beginning balance (in shares) at Oct. 29, 2022	509,295,941	509,296,000
Beginning balance at Oct. 29, 2022	$ 36,465,323	$ 84,880	27,857,270	8,721,325	(198,152)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	961,474			961,474
Dividends declared and paid				(385,452)
Issuance of stock under stock plans and other (in shares)		617,000
Issuance of stock under stock plans and other		$ 103	41,135
Stock-based compensation expense			75,041
Other comprehensive income (loss)	$ 28,418				28,418
Common stock repurchased (in shares)		(4,061,000)
Common stock repurchased		$ (677)	(653,880)
Ending balance (in shares) at Jan. 28, 2023	505,852,499	505,852,000
Ending balance at Jan. 28, 2023	$ 36,531,485	$ 84,306	$ 27,319,566	$ 9,297,347	$ (169,734)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Statement of Stockholders' Equity [Abstract]
Dividends (in dollars per share)	$ 0.76	$ 0.69

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Cash flows from operating activities:
Net income	$ 961,474	$ 280,077
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	85,321	65,165
Amortization of intangibles	502,177	504,645
Cost of goods sold for inventory acquired	0	271,396
Stock-based compensation expense	75,041	86,939
Deferred income taxes	(146,354)	(34,651)
Non-cash operating lease costs	(2,646)	7,823
Other	12,378	(9,571)
Changes in operating assets and liabilities	(81,086)	(315,410)
Total adjustments	444,831	576,336
Net cash provided by operating activities	1,406,305	856,413
Cash flows from investing activities:
Additions to property, plant and equipment	(176,158)	(111,133)
Other	102	7,824
Net cash used for investing activities	(176,056)	(103,309)
Cash flows from financing activities:
Early termination of debt	0	(519,116)
Dividend payments to shareholders	(385,452)	(362,645)
Repurchase of common stock	(654,557)	(76,019)
Proceeds from employee stock plans	41,238	8,471
Other	(31,588)	12,041
Net cash used for financing activities	(1,030,359)	(937,268)
Effect of exchange rate changes on cash	0	(3,401)
Net increase (decrease) in cash and cash equivalents	199,890	(187,565)
Cash and cash equivalents at beginning of period	1,470,572	1,977,964
Cash and cash equivalents at end of period	$ 1,670,462	$ 1,790,399

Basis of Presentation

Basis of Presentation	3 Months Ended
	Jan. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 October 29, 2022 (fiscal 2022) 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 October 28, 2023 (fiscal 2023) 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. Certain amounts reported in previous periods have been reclassified to conform to the fiscal 2023 presentation.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Jan. 28, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' EquityAs of January 28, 2023, the Company had repurchased a total of approximately 193.6 million shares of its common stock for approximately $12.4 billion under the Company's share repurchase program. As of January 28, 2023, an additional $4.3 billion remains available for repurchase of shares under the current authorized program. The Company also repurchases shares in settlement of employee tax withholding obligations due upon the vesting of restricted stock units/awards or the exercise of stock options as well as for the Company's employee stock purchase plan. Future repurchases of common stock will be dependent upon the Company's financial position, results of operations, outlook, liquidity and other factors deemed relevant by the Company.

Accumulated Other Comprehensive

Accumulated Other Comprehensive (Loss) Income	3 Months Ended
	Jan. 28, 2023
Equity [Abstract]
Accumulated Other Comprehensive (Loss) Income	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 three months of fiscal 2023. Foreign currency translation adjustment Unrealized holding gains (losses) on derivatives Pension plans Total October 29, 2022 $ (72,136) $ (119,613) $ (6,403) $ (198,152) Other comprehensive income before reclassifications 2,499 28,211 82 30,792 Amounts reclassified out of other comprehensive income — 924 370 1,294 Tax effects — (3,668) — (3,668) Other comprehensive income 2,499 25,467 452 28,418 January 28, 2023 $ (69,637) $ (94,146) $ (5,951) $ (169,734) 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 Comprehensive (Loss) Income Component January 28, 2023 January 29, 2022 Location Unrealized holding (gains) losses on derivatives: Currency forwards $ (1,059) $ 1,751 Cost of sales (447) 1,210 Research and development (1,297) 1,873 Selling, marketing, general and administrative Interest rate derivatives 3,727 3,731 Interest expense 924 8,565 Total before tax (802) (1,301) Tax $ 122 $ 7,264 Net of tax Amortization of pension components included in the computation of net periodic pension cost: Actuarial losses $ 370 $ 489 Net of tax Total amounts reclassified out of AOCI, net of tax $ 492 $ 7,753

Earnings Per Share

Earnings Per Share	3 Months Ended
	Jan. 28, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended January 28, 2023 January 29, 2022 Net Income $ 961,474 $ 280,077 Basic shares: Weighted-average shares outstanding 507,121 525,291 Earnings per common share basic: $ 1.90 $ 0.53 Diluted shares: Weighted-average shares outstanding 507,121 525,291 Assumed exercise of common stock equivalents 4,063 4,851 Weighted-average common and common equivalent shares 511,184 530,142 Earnings per common share diluted: $ 1.88 $ 0.53 Anti-dilutive shares related to: Outstanding stock-based awards 322 185

Special Charges, Net

Special Charges, Net	3 Months Ended
	Jan. 28, 2023
Restructuring and Related Activities [Abstract]
Special Charges, Net	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 October 29, 2022 $ 52,070 Severance and benefit payments (16,298) Balance at January 28, 2023 $ 35,772

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Jan. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesOn March 17, 2022, Walter E. Ryan and Ryan Asset Management, LLC, purported stockholders of Maxim Integrated Products, Inc. (Maxim), filed a putative class action in the Court of Chancery of the State of Delaware (C.A. No. 2022—0255) against the Company and the former directors of Maxim. The complaint alleges breach of fiduciary duties by the individual defendants in connection with Maxim’s agreement, as part of the merger negotiations with the Company, to suspend Maxim dividends for up to four quarters prior to the closing of the Company's acquisition of Maxim. The complaint further alleges that the Company aided and abetted that alleged breach of fiduciary duties. The plaintiffs seek damages in an amount to be determined at trial, plaintiffs’ costs and disbursements, including reasonable attorneys’ and experts’ fees, costs and other expenses. The Company believes that it and the other defendants have meritorious defenses to these allegations; however, the Company is currently unable to determine the ultimate outcome of this matter or determine an estimate, or a range of estimates, of potential losses, if any.

Revenue

Revenue	3 Months Ended
	Jan. 28, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Trends by End Market The following table summarizes 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 revenue within, each end market. Three Months Ended January 28, 2023 January 29, 2022 Revenue % of Revenue* Y/Y% Revenue % of Revenue* Industrial $ 1,690,202 52 % 26 % $ 1,340,284 50 % Automotive 718,165 22 % 29 % 557,634 21 % Communications 487,986 15 % 18 % 412,754 15 % Consumer 353,277 11 % (5) % 373,621 14 % Total revenue $ 3,249,630 100 % 21 % $ 2,684,293 100 % * The sum of the individual percentages may not equal the total due to rounding. Revenue by Sales Channel The following table summarizes 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 January 28, 2023 January 29, 2022 Channel Revenue % of Revenue* Revenue % of Revenue* Distributors $ 2,011,323 62 % $ 1,653,054 62 % Direct customers 1,195,534 37 % 1,003,181 37 % Other 42,773 1 % 28,058 1 % Total revenue $ 3,249,630 100 % $ 2,684,293 100 % * The sum of the individual percentages may not equal the total due to rounding.

Fair Value

Fair Value	3 Months Ended
	Jan. 28, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair ValueThe 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 January 28, 2023 and October 29, 2022. 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 January 28, 2023 and October 29, 2022, the Company held $702.6 million and $1,016.0 million, respectively, of cash that was excluded from the tables below. January 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 $ 967,897 $ — $ 967,897 Other assets: Deferred compensation plan investments 70,236 — 70,236 Forward foreign currency exchange contracts — 15,099 15,099 Total assets measured at fair value $ 1,038,133 $ 15,099 $ 1,053,232 Liabilities Interest rate derivatives (1) $ — $ 5,078 $ 5,078 Total liabilities measured at fair value $ — $ 5,078 $ 5,078 (1) 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 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements. October 29, 2022 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 $ 454,545 $ — $ 454,545 Other assets: Deferred compensation plan investments 63,211 — 63,211 Total assets measured at fair value $ 517,756 $ — $ 517,756 Liabilities Forward foreign currency exchange contracts $ — $ 16,984 $ 16,984 Total liabilities measured at fair value $ — $ 16,984 $ 16,984 Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis Debt — The table below presents the estimated fair value of certain financial instruments not recorded at fair value on a recurring basis. 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. January 28, 2023 October 29, 2022 Principal Amount Outstanding Fair Value Principal Amount Outstanding Fair Value 2024 Notes, due October 2024 $ 500,000 $ 493,553 $ 500,000 $ 491,982 2025 Notes, due April 2025 400,000 387,653 400,000 383,378 2026 Notes, due December 2026 900,000 873,065 900,000 851,479 Maxim 2027 Notes, due June 2027 59,788 56,272 59,788 54,771 2027 Notes, due June 2027 440,212 423,393 440,212 410,091 2028 Notes, due October 2028 750,000 652,779 750,000 621,093 2031 Notes, due October 2031 1,000,000 839,410 1,000,000 786,772 2032 Notes, due October 2032 300,000 293,118 300,000 278,359 2036 Notes, due December 2036 144,278 136,279 144,278 126,274 2041 Notes, due October 2041 750,000 582,974 750,000 513,709 2045 Notes, due December 2045 332,587 346,169 332,587 313,931 2051 Notes, due October 2051 1,000,000 731,707 1,000,000 640,766 Total debt $ 6,576,865 $ 5,816,372 $ 6,576,865 $ 5,472,605

Derivatives

Derivatives	3 Months Ended
	Jan. 28, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Foreign Exchange Exposure Management — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges denominated in Euros, British Pounds, Philippine Pesos, Thai Baht, South Korean Won and Japanese Yen as of January 28, 2023 and October 29, 2022 were $310.3 million and $307.1 million, respectively. The fair values of forward foreign currency derivative instruments designated as hedging instruments in the Company’s Condensed Consolidated Balance Sheets as of January 28, 2023 and October 29, 2022 were as follows: Fair Value At Balance Sheet Location January 28, 2023 October 29, 2022 Forward foreign currency exchange contracts Prepaid expenses and other current assets $ 8,631 $ — Forward foreign currency exchange contracts Accrued liabilities $ — $ 18,050 As of January 28, 2023 and October 29, 2022, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $334.9 million and $246.4 million, respectively. The following table presents the gross amounts of the Company's forward foreign currency exchange contract derivative assets and liabilities and the net amounts recorded in the Company's Condensed Consolidated Balance Sheets: January 28, 2023 October 29, 2022 Gross amounts of recognized liabilities $ (1,815) $ (19,846) Gross amount of recognized assets 16,914 2,862 Net assets (liabilities) presented in the Condensed Consolidated Balance Sheets $ 15,099 $ (16,984) 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 $1,000.0 million aggregate principal amount of 2.1% senior unsecured notes (the 2031 Notes) where the Company swapped the notional amount of its $1,000.0 million 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: January 28, 2023 Balance Sheet location Loss on Swaps Gain on Note Accrued liabilities $ 5,078 $ — Long term debt $ — $ 5,078 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.

Inventories

Inventories	3 Months Ended
	Jan. 28, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories at January 28, 2023 and October 29, 2022 were as follows: January 28, 2023 October 29, 2022 Raw materials $ 118,737 $ 110,908 Work in process 948,201 904,648 Finished goods 456,004 384,358 Total inventories $ 1,522,942 $ 1,399,914

Debt

Debt	3 Months Ended
	Jan. 28, 2023
Debt Disclosure [Abstract]
Debt	Debt On June 23, 2021, the Company entered into a Third Amended and Restated Credit Agreement (Revolving Credit Agreement) with Bank of America, N.A. as administrative agent and the other banks identified therein as lenders. The Revolving Credit Agreement provides for a five year unsecured revolving credit facility in an aggregate principal amount not to exceed $2.5 billion (subject to certain terms and conditions). In the first quarter of fiscal 2023, the Company amended the Revolving Credit Agreement, replacing the LIBOR interest rate provisions with interest rate provisions based on a forward-looking term rate based on the secured overnight financing rate (SOFR) plus a 10 basis point credit spread adjustment. After the amendment, revolving loans under the Revolving Credit Agreement can be Term SOFR Loans or Base Rate Loans (each as defined in the Revolving Credit Agreement, as amended) at the Company's option. Each Term SOFR Loan will bear interest at a rate per annum equal to the applicable adjusted term SOFR plus a margin based on the Company's Debt Ratings (as defined in the Revolving Credit Agreement, as amended) from time to time of between 0.690% and 1.175%. As of January 28, 2023, the Company had no outstanding borrowings under this revolving credit facility but may borrow in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes.

Income Taxes

Income Taxes	3 Months Ended
	Jan. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rates for the three-month periods ended January 28, 2023 and January 29, 2022 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's effective tax rate also includes the effects of the mandatory capitalization and amortization of research and development expenses which began in fiscal 2023 under the Tax Cuts and Jobs Act of 2017. The mandatory capitalization requirement decreases the Company's effective tax rate primarily by increasing the foreign-derived intangible income deduction. It is reasonably possible that the balance of gross unrealized tax benefits, including accrued interest and penalties, could decrease by as much as $129.0 million within the next twelve months due to the completion of tax audits, including any administrative appeals. The Company has numerous audits ongoing throughout the world including: an IRS income tax audit for the fiscal years ended November 3, 2018 and November 2, 2019; a pre-acquisition IRS income tax audit for Maxim's fiscal years ended June 27, 2015 through August 26, 2021; various U.S. state and local audits and various international audits. The Company's U.S. federal income tax returns prior to the fiscal year ended November 3, 2018 are no longer subject to examination, except for the applicable Maxim pre-acquisition fiscal years noted above.

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Jan. 28, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Standards to Be Implemented Acquired Contract Assets and Contract Liabilities In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities. Under the new 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. ASU 2021-08 is effective for the Company in the first quarter of the fiscal year ended November 2, 2024. Early adoption is permitted, including in an interim period, for any period for which financial statements have not yet been issued. However, adoption in an interim period other than the first fiscal quarter requires an entity to apply the new guidance to all prior business combinations that have occurred since the beginning of the annual period in which the new guidance is adopted. The Company is currently evaluating the adoption date of ASU 2021-08 and the impact, if any, adoption will have on its financial position and results of operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Jan. 28, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 14, 2023, the Board of Directors of the Company declared a cash dividend of $0.86 per outstanding share of common stock. The dividend will be paid on March 8, 2023 to all shareholders of record at the close of business on February 27, 2023 and is expected to total approximately $435.0 million.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Jan. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	The Company has a 52-53 week fiscal year that ends on the Saturday closest to the last day in October. Certain amounts reported in previous periods have been reclassified to conform to the fiscal 2023 presentation.
Standards Implemented and Standards to Be Implemented	Standards to Be Implemented Acquired Contract Assets and Contract Liabilities In October 2021, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2021-08, Business Combinations (Topic 805): Accounting for Acquired Contract Assets and Contract Liabilities. Under the new 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. ASU 2021-08 is effective for the Company in the first quarter of the fiscal year ended November 2, 2024. Early adoption is permitted, including in an interim period, for any period for which financial statements have not yet been issued. However, adoption in an interim period other than the first fiscal quarter requires an entity to apply the new guidance to all prior business combinations that have occurred since the beginning of the annual period in which the new guidance is adopted. The Company is currently evaluating the adoption date of ASU 2021-08 and the impact, if any, adoption will have on its financial position and results of operations.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive (Loss) Income (Tables)	3 Months Ended
	Jan. 28, 2023
Equity [Abstract]
Components of accumulated other comprehensive loss, net of tax	The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first three months of fiscal 2023. Foreign currency translation adjustment Unrealized holding gains (losses) on derivatives Pension plans Total October 29, 2022 $ (72,136) $ (119,613) $ (6,403) $ (198,152) Other comprehensive income before reclassifications 2,499 28,211 82 30,792 Amounts reclassified out of other comprehensive income — 924 370 1,294 Tax effects — (3,668) — (3,668) Other comprehensive income 2,499 25,467 452 28,418 January 28, 2023 $ (69,637) $ (94,146) $ (5,951) $ (169,734)
Schedule of reclassification out of accumulated other comprehensive income	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 Comprehensive (Loss) Income Component January 28, 2023 January 29, 2022 Location Unrealized holding (gains) losses on derivatives: Currency forwards $ (1,059) $ 1,751 Cost of sales (447) 1,210 Research and development (1,297) 1,873 Selling, marketing, general and administrative Interest rate derivatives 3,727 3,731 Interest expense 924 8,565 Total before tax (802) (1,301) Tax $ 122 $ 7,264 Net of tax Amortization of pension components included in the computation of net periodic pension cost: Actuarial losses $ 370 $ 489 Net of tax Total amounts reclassified out of AOCI, net of tax $ 492 $ 7,753

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Jan. 28, 2023
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended January 28, 2023 January 29, 2022 Net Income $ 961,474 $ 280,077 Basic shares: Weighted-average shares outstanding 507,121 525,291 Earnings per common share basic: $ 1.90 $ 0.53 Diluted shares: Weighted-average shares outstanding 507,121 525,291 Assumed exercise of common stock equivalents 4,063 4,851 Weighted-average common and common equivalent shares 511,184 530,142 Earnings per common share diluted: $ 1.88 $ 0.53 Anti-dilutive shares related to: Outstanding stock-based awards 322 185

Special Charges, Net (Tables)

Special Charges, Net (Tables)	3 Months Ended
	Jan. 28, 2023
Restructuring and Related Activities [Abstract]
Schedule of accrued restructuring	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 October 29, 2022 $ 52,070 Severance and benefit payments (16,298) Balance at January 28, 2023 $ 35,772

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jan. 28, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following table summarizes 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 revenue within, each end market. Three Months Ended January 28, 2023 January 29, 2022 Revenue % of Revenue* Y/Y% Revenue % of Revenue* Industrial $ 1,690,202 52 % 26 % $ 1,340,284 50 % Automotive 718,165 22 % 29 % 557,634 21 % Communications 487,986 15 % 18 % 412,754 15 % Consumer 353,277 11 % (5) % 373,621 14 % Total revenue $ 3,249,630 100 % 21 % $ 2,684,293 100 % * The sum of the individual percentages may not equal the total due to rounding. Revenue by Sales Channel The following table summarizes 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 January 28, 2023 January 29, 2022 Channel Revenue % of Revenue* Revenue % of Revenue* Distributors $ 2,011,323 62 % $ 1,653,054 62 % Direct customers 1,195,534 37 % 1,003,181 37 % Other 42,773 1 % 28,058 1 % Total revenue $ 3,249,630 100 % $ 2,684,293 100 % * The sum of the individual percentages may not equal the total due to rounding.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Jan. 28, 2023
Fair Value Disclosures [Abstract]
Schedule of fair value of financial assets and liabilities	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 January 28, 2023 and October 29, 2022. 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 January 28, 2023 and October 29, 2022, the Company held $702.6 million and $1,016.0 million, respectively, of cash that was excluded from the tables below. January 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 $ 967,897 $ — $ 967,897 Other assets: Deferred compensation plan investments 70,236 — 70,236 Forward foreign currency exchange contracts — 15,099 15,099 Total assets measured at fair value $ 1,038,133 $ 15,099 $ 1,053,232 Liabilities Interest rate derivatives (1) $ — $ 5,078 $ 5,078 Total liabilities measured at fair value $ — $ 5,078 $ 5,078 (1) 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 9, Derivatives, in these Notes to Condensed Consolidated Financial Statements. October 29, 2022 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 $ 454,545 $ — $ 454,545 Other assets: Deferred compensation plan investments 63,211 — 63,211 Total assets measured at fair value $ 517,756 $ — $ 517,756 Liabilities Forward foreign currency exchange contracts $ — $ 16,984 $ 16,984 Total liabilities measured at fair value $ — $ 16,984 $ 16,984
Schedule of debt	The table below presents the estimated fair value of certain financial instruments not recorded at fair value on a recurring basis. 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. January 28, 2023 October 29, 2022 Principal Amount Outstanding Fair Value Principal Amount Outstanding Fair Value 2024 Notes, due October 2024 $ 500,000 $ 493,553 $ 500,000 $ 491,982 2025 Notes, due April 2025 400,000 387,653 400,000 383,378 2026 Notes, due December 2026 900,000 873,065 900,000 851,479 Maxim 2027 Notes, due June 2027 59,788 56,272 59,788 54,771 2027 Notes, due June 2027 440,212 423,393 440,212 410,091 2028 Notes, due October 2028 750,000 652,779 750,000 621,093 2031 Notes, due October 2031 1,000,000 839,410 1,000,000 786,772 2032 Notes, due October 2032 300,000 293,118 300,000 278,359 2036 Notes, due December 2036 144,278 136,279 144,278 126,274 2041 Notes, due October 2041 750,000 582,974 750,000 513,709 2045 Notes, due December 2045 332,587 346,169 332,587 313,931 2051 Notes, due October 2051 1,000,000 731,707 1,000,000 640,766 Total debt $ 6,576,865 $ 5,816,372 $ 6,576,865 $ 5,472,605

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Jan. 28, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value of hedging instruments	The fair values of forward foreign currency derivative instruments designated as hedging instruments in the Company’s Condensed Consolidated Balance Sheets as of January 28, 2023 and October 29, 2022 were as follows: Fair Value At Balance Sheet Location January 28, 2023 October 29, 2022 Forward foreign currency exchange contracts Prepaid expenses and other current assets $ 8,631 $ — Forward foreign currency exchange contracts Accrued liabilities $ — $ 18,050
Schedule of net amount of derivative assets and liabilities	The following table presents the gross amounts of the Company's forward foreign currency exchange contract derivative assets and liabilities and the net amounts recorded in the Company's Condensed Consolidated Balance Sheets: January 28, 2023 October 29, 2022 Gross amounts of recognized liabilities $ (1,815) $ (19,846) Gross amount of recognized assets 16,914 2,862 Net assets (liabilities) presented in the Condensed Consolidated Balance Sheets $ 15,099 $ (16,984)
Schedule of interest rate derivatives	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: January 28, 2023 Balance Sheet location Loss on Swaps Gain on Note Accrued liabilities $ 5,078 $ — Long term debt $ — $ 5,078

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Jan. 28, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories at January 28, 2023 and October 29, 2022 were as follows: January 28, 2023 October 29, 2022 Raw materials $ 118,737 $ 110,908 Work in process 948,201 904,648 Finished goods 456,004 384,358 Total inventories $ 1,522,942 $ 1,399,914

Shareholders' Equity (Details)

Shareholders' Equity (Details) shares in Millions, $ in Billions	Jan. 28, 2023 USD ($) shares
Stockholders' Equity Note [Abstract]
Stock repurchase program, number of shares authorized to be repurchased (in shares) | shares	193.6
Stock repurchase program, authorized amount	$ 12.4
Stock repurchase program, remaining authorized repurchase amount	$ 4.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive (Loss) Income - Changes By Component and Tax Effect (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 36,465,323
Other comprehensive income before reclassifications	30,792
Amounts reclassified out of other comprehensive income	1,294
Tax effects	(3,668)
Other comprehensive income (loss)	28,418	$ (2,053)
Ending balance	36,531,485
AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(198,152)	(186,565)
Other comprehensive income (loss)	28,418	(2,053)
Ending balance	(169,734)	$ (188,618)
Foreign currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(72,136)
Other comprehensive income before reclassifications	2,499
Amounts reclassified out of other comprehensive income	0
Tax effects	0
Other comprehensive income (loss)	2,499
Ending balance	(69,637)
Unrealized holding gains (losses) on derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(119,613)
Other comprehensive income before reclassifications	28,211
Amounts reclassified out of other comprehensive income	924
Tax effects	(3,668)
Other comprehensive income (loss)	25,467
Ending balance	(94,146)
Pension plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6,403)
Other comprehensive income before reclassifications	82
Amounts reclassified out of other comprehensive income	370
Tax effects	0
Other comprehensive income (loss)	452
Ending balance	$ (5,951)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive (Loss) Income - Amounts Reclassified Out of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 1,125,289	$ 1,282,296
Research and development	414,095	426,780
Selling, marketing, general and administrative	326,284	297,365
Interest expense	60,453	51,964
Income before income taxes	(1,073,473)	(323,555)
Tax	111,999	43,478
Net income	(961,474)	(280,077)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	492	7,753
Reclassification out of Accumulated Other Comprehensive Income | Unrealized holding (gains) losses on derivatives:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	924	8,565
Tax	(802)	(1,301)
Net income	122	7,264
Reclassification out of Accumulated Other Comprehensive Income | Pension plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	370	489
Reclassification out of Accumulated Other Comprehensive Income | Currency forwards | Unrealized holding (gains) losses on derivatives:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	(1,059)	1,751
Research and development	(447)	1,210
Selling, marketing, general and administrative	(1,297)	1,873
Reclassification out of Accumulated Other Comprehensive Income | Interest rate derivatives | Unrealized holding (gains) losses on derivatives:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 3,727	$ 3,731

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Earnings per share
Net Income	$ 961,474	$ 280,077
Basic shares:
Weighted-average shares outstanding (in shares)	507,121	525,291
Earnings per common share, basic (in dollars per share)	$ 1.90	$ 0.53
Diluted shares:
Assumed exercise of common stock equivalents (in shares)	4,063	4,851
Weighted-average common and common equivalent shares (in shares)	511,184	530,142
Earnings per common share, diluted (in dollars per share)	$ 1.88	$ 0.53
Anti-dilutive shares related to:
Outstanding share-based awards (in shares)	322	185

Special Charges, Net - Balance

Special Charges, Net - Balance Sheet Impact (Details) - Global Repositioning Actions $ in Thousands	3 Months Ended
	Jan. 28, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Accrued restructuring, beginning balance	$ 52,070
Severance and benefit payments	(16,298)
Accrued restructuring, ending balance	$ 35,772

Revenue - Revenue Trends by Seg

Revenue - Revenue Trends by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 3,249,630	$ 2,684,293
Percent of Revenue (as percent)	100%	100%
Year over Year Change (as percent)	21%
Industrial
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,690,202	$ 1,340,284
Percent of Revenue (as percent)	52%	50%
Year over Year Change (as percent)	26%
Automotive
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 718,165	$ 557,634
Percent of Revenue (as percent)	22%	21%
Year over Year Change (as percent)	29%
Communications
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 487,986	$ 412,754
Percent of Revenue (as percent)	15%	15%
Year over Year Change (as percent)	18%
Consumer
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 353,277	$ 373,621
Percent of Revenue (as percent)	11%	14%
Year over Year Change (as percent)	(5.00%)

Revenue - Revenue by Sales Chan

Revenue - Revenue by Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 3,249,630	$ 2,684,293
Percent of Revenue (as percent)	100%	100%
Distributors
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 2,011,323	$ 1,653,054
Percent of Revenue (as percent)	62%	62%
Direct customers
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 1,195,534	$ 1,003,181
Percent of Revenue (as percent)	37%	37%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 42,773	$ 28,058
Percent of Revenue (as percent)	1%	1%

Fair Value - Textual (Details)

Fair Value - Textual (Details) - USD ($) $ in Millions	Jan. 28, 2023	Oct. 29, 2022
Fair Value Disclosures [Abstract]
Cash	$ 702.6	$ 1,016

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities (Details) - Recurring - USD ($) $ in Thousands	Jan. 28, 2023	Oct. 29, 2022
Other assets:
Deferred compensation plan investments	$ 70,236	$ 63,211
Forward foreign currency exchange contracts	15,099
Total assets measured at fair value	1,053,232	517,756
Liabilities
Interest rate derivatives	5,078
Forward foreign currency exchange contracts		16,984
Total liabilities measured at fair value	5,078	16,984
Government and institutional money market funds
Available-for-sale:
Cash equivalents available for sale	967,897	454,545
Quoted Prices in Active Markets for Identical Assets (Level 1)
Other assets:
Deferred compensation plan investments	70,236	63,211
Forward foreign currency exchange contracts	0
Total assets measured at fair value	1,038,133	517,756
Liabilities
Interest rate derivatives	0
Forward foreign currency exchange contracts		0
Total liabilities measured at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Government and institutional money market funds
Available-for-sale:
Cash equivalents available for sale	967,897	454,545
Significant Other Observable Inputs (Level 2)
Other assets:
Deferred compensation plan investments	0	0
Forward foreign currency exchange contracts	15,099
Total assets measured at fair value	15,099	0
Liabilities
Interest rate derivatives	5,078
Forward foreign currency exchange contracts		16,984
Total liabilities measured at fair value	5,078	16,984
Significant Other Observable Inputs (Level 2) | Government and institutional money market funds
Available-for-sale:
Cash equivalents available for sale	$ 0	$ 0

Fair Value - Debt (Details)

Fair Value - Debt (Details) - USD ($) $ in Thousands	Jan. 28, 2023	Oct. 29, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	$ 6,576,865	$ 6,576,865
Fair Value	5,816,372,000	5,472,605
Senior notes | 2024 Notes, due October 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	500,000	500,000
Fair Value	493,553,000	491,982
Senior notes | 2025 Notes, due April 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	400,000	400,000
Fair Value	387,653,000	383,378
Senior notes | 2026 Notes, due December 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	900,000	900,000
Fair Value	873,065,000	851,479
Senior notes | 2027 Notes, due June 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	440,212	440,212
Fair Value	423,393,000	410,091
Senior notes | 2028 Notes, due October 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	750,000	750,000
Fair Value	652,779,000	621,093
Senior notes | 2031 Notes, due October 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	1,000,000	1,000,000
Fair Value	839,410,000	786,772
Senior notes | 2032 Notes, due October 2032
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	300,000	300,000
Fair Value	293,118,000	278,359
Senior notes | 2036 Notes, due December 2036
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	144,278	144,278
Fair Value	136,279,000	126,274
Senior notes | 2041 Notes, due October 2041
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	750,000	750,000
Fair Value	582,974,000	513,709
Senior notes | 2045 Notes, due December 2045
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	332,587	332,587
Fair Value	346,169,000	313,931
Senior notes | 2051 Notes, due October 2051
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	1,000,000	1,000,000
Fair Value	731,707,000	640,766
Senior notes | Maxim | 2027 Notes, due June 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Principal Amount Outstanding	59,788	59,788
Fair Value	$ 56,272,000	$ 54,771

Derivatives - Textual (Details)

Derivatives - Textual (Details) - USD ($)	Jan. 28, 2023	Oct. 29, 2022
Forward foreign currency exchange contract
Derivative [Line Items]
Notional amount of cash flow hedges	$ 310,300,000	$ 307,100,000
Notional amount of derivative	334,900,000	$ 246,400,000
Interest rate swap | 2031 Notes, due October 2031
Derivative [Line Items]
Interest rate derivatives, fair value	0
Interest rate swap | 2031 Notes, due October 2031 | Senior notes
Derivative [Line Items]
Principal	$ 1,000,000,000
Interest rate	2.10%

Derivatives - Forward Foreign C

Derivatives - Forward Foreign Currency Balance Sheet (Details) - Forward foreign currency exchange contracts - USD ($) $ in Thousands	Jan. 28, 2023	Oct. 29, 2022
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Foreign currency contracts, liability	$ 8,631	$ 0
Accrued liabilities
Derivatives, Fair Value [Line Items]
Foreign currency contracts, liability	$ 0	$ 18,050

Forward Foreign Currency Net As

Forward Foreign Currency Net Assets (Liabilities) (Details) - Forward foreign currency exchange contract - USD ($) $ in Thousands	Jan. 28, 2023	Oct. 29, 2022
Derivative [Line Items]
Gross amounts of recognized liabilities	$ (1,815)	$ (19,846)
Gross amount of recognized assets	16,914	2,862
Net assets (liabilities) presented in the Condensed Consolidated Balance Sheets	$ 15,099	$ (16,984)

Derivatives - Interest Rate Der

Derivatives - Interest Rate Derivatives (Details) - Interest rate swap $ in Thousands	3 Months Ended
	Jan. 28, 2023 USD ($)
Accrued liabilities
Derivatives, Fair Value [Line Items]
Loss on Swaps	$ 5,078
Gain on Note	0
Long term debt
Derivatives, Fair Value [Line Items]
Loss on Swaps	0
Gain on Note	$ 5,078

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jan. 28, 2023	Oct. 29, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 118,737	$ 110,908
Work in process	948,201	904,648
Finished goods	456,004	384,358
Total inventories	$ 1,522,942	$ 1,399,914

Debt (Details)

Debt (Details) - USD ($)		3 Months Ended
	Jun. 23, 2021	Jan. 28, 2023	Oct. 29, 2022
Debt Instrument [Line Items]
Long-term debt		$ 6,576,865,000	$ 6,576,865,000
Revolving credit facility
Debt Instrument [Line Items]
Debt instrument, term	5 years
Amount available under credit facility	$ 2,500,000,000
Credit spread adjustment		0.10%
Long-term debt		$ 0
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.69%
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.175%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Jan. 28, 2023	Jan. 29, 2022
Income Tax Contingency [Line Items]
Federal statutory rate (as percent)	21%	21%
Maxim | Settlement with Taxing Authority
Income Tax Contingency [Line Items]
Decrease in unrealized tax benefits is reasonably possible	$ 129

Subsequent Events (Details)

Subsequent Events (Details) - Common Stock - Subsequent event $ / shares in Units, $ in Millions	Feb. 14, 2023 USD ($) $ / shares
Subsequent Event [Line Items]
Common stock cash dividends per share, declared (in dollars per share) | $ / shares	$ 0.86
Dividends | $	$ 435