What changed in this filing

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Item 1. Business

2021-12-03 compared with 2020-11-24 · 107 added, 72 removed, 214 unchanged (46% of the section changed)

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Analog Devices, Inc.

(we, Analog Devices or the Company) is a leading global high-performance analog technology company dedicated to solving our customers' most complex engineering challenges.

(we, Analog Devices or the Company) is a leading global high-performance semiconductor company dedicated to solving our customers' most complex engineering challenges.

We play a critical role at the intersection of the physical and digital world by providing the building blocks to sense, measure, interpret, connect and power.

We design, manufacture, test and market a broad portfolio of solutions, including integrated circuits (ICs), software and subsystems that leverage high-performance analog, mixed-signal and digital signal processing technologies.

Our comprehensive product portfolio, deep domain expertise and advanced manufacturing capabilities extend across high-performance precision and high-speed mixed-signal, power management and processing technologies – including data converters, amplifiers, power management, radio frequency (RF) ICs, digital signal processors (DSP) and other sensors.

The Third Wave of Information and Communications Technology, as we refer to it at Analog Devices, is characterized by ubiquitous sensing, hyper-scale and edge computing and pervasive connectivity.

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• the acquisition of Linear Technology Corporation (Linear) in the fiscal year ended October 28, 2017, which added high-performance power management and additional precision signal processing to our portfolio, expanding and diversifying our offerings to deliver more complete solutions;

In the fiscal year ended October 31, 2020 (fiscal 2020), we announced the proposed acquisition of Maxim Integrated Products, Inc.

(Maxim), which, if completed, will strengthen Analog Devices as an analog semiconductor leader.

Specifically, the combination would increase our global scale and enhance our depth of domain expertise and engineering capabilities, enabling us to offer more complete solutions, serve more customers and capture a larger share of an estimated $60 billion total addressable market.

As a global company, we are also passionately driven to be a leading corporate citizen, creating a better tomorrow for all our stakeholders.

We believe we have a responsibility to engineer a more sustainable future and we strive to make a positive

impact on our society and our planet.

We are focused on reducing our carbon footprint and our impact on the environment today, while striving to deliver a positive environmental impact for the future.

Our goal is to make meaningful progress on environmental regeneration efforts and partner with our customers to help them solve their sustainability challenges.

We leverage our expertise to develop new solutions to help restore natural resources, regenerate the quality of our biosphere and reduce carbon emissions.

We are also committed to helping our employees thrive by building programs within our company that enhance our diverse and accepting workplace culture, while also broadening the availability of education, training and employment opportunities to communities across the globe.

The Company also maintains an active role in developing solutions and participating in efforts that address serious climate and societal problems that impact our employees, our communities and our planet.

In addition, in fiscal 2020, we established the Analog Devices Foundation to formalize our philanthropy and charitable giving.

We were incorporated in Massachusetts in 1965 with corporate headquarters in the Boston, Massachusetts area.

In 2020, we moved our corporate headquarters from our facility in Norwood, Massachusetts to Wilmington, Massachusetts.

The expanded facility in Wilmington features state of the art laboratories, design and manufacturing and cross-functional group collaboration space, while maintaining our commitment to environmental sustainability through the use of green building materials and solar panels, among other things.

In addition, we have manufacturing facilities primarily in the United States, Ireland and Southeast Asia.

• the acquisition of Maxim Integrated Products, Inc.

(Maxim) completed on August 26, 2021 and further described below, which strengthens our position as a high-performance analog semiconductor company.

We were incorporated in Massachusetts in 1965 with our corporate headquarters near Boston in Wilmington, Massachusetts.

We have manufacturing facilities primarily in the United States, Ireland and Southeast Asia.

Our common stock is listed on the Nasdaq Global Select Market under the symbol ADI and is included in the Standard & Poor’s 500 Index.

Acquisition of Maxim Integrated Products, Inc.

On August 26, 2021 (Acquisition Date), we completed the acquisition of Maxim, an independent manufacturer of innovative analog and mixed-signal products and technologies.

Pursuant to the Agreement and Plan of Merger, dated as of July 12, 2020 (the Merger Agreement), Maxim stockholders received, for each outstanding share of Maxim common stock, 0.6300 of a share of the Company’s common stock as of the Acquisition Date, for total consideration of approximately $28.0 billion of our common stock.

The acquisition of Maxim is referred to as the Acquisition.

Available Information

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Our ICs are designed to address a wide range of real-world signal processing applications.

We sell our ICs to more than 125,000 end customers worldwide, many of whom use products spanning our core technologies in a wide range of applications.

We sell our ICs to customers worldwide, many of whom use products spanning our core technologies in a wide range of applications.

Our IC product portfolio includes both general-purpose products used by a broad range of customers and applications, as well as application-specific products designed for specific target markets.

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We also focus on working with leading customers to design application-specific solutions.

We begin with our existing core technologies, which leverage our data conversion, amplification, RF and microwave, microelectromechanical systems (MEMS), power management and DSP capabilities, and devise solutions that more closely meet the needs of a specific customer or group of customers.

We begin with our existing core technologies, which leverage our analog and mixed signal, power management, RF and microwave, edge processors and other sensors, and devise solutions that more closely meet the needs of a specific customer or group of customers.

Because we have already developed the core technology platform for our general-purpose products, we can create application-specific solutions quickly and efficiently.

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Our analog ICs typically have long product life cycles.

Our analog IC customers include original equipment manufacturers (OEMs) and customers who build electronic subsystems for integration into larger systems.

Our product offerings include more than 45,000 SKUs that can be aggregated into the following general categories:

• Converters —We are a leading supplier of data converter products.

Our customers include original equipment manufacturers (OEMs) and customers who build electronic subsystems for integration into larger systems.

Our product offerings include more than 75,000 stock keeping units (SKUs) that can be aggregated into the following general categories:

• Analog and Mixed Signal —We are a leading supplier of data converter products.

Data converters translate real-world analog signals into digital data and also translate digital data into analog signals.

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Our converter products combine sampling rates and accuracy with the low noise, power, price and small package size required by industrial, automotive, consumer, and communications electronics.

• Power Management & Reference —Power management and reference products, which include functions such as power conversion, driver monitoring, sequencing and energy management, provide efficient solutions for power management and conversion applications in the automotive, communications, industrial and high-end consumer markets.

Our high-performance power ICs include powerful performance, integration and software design simulation tools to provide fast and accurate power supply designs.

• Amplifiers/Radio Frequency (RF) and Microwave —We are also a leading supplier of high-performance amplifiers which are used to condition analog signals.

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Our high-performance RF and microwave ICs support the high-performance requirements of cellular infrastructure and a broad range of applications in our target markets, including instrumentation, aerospace and automotive.

Our high-performance power ICs include powerful performance, integration and software design simulation tools to provide fast and accurate power supply designs.

• Sensors & Actuators —Our analog technology portfolio is comprised of sensor and actuator products, including products based on MEMS technology.

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Sales Channel

We sell our products globally to more than 125,000 end customers through a direct sales force, third-party distributors, independent sales representatives and via our website.

We have direct sales offices, sales representatives and/or distributors in over 50 countries outside North America.

We sell our products globally through a direct sales force, third-party distributors, independent sales representatives and via our website.

We have direct sales offices, sales representatives and/or distributors in over 50 countries.

We support our worldwide sales efforts through our website and with extensive promotional programs that include editorial coverage and paid advertising in online and printed trade publications, webinars, social media and communities, promotional and training videos, direct mail programs, technical seminars and participation in trade shows.

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Some of them also sell products that compete with our products, including those for which we are an alternate source.

We make sales to distributors under agreements that allow certain distributors to receive price adjustment credits and to return qualifying products for credit, as determined by us, in order

to reduce the amounts of slow-moving, discontinued or obsolete product from their inventory.

We make sales to distributors under agreements that allow certain distributors to receive price adjustment credits and to return qualifying products for credit, as determined by us, in order to reduce the amounts of slow-moving, discontinued or obsolete product from their inventory.

These agreements limit such returns to a certain percentage of our shipments to that distributor during the prior quarter.

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We typically do not have long-term sales contracts with our customers.

In some of our markets where end-user demand may be particularly volatile and difficult to predict, some customers place orders that require us to manufacture product and have it available for shipment, even though the customer is unwilling to make a binding commitment to purchase all, or even any, of the product.

any, of the product.

In other instances, we manufacture product based on forecasts of customer demand.

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Industrial 55% 54 % 50 %

Communications 21% 22 % 19 %

Automotive 17% 14 % 16 %

Communications 16% 21 % 22 %

Consumer 12% 11 % 13 %

*The sum of the individual percentages may not equal 100% due to rounding.

The following describes some of the characteristics of, and customer products within, our major end markets of Industrial, Communications, Automotive and Consumer:

The following describes some of the characteristics of, and customer products within, our major end markets of Industrial, Automotive, Communications and Consumer:

Industrial — Our industrial market includes the following sectors:

Industrial Automation and Instrumentation — Advances in automation and instrumentation are driving significant enhancements in efficiency and productivity.

We provide solutions that enable greater flexibility, automation and digitization of manufacturing and other industrial settings.

Our industrial automation applications generally require ICs that offer performance greater than that available from commodity-level ICs but generally do not have production volumes that warrant custom ICs.

There is a trend towards development of products focused on particular sub-applications, which incorporate combinations of analog, mixed-signal, and DSP ICs to achieve the necessary functionality.

Our automation and instrumentation customers are differentiated through the use of the highest performance analog and mixed-signal ICs available.

Our automation and instrumentation market includes applications such as:

• Process control systems • Oscilloscopes

• Connected motion and robotics • Lab, chemical, and environmental analyzers

• Environmental control systems • Weigh scales

Defense/Aerospace — The defense, commercial avionics and space markets all require high-performance ICs that meet rigorous environmental and reliability specifications.

Many of our analog ICs can be supplied in versions that meet these standards.

Industrial Automation — We are a leader in industrial automation because we deliver robust, high performance solutions that impact our planet and people—from our deep motion and process control expertise and precision sensing measurement and interpretation, to expansive connectivity and power capabilities.

We take real-world phenomena in the most complex environments on the factory floor, and translate it into valuable insights and outcomes.

We co-create with customers to architect robotics systems and solutions that improve dynamic behavior and precision while enhancing worker safety, machine health, and manufacturing flexibility—delivering energy efficiency and sustainability.

Our industrial automation market includes applications such as:

• Condition-based monitoring (CbM) • Industrial power supplies

• Industrial robotics • Industrial motion control

• Factory and process control

Instrumentation & Measurement — Advances in wireless communication technology, autonomous vehicles, energy storage, human machine interfaces and cloud-connected sensors that help form the Internet of Things are driving the demand for faster and more precise measurement capabilities in smaller form-factors.

Our semiconductors and advanced packaging technologies form the foundation of next-generation electronic test and measurement solutions for measuring the electrical parameters in applications such as these, enabling the research, development and production of future electronic systems.

In addition, our ICs have set the standard for precision in battery formation and test, which is critical for ensuring battery quality and safety in electric vehicles.

Our instrumentation and measurement market includes applications such as:

• Automated test equipment • Battery formation and test

• Weigh scales • Chemical analysis and analytical instruments

Aerospace/Defense — The defense, commercial avionics and space markets all require high-performance ICs that meet rigorous environmental and reliability specifications.

Many of our ICs can be supplied in versions that meet these standards.

In addition, many products can be supplied to meet the standards required for broadcast satellites and other commercial space applications.

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• Multi-parameter vital signs monitors • Blood analyzers

• Disease management, e.g.

hypertension and diabetes • Point-of-care diagnostics

• Remote patient monitoring

• Point-of-care diagnostics

Energy Management — The global drive towards improved energy efficiency, conservation, reliability and cleanliness is driving investments in electrification across many different application areas, including electric vehicle charging infrastructure, renewable energy, power transmission and distribution systems, electric meters and other innovative areas.

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• Substation relays and automation equipment • Building energy automation/control

Automotive - We develop differentiated high-performance signal processing solutions, which enable sophisticated transportation systems that span Infotainment, Electrification and Autonomous applications.

Through collaboration with manufacturers worldwide, we have developed a broad portfolio of analog, digital, power and sensor ICs that address the emerging needs of this evolving industry.

Our focus is on audio/video applications that lead to an enriched in-cabin experience, electrification applications that improve vehicle range and reduce emissions, and mission-critical perception and navigation applications that enable vehicles to more clearly sense the external environment.

Specifically, we have developed products used in applications such as:

• Car audio, voice processing and connectivity • Battery monitoring and management systems

• Video processing and connectivity

Communications — The development of broadband, wireless and internet infrastructures around the world has created an important market for our communications products.

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In wireless and wireline communication applications, our products are incorporated into:

• Cellular base station equipment • Optical and cable networking equipment for data center and carrier providers

• Microwave backhaul systems • Satellite and terrestrial broadband access equipment

Through collaboration with manufacturers worldwide, we have developed a broad portfolio of analog, digital, power and sensor ICs that address the emerging needs of this evolving industry.

Our focus is on audio/video applications that lead to a more enriching in-cabin experience, electrification applications that improve vehicle range and reduce emissions, and mission-critical perception and navigation applications that enable vehicles to more clearly sense the external environment.

Specifically, we have developed products used in applications such as:

• Car audio, voice processing and connectivity • Inertial MEMS solutions for mission critical navigation, stability and safety systems

• Video processing and connectivity • Battery monitoring and management systems

• Cellular base station equipment • Satellite and terrestrial broadband access equipment

• Microwave backhaul systems • Optical and cable networking equipment for data center and carrier providers

• Data centers & data storage

Consumer — To address the market demand for state of the art personal and professional entertainment systems and the consumer demand for high quality user interfaces, music, movies and photographs, we have developed analog, digital and mixed-signal solutions that meet the rigorous cost and time-to-market requirements of the consumer electronics market.

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These products include:

• Portable devices (smart phones, tablets and wearable devices) for media and vital signs motoring applications • Prosumer audio/video equipment

• Portable devices (smart phones, tablets and wearable devices) for media and vital signs monitoring applications • Prosumer audio/video equipment

See Note 4, Industry, Segment and Geographic Information , of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K for further information about our products by end market.

We believe that competitive performance in the marketplace for signal processing products depends upon multiple factors, including technological innovation, strength of brand, diversity of product portfolio, product performance, technical support, delivery capabilities, customer service quality, reliability and price, with the relative importance of these factors varying among products, markets, and customers.

varying among products, markets, and customers.

We compete with a number of semiconductor companies in markets that are highly competitive.

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• Infineon Technologies AG • NXP Semiconductors N.V.

• Maxim Integrated Products, Inc.

• Texas Instruments Inc.

• Microchip Technology Inc.

• Microchip Technology Incorporated • Qorvo, Inc.

• STMicroelectronics N.V.

• Texas Instruments Incorporated

• Xilinx, Inc.

We believe that our technical innovation emphasizing product performance and reliability, supported by our commitment to strong customer service and technical support, enables us to make a fundamental difference to our customers’ competitiveness in our chosen markets.

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In periods of increased demand, there is a tendency towards longer lead times that has the effect of increasing backlog and, in some instances, we may not have manufacturing capacity sufficient to fulfill all orders.

In addition, as is customary in the semiconductor industry, we allow most orders to be canceled or deliveries to be delayed by customers without significant penalty, while also allowing certain distributors to receive price adjustment credits and to return qualifying products for credit, as determined by us, in order to reduce the amounts of slow-moving, discontinued or obsolete product from their inventory.

Recently, we have experienced increased demand within the semiconductor industry leading to a constrained supply environment which we believe will continue in the near term.

We have added manufacturing capacity to address some of the increased demand and we have also required customers to commit to orders for up to a twenty week period prior to shipment to give us better visibility into the backlog.

Outside of the commitments window noted above, as is customary in the semiconductor industry, we allow most orders to be canceled or deliveries to be delayed by customers without significant penalty, while also allowing certain distributors to receive price adjustment credits and to return qualifying products for credit, as determined by us, in order to reduce the amounts of slow-moving, discontinued or obsolete product from their inventory.

Production Resources

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Our IC products are fabricated on proprietary processes at our internal production facilities in Wilmington, Massachusetts;

Milpitas, California;

Camas, Washington;

Beaverton, Oregon;

and Limerick, Ireland and also on a mix of proprietary and non-proprietary processes at third-party wafer fabricators.

We currently source approximately half of our wafer requirements annually internally and the other half from third-party wafer fabrication foundries, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others, typically where deep-submicron lithography capabilities and/or large manufacturing capacity is required.

In addition, we operate an assembly and wafer sort facility in Penang, Malaysia, and test facilities in the Philippines and Singapore.

We currently source approximately half of our wafer requirements annually internally and the remaining from third-party wafer fabrication foundries, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others, typically where deep-submicron lithography capabilities and/or large manufacturing capacity is required.

In addition, we operate an assembly and wafer sort facility in Penang, Malaysia, and test facilities in the Philippines and Thailand.

We also make extensive use of third-party subcontractors for the assembly and testing of our products.

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If any of our key suppliers are unable or unwilling to manufacture and deliver sufficient quantities of components to us on the time schedule and of the quality that we require, we may be forced to seek 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 our customers.

Although we have experienced shortages of components, materials and external foundry services from time to time, these items have generally been available to us as needed.

Given the current demand environment in the semiconductor industry, we expect to face a constrained supply environment in the near term.

We are working to balance these constraints as we shift our global resources and add capacity where appropriate.

Patents and Intellectual Property Rights

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As of October 30, 2021, we held approximately 4,700 U.S.

patents and approximately 693 non-provisional pending U.S.

patents and approximately 400 published pending U.S.

patent applications with expiration dates ranging from 2021 through 2041.

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We use two industry standard metrics to assess injury performance and trends worldwide.

All legacy Analog Devices' sites have ISO 45001 health and safety certification, while sites acquired as part of our acquisition of Linear are working towards certification to the same standard.

Legacy Analog Devices' sites have ISO 45001 health and safety certification, with the exception of one site from the acquisition of Linear Technology Corporation which is planned for certification to the same standard by the second quarter of fiscal 2022.

As part of our integration efforts, management is assessing the path to certification for Maxim sites.

Our manufacturing facilities are subject to numerous and increasingly strict federal, state, local and foreign EHS laws and regulations, particularly with respect to the transportation, storage, handling, use, emission, discharge and disposal of certain chemicals used or produced in the semiconductor manufacturing process.

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Any failure by us to comply with applicable environmental laws, regulations and contractual obligations could result in fines, suspension of production, the need to alter manufacturing processes and legal liability.

We are a member of the Responsible Business Alliance, which was formerly known as the Electronic Industry Citizenship Coalition.

Our Corporate Responsibility Report (CRR) states our commitment to reducing Greenhouse gas emissions, conserving resources by consuming less energy and water, complying with our code of business conduct and ethics, and applying fair labor standards, among other things.

We are not including the information contained in our CRR in, or incorporating it by reference into, this Annual Report on Form 10-K.

We are a member of the Responsible Business Alliance, which was formerly known as the Electronic Industry Citizenship Coalition, as well as a participant of the United Nations Global Compact and the Business Ambition for 1.5°C campaign.

Our Corporate Responsibility Report (CRR) states our commitment to be carbon neutral by calendar year 2030 and achieve net zero emissions by calendar year 2050, to conserve resources by consuming less energy and water, to comply with our code of business conduct and ethics, and to apply fair labor standards, among other things.

We are neither including the

information contained in our CRR in, nor incorporating it by reference into, this Annual Report on Form 10-K.

The CRR is available on our website at www.analog.com/sustainability.

To further strengthen these commitments to environmental, social and governance (ESG) initiatives, we recently deployed three sustainable finance instruments.

In April 2020, we completed our inaugural green bond issuance of $400 million, marking our leadership as the first semiconductor company and one of the first U.S.

technology companies to issue a green bond in the U.S.

debt capital markets.

In June 2021, we refinanced our revolving credit facility with a new $2.5 billion sustainability-linked revolving credit facility, becoming one of the first semiconductor companies to use this instrument.

In October 2021, we issued our inaugural sustainability-linked $750 million bond offering.

These transactions support our commitment to environmental sustainability by linking financing to the achievement of our ambitious ESG targets.

Cybersecurity and Information Security Risk Oversight

We regularly perform risk assessments relating to cybersecurity and technology risks.

Our enterprise security program has been developed based on industry standards, including those published by the International Organization for Standardization (ISO) and the National Institute of Standards and Technology.

Highlights of the program include:

• A comprehensive set of enterprise security policies and procedures that guide our protection strategy.

• Protecting against threats through use of the following measures:

identifying critical assets and high-risk threats;

implementing cybersecurity detection, controls and remediation practices;

implementing a third-party risk management program to evaluate our critical partners’ cyber posture;

and evaluating our program effectiveness by performing internal and external audits.

Risks identified by our cybersecurity program are analyzed to determine the potential impact on us and the likelihood of occurrence.

Such risks are continuously monitored to ensure that the circumstances and severity of such risks have not changed.

We conduct regular workforce training to instruct employees to identify cybersecurity concerns and take the appropriate action.

We install and regularly update antivirus software on all company managed systems and workstations to detect and prevent malicious code from impacting our systems.

In addition, we have a product security team focused on integrating risk and security best practices into our product development life cycle.

Periodically, we are audited by an independent information systems expert to determine both the adequacy of, and compliance with, controls and standards.

Senior leadership and Internal Audit present to our full Board of Directors on information security and cybersecurity matters and risks at least annually.

We have conducted an analysis and determined that an information security risk insurance policy would not be effective, and that we should continue to self-insure for cybersecurity risks.

We have not experienced a material security breach in the last three years, and as a result, we have not incurred any net expenses from such a breach.

Furthermore, we have not been penalized or paid any amount under an information security breach settlement over the last three years.

Human Capital and Empowerment

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We are working to achieve this by expanding the diversity of our workforce, creating growth and development opportunities for our employees, embracing different perspectives and fostering an inclusive work environment for all.

We launched the People of Color and Allies Network (POCAN), a new employee resource group focused on elevating and prioritizing the needs of people of color and creating opportunities to support colleagues from underrepresented groups.

POCAN broadens our network of existing employee groups, including the Women's Leadership Network, Young Professionals Network, and LGBTQ+ Network, which all contribute to our broader diversity and inclusion initiatives.

As noted in "Environmental, Health and Safety Compliance" above, we published our annual CRR which details our sustainability efforts, operations efficiency, employee engagement, and governance, and also provides a look at the state of our organization and overview of some of the initiatives we have launched to drive continuous improvements across diversity and inclusion.

As of October 31, 2020, we had approximately 15,900 full-time employees, of whom approximately 7,600 are in engineering roles where our employees share a passion for solving customers' most complex problems.

As of October 30, 2021, we had approximately 24,700 employees, of whom approximately 11,000 are in engineering roles.

Approximately 60% of our workforce is male and 40% female.

Our senior leadership team is 70% male and 30% female, while manager roles are approximately 74% male and 26% female.

For fiscal 2020 our voluntary employee turnover rate was approximately 4.1%.

30% of the members of our Board of Directors are female.

For the year ended October 30, 2021 (fiscal 2021) our voluntary employee turnover rate was approximately 6.7%.

Our human capital resource objectives include identifying, recruiting, retaining, incentivizing and integrating our existing and future employees.

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Our compensation philosophy is based on rewarding each employee’s individual contributions and striving to achieve equal pay for equal work regardless of gender, race or ethnicity.

We use a combination of fixed and variable pay including base salary, bonuses, performance awards and stock-based compensation.

We use a combination of fixed and variable pay including base salary, bonuses, performance awards and equity compensation.

The principal purposes of our equity incentive plans are to attract, retain and motivate selected employees and directors through the granting of stock-based compensation awards.

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In order to ensure that we are meeting our human capital objectives we frequently utilize employee surveys to understand the effectiveness of our employee and compensation programs and where we can improve across the company.

Our latest survey completed in fiscal 2020 had a participation rate of over 80% of all our employees and the survey results indicated that we excel in areas including initiative, empowerment, opportunities to learn and grow and overall culture.

Our latest survey, which was completed in fiscal 2021 prior to the Acquisition, had a participation rate of over 87% of legacy employees of Analog Devices.

The survey results indicated that we excel in areas including purpose, goals sharing, employee collaboration and overall culture.

Our dual focus of being a great place to work and providing industry-leading benefits and work culture has led to strong employee satisfaction and pride that has been recognized across the globe, as evidenced with the following awards:

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business