3 unchanged sentences
In this regard, changes in interest rates affect the interest earned or paid on our marketable securities and debt, as well as the fair value of our investments and debt.
−Removed: Based on our floating rate debt outstanding as of November 2, 2024 and October 28, 2023, inclusive of our commercial paper notes and interest rate swap outstanding, as applicable, our annual interest expense would change by approximately $15.5 million and $20.5 million, respectively, for each 100 basis point increase in interest rates.
−Removed: Based on our cash and marketable securities outstanding as of November 2, 2024 and October 28, 2023, our annual interest income would change by approximately $19.9 million and $9.6 million, respectively, for each 100 basis point increase in interest rates.
+Added: Based on our floating rate debt outstanding as of November 1, 2025 and November 2, 2024, inclusive of our commercial paper notes and interest rate swap outstanding, as applicable, our annual interest expense would change by approximately $14.5 million and $15.5 million, respectively, for each 100-basis point increase in interest rates.
+Added: Based on our cash and marketable securities outstanding as of November 1, 2025 and November 2, 2024, our annual interest income would change by approximately $36.5 million and $19.9 million, respectively, for each 100-basis point increase in interest rates.
To provide a meaningful assessment of the interest rate risk associated with our investment portfolio, we performed a sensitivity analysis to determine the impact a change in interest rates would have on the value of our investment portfolio assuming an immediate 100-basis point parallel shift in the yield curve.
−Removed: Based on investment positions as of November 2, 2024 and October 28, 2023, a hypothetical 100 basis point increase in interest rates across all maturities would not materially impact the fair market value of the portfolio in either period.
−Removed: If significant, such losses would only be realized if we sold the investments prior to maturity.
+Added: Based on investment positions as of November 1, 2025 and November 2, 2024, a hypothetical 100-basis point increase in interest rates across all maturities would not materially impact the fair market value of the portfolio in either period.
+Added: Any losses would only be realized if we sold the investments prior to maturity.
As of November 1, 2025 we had $1.0 billion notional of fixed for floating interest rate swaps outstanding, with the swap payable having a fair value of $12.6 million.
5 unchanged sentences
Generally, the fair value of our notes will increase as interest rates fall and decrease as interest rates rise.
−Removed: The fair values of our notes as of November 2, 2024 and October 28, 2023, assuming a hypothetical 100 basis point increase in market interest rates, are as follows:
−Removed: November 2, 2024 October 28, 2023
+Added: The fair values of our notes as of November 1, 2025 and November 2, 2024, assuming a hypothetical 100 basis point increase in market interest rates, are as follows:
+Added: November 1, 2025 November 2, 2024
(thousands) Principal Amount Outstanding Fair Value Fair Value given an increase in interest rates of 100 basis points Principal Amount Outstanding Fair Value Fair Value given an increase in interest rates of 100 basis points
1 unchanged sentence
$ 446,639 $ 446,624 $ 446,423 $ 547,738 $ 547,718 $ 547,532
−Removed: 2024 Notes, due October 2024 — — — 500,000 499,473 495,058
2025 Notes, due April 2025 — — — 400,000 397,027 395,418
1 unchanged sentence
2027 Notes, due June 2027 440,212 436,916 430,163 440,212 421,077 410,868
+Added: 2028 Notes, due June 2028 850,000 856,345 835,576 — — —
2028 Notes, due October 2028 750,000 704,186 684,787 750,000 673,316 648,856
+Added: 2030 Notes, due June 2030 650,000 659,834 633,147 — — —
2031 Notes, due October 2031 1,000,000 884,390 837,631 1,000,000 843,766 792,665
7 unchanged sentences
Foreign Currency Exposure
−Removed: As more fully described in Note 2i, Derivative and Hedging Agreements , of the Notes to Consolidated Financial Statements contained in Item 8 of this Annual Report on Form 10-K, we regularly hedge our non-U.S.
+Added: As more fully described in Note 2i, Derivative and Hedging Agreements , of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K, we regularly hedge our non-U.S.
dollar-based exposures by entering into forward foreign currency exchange contracts.
1 unchanged sentence
Currently, our largest foreign currency exposure is the Euro, primarily because our European operations have the highest proportion of our local currency denominated expenses.
−Removed: Relative to the net unhedged foreign currency exposures existing at November 2, 2024 and October 28, 2023, an immediate 10% unfavorable movement in foreign currency exchange rates would result in approximately $32.2 million of losses and $66.5 million of losses, respectively, in changes in earnings or cash flows over the course of the year.
+Added: Relative to the net unhedged foreign currency exposures existing at November 1, 2025 and November 2, 2024, an immediate 10% unfavorable movement in foreign currency exchange rates would result in approximately $89.6 million of losses and $32.2 million of losses, respectively, in changes in earnings or cash flows over the course of the year.
The market risk associated with our derivative instruments results from currency exchange rates that are expected to offset the market risk of the underlying transactions, assets and liabilities being hedged.
4 unchanged sentences
The following table illustrates the effect that an immediate 10% unfavorable or favorable movement in foreign currency exchange rates, relative to the U.S.
−Removed: dollar, would have on the fair value of our forward exchange contracts as of November 2, 2024 and October 28, 2023:
−Removed: November 2, 2024 October 28, 2023
+Added: dollar, would have on the fair value of our forward exchange contracts as of November 1, 2025 and November 2, 2024:
+Added: November 1, 2025 November 2, 2024
Fair value of forward exchange contracts $ (1,267) $ (8,961)
8 unchanged sentences
We have audited the accompanying consolidated balance sheets of Analog Devices, Inc.
−Removed: (the Company) as of November 2, 2024 and October 28, 2023, the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended November 2, 2024, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).
−Removed: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at November 2, 2024 and October 28, 2023, and the results of its operations and its cash flows for each of the three years in the period ended November 2, 2024, in conformity with U.S.
+Added: (the Company) as of November 1, 2025 and November 2, 2024, the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended November 1, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).
+Added: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at November 1, 2025 and November 2, 2024, and the results of its operations and its cash flows for each of the three years in the period ended November 1, 2025, in conformity with U.S.
generally accepted accounting principles.
32 unchanged sentences
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.