Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Analog Devices Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Nov 2, 2024	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019
Accounts payable	487,457)	493,041)	582,160)	443,434)	227,273)	225,270)
Income taxes payable	447,379)	309,046)	265,845)	332,685)	182,080)	187,879)
Debt, current	399,636)	499,052)	—)	516,663)	—)	299,667)
Commercial paper notes	547,738)	547,224)	—)	—)	—)	—)
Distributor price adjustments and other revenue reserves	508,722)	525,405)	749,402)	664,198)	257,343)	227,020)
Accrued compensation and benefits	220,091)	308,001)	465,536)	381,678)	203,675)	168,471)
Current operating lease liabilities	68,130)	64,745)	53,628)	52,576)	39,923)	—)
Accrued interest	45,517)	40,412)	33,298)	29,361)	56,083)	61,255)
Interest rate swap	36,855)	81,602)	—)	—)	214,586)	138,798)
Accrued withholdings related to ESPP	33,114)	32,441)	28,131)	—)	—)	—)
Accrued taxes	23,143)	36,649)	22,815)	29,321)	—)	—)
Accrued special charges	14,572)	124,291)	54,699)	46,839)	69,439)	64,418)
Other	155,926)	139,062)	187,141)	273,557)	114,584)	135,854)
Accrued liabilities	1,106,070)	1,352,608)	1,594,650)	1,477,530)	955,633)	795,816)
Current liabilities	2,988,280)	3,200,971)	2,442,655)	2,770,312)	1,364,986)	1,508,632)
Long-term debt, excluding current	6,634,313)	5,902,457)	6,548,625)	6,253,212)	5,145,102)	5,192,252)
Deferred income taxes	2,624,392)	3,127,852)	3,622,538)	3,938,830)	1,919,595)	2,088,212)
Income taxes payable	260,486)	417,076)	707,846)	811,337)	591,780)	654,420)
Other non-current liabilities	544,489)	581,000)	515,363)	555,838)	449,195)	239,937)
Non-current liabilities	10,063,680)	10,028,385)	11,394,372)	11,559,217)	8,105,672)	8,174,821)
Total liabilities	13,051,960)	13,229,356)	13,837,027)	14,329,529)	9,470,658)	9,683,453)
Preferred stock, $1.00 par value, none outstanding	—)	—)	—)	—)	—)	—)
Common stock, $0.16 2/3 par value	82,718)	82,712)	84,880)	87,554)	61,582)	61,385)
Capital in excess of par value	25,082,243)	25,313,914)	27,857,270)	30,574,237)	4,949,586)	4,936,349)
Retained earnings	10,196,612)	10,356,798)	8,721,325)	7,517,316)	7,236,238)	6,899,253)
Accumulated other comprehensive loss	(185,256)	(188,302)	(198,152)	(186,565)	(249,461)	(187,799)
Shareholders’ equity	35,176,317)	35,565,122)	36,465,323)	37,992,542)	11,997,945)	11,709,188)
Total liabilities and shareholders’ equity	48,228,277)	48,794,478)	50,302,350)	52,322,071)	21,468,603)	21,392,641)

Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).

The analysis of the financial data reveals notable trends in liabilities and equity over the examined periods.

Current Liabilities: Current liabilities exhibited significant fluctuations, increasing sharply from approximately 1.5 billion in 2019 to over 3.2 billion in 2023 before slightly declining to nearly 3 billion in 2024. Key components such as accounts payable increased markedly from 225 million in 2019 to a peak near 582 million in 2022, followed by a decrease to 487 million by 2024. Income taxes payable within current liabilities also showed considerable volatility, initially increasing from 188 million in 2019 to over 447 million in 2024. Notable variability was observed in accrued compensation and benefits, rising until 2022 and then declining substantially by 2024. Furthermore, the emergence of commercial paper notes in 2023 and 2024, each exceeding 547 million, indicates increased short-term borrowing.
Non-Current Liabilities: Non-current liabilities grew from approximately 8.2 billion in 2019 to a peak exceeding 11.5 billion in 2021 but decreased subsequently to stabilize near 10 billion between 2023 and 2024. Long-term debt showed an initial upward trend reaching over 6.5 billion in 2022, then declining in 2023 and rising again in 2024 to 6.6 billion. Deferred income taxes exhibited a significant increase in 2021, nearly doubling compared to 2019, but then declined steadily to around 2.6 billion by 2024. Other non-current liabilities rose sharply from around 240 million in 2019 to a high of 581 million in 2023, with a moderate decrease in 2024.
Total Liabilities: Total liabilities increased substantially from 9.7 billion in 2019 to over 14.3 billion in 2021, then decreased gradually to about 13.0 billion by 2024. This trajectory reflects temporary peaks in both current and non-current obligations, followed by partial reductions.
Shareholders’ Equity: Shareholders’ equity displayed a strong upward jump between 2020 and 2021, rising from approximately 12.0 billion to nearly 38.0 billion, and then gradually declined to around 35.2 billion through 2024. This rise correlates with a large increase in capital in excess of par value in 2021, which subsequently declined year-over-year through 2024. Retained earnings consistently grew from 6.9 billion in 2019 to a peak near 10.4 billion in 2023, with slight decrease in 2024. Accumulated other comprehensive loss remained negative throughout, but with relatively small variations, indicating consistent but limited impact on equity.
Overall Balance Sheet: The sum of total liabilities and shareholders’ equity more than doubled from about 21.4 billion in 2019 to over 52.3 billion in 2021, before decreasing to approximately 48.2 billion by 2024. This pattern suggests a phase of rapid growth or restructuring around 2021, followed by stabilization and modest contraction in subsequent years.
Additional Observations: Certain liabilities such as interest rate swaps appeared variably, rising early and then diminishing considerably by 2024. Accrued special charges spiked significantly in 2023 but declined sharply in 2024, implying episodic expenses. The presence of current operating lease liabilities increased steadily from 2020 onward.

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Analog Devices Inc. (NASDAQ:ADI)

Balance Sheet: Liabilities and Stockholders’ Equity