<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 11-K
(Mark One)
X ANNUAL REPORT PURSUANT TO SECTION 15 (d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED)
For the fiscal year ended December 31, 1993
OR
--- TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 (NO FEE REQUIRED)
For the Transition period from __________ to __________
Commission File No. 1-7819
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
(Full Title of Plan)
ANALOG DEVICES, INC.
(Name of issuer of the securities held pursuant to the plan)
One Technology Way
Norwood, Massachusetts 02062-9106
(Address of principal executive offices)
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1
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
Financial Statements
--------------------
- - - Audited Statements of Assets, Liabilities and
Participants' Equity as of December 31, 1993 and 1992.
- - - Audited Statements of Changes in Participants' Equity
for the Years Ended December 31, 1993, 1992 and 1991.
Exhibits
--------
23.1 Consent of Ernst & Young, filed herewith.
2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the plan) have duly caused this
annual report to be signed by the undersigned thereunto duly authorized.
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP
--------------------------
(the Plan)
by:/s/ Joseph E. McDonough
--------------------------------
Joseph E. McDonough
Vice President-Finance and
Chief Financial Officer and
Member of The Investment
Partnership Plan
Administration Committee
June 29, 1994
3
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULES
YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991
with
REPORT OF INDEPENDENT AUDITORS
4
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REPORT OF INDEPENDENT AUDITORS
The Administration Committee
Analog Devices, Inc.
The Investment Partnership Plan
We have audited the accompanying statements of assets, liabilities and
participants' equity of Analog Devices, Inc. The Investment Partnership Plan
as of December 31, 1993 and 1992, and the related statements of changes in
participants' equity for each of the three years in the period ended December
31, 1993. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the assets, liabilities and participants' equity of
Analog Devices, Inc. The Investment Partnership Plan at December 31, 1993 and
1992, and its changes in participant's equity for each of the three years in
the period ended December 31, 1993, in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplemental schedules
of assets held for investment as of December 31, 1993, transactions or series
of transactions in excess of 5% of plan assets for the year ended December 31,
1993, and party-in-interest transactions for the year ended December 31, 1993
are presented for purposes of complying with the Department of Labor's Rules
and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974 and are not a required part of the basic financial
statements. The supplemental schedules have been subjected to the auditing
procedures applied in our audit of the 1993 financial statements and, in our
opinion, are fairly stated in all material respects in relation to the 1993
basic financial statements taken as a whole.
/s/ ERNST & YOUNG
------------------
ERNST & YOUNG
Boston, Massachusetts
April 29, 1994
5
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<TABLE>
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
STATEMENTS OF ASSETS, LIABILITIES AND PARTICIPANTS' EQUITY
December 31, 1993, 1992 and 1991
<CAPTION>
ASSETS 1993 1992
------ ---- ----
<S> <C> <C>
Investments, at fair value (Notes 2 and 4) $111,484,667 $90,882,196
Accrued interest and dividends 160,895 179,846
Participant loans receivable 1,859,351 1,549,804
------------ -----------
$113,504,913 $92,611,846
============ ===========
LIABILITIES AND PARTICIPANTS' EQUITY
- - ------------------------------------
Forfeitures payable $ 84,404 $ 87,903
Participants' equity (Notes 2, 6 and 7) 113,420,509 92,523,943
------------ -----------
$113,504,913 $92,611,846
============ ===========
</TABLE>
See accompanying notes.
6
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<TABLE>
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY
Years ended December 31, 1993, 1992 and 1991
<CAPTION>
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
Investment income:
Interest income $ 145,916 $ 105,137 $ 348,660
Change in net unrealized
appreciation (Note 4) 2,595,505 2,431,642 3,471,774
Realized gains (losses) (Note 4) 4,666,665 19,669 (118,764)
Dividend income and capital gains distributions 4,395,863 4,335,695 4,321,585
------------ ----------- -----------
Net investment income 11,803,949 6,892,143 8,023,255
Contributions (Note 2):
Employer 7,379,875 7,033,332 6,603,997
Employees 5,840,838 5,211,191 4,711,240
------------ ----------- -----------
Total contributions 13,220,713 12,244,523 11,315,237
Paid and accrued participant
withdrawals (Note 2) (4,011,098) (6,854,899) (6,044,481)
Paid and accrued forfeitures (Note 2) (116,998) (288,346) (462,577)
------------ ----------- -----------
Net increase in participants' equity 20,896,566 11,993,421 12,831,434
Participants' equity at beginning of year 92,523,943 80,530,522 67,699,088
------------ ----------- -----------
Participants' equity at end of year $113,420,509 $92,523,943 $80,530,522
============ =========== ===========
</TABLE>
See accompanying notes.
7
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
1. Summary of significant accounting policies and basis of presentation
--------------------------------------------------------------------
General plan information
------------------------
The Investment Partnership Plan (the "Plan") is a defined contribution
plan sponsored and administered by Analog Devices, Inc. (the "Company").
Investments
-----------
The investments in the Fidelity Institutional Cash Portfolio - U.S.
Government Portfolio, Fidelity Short-Term U.S. Government Reserves,
Fidelity Equity Income Fund, Fidelity Magellan Fund and the Analog
Devices, Inc. Common Stock Fund are valued at quoted market prices.
Contributions
-------------
Contributions from employees are recorded when the Company makes payroll
deductions from plan participants. Employer contributions are accrued at
the end of the period in which they become obligations of the Company
based upon the terms the Plan.
Investment income
-----------------
Net investment income resulted from interest income, interest dividends
and capital gains distributions from the money market and mutual funds,
realized gains or losses on sales of investments and the change in net
unrealized appreciation (depreciation) between the cost and market value
of investments at the beginning and end of the accounting period.
All interest, dividends and capital gains distributions are reinvested
in the respective funds and are recorded as earned on an accrual basis.
Interest, dividends, capital gains distributions and unrealized
appreciation (depreciation) has been allocated to participants based upon
the proportion that each participant's share in a fund bears to the total
in that fund (see Note 2(g)).
Income tax status
-----------------
The Plan is qualified under Sections 401(a) and 401(k) of the Internal
Revenue Code of 1986, as amended. The trust holding the assets of the Plan
is therefore exempt from federal income taxes under Section 501(a) of the
Internal Revenue Code of 1986, as amended.
8
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
Administrative expenses
-----------------------
For the years ended December 31, 1993, 1992 and 1991, the Company
elected to pay the administrative expenses of the Plan.
2. Contributions and benefits
--------------------------
The Plan is a contributory defined contribution plan operated through a
trust. The trust qualifies under the Internal Revenue Code as a tax
exempt employee plan and trust. The major provisions of the Plan are as
follows:
(a) Eligibility:
Domestic employees of the Company are eligible for participation
in the Plan on the first day of the calendar quarter after having completed
one year of service, with the exception of approximately 645 employees of
the Precision Monolithics Division who are not eligible for participation
in the Plan. For eligibility purposes, a year of service is a 12-month
period during which an employee completes at least 1,000 hours of service.
<TABLE>
The total number of participants at December 31, 1993 was as
follows:
<S> <C>
Vested 2,282
Nonvested 577
-----
2,859
=====
</TABLE>
(b) Contributions:
The Company makes a contribution to the Plan equal to 5% of each
participant's total eligible compensation. For 1993, the Internal Revenue
Service defined total eligible compensation as an amount not to exceed
$235,840; for 1992, this amount was $228,860; and for 1991, this amount
was $222,220. For 1994, this amount has been defined as $150,000. The
Company also matches each participant's pre-tax contribution, if any, by
contributing an amount not to exceed 2% of such participant's total
eligible compensation. A participant may voluntarily contribute to the
Plan up to 10% of his or her pre-tax total eligible compensation; however,
pre-tax contributions could not exceed $8,994 in 1993, $8,728 in 1992 and
$8,475 in 1991. This amount has been increased to $9,240 for 1994. A
participant may also elect to make an after-tax contribution to the Plan
of up to 5% of his or her total eligible compensation.
9
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
Company contributions, participants' pre-tax contributions and the
investment income related to all contributions are excluded from the
participants' income for federal income tax purposes until such amounts
are withdrawn or distributed.
(c) Investments:
The trust agreement of the Plan provides for the maintenance of
four separate and distinct Funds:
- Income Fund
For 1993, 1992 and 1991, the Income Fund consisted primarily of
investments in short-term, variable rate, institutional money
market funds, the Fidelity Institutional Cash Portfolio - U.S.
Government Portfolio and the Fidelity Short-Term U.S. Government
Reserves. These money market funds, managed by Fidelity
Investments, invest only in debt obligations issued or guaranteed
as to principal and interest by the U.S. government.
The investment objective of the Income Fund is to obtain as high
a level of current income consistent with the preservation of
principal and liquidity. The interest rate earned on investments
in the Income Fund is determined primarily by and reflects the
prevailing rates paid on short-term U.S. government obligations.
- Fidelity Equity Income Fund is a growth and income mutual fund,
managed by Fidelity Management and Research Company, which invests
primarily in income producing equity securities.
- Fidelity Magellan Fund is a growth-oriented mutual fund, managed
by Fidelity Management and Research Company, which invests
primarily in a wide range of common stocks.
- Analog Devices, Inc. Common Stock Fund
Effective January 1, 1994, four new Funds will be offered in
addition to the four Funds currently offered as investment options
in the Plan. The additional investment options are as follows:
Fidelity Asset Manager: Income Fund, Fidelity Asset Manager Fund,
Fidelity Asset Manager: Growth Fund and Fidelity Growth Company
Fund.
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
(d) Vesting:
Employee contributions are vested at the time they are deducted
from participants' compensation. Investment income on employee
contributions is vested as it is earned. Company contributions and
earnings thereon become fully vested upon the first to occur of (i)
completion of five years of service with the Company, (ii) after reaching
age 65 or (iii) upon death or permanent disability while employed by the
Company.
(e) Benefits:
Upon normal retirement at age 65, death, permanent disability or
termination of employment, the participant's vested benefits are paid to
the participant or his or her beneficiary, at the election of the
participant, either in a lump sum or in monthly installments over a
ten-year period. Participants may elect to defer payment of their account
until he or she attains age 70 1/2. However, if a participant's vested
benefits are less than $3,500 upon termination of employment, distribution
will be made in the form of a lump-sum payment within one year following
termination of employment.
(f) Loans
Participants may borrow a maximum of 50% of their vested balance
up to $50,000, for an immediate and heavy financial need as defined by the
Plan. Participants repay loans plus interest to their accounts through
payroll deductions generally over a five-year period unless for the
purchase of a primary residence, in which case the repayment period may
be extended for up to twenty years. The interest rate on loans, which is
announced quarterly, is tied to the interest rate of Treasury bonds with
3- and 10-year maturities. Once determined, the interest rate is fixed
for the duration of the loan.
(g) Accounting:
A separate account is maintained for each participant. The
account balance is adjusted periodically for employee and employer
contributions, withdrawals and a pro rata share of net investment income.
Forfeitures which arise when participants terminate employment with the
Company prior to vesting are used to offset future Company contributions
and/or for the reimbursement of Plan expenses which are paid by the
Company. If an employee who had terminated after December 31, 1984
returns to the employment of the Company within five years, any amount
which had been forfeited will be reinstated by the Company.
11
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
Since the transfer of Plan net assets to the trusteeship of
Fidelity on January 1, 1992 (see Note 3), all transactions of the Plan
(including contributions, withdrawals and exchanges) have been accounted
for and reported using units as well as dollars. Net investment earnings
in each Fund are allocated based on the proportion of units in each
participant's account to the total units in each fund.
(h) Investment allocation:
The vested share of a participant's account balance is invested
in one or more of the Funds depending upon the allocation instructions of
the participant. In the absence of such allocation instructions, all
amounts accruing to the participant are invested in the Income Fund.
Nonvested employer contributions made through December 31, 1993 were
invested in the Income Fund. Beginning January 1, 1994, participants may
invest nonvested Company contributions in the investment options of their
choice.
<TABLE>
The number of participants under each investment fund at December
31, 1993 was as follows:
<S> <C>
Income Fund 2,395
Fidelity Equity Income Fund 661
Fidelity Magellan Fund 1,572
Analog Devices, Inc. Common Stock Fund 416
</TABLE>
(i) Continuation of the Plan:
While the Company has not expressed any intent to terminate the
Plan or completely suspend contributions, it is free to do so at any time.
In the event of such termination or complete suspension, each participant
automatically becomes vested to the extent of his or her account balance.
3. Trustee, investment manager and Plan recordkeeper
-------------------------------------------------
Effective January 1, 1992, Fidelity Management Trust Company and Fidelity
Institutional Retirement Services Company were named as trustee and
recordkeeper, respectively, to the Plan. Prior to this date, all assets
of the Plan were in the custody of The Boston Safe Deposit and Trust Co.
and were held under a trust agreement through December 31, 1991. State
Street Bank and Trust Company served as investment manager with respect to
The Income Fund's former investment in the State Street Bank and Trust
Company Selection Fund through the end of 1991 when this investment
matured. The Plan's recordkeeper through December 31, 1991 was Towers,
Perrin, Forster and Crosby.
12
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
<TABLE>
4. Investment of Plan assets
-------------------------
Investments at December 31, 1993 and 1992 were as follows:
<CAPTION>
1993 1992
---- ----
Cost Fair Value Cost Fair Value
---- ---------- ---- ----------
<S> <C> <C> <C> <C> <C> <C>
Income Fund:
Fidelity Institutional
Cash Portfolio - U.S.
Government Portfolio $ 51,487,423 $ 51,487,423 $ 54,093,851 $ 54,093,851
Fidelity Short-Term
U.S. Government Reserves 10,593,089 10,593,089 10,416,382 10,416,382
------------ ------------ ------------ ------------
Total 62,080,512 62,080,512 64,510,233 64,510,233
Fidelity Equity Income Fund,
415,574 shares (233,136 in 1992) 12,246,315 14,063,035 6,210,429 6,763,282
Fidelity Magellan Fund,
332,780 shares (203,103 in 1992) 21,817,640 23,577,433 12,601,121 12,797,580
Analog Devices, Inc. Common Stock Fund:
Analog Devices, Inc.
Common Stock, 465,304
shares (415,316 in 1992) 9,432,176 11,458,111 4,491,254 6,748,885
Fidelity Short-Term
U.S. Government Reserves 305,576 305,576 62,216 62,216
------------ ------------ ------------ ------------
Total 9,737,752 11,763,687 4,553,470 6,811,101
Total All Funds $105,882,219 $111,484,667 $87,875,253 $90,882,196
============ ============ ============ ============
Unrealized appreciation
of investments $5,602,448 $3,006,943
========== ==========
</TABLE>
13
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
<TABLE>
The net realized gain (loss) on disposition of investments was computed as
follows:
<CAPTION>
Analog
Fidelity Devices, Inc.
Equity Fidelity Common
Income Fund Magellan Fund Stock Fund Total
----------- ------------- ---------- -----
<S> <C> <C> <C> <C>
Year ended December 31, 1993
Aggregate proceeds $5,018,779 $5,187,937 $15,118,638 $25,325,354
Aggregate cost-average 4,732,679 5,037,315 10,888,695 20,658,689
---------- ---------- ----------- -----------
Net realized gain $ 286,100 $ 150,622 $ 4,229,943 $ 4,666,665
========== ========== =========== ===========
Year ended December 31, 1992
Aggregate proceeds $ 638,126 $1,612,642 $ 1,974,514 $ 4,225,282
Aggregate cost-average 620,876 1,683,328 1,901,409 4,205,613
---------- ---------- ----------- -----------
Net realized gain (loss) $ 17,250 $ (70,686) $ 73,105 $ 19,669
========== ========== =========== ===========
Year ended December 31, 1991
Aggregate proceeds $ 132,813 $ 165,597 $ 389,449 $ 687,859
Aggregate cost-average 162,185 170,809 473,629 806,623
---------- ---------- ----------- -----------
Net realized (loss) $ (29,372) $ (5,212) $ (84,180) $ (118,764)
========== ========== =========== ===========
<FN>
For fiscal years beginning in 1991, the U.S. Department of Labor requires that
the realized gain or loss on the sale of investments be calculated using the
fair market value of the securities at the beginning of the year or the
purchase price of the securities if purchased during the year, rather than the
historical cost basis required by generally accepted accounting principles. If
the ERISA basis were used, the total realized gain on the sale of securities
would have been $3,628,992 for the year ended December 31, 1993, $214,802 for
the year ended December 31, 1992 and $128,109 for the year ended December 31,
1991.
</TABLE>
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
5. Other
-----
There were no party-in-interest transactions which are prohibited by
ERISA Section 406 and for which there is no statutory or administrative
exemption.
<TABLE>
6. Statements of assets, liabilities and participants' equity by fund
------------------------------------------------------------------
<CAPTION>
Fidelity Fidelity Analog
Income Equity Magellan Devices, Inc.
1993 Fund Income Fund Fund Common Stock Fund Total
---- ---- ----------- ---- ----------------- -----
<S> <C> <C> <C> <C> <C>
Assets
------
Investments, at fair value $62,080,512 $14,063,035 $23,577,433 $11,763,687 $111,484,667
Accrued interest and dividends 160,399 - - 496 160,895
Interfund transfers receivable (payable) 153,115 - - (153,115) -
Participant loans receivable 1,084,002 254,731 383,026 137,592 1,859,351
----------- ----------- ----------- ----------- ------------
$63,478,028 $14,317,766 $23,960,459 $11,748,660 $113,504,913
=========== =========== =========== =========== ============
Liabilities and
Participants' Equity
--------------------
Forfeitures payable $ 84,404 $ - $ - $ - $ 84,404
Participants' equity 63,393,624 14,317,766 23,960,459 11,748,660 113,420,509
----------- ----------- ----------- ----------- ------------
$63,478,028 $14,317,766 $23,960,459 $11,748,660 $113,504,913
=========== =========== =========== =========== ============
</TABLE>
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
<TABLE>
6. Statements of assets, liabilities and participants' equity by fund (Continued)
------------------------------------------------------------------------------
<CAPTION>
Fidelity Analog
Income Equity Fidelity Devices, Inc.
1992 Fund Income Fund Magellan Fund Common Stock Fund Total
---- ---- ----------- ------------- ----------------- -----
<S> <C> <C> <C> <C> <C>
Assets
------
Investments, at fair value $64,510,233 $6,763,282 $12,797,580 $6,811,101 $90,882,196
Accrued interest and dividends 179,594 - - 252 179,846
Interfund transfers receivable (payable) 23,335 12,399 6,108 (41,842) -
Participant loans receivable 1,108,110 137,933 226,271 77,490 1,549,804
----------- ---------- ----------- ---------- -----------
$65,821,272 $6,913,614 $13,029,959 $6,847,001 $92,611,846
=========== ========== =========== ========== ===========
Liabilities and
Participants' Equity
--------------------
Forfeitures payable $ 87,903 $ - $ - $ - $ 87,903
Participants' equity 65,733,369 6,913,614 13,029,959 6,847,001 92,523,943
----------- ---------- ----------- ---------- -----------
$65,821,272 $6,913,614 $13,029,959 $6,847,001 $92,611,846
=========== ========== =========== ========== ===========
</TABLE>
16
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
<TABLE>
7. Statements of changes in participants' equity for all funds
-----------------------------------------------------------
<CAPTION>
Fidelity Analog
Income Equity Fidelity Devices, Inc.
1993 Fund Income Fund Magellan Fund Common Stock Fund Total
---- ---- ----------- ------------- ----------------- -----
<S> <C> <C> <C> <C> <C>
Participants' equity at January 1, 1993 $65,733,369 $ 6,913,614 $13,029,959 $ 6,847,001 $ 92,523,943
Investment income:
Interest income 89,928 18,991 28,027 8,970 145,916
Change in net unrealized appreciation
(depreciation) - 1,263,867 1,563,334 (231,696) 2,595,505
Realized gains - 286,100 150,622 4,229,943 4,666,665
Dividend income and
capital gains distributions 1,928,971 458,509 1,997,478 10,905 4,395,863
----------- ----------- ----------- ----------- ------------
Net investment income 2,018,899 2,027,467 3,739,461 4,018,122 11,803,949
Contributions:
Employer 5,278,443 687,785 1,090,777 322,870 7,379,875
Employees 2,881,059 1,038,591 1,585,782 335,406 5,840,838
----------- ----------- ----------- ----------- ------------
Total contributions 8,159,502 1,726,376 2,676,559 658,276 13,220,713
Paid and accrued participant withdrawals (3,043,601) (222,380) (546,263) (198,854) (4,011,098)
Paid and accrued forfeitures (116,998) - - - (116,998)
Interfund transfers (9,357,547) 3,872,689 5,060,743 424,115 -
----------- ----------- ----------- ----------- ------------
Net increase in participants' equity (2,339,745) 7,404,152 10,930,500 4,901,659 20,896,566
Participants' equity at December 31, 1993 $63,393,624 $14,317,766 $23,960,459 $11,748,660 $113,420,509
=========== =========== =========== =========== ============
</TABLE>
17
<PAGE> 18
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
<TABLE>
7. Statements of changes in participants' equity for all funds (Continued)
-----------------------------------------------------------------------
<CAPTION>
Fidelity Analog
Income Equity Fidelity Devices, Inc.
1992 Fund Income Fund Magellan Fund Common Stock Fund Total
---- ---- ----------- ------------- ----------------- -----
<S> <C> <C> <C> <C> <C>
Participants' equity at January 1, 1992 $63,704,898 $3,592,123 $ 9,158,199 $4,075,302 $80,530,522
Investment income:
Interest income 77,010 7,636 14,869 5,622 105,137
Change in net unrealized appreciation
(depreciation) - 484,652 (840,756) 2,787,746 2,431,642
Realized gains (losses) - 17,250 (70,686) 73,105 19,669
Dividend income and
capital gains distributions 2,429,874 200,888 1,701,944 2,989 4,335,695
----------- ----------- ----------- ----------- -----------
Net investment income 2,506,884 710,426 805,371 2,869,462 6,892,143
Contributions:
Employer 5,579,992 393,179 853,722 206,439 7,033,332
Employees 3,333,282 534,823 1,119,308 223,778 5,211,191
----------- ----------- ----------- ----------- -----------
Total contributions 8,913,274 928,002 1,973,030 430,217 12,244,523
Paid and accrued participant withdrawals (5,747,910) (251,198) (543,980) (311,811) (6,854,899)
Paid and accrued forfeitures (288,346) - - - (288,346)
Interfund transfers (3,355,431) 1,934,261 1,637,339 (216,169) -
----------- ----------- ----------- ----------- -----------
Net increase in participants' equity 2,028,471 3,321,491 3,871,760 2,771,699 11,993,421
----------- ----------- ----------- ----------- -----------
Participants' equity at December 31, 1992 $65,733,369 $6,913,614 $13,029,959 $6,847,001 $92,523,943
=========== =========== =========== =========== ===========
</TABLE>
18
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ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1993, 1992 and 1991
<TABLE>
7. Statements of changes in participants' equity for all funds (Continued)
-----------------------------------------------------------------------
<CAPTION>
Fidelity Analog
Income Equity Fidelity Devices, Inc.
1991 Fund Income Fund Magellan Fund Common Stock Fund Total
---- ---- ----------- ------------- ----------------- -----
<S> <C> <C> <C> <C> <C>
Participants' equity at January 1, 1991 $58,013,245 $2,149,444 $4,931,519 $2,604,880 $67,699,088
Investment income:
Interest income 333,289 3,271 7,698 4,402 348,660
Change in net unrealized appreciation - 577,200 1,497,040 1,397,534 3,471,774
Realized (losses) - (29,372) (5,212) (84,180) (118,764)
Dividend income and
capital gains distributions 3,428,934 137,759 754,892 - 4,321,585
----------- ---------- ---------- ---------- -----------
Net investment income 3,762,223 688,858 2,254,418 1,317,756 8,023,255
Contributions:
Employer 5,639,430 233,271 572,275 159,021 6,603,997
Employees 3,377,114 345,433 787,353 201,340 4,711,240
----------- ---------- ---------- ---------- -----------
Total contributions 9,016,544 578,704 1,359,628 360,361 11,315,237
Paid and accrued participant withdrawals (5,127,401) (142,722) (519,220) (255,138) (6,044,481)
Paid and accrued forfeitures (462,577) - - - (462,577)
Interfund transfers (1,497,136) 317,839 1,131,854 47,443 -
----------- ---------- ---------- ---------- -----------
Net increase in participants' equity 5,691,653 1,442,679 4,226,680 1,470,422 12,831,434
----------- ---------- ---------- ---------- -----------
Participants' equity at December 31, 1991 $63,704,898 $3,592,123 $9,158,199 $4,075,302 $80,530,522
=========== ========== ========== ========== ===========
</TABLE>
19
<PAGE> 20
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
SUPPLEMENTAL SCHEDULES
DECEMBER 31, 1993
20
<PAGE> 21
<TABLE>
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
SUPPLEMENTAL SCHEDULE
ASSETS HELD FOR INVESTMENT
December 31, 1993
The cost and market value of assets held for investment at December 31, 1993
were as follows:
<CAPTION>
Market
Shares Cost Value
------ ---- ------
<S> <C> <C> <C>
Description of Investment:
Fidelity Institutional Cash Portfolio -
U.S. Government Portfolio 51,487,423 $ 51,487,423 $ 51,487,423
Fidelity Short-term U.S. Government Reserves 10,898,665 10,898,665 10,898,665
Fidelity Equity Income Fund 415,574 12,246,315 14,063,035
Fidelity Magellan Fund 332,780 21,817,640 23,577,433
Analog Devices, Inc. Common Stock (1) 465,304 9,432,176 11,458,111
------------ ------------
$105,882,219 $111,484,667
Other:
Participant Loans Receivable (2) 1,859,351 1,859,351
------------ ------------
Total $107,741,570 $113,344,018
============ ============
<FN>
(1) Indicates party-in-interest to the Plan.
(2) The loan account at December 31, 1993 bears interest at rates ranging from
6 1/4% to 10 3/4% with terms ranging from 1 to 20 years.
</TABLE>
21
<PAGE> 22
<TABLE>
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
SUPPLEMENTAL SCHEDULE
TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS
OF 5% OF PLAN ASSETS
Year Ended December 31, 1993
<CAPTION>
Purchases Sales
--------- ----------------------------------------------------
Selling Net Gain
Description of Assets Cost Price Cost (Loss)
- - --------------------- ---- ----- ---- ------
<S> <C> <C> <C> <C>
Category (iii) - Series of transactions in excess
of 5% of plan assets
Fidelity Institutional Cash Portfolio -
U.S. Government Portfolio $ 1,693,572 $ 4,300,000 $ 4,300,000 $ -
Fidelity Short-Term
U.S. Government Reserves 38,075,684 37,655,617 37,655,617 -
Fidelity Equity Income Fund 10,768,565 5,018,779 4,732,679 286,100
Fidelity Magellan Fund 14,253,834 5,187,937 5,037,315 150,622
Analog Devices, Inc.
Common Stock 15,829,617 15,118,638 10,888,695 4,229,943
</TABLE>
There were no category (i), (ii) or (iv) reportable transactions during 1993.
22
<PAGE> 23
ANALOG DEVICES, INC.
THE INVESTMENT PARTNERSHIP PLAN
SUPPLEMENTAL SCHEDULE
SCHEDULE OF PARTY-IN-INTEREST TRANSACTIONS
Year Ended December 31, 1993
There were no party-in-interest transactions which were prohibited by ERISA
Section 406 and for which there is no statutory or administrative exemption.
23
<PAGE> 1
EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement
(Form S-8 Nos. 33-2502 and 2-95495) pertaining to the Analog Devices, Inc. The
Investment Partnership Plan and the related prospectus of our report dated April
29, 1994, with respect to the financial statements of the Analog Devices, Inc.
The Investment Parternship Plan included in this Annual Report (Form 11-K) for
the year ended December 31, 1993.
ERNST & YOUNG
Boston, Massachusetts
June 29, 1994
