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Reliability of logic circuits is emerging as an important concern in scaled electronic technologies. Reliability analysis of logic circuits is computationally complex because of the exponential number of inputs, combinations, and correlations in gate failures. This paper presents three accurate and scalable algorithms for reliability analysis of logic circuits. The first algorithm, called observability-based reliability analysis, provides a closed-form expression for reliability and is accurate when single gate failures are dominant in a logic circuit. The second algorithm, called single-pass reliability analysis, computes reliability in a single topological walk through the logic circuit. It computes the exact reliability for circuits without reconvergent fan-out, even in the presence of multiple gate failures. The algorithm can also handle circuits with reconvergent fan-out with high accuracy using correlation coefficients as described in this paper. The third algorithm, called maximum- k gate failure reliability analysis, allows a constraint on the maximum number (k) of gates that can fail simultaneously in a logic circuit. Simulation results for several benchmark circuits demonstrate the accuracy, performance, and potential applications of the proposed algorithms.