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Reliability analysis has become a tool of fundamental importance to virtually all electrical and computer engineers because of the extensive usage of hardware systems in safety and mission critical domains, such as medicine, military, and transportation. Due to the strong relationship between reliability theory and probabilistic notions, computer simulation techniques have been traditionally used to perform reliability analysis. However, simulation provides less accurate results and cannot handle large-scale systems due to its enormous CPU time requirements. To ensure accurate and complete reliability analysis and thus more reliable hardware designs, we propose to conduct a formal reliability analysis of systems within the sound core of a higher order logic theorem prover (HOL). In this paper, we present the higher order logic formalization of some fundamental reliability theory concepts, which can be built upon to precisely analyze the reliability of various engineering systems. The proposed approach and formalization is then utilized to analyze the repairability conditions for a reconfigurable memory array in the presence of stuck-at and coupling faults.