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0000320193 | 20030812 | 10-Q | 156 | Quarterly amortization of approximately $6.3 million is being recognized as an operating expense. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 157 | The 5 million restricted shares have been included in the calculation of diluted earnings per share utilizing the treasury stock method. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 158 | Stock Repurchase Plan
In July 1999, the Company’s Board of Directors authorized a plan for the Company to repurchase up to $500 million of its common stock. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 159 | This repurchase plan does not obligate the Company to acquire any specific number of shares or acquire shares over any specified period of time. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 160 | Since inception of the stock repurchase plan through the end of fiscal 2000, the Company had repurchased a total of 5.05 million shares at a cost of $191 million. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 161 | No shares have been repurchased since the end of fiscal 2000. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 162 | During the fourth quarter of 2001, the Company entered into a forward purchase agreement to acquire 1.5 million shares of its common stock in September of 2003 at an average price of $16.64 per share for a total cost of $25.5 million. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 163 | The total cost to acquire the same number of shares at the closing price of the Company’s common stock on June 28, 2003, would be approximately $28.7 million. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 164 | The Company was authorized to repurchase up to an additional $283 million of its common stock as of June 28, 2003. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 165 | Comprehensive Income
Comprehensive income consists of two components, net income and other comprehensive income. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 166 | Other comprehensive income refers to revenue, expenses, gains and losses that under generally accepted accounting principles are recorded as an element of shareholders’ equity but are excluded from net income. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 167 | The Company’s other comprehensive income is comprised of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, from unrealized gains and losses on marketable securities categorized as available-for-sale, and from net deferred gains and losses on certain... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 168 | The following table summarizes components of total comprehensive income, net of taxes, during the three and nine-month periods ended June 28, 2003, and June 29, 2002 (in millions):
The following table summarizes activity in other comprehensive income related to derivatives, net of taxes, held by the Company during the ... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 169 | Based on the terms of individual option grants, options granted under the 2003 Plan generally expire 7 to 10 years after the grant date and generally become exercisable over a period of 4 years, based on continued employment, with either annual or quarterly vesting. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 170 | The 2003 Plan permits the granting of incentive stock options, nonstatutory stock options, restricted stock, stock appreciation rights, and stock purchase rights. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 171 | 1997 Employee Stock Option Plan
In August 1997, the Company’s Board of Directors approved the 1997 Employee Stock Option Plan (the 1997 Plan), a non-shareholder approved plan for grants of stock options to employees who are not officers of the Company. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 172 | Options may be granted under the 1997 Plan to employees at not less than the fair market value on the date of grant. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 173 | Based on the terms of individual option grants, options granted under the 1997 Plan generally expire 7 to 10 years after the grant date and generally become exercisable over a period of 4 years, based on continued employment, with either annual or quarterly vesting. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 174 | As a result of shareholder approval of amendments to the 1998 Executive Officer Stock Plan in April 2003, the Company will terminate the 1997 Employee Stock Option Plan and cancel all remaining unissued shares, following the completion of the employee stock option exchange program in October 2003. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 175 | Employee Stock Option Exchange Program
On March 20, 2003, the Company announced a voluntary employee stock option exchange program (the Exchange Program) whereby eligible employees, other than executive officers and members of the Board of Directors, had an opportunity to exchange outstanding options with exercise pric... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 176 | On April 17, 2003, in accordance with the Exchange Program, the Company accepted and cancelled options to purchase 16,569,193 shares of its common stock and granted a promise to issue approximately 6,892,309 new options to participating employees. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 177 | The new stock options will be issued on October 20, 2003, which is the first business day that is six months and one day after cancellation of the exchanged options. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 178 | No financial or accounting impact to the Company’s financial position, results of operations or cash flow for the three months ended June 28, 2003, was associated with this transaction. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 179 | 1997 Director Stock Option Plan
In August 1997, the Company’s Board of Directors adopted a shareholder approved Director Stock Option Plan (DSOP) for non-employee directors of the Company. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 180 | Initial grants of 30,000 options under the DSOP vest in three equal installments on each of the first through third anniversaries of the date of grant, and subsequent annual grants of 10,000 options are fully vested at grant. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 181 | Employee Stock Purchase Plan The Company has a shareholder approved employee stock purchase plan (the Purchase Plan), under which substantially all employees may purchase common stock through payroll deductions at a price equal to 85% of the lower of the fair market values as of the beginning and end of six-month offer... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 182 | Stock purchases under the Purchase Plan are limited to 10% of an employee’s compensation, up to a maximum of $25,000 in any calendar year. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 183 | During the first nine months of 2003, approximately 2.1 million shares were issued under the Purchase Plan. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 184 | In the third quarter of 2003, the Company’s shareholders also approved an amendment to the Employee Stock Purchase Plan to increase the number of shares authorized for issuance by 4 million shares. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 185 | As of June 28, 2003, approximately 4 million shares were reserved for future issuance under the Purchase Plan. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 186 | Beginning with the six-month offering period that started on June 30, 2003, the number of shares authorized for issuance is limited to a total of 1 million shares per offering period. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 187 | Stock Option Activity
A summary of the Company’s stock option activity and related information for the nine-month periods ended June 28, 2003, and June 29, 2002 follows (option amounts are presented in thousands):
Total options outstanding at June 28, 2003 to purchase approximately 64.1 million shares do not include op... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 188 | The options outstanding as of June 28, 2003, have been segregated into six ranges for additional disclosure as follows (option amounts are presented in thousands):
Note 7 - Stock-Based Compensation
The Company has provided pro forma disclosures in Note 1 of these Notes to Condensed Consolidated Financial Statements of ... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 189 | These pro forma effects have been estimated at the date of grant and beginning of the period, respectively, using the Black-Scholes option pricing model. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 190 | For purposes of the pro forma disclosures provided pursuant to SFAS No. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 191 | 123, the option awards expected to be issued in October 2003 and the awards cancelled as part of the Employee Stock Option Exchange Program have been accounted for using modification accounting. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 192 | In accordance with SFAS No. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 193 | 123, the grant date of the awards to be issued is the date of acceptance of the exchange offer by participating employees. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 194 | The cancellation of certain of the Company’s Chief Executive Officer’s options and replacement with restricted shares in March 2003 is also being accounted for using modification accounting for purposes of the pro forma disclosures provided pursuant to SFAS No. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 195 | 123. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 196 | The assumptions used for the three and nine-month periods ended June 28, 2003, and June 29, 2002, and the resulting estimates of weighted-average fair value per share of options granted and for stock purchases during those periods are as follows:
Note 8 - Commitments and Contingencies
Lease Commitments
The Company leas... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 197 | The Company does not currently utilize any other off-balance-sheet financing arrangements. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 198 | The major facility leases are for terms of 5 to 10 years and generally provide renewal options for terms of 3 to 5 additional years. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 199 | Leases for retail space are for terms of 5 to 14 years and often contain multi-year renewal options. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 200 | As of September 28, 2002, the Company’s total future minimum lease payments under noncancelable operating leases were $464 million, of which $209 million related to leases for retail space. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 201 | As of June 28, 2003, total future minimum lease payments related to leases for retail space increased to $304 million. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 202 | Accrued Warranty and Indemnifications
The Company offers a basic limited parts and labor warranty on its hardware products. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 203 | The basic warranty period for hardware products is typically one year from the date of purchase by the end-user. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 204 | The Company also offers a 90-day basic warranty for Apple software and for Apple service parts used to repair Apple hardware products. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 205 | The Company provides currently for the estimated cost that may be incurred under its basic limited product warranties at the time related revenue is recognized. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 206 | Factors considered in determining appropriate accruals for product warranty obligations include the size of the installed base of products subject to warranty protection, historical warranty claim rates, historical cost-per-claim, and knowledge of specific product failures that are outside of the Company’s typical expe... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 207 | The Company assesses the adequacy of its preexisting warranty liabilities and adjusts the amounts as necessary based on actual experience and changes in future expectations. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 208 | The following table reconciles changes in the Company’s accrued warranties and related costs for the nine-month periods ended June 28, 2003 and June 29, 2002 (in millions):
The Company generally does not indemnify end-users of its operating system and application software against legal claims that the software infringe... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 209 | Other licensing agreements entered into by the Company sometimes include indemnification provisions under which the Company could be subject to costs and/or damages in the event of an infringement claim against the Company or an indemnified third-party. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 210 | However, the Company has not been required to make any significant payments resulting from such an infringement claim asserted against itself or an indemnified third-party and, in the opinion of management, does not have a potential liability related to unresolved infringement claims that would have a material adverse ... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 211 | Therefore, the Company did not record a liability for infringement costs as of either June 28, 2003, or September 28, 2002. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 212 | Contingencies
Beginning on September 27, 2001, three shareholder class action lawsuits were filed in the United States District Court for the Northern District of California against the Company and its Chief Executive Officer. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 213 | These lawsuits are substantially identical, and purport to bring suit on behalf of persons who purchased the Company’s publicly traded common stock between July 19, 2000, and September 28, 2000. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 214 | The complaints allege violations of the 1934 Securities Exchange Act and seek unspecified compensatory damages and other relief. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 215 | The Company believes these claims are without merit and intends to defend them vigorously. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 216 | The Company filed a motion to dismiss on June 4, 2002, which was heard by the Court on September 13, 2002. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 217 | On December 11, 2002, the Court granted the Company’s motion to dismiss for failure to state a cause of action, with leave to plaintiffs to amend their complaint. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 218 | Plaintiffs filed their amended complaint on January 31, 2003, and on March 17, 2003, the Company filed a motion to dismiss the amended complaint. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 219 | A hearing on the Company’s motion was held on July 11, 2003, and the Court has yet to rule on the matter. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 220 | The Company is subject to certain other legal proceedings and claims that have arisen in the ordinary course of business and have not been fully adjudicated. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 221 | In the opinion of management, the Company does not have a potential liability related to any current legal proceedings and claims that would have a material adverse effect on its financial condition, liquidity or results of operations. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 222 | However, the results of legal proceedings cannot be predicted with certainty. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 223 | Should the Company fail to prevail in any of these legal matters or should several of these legal matters be resolved against the Company in the same reporting period, the operating results of a particular reporting period could be materially adversely affected. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 224 | The parliament of the European Union has finalized the Waste Electrical and Electronic Equipment Directive (the Directive). | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 225 | The Directive makes producers of electrical goods, including personal computers, financially responsible for the collection, recycling, and safe disposal of past and future products. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 226 | The Directive must now be approved and implemented by individual European Union governments by August 13, 2004, while the producers’ financial obligations are scheduled to start August 13, 2005. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 227 | The Company’s potential liability resulting from the Directive related to past sales of its products and expenses associated with future sales of its product may be substantial. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 228 | However, because it is likely that specific laws, regulations, and enforcement policies will vary significantly between individual European member states, it is not currently possible to estimate the Company’s existing liability or future expenses resulting from the Directive. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 229 | As the European Union and its individual member states clarify specific requirements and policies with respect to the Directive, the Company will continue to assess its potential financial impact. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 230 | Similar legislation may be enacted in other geographies, including federal and state legislation in the United States, the cumulative impact of which could be significant. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 231 | Note 9 - Segment Information and Geographic Data
The Company manages its business primarily on a geographic basis. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 232 | The Company’s reportable operating segments are comprised of the Americas, Europe, Japan, and Retail. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 233 | The Americas segment includes both North and South America, except for the activities of the Company’s Retail segment. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 234 | The Europe segment includes European countries as well as the Middle East and Africa. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 235 | The Japan segment includes only Japan. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 236 | The Retail segment currently operates Apple-owned retail stores in the United States. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 237 | Other operating segments include Asia-Pacific, which includes Australia and Asia except for Japan, and the Company’s subsidiary, FileMaker, Inc. Each reportable geographic operating segment provides similar hardware and software products and similar services, and the accounting policies of the various segments are the ... | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 238 | The Company evaluates the performance of its operating segments based on net sales. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 239 | The Retail segment’s performance is also evaluated based on operating income. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 240 | Net sales for geographic segments are based on the location of the customers. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 241 | Operating income for each segment includes revenue from third parties, cost of sales, and operating expenses directly attributable to the segment. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 242 | Operating income for each segment excludes other income and expense and certain expenses that are managed outside the operating segments. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 243 | Costs excluded from segment operating income include various corporate expenses, manufacturing costs not included in standard costs, income taxes, and various nonrecurring charges. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 244 | Corporate expenses include research and development, corporate marketing expenses, and other separately managed general and administrative expenses including certain corporate expenses associated with support of the Retail segment. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 245 | The Company does not include intercompany transfers between segments for management reporting purposes. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 246 | Segment assets exclude corporate assets. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 247 | Corporate assets include cash, short-term and long-term investments, manufacturing facilities, miscellaneous corporate infrastructure, goodwill and other acquired intangible assets, and retail store construction-in-progress that is not subject to depreciation. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 248 | Except for the Retail segment, capital expenditures for long-lived assets are not reported to management by segment. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 249 | Capital expenditures by the Retail segment were $30 million and $60 million during the third quarter and first nine months of 2003, respectively. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 250 | For the third quarter and first nine months of 2002, capital expenditures by the Retail segment were $16 million and $67 million, respectively. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 251 | Operating income for all segments, except Retail, includes cost of sales at standard cost. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 252 | Certain manufacturing expenses and related adjustments not included in segment cost of sales, including variances between standard and actual manufacturing costs and the mark-up above standard cost for product supplied to the Retail segment, are included in corporate expenses. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 253 | To assess the operating performance of the Retail segment several significant items are included in its results for internal management reporting that are not included in results of the Company’s other segments. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 254 | First, cost of sales for the Retail segment includes a mark-up above the Company’s standard cost to approximate the price normally charged to the Company’s resellers operating retail stores in the United States. | 0001104659-03-017766/full-submission.txt |
0000320193 | 20030812 | 10-Q | 255 | For the third quarter of 2003 and the third quarter of 2002, this resulted in the recognition of additional cost of sales above standard cost by the Retail segment and an offsetting benefit to corporate expenses of approximately $25 million and $11 million, respectively. | 0001104659-03-017766/full-submission.txt |
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