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0000320193 | 20030513 | 10-Q | 491 | While the Company will continue to evaluate the requirements of EITF Issue No. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 492 | 00-21, management does not currently believe adoption will have a significant impact on its accounting for multiple element arrangements. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 493 | In January 2003, the FASB issued Interpretation No. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 494 | 46 (FIN 46), Consolidation of Variable Interest Entities. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 495 | FIN 46 clarifies the application of Accounting Research Bulletin No. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 496 | 51 and applies immediately to any variable interest entities created after January 31, 2003 and to variable interest entities in which an interest is obtained after that date. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 497 | For variable interest entities created or acquired prior to February 1, 2003, the provisions of FIN 46 must be applied for the first interim or annual period beginning after June 15, 2003. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 498 | While it will continue to evaluate the requirements of FIN 46, the Company does not currently believe adoption will have a material impact on its results of operations or financial position. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 499 | Liquidity and Capital Resources
The following table presents selected financial information and statistics for each of the fiscal quarters ending on the dates indicated (dollars in millions):
(a) DSO is based on ending net trade receivables and most recent quarterly net sales for each period. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 500 | (b) Days supply of inventory is based on ending inventory and most recent quarterly cost of sales for each period. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 501 | (c) DPO is based on ending accounts payable and most recent quarterly cost of sales adjusted for the change in inventory
As of March 29, 2003, the Company had $4.526 billion in cash, cash equivalents, and short-term investments, an increase of $189 million over the same balances at the end of fiscal 2002. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 502 | The principal components of this increase were cash generated by operating activities of $208 million, proceeds of $13 million from the sale of a long-term investment, and proceeds of $16 million from the issuance of common stock, partially offset by capital expenditures of $60 million. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 503 | The Company believes its existing balances of cash, cash equivalents, and short-term investments will be sufficient to satisfy its working capital needs, capital expenditures, stock repurchase activity, outstanding commitments, and other liquidity requirements associated with its existing operations over the next 12 mo... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 504 | Lease Commitments
As of September 28, 2002, the Company had total outstanding commitments on noncancelable operating leases of $464 million, $209 million of which related to the lease of retail space and related facilities. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 505 | Remaining terms on the Company’s existing operating leases range from 1 to 12 years. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 506 | Total outstanding commitments on noncancelable operating leases related to the lease of retail space and related facilities rose to $305 million as of March 29, 2003. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 507 | Debt
The Company currently has debt outstanding in the form of $300 million of aggregate principal amount 6.5% unsecured notes that was originally issued in 1994. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 508 | The notes, which pay interest semiannually, were sold at 99.925% of par, for an effective yield to maturity of 6.51%. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 509 | The notes, along with approximately $10 million of unamortized deferred gains on closed interest rate swaps, are due in February of 2004 and therefore have been classified as current debt as of March 29, 2003. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 510 | Purchase Commitments with Contract Manufacturers and Component Suppliers
The Company utilizes several contract manufacturers to manufacture sub-assemblies for the Company’s products and to perform final assembly and test of finished products. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 511 | These contract manufacturers acquire components and build product based on demand information supplied by the Company, which typically covers periods ranging from 1 to 3 months. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 512 | The Company also obtains individual components for its products from a wide variety of individual suppliers. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 513 | Consistent with industry practice, the Company acquires components through a combination of purchase orders, supplier contracts, and open orders based on projected demand information. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 514 | Such purchase commitments typically cover the Company’s forecasted component and manufacturing requirements for periods ranging from 30 to 130 days. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 515 | The nature of the Company’s outstanding third-party manufacturing commitments and component purchase commitments has not changed significantly since the end of its fiscal 2002. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 516 | Capital Expenditures
Of $60 million in total capital expenditures during the first half of fiscal 2003, $30 million was for retail store facilities and equipment related to the Company’s Retail segment and $30 million was for corporate infrastructure, including information systems enhancements and operating facilities ... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 517 | The Company currently anticipates it will utilize approximately $150 million for capital expenditures during 2003, approximately $75 million of which is expected to be utilized for further expansion of the Company’s Retail segment and the remainder utilized to support normal replacement of existing capital assets and e... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 518 | 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. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 519 | This repurchase plan does not obligate the Company to acquire any specific number of shares or acquire shares over any specified period of time. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 520 | 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. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 521 | No shares have been repurchased since the end of fiscal 2000. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 522 | 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. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 523 | Non-Current Debt and Equity Investments
The Company has held significant investments in ARM, Akamai, and EarthLink. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 524 | These investments are reflected in the consolidated balance sheets as non-current debt and equity investments and have been categorized as available-for-sale requiring that they be carried at fair value with unrealized gains and losses, net of taxes, reported in equity as a component of accumulated other comprehensive ... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 525 | All realized gains on the sale of these investments have been included in other income. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 526 | The combined fair value of these investments was $28 million and $39 million as of the end of the second quarter of 2003 and the end of fiscal 2002, respectively. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 527 | The Company believes it is likely there will continue to be significant fluctuations in the fair value of these investments in the future. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 528 | Additional information related to the Company’s non-current debt and equity investments may be found in this Form 10-Q in the Notes to Condensed Consolidated Financial Statements at Note 2, “Financial Instruments,” and in the 2002 Form 10-K.
Factors That May Affect Future Results and Financial Condition
Because of the ... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 529 | General economic conditions and current economic and political uncertainty could adversely affect the Company. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 530 | The Company’s operating performance depends significantly on general economic conditions. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 531 | For much of the past 3 years, demand for the Company’s products has been negatively impacted by worsening global economic conditions. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 532 | Additionally, some of the Company’s education customers appear to be delaying technology purchases due to concerns about the overall impact of the weaker economy on their available funding. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 533 | Continued uncertainty about future economic conditions continues to make it difficult to forecast future operating results. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 534 | Should global and regional economic conditions fail to improve or continue to deteriorate, demand for the Company’s products could continue to be adversely affected, as could the financial health of its suppliers, distributors, and resellers. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 535 | The terrorist attacks that took place on September 11, 2001, disrupted commerce throughout the world and created many economic and political uncertainties that have had a strong negative impact on the global economy. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 536 | The long-term effects of the September 11, 2001 attacks on the Company’s future operating results and financial condition remain unknown. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 537 | The national and international responses to terrorist attacks, the potential for future terrorist attacks and other acts of hostility, and the potential for further war in the Middle East and elsewhere have created economic and political uncertainties that could adversely affect the Company’s future operating results a... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 538 | Expansion and/or intensification of the outbreak of severe acute respiratory syndrome (SARS) in Asia and elsewhere could negatively affect the Company’s operations and performance. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 539 | The SARS outbreak has so far had only a minor effect on the Company. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 540 | The Company has restricted nonessential employee travel to various areas impacted by the illness and formed an internal management committee to closely monitor the situation. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 541 | The Company has experienced weakness in net sales in specific areas affected by the illness and has experienced some increase in freight costs as airlines have reduced service to certain areas. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 542 | To date, these conditions have not had a material adverse impact on the Company’s financial results or general operations. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 543 | However, should the illness spread to new regions in Asia or elsewhere or intensify in severity in areas already affected, the Company’s operating results could be adversely impacted. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 544 | The Company and some of its manufacturing vendors and component suppliers have significant operations in various locations throughout Asia, including locations in mainland China, the Hong Kong Special Administrative Region, and Singapore, all of which have been subject to World Health Organization and Centers for Disea... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 545 | Similar travel advisories have been issued for Taiwan, where all of the Company’s portable Macintosh systems and the iPod are assembled. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 546 | Should the illness spread further or should it intensify in regions already affected, circumstances could arise that would negatively impact the Company including the need for more stringent employee travel restrictions, additional limitations in the availability of freight services within Asia and between Asia and oth... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 547 | The market for personal computers is highly competitive. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 548 | If the Company is unable to effectively compete in this market, its results of operations could be adversely affected. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 549 | The personal computer industry is highly competitive and is characterized by aggressive pricing practices, downward pressure on gross margins, frequent introduction of new products, short product life cycles, continual improvement in product price/performance characteristics, price sensitivity on the part of consumers,... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 550 | Over the past several years, price competition in the market for personal computers has been particularly intense. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 551 | The Company’s competitors who sell Windows-based personal computers have aggressively cut prices and lowered their product margins in order to gain or maintain market share in response to weakness in demand for personal computing products that began in the second half of calendar 2000. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 552 | The Company’s results of operations and financial condition have been, and in the future may continue to be, adversely affected by these and other industry-wide pricing pressures and downward pressures on gross margins. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 553 | The personal computer industry has also been characterized by rapid technological advances in software functionality, hardware performance, and features based on existing or emerging industry standards. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 554 | Further, as the personal computer industry and its customers place more reliance on the Internet, an increasing number of Internet devices that are smaller and simpler than traditional personal computers may compete for market share with the Company’s existing products. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 555 | Several competitors of the Company have either targeted or announced their intention to target certain of the Company’s key market segments, including consumer, education, professional and consumer digital video editing, and design and publishing. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 556 | Additionally, several of the Company’s competitors have introduced or announced plans to introduce products that mimic many of the unique design, technical features, and solutions of the Company’s products. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 557 | The Company has many substantial competitors, many of whom have greater financial, marketing, manufacturing, and technological resources, as well as broader product lines and larger installed customer bases than those of the Company. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 558 | Additionally, there has been a trend towards consolidation in the personal computer industry that has resulted in larger and potentially stronger competitors in the Company’s markets. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 559 | The Company is currently the only maker of hardware using the Mac OS. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 560 | The Mac OS has a minority market share in the personal computer market, which is dominated by makers of computers utilizing Microsoft’s Windows operating systems. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 561 | The Company’s future operating results and financial condition are substantially dependent on its ability to continue to develop improvements to the Macintosh platform in order to maintain perceived design and functional advantages over competing platforms, including Windows. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 562 | The Company has higher research and development and selling, general and administrative costs, as a percentage of revenues, than many of its competitors. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 563 | The Company’s ability to compete successfully and maintain attractive gross margins is heavily dependent upon its ability to ensure a continuing and timely flow of innovative and competitive products and technology to the
marketplace. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 564 | As a result, the Company incurs higher research and development costs as a percentage of revenue than its competitors who sell Windows-based personal computers. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 565 | Many of these competitors seek to compete aggressively on price and maintain very low cost structures. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 566 | Further, as a result of the expansion of the Company’s Retail segment and costs associated with marketing the Company’s brand including its unique operating system, the Company incurs higher selling costs as a percent of revenue than many of its competitors. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 567 | If the Company is unable to continue to develop and sell innovative new products with attractive gross margins, its results of operations may be materially adversely affected by its operating cost structure. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 568 | The Company must successfully manage frequent product introductions and transitions. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 569 | Due to the highly volatile nature of the personal computer industry, which is characterized by dynamic customer demand patterns and rapid technological advances, the Company must continually introduce new products and technologies and enhance existing products in order to remain competitive. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 570 | The success of new product introductions is dependent on a number of factors, including market acceptance, the Company’s ability to manage the risks associated with product transitions, the availability of application software for new products, the effective management of inventory levels in line with anticipated produ... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 571 | Accordingly, the Company cannot determine in advance the effect that new products will have on its sales or results of operations. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 572 | During 2001, the Company introduced a new client operating system, Mac OS X, and delivered its first major upgrade, Mac OS X version 10.1. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 573 | During 2002, the Company delivered another major upgrade, Mac OS X Jaguar. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 574 | Inability of the Company to improve the performance and functionality of Mac OS X, advance customer acceptance of the new operating system and its upgrades, or obtain the continued commitment of software developers to transition existing applications to run on Mac OS X or create new applications to run on Mac OS X, may... | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 575 | Because orders for components, and in some cases commitments to purchase components, must be placed in advance of customer orders, the Company faces substantial inventory risk. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 576 | The Company records a write-down for inventories of components and products that have become obsolete or are in excess of anticipated demand or net realizable value and accrues necessary reserves for cancellation fees of orders for inventories that have been cancelled. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 577 | Although the Company believes its inventory and related provisions are adequate, given the rapid and unpredictable pace of product obsolescence in the computer industry, no assurance can be given that the Company will not incur additional inventory and related charges. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 578 | In addition, such charges have had, and may again have, a material effect on the Company’s financial position and results of operations. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 579 | The Company must order components for its products and build inventory in advance of product shipments. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 580 | Because the Company’s markets are volatile and subject to rapid technology and price changes, there is a risk the Company will forecast incorrectly and produce or order from third parties excess or insufficient inventories of particular products. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 581 | Consistent with industry practice, components are normally acquired through a combination of purchase orders, supplier contracts, and open orders based on projected demand information. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 582 | Such purchase commitments typically cover the Company’s forecasted component and manufacturing requirements for periods ranging from 30 to 130 days. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 583 | The Company’s operating results and financial condition have been in the past and may in the future be materially adversely affected by the Company’s ability to manage its inventory levels and respond to short-term shifts in customer demand patterns. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 584 | Future operating results are dependent upon the Company’s ability to obtain a sufficient supply of components, some of which are in short supply or available only from limited sources. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 585 | Although most components essential to the Company’s business are generally available from multiple sources, certain key components including microprocessors and application specific integrated circuits (“ASICs”) are currently obtained by the Company from single or limited sources. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 586 | Some key components (including without limitation DRAM, TFT-LCD flat-panel displays, and optical and magnetic disk drives), while currently available to the Company from multiple sources, are at times subject to industry-wide availability and pricing pressures. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 587 | In addition, new products introduced by the Company often initially utilize custom components obtained from only one source until the Company has evaluated whether there is a need for, and subsequently qualifies, additional suppliers. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 588 | In situations where a component or product utilizes new technologies, initial capacity constraints may exist until such time as the suppliers’ yields have matured. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 589 | The Company and other producers in the personal computer industry also compete for various components with other industries that have experienced increased demand for their products. | 0001104659-03-009489/full-submission.txt |
0000320193 | 20030513 | 10-Q | 590 | The Company uses some components that are not common to the rest of the personal computer industry including certain microprocessors and ASICs. | 0001104659-03-009489/full-submission.txt |
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