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0000320193 | 20031219 | 10-K | 1,152 | The Company also enters into foreign currency forward and option contracts to offset the foreign exchange gains and losses generated by the re-measurement of certain recorded assets and liabilities denominated in non-functional currencies of its foreign subsidiaries. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,153 | In order to provide a meaningful assessment of the foreign currency risk associated with certain of the Company's foreign currency derivative positions, the Company performed a sensitivity analysis using a value-at-risk (VAR) model to assess the potential impact of fluctuations in exchange rates. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,154 | The VAR model consisted of using a Monte Carlo simulation to generate 3000 random market price paths. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,155 | The VAR is the maximum expected loss in fair value, for a given confidence interval, to the Company's foreign
exchange portfolio due to adverse movements in rates. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,156 | The VAR model is not intended to represent actual losses but is used as a risk estimation and management tool. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,157 | The model assumes normal market conditions. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,158 | Forecasted transactions, firm commitments, and assets and liabilities denominated in foreign currencies were excluded from the model. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,159 | Based on the results of the model, the Company estimates with 95% confidence a maximum one-day loss in fair value of $7.5 million as of September 27, 2003 compared to a maximum one-day loss of $3.8 million as of September 28, 2002. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,160 | Because the Company uses foreign currency instruments for hedging purposes, losses incurred on those instruments are generally offset by increases in the fair value of the underlying exposures. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,161 | Actual gains and losses in the future associated with the Company's investment portfolio and derivative positions may differ materially from the sensitivity analyses performed as of September 27, 2003 due to the inherent limitations associated with predicting the changes in the timing and amount of interest rates, fore... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,162 | Item 8. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,163 | Financial Statements and Supplementary Data
All financial statement schedules have been omitted, since the required information is not present or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the Consolidated Financial Statements and Notes... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,164 | CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
See accompanying notes to consolidated financial statements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,165 | CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share amounts)
See accompanying notes to consolidated financial statements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,166 | CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except share amounts which are in thousands)
See accompanying notes to consolidated financial statements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,167 | CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying notes to consolidated financial statements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,168 | NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1-Summary of Significant Accounting Policies
Apple Computer, Inc. and its subsidiaries (the Company) designs, manufactures and markets personal computers and related software, peripherals and personal computing and communicating solutions. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,169 | The Company's products include the Macintosh line of desktop and notebook computers, the Mac OS X operating system, the iPod digital music player, and a portfolio of software products and peripherals for education, creative, consumer and business customers. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,170 | The Company sells its products through its online stores, direct sales force, third-party wholesalers and resellers, and its own retail stores. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,171 | Basis of Presentation and Preparation
The accompanying consolidated financial statements include the accounts of the Company. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,172 | Intercompany accounts and transactions have been eliminated. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,173 | The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,174 | Actual results could differ materially from those estimates. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,175 | Certain prior year amounts in the consolidated financial statements and notes thereto have been reclassified to conform to the current year presentation. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,176 | Typically, the Company's fiscal year ends on the last Saturday of September. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,177 | Fiscal years 2003, 2002 and 2001 were each 52-week years. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,178 | However, approximately every six years, the Company reports a 53-week fiscal year to align its fiscal quarters with calendar quarters by adding a week to its first fiscal quarter. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,179 | All information presented herein is based on the Company's fiscal calendar. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,180 | Financial Instruments
Cash Equivalents and Short-term Investments
The Company places its short-term investments in highly liquid securities issued by high credit quality issuers. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,181 | All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents; highly liquid investments with maturities greater than three months are classified as short-term investments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,182 | Management determines the appropriate classification of its investments in debt and marketable equity securities at the time of purchase and reevaluates such designation as of each balance sheet date. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,183 | The Company's debt and marketable equity securities have been classified and accounted for as available-for-sale. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,184 | These securities are carried at fair value, with the unrealized gains and losses, net of taxes, reported as a component of shareholders' equity. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,185 | The cost of securities sold is based upon the specific identification method. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,186 | Non-Current Debt and Equity Investments
The Company has made investments in non-current debt and equity investments of public and privately held companies that have been reflected in the consolidated balance sheets as long-term assets within other assets. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,187 | They are not categorized as current assets either because, given their nature, they are not readily convertible into cash or because they represent potentially longer-term investments by the Company. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,188 | Further, the fair value of these investments has been subject to a high degree of volatility. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,189 | The Company's non-current debt and equity investments 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 income. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,190 | However, the Company recognizes an impairment charge to earnings in the event a decline in fair value below the cost basis of one of these investments is determined to be other-than-temporary. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,191 | The Company includes recognized gains and losses resulting from the sale or from other-than-temporary declines in fair value associated with these investments in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,192 | Occasionally, the Company uses short-term equity derivatives to
manage potential dispositions of non-current debt and equity investments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,193 | Any gains or losses associated with such derivatives are recognized currently in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,194 | Financial Instruments with Characteristics of Both Liabilities and Equity
On May 15, 2003, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,195 | 150, Accounting for Certain Financial Instruments with Characteristics of Both Liabilities and Equity. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,196 | SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,197 | 150 requires issuers to classify as liabilities (or assets in some circumstances) certain freestanding financial instruments that embody obligations for the issuer and have characteristics of both liabilities and equity. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,198 | The Company adopted the provisions of SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,199 | 150 on June 29, 2003, which resulted in a favorable cumulative-effect type adjustment of approximately $3 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,200 | This adjustment related to a forward purchase agreement that allowed the Company to acquire 1.5 million shares of its common stock at an average price of $16.64 per share for a total cost of $25.5 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,201 | The Company settled this forward purchase agreement in August 2003, which resulted in an additional gain of approximately $6 million representing the increase in fair value of the agreement from June 29, 2003 through the settlement date. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,202 | Derivative Financial Instruments
On October 1, 2000, the Company adopted SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,203 | 133, Accounting for Derivative Instruments and Hedging Activities. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,204 | SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,205 | 133 establishes accounting and reporting standards for derivative instruments, hedging activities, and exposure definition. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,206 | SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,207 | 133 requires that all derivatives be recognized as either assets or liabilities at fair value. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,208 | Derivatives that are not hedges must be adjusted to fair value through income. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,209 | If the derivative is a hedge, depending on the nature of the hedge, changes in fair value will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the hedged item is recognized in earnings. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,210 | Net of the related income tax effect of approximately $5 million, adoption of SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,211 | 133 resulted in a favorable cumulative-effect type adjustment to net income of approximately $12 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,212 | Net of the related income tax effect of approximately $5 million, adoption of SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,213 | 133 resulted in a favorable cumulative-effect-type adjustment to other comprehensive income of approximately $12 million, all of which was reclassified to earnings during 2001. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,214 | Management does not believe that ongoing application of SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,215 | 133 will significantly alter the Company's hedging strategies. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,216 | However, its application may increase the volatility of other income and expense and other comprehensive income. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,217 | For derivative instruments that hedge the exposure to variability in expected future cash flows that are attributable to a particular risk and that are designated as cash flow hedges, the net gain or loss on the derivative instrument is reported as a component of other comprehensive income in shareholders' equity and r... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,218 | To receive hedge accounting treatment, cash flow hedges must be highly effective in achieving offsetting changes to expected future cash flows on hedged transactions. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,219 | For derivative instruments that hedge the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that are attributable to a particular risk and that are designated as fair value hedges, the net gain or loss on the derivative instrument as well as the offsetting gain or loss on... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,220 | The net gain or loss on the effective portion of a derivative instrument that is designated as an economic hedge of the foreign currency translation exposure of the net investment in a foreign operation is reported in the same manner as a foreign currency translation adjustment. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,221 | For forward contracts designated as net investment hedges, the Company excludes changes in fair value relating to changes in the forward carry component from its definition of effectiveness. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,222 | Accordingly, any gains or losses related to this component are recognized in current
earnings. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,223 | For derivative instruments not designated as hedging instruments, changes in fair value are recognized in earnings in the current period. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,224 | For foreign currency forward contracts designated as cash flow hedges, hedge effectiveness is measured based on changes in the fair value of the contract attributable to changes in the forward exchange rate. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,225 | Changes in the expected future cash flows on the forecasted hedged transaction and changes in the fair value of the forward hedge are both measured from the contract rate to the forward exchange rate associated with the forward contract's maturity date. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,226 | For currency option contracts, hedge effectiveness is measured based on changes in the total fair value of the option contract. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,227 | Hedge effectiveness is assessed by comparing the present value of the cumulative change in expected future cash flows on the hedged transaction to changes in expected cash flow of the option hedge at maturity. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,228 | The net gains or losses on derivative instruments qualifying as cash flow hedges are reported as components of other comprehensive income in shareholders' equity and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,229 | Any hedge ineffectiveness is recognized in current earnings in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,230 | For interest rate swap agreements qualifying as fair value hedges, the Company assumes no ineffectiveness because these swaps meet the criteria for accounting under the short-cut method defined in SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,231 | 133. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,232 | Inventories
Inventories are stated at the lower of cost (first-in, first-out) or market. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,233 | If the cost of the inventories exceeds their market value, provisions are made currently for the difference between the cost and the market value. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,234 | Property, Plant, and Equipment
Property, plant, and equipment are stated at cost. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,235 | Depreciation is computed by use of the declining balance and straight-line methods over the estimated useful lives of the assets, which are 30 years for buildings, from 2 to 5 years for equipment, and the shorter of lease terms or 10 years for leasehold improvements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,236 | The Company capitalizes eligible costs to acquire or develop internal-use software that are incurred subsequent to the preliminary project stage. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,237 | Capitalized costs related to internal-use software are amortized using the straight-line method over the estimated useful lives of the assets, which range from 3 to 5 years. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,238 | Asset Retirement Obligations
On September 29, 2002, the Company adopted SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,239 | 143, Accounting for Asset Retirement Obligations, which addresses financial accounting and reporting for obligations associated with the retirement of tangible long-lived assets and the associated asset retirement costs. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,240 | The standard applies to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or normal use of the assets. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,241 | SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,242 | 143 requires that the fair value of a liability for an asset retirement obligation be recognized in the period in which it is incurred if a reasonable estimate of fair value can be made. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,243 | The fair value of the liability is added to the carrying amount of the associated asset and this additional carrying amount is depreciated over the life of the asset. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,244 | All of the Company's existing asset retirement obligations are associated with commitments to return property subject to operating leases to original condition upon lease termination. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,245 | The Company estimated that as of September 29, 2002, gross expected future cash flows of $9.5 million would be required to fulfill these obligations. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,246 | As of the date of adoption, the Company recorded a $6 million long-term asset retirement liability and a corresponding increase in leasehold improvements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,247 | This amount represents the present value of expected future cash flows associated with returning certain of the Company's leased properties to original condition. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,248 | The difference between the gross expected future cash flow of $9.5 million and its present value of $6 million at September 29, 2002, is being accreted over the life of the related leases as an operating expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,249 | Net of the related income tax effect of approximately $1 million, adoption of SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,250 | 143 resulted in an unfavorable cumulative-effect type adjustment to net income during the first quarter of 2003 of approximately $2 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,251 | This adjustment represents cumulative depreciation and accretion that would have been recognized through the date of adoption of SFAS No. | 0001047469-03-041604/full-submission.txt |
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