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0000320193 | 20031219 | 10-K | 1,352 | Dilutive potential shares of common stock related to stock options were excluded from the calculation of diluted loss per common share for fiscal 2001 because their effect would have been antidilutive. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,353 | The following table sets forth the computation of basic and diluted earnings per share:
Options to purchase 50.8 million and 58.0 million shares of common stock were outstanding at the end of 2003 and 2002, respectively, that were not included in the computation of diluted earnings per share for that year because the o... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,354 | At September 29, 2001, the Company had options to purchase 97.2 million shares of its common stock outstanding, all of which were excluded from the computation of diluted loss per share for 2001 because the effect would have been antidilutive. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,355 | Comprehensive Income
Comprehensive income consists of two components, net income and other comprehensive income. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,356 | 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. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,357 | 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, unrealized gains and losses on marketable securities categorized as available-for-sale, and net deferred gains and losses on certain derivativ... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,358 | Segment Information
The Company reports segment information based on the "management" approach. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,359 | The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,360 | Information about the Company's products, major customers, and geographic areas on a company-wide basis is also disclosed. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,361 | Note 2-Financial Instruments
The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair value due to the short maturities of those instruments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,362 | Cash, Cash Equivalents and Short-Term Investments
The following table summarizes the fair value of the Company's cash and available-for-sale securities held in its short-term investment portfolio, recorded as cash and cash equivalents or short-term investments as of September 27, 2003, and September 28, 2002 (in millio... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,363 | The Company's U.S. corporate securities consist primarily of commercial paper, certificates of deposit, time deposits and corporate debt securities. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,364 | Foreign securities consist primarily of foreign commercial paper, certificates of deposit and time deposits with foreign institutions, most of which are denominated in U.S. dollars. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,365 | The Company had net unrealized losses totaling $1 million on its investment portfolio, primarily related to investments with stated maturities greater than 1 year as of September 27, 2003 and net unrealized gains of $20 million on its investment portfolio, primarily related to investments with stated maturities greater... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,366 | The Company occasionally sells short-term investments prior to their stated maturities. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,367 | As a result of such sales, the Company recognized net gains of $21 million in 2003 and $7 million in 2002. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,368 | These net gains were included in interest and other income, net. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,369 | As of September 27, 2003, approximately $629 million of the Company's short-term investments had underlying maturities ranging from 1 to 5 years. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,370 | The remaining short-term investments as of September 27, 2003 had maturities of 3 to 12 months. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,371 | As of September 28, 2002, approximately $1.087 billion of the Company's short-term investments had underlying maturities ranging from 1 to 5 years. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,372 | The remaining short-term investments as of September 28, 2002 had maturities of 3 to 12 months. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,373 | Accounts Receivable
Trade Receivables
The Company distributes its products through third-party resellers and directly to certain education, consumer, and commercial customers. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,374 | The Company generally does not require collateral from its customers. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,375 | However, when possible the Company does attempt to limit credit risk on trade receivables with credit insurance for certain customers in Latin America, Europe and Asia and by arranging with third-
party financing companies to provide flooring arrangements and other loan and lease programs to the Company's direct custom... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,376 | These credit financing arrangements are directly between the third-party financing company and the end customer. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,377 | As such, the Company does not assume any recourse or credit risk sharing related to any of these arrangements. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,378 | However, considerable trade receivables that are not covered by collateral, third-party flooring arrangements, or credit insurance are outstanding with the Company's distribution and retail channel partners. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,379 | Trade receivables from a single customer, Ingram Micro, Inc., accounted for approximately 10.3% and 10.8% of net accounts receivable as of September 27, 2003, and September 28, 2002, respectively. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,380 | The following table summarizes the activity in the allowance for doubtful accounts (in millions):
(a)Represents amounts written off against the allowance, net of recoveries. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,381 | Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of raw material components to these manufacturing vendors who manufacture sub-assemblies or assemble final products for the Company. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,382 | The Company purchases these raw material components directly from suppliers. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,383 | These non-trade receivables, which are included in the consolidated balance sheets in other current assets, totaled $184 million and $142 million as of September 27, 2003, and September 28, 2002, respectively. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,384 | The Company does not recognize any profits on these sales or reflect the sale of these components in its net sales. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,385 | Inventory Prepayment
In April 2002, the Company made a $100 million prepayment to an Asian supplier for the purchase of components over the following nine months. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,386 | In return for this deposit, the supplier agreed to supply the Company with a specified level of components during the three consecutive fiscal quarters ended December 28, 2002. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,387 | Approximately $53 million of this deposit remained unused as of September 28, 2002 and was reflected in the consolidated balance sheets in other current assets. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,388 | During the first six months of 2003, the remainder of the deposit balance was fully utilized for the purchase of components. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,389 | The deposit was unsecured and had no stated interest component. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,390 | The Company imputed an amount to cost of sales and interest income during each period the deposit was outstanding at a 3.25% interest rate to reflect the economics of this transaction. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,391 | Derivative Financial Instruments
The Company uses derivatives to partially offset its business exposure to foreign exchange and interest rate risk. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,392 | Foreign currency forward and option contracts are used to offset the foreign exchange risk on certain existing assets and liabilities and to hedge the foreign exchange risk on expected future cash flows on certain forecasted revenues and cost of sales. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,393 | From time to time, the Company enters into interest rate swap agreements to modify the interest rate profile of certain investments and debt. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,394 | The Company's
accounting policies for these instruments are based on whether the instruments are designated as hedge or non-hedge instruments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,395 | The Company records all derivatives on the balance sheet at fair value. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,396 | The following table shows the notional principal, net fair value, and credit risk amounts of the Company's foreign currency instruments as of September 27, 2003 and September 28, 2002 (in millions):
The notional principal amounts for derivative instruments provide one measure of the transaction volume outstanding as of... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,397 | The credit risk amount shown in the table above represents the Company's gross exposure to potential accounting loss on these transactions if all counterparties failed to perform according to the terms of the contract, based on then-current currency exchange rates at each respective date. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,398 | The Company's exposure to credit loss and market risk will vary over time as a function of currency exchange rates. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,399 | The estimates of fair value are based on applicable and commonly used pricing models using prevailing financial market information as of September 27, 2003 and September 28, 2002. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,400 | In certain instances where judgment is required in estimating fair value, price quotes were obtained from several of the Company's counterparty financial institutions. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,401 | Although the table above reflects the notional principal, fair value, and credit risk amounts of the Company's foreign exchange instruments, it does not reflect the gains or losses associated with the exposures and transactions that the foreign exchange instruments are intended to hedge. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,402 | The amounts ultimately realized upon settlement of these financial instruments, together with the gains and losses on the underlying exposures, will depend on actual market conditions during the remaining life of the instruments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,403 | Foreign Exchange Risk Management
The Company enters into foreign currency forward and option contracts with financial institutions primarily to protect against foreign exchange risk associated with existing assets and liabilities, certain firmly committed transactions and certain probable but not firmly committed trans... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,404 | Generally, the Company's practice is to hedge a majority of its existing material foreign exchange transaction exposures. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,405 | However, the Company may not hedge certain foreign exchange transaction exposures due to immateriality, prohibitive economic cost of hedging particular exposures, or limited availability of appropriate hedging instruments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,406 | In accordance with SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,407 | 133, hedges related to probable but not firmly committed transactions of an anticipatory nature are designated and documented at hedge inception as cash flow hedges and evaluated for hedge effectiveness quarterly. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,408 | For currency forward contracts, hedge effectiveness is measured based on changes in the total fair value of the contract attributable to changes in the forward exchange rate. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,409 | 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 | 1,410 | 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 | 1,411 | 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 | 1,412 | 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 | 1,413 | Any hedge ineffectiveness is recognized in current earnings in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,414 | To protect gross margins from fluctuations in foreign currency exchange rates, the Company's U.S. dollar functional subsidiaries hedge a portion of forecasted foreign currency revenues, and the Company's non-U.S. dollar functional subsidiaries selling in local currencies hedge a portion of forecasted inventory purchase... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,415 | Other comprehensive income associated with hedges of foreign currency revenues is recognized as a component of net sales in the same period as the related sales are recognized, and other comprehensive income related to inventory purchases is recognized as a component of cost of sales in the same period as the related c... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,416 | Typically, the Company hedges portions of its forecasted foreign currency exposure associated with revenues and inventory purchases over a time horizon of 3 to 9 months. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,417 | 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 in non-functional currencies. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,418 | Changes in the fair value of these derivatives are recognized in current earnings in other income and expense as offsets to the changes in the fair value of the related assets or liabilities. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,419 | The Company may enter into foreign currency forward contracts to offset the translation and economic exposure of a net investment position in a foreign subsidiary. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,420 | Hedge effectiveness on forwards designated as net investment hedges is measured based on changes in the fair value of the contract attributable to changes in the spot exchange rate. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,421 | The effective portion of the net gain or loss on a derivative instrument designated as a hedge of the net investment position in a foreign subsidiary is reported in the same manner as a foreign currency translation adjustment. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,422 | Any residual changes in fair value of the forward contract, including changes in fair value based on the differential between the spot and forward exchange rates, are recognized in current earnings in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,423 | As discussed above, the Company enters into foreign currency option contracts as items that provide an offset to the re-measurement of certain recorded assets and liabilities denominated in non-functional currencies. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,424 | All changes in the fair value of these derivative contracts based on changes in option time value are recorded in current earnings in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,425 | Due to market movements, changes in option time value can lead to increased volatility in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,426 | Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable that the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent 2 month time period. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,427 | Deferred gains and losses in other comprehensive income associated with
such derivative instruments are immediately reclassified into earnings in other income and expense. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,428 | Any subsequent changes in fair value of such derivative instruments are also reflected in current earnings unless they are re-designated as hedges of other transactions. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,429 | During 2002, the Company recorded net gains of $2.5 million in other income and expense related to the loss of hedge designation on discontinued cash flow hedges due to changes in the Company's forecast of future net sales and cost of sales and due to prevailing market conditions. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,430 | During 2001, the Company recorded a net gain of $5.1 million in other income and expense related to the loss of hedge designation on discontinued cash flow hedges due to changes in the Company's forecast of future net sales and cost of sales. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,431 | No net gains, or losses, of a similar nature were recorded in 2003. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,432 | Interest Rate Risk Management
The Company sometimes enters into interest rate derivative transactions, including interest rate swaps, collars, and floors, with financial institutions in order to better match the Company's floating-rate interest income on its cash equivalents and short-term investments with its fixed-ra... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,433 | As of September 30, 2000, the Company had entered into interest rate swaps with financial institutions in order to better match the Company's floating-rate interest income on its cash equivalents and short-term investments with its fixed-rate interest expense on its long-term debt, and to diversify a portion of the Com... | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,434 | The interest rate swaps generally required the Company to pay a floating interest rate based on the three- or six-month U.S. dollar LIBOR and receive a fixed rate of interest without exchanges of the underlying notional amounts. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,435 | These swaps effectively converted the Company's fixed-rate 10-year debt to floating-rate debt and converted a portion of the floating rate investments to fixed rate. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,436 | The Company assumed no ineffectiveness with regard to the debt interest swaps as each debt interest rate swap met the criteria for accounting under the short-cut method defined in SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,437 | 133 for fair value hedges of debt instruments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,438 | Accordingly, no net gains or losses were recorded in income relative to the Company's underlying debt interest rate swaps. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,439 | During fiscal 2001, the Company closed out all of its existing debt interest rate swap positions due to prevailing market interest rates realizing a gain of $17 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,440 | This gain was deferred, recognized in long-term debt and is being amortized to other income and expense over the remaining life of the debt. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,441 | The unrealized loss on the asset swaps as of September 30, 2000, of $5.7 million was deferred and then recognized in income in 2001 as part of the SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,442 | 133 transition adjustment effective on October 1, 2000. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,443 | The Company closed out all of its existing interest rate asset swaps during 2001 realizing a gain of $1.1 million. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,444 | As of September 27, 2003 and September 28, 2002, the Company had no interest rate derivatives outstanding. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,445 | Due to perceived market risk, the Company entered into interest rate swaps in early 2002. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,446 | The interest rate swaps required the Company to pay a floating interest rate based on six-month U.S. dollar LIBOR and receive a fixed rate of interest without exchanges of the underlying notional amounts. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,447 | These swaps effectively converted the Company's fixed-rate 10-year debt to floating-rate debt. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,448 | The Company assumed no ineffectiveness with regard to the debt interest swaps as each debt interest rate swap met the criteria for accounting under the short-cut method defined in SFAS No. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,449 | 133 for fair value hedges of debt instruments. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,450 | Accordingly, no net gains or losses were recorded in income relative to the Company's underlying debt interest rate swaps during fiscal 2002 until the Company closed out the positions in late 2002 due to prevailing market interest rates. | 0001047469-03-041604/full-submission.txt |
0000320193 | 20031219 | 10-K | 1,451 | Closing the debt interest rate swaps resulted in a realized gain
of $6 million. | 0001047469-03-041604/full-submission.txt |
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