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0000320193 | 20021219 | 10-K | 721 | The Company is required to adopt the provisions of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 722 | 143 for the first quarter of its fiscal 2003. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 723 | Management does not expect the adoption of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 724 | 143 to have a material impact on the Company's financial statements. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 725 | In August 2001, the Financial Accounting Standards Board issued SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 726 | 144, Accounting for the Impairment or Disposal of Long-Lived Assets (Statement 144), which supersedes both SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 727 | 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of and the accounting and reporting provisions of APB Opinion No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 728 | 30 (Opinion 30), Reporting the Results of Operations-Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions, for the disposal of a segment of a business (as previously defined in that Opinion). | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 729 | SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 730 | 144 retains the fundamental provisions in SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 731 | 121 for recognizing and measuring impairment losses on long-lived assets held for use and long-lived assets to be disposed of by sale, while also resolving significant implementation issues associated with SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 732 | 121. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 733 | For example, SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 734 | 144 provides guidance on how a long-lived asset that is used as part of a group should be evaluated for impairment, establishes criteria for when a long-lived asset is held for sale, and prescribes the accounting for a long-lived asset that will be disposed of other than by sale. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 735 | SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 736 | 144 retains the basic provisions of Opinion 30 on how to present discontinued operations in the income statement but broadens that presentation to include a component of an entity (rather than a segment of a business). | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 737 | Unlike SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 738 | 121, an impairment assessment under SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 739 | 144 will never result in a write-down of goodwill. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 740 | Rather, goodwill is evaluated for impairment under SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 741 | No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 742 | 142, Goodwill and Other Intangible Assets. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 743 | The Company is required to adopt the provisions of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 744 | 144 for the first quarter of its fiscal 2003. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 745 | Management does not expect the adoption of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 746 | 144 for long-lived assets held for use to have a material impact on the Company's financial statements because the impairment assessment under SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 747 | 144 is largely unchanged from SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 748 | 121. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 749 | The provisions of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 750 | 144 for assets held for sale or other disposal generally are required to be applied prospectively after the adoption date to newly initiated disposal activities. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 751 | In June 2002, the Financial Accounting Standards Board issued SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 752 | 146, Accounting for Costs Associated with Exit or Disposal Activities. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 753 | SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 754 | 146 supersedes Emerging Issues Task Force Issue No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 755 | 94-3, Liability Recognition for Certain Employee Termination Benefits and Other Costs To Exit an Activity (Including Certain Costs Associated with a Restructuring) and requires that a liability for a cost associated with an exit or disposal activity be recognized when the liability is incurred, as opposed to when manag... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 756 | SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 757 | 146 also establishes that the liability should initially be measured and recorded at fair value. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 758 | This Statement is effective for exit or disposal activities initiated after December 31, 2002. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 759 | The provisions of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 760 | 146 are required to be applied prospectively after the adoption date to newly initiated exit activities, and may affect the timing of recognizing future restructuring costs, as well as the amounts recognized. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 761 | Liquidity and Capital Resources
The following table presents selected financial information and statistics for each of the last three fiscal years (dollars in millions):
(a)Based on ending net trade receivables and most recent quarterly net sales for each period. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 762 | (b)Based on ending inventory and most recent quarterly cost of sales for each period. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 763 | As of September 28, 2002, the Company had $4.337 billion in cash, cash equivalents, and short-term investments, virtually unchanged from the end of fiscal 2001. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 764 | The primary sources of total cash, cash equivalents, and short-term investments in fiscal 2002 were $89 million in cash generated by operating activities and $105 million in proceeds from the exercise of employee stock options, offset by cash utilized for business and asset acquisitions of $52 million and capital expen... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 765 | 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... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 766 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 767 | Remaining terms on the Company's existing operating leases range from 1 to 12 years. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 768 | Subsequent to September 28, 2002, the Company entered into additional operating lease commitments for retail space with future lease commitments totaling $65 million for periods ranging from 5 to 10 years. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 769 | Long-Term Debt
The Company currently has long-term debt outstanding in the form of $300 million of aggregate principal amount 6.5% unsecured notes. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 770 | The notes were sold at 99.925% of par, for an effective yield to maturity of 6.51%. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 771 | The notes pay interest semiannually and mature on February 15, 2004. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 772 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 773 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 774 | The Company also obtains individual components for its products from a wide variety of individual suppliers. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 775 | Consistent with industry practice, the Company acquires components through a combination of formal purchase orders, supplier contracts, and open orders based on projected demand information. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 776 | Such formal and informal purchase commitments typically cover the Company's forecasted component and manufacturing requirements for periods ranging from 30 to 130 days. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 777 | As of September 28, 2002, the Company had outstanding third-party manufacturing commitments and component purchase commitments of approximately $525 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 778 | Capital Expenditures
Of total capital expenditures in 2002 of $174 million, $106 million was for retail store facilities and equipment related to the Company's Retail segment and $68 million was for corporate infrastructure including information systems enhancements and operating facilities enhancements and expansions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 779 | The Company currently anticipates it will utilize approximately $160 million for capital expenditures during 2003, approximately $77 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... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 780 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 781 | This repurchase plan does not obligate the Company to acquire any specific number of shares or acquire shares over any specified period of time. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 782 | During 2002 and 2001, the Company repurchased no common shares. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 783 | However, 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 784 | Since inception of the repurchase plan, the Company has repurchased or committed to repurchase a total of 6.55 million shares of its common stock at a cost of $217 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 785 | Non-Current Debt and Equity Investments
The Company has held significant investments in ARM, Samsung Electronics Co., Ltd, Akamai, and EarthLink. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 786 | 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 ... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 787 | All realized gains on the sale of these investments have been included in other income. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 788 | The combined fair value of these investments was $39 million, $128 million, and $786 million as of the end of fiscal 2002, 2001, and 2000, respectively. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 789 | The Company believes it is likely there will continue to be significant fluctuations in the fair value of these investments in the future. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 790 | Further information related to the Company's non-current debt and equity investments may be found in Part II, Item 8 of this Form 10-K at Note 2 of Notes to Consolidated Financial Statements. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 791 | Factors That May Affect Future Results and Financial Condition
Because of the following factors, as well as other factors affecting the Company's operating results and financial condition, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use ... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 792 | General economic conditions and current economic and political uncertainty could adversely affect the Company. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 793 | The Company's operating performance depends significantly on general economic conditions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 794 | For much of the past 3 years, demand for the Company's products has been negatively impacted by worsening global economic conditions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 795 | Continued uncertainty about future economic conditions continues to make it difficult to forecast future operating results. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 796 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 797 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 798 | The long-term effects of the September 11, 2001 attacks on the Company's future operating results and financial condition remain unknown. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 799 | The national and international responses to terrorist attacks, the potential for future terrorist attacks and other acts of hostility, and the potential for
war in the Middle East have created economic and political uncertainties that could adversely affect the Company's future operating results and financial condition... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 800 | The market for personal computers is highly competitive. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 801 | 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,... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 802 | Over the past several years, price competition in the market for personal computers has been particularly intense. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 803 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 804 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 805 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 806 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 807 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 808 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 809 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 810 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 811 | The Company is currently the only maker of hardware using the Mac OS. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 812 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 813 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 814 | The Company has higher research and development and selling, general and administrative costs, as a percentage of revenues, than many of competitors. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 815 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 816 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 817 | Many of these competitors seek to compete aggressively on price and maintain very low cost structures. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 818 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 819 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 820 | The Company must successfully manage frequent product introductions and transitions. | 0001047469-02-007674/full-submission.txt |
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