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0000320193 | 20021219 | 10-K | 1,021 | As a result of such activity, the Company recognized net gains of $7 million in 2002 and $1 million in 2001. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,022 | In order to provide a meaningful assessment of the interest rate risk associated with the Company's investment portfolio, the Company performed a sensitivity analysis to determine the impact that a change in interest rates would have on the value of the investment portfolio assuming a 100 basis point parallel shift in ... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,023 | Based on investment positions as of September 28, 2002, a hypothetical 100 basis point increase in interest rates across all maturities would result in a $37.7 million decline in the fair market value of the portfolio. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,024 | As of September 29, 2001, a similar 100 basis point shift in the yield curve would have resulted in a $17.8 million decline in fair value. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,025 | Such losses would only be realized if the Company sold the investments prior to maturity. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,026 | Except in instances noted above, the Company's policy is to hold investments to maturity. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,027 | 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-rate interest expense on its lon... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,028 | The Company may also enter into interest rate contracts that are intended to reduce the cost of the interest rate risk management program. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,029 | During the last two years, the Company has 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/or to diversify a portion of the... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,030 | The interest rate swaps, which qualified as accounting hedges, 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,031 | These swaps effectively converted the Company's fixed-rate 10-year debt to floating-rate debt and convert a portion of the floating rate investments to fixed rate. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,032 | Due to prevailing market interest rates, during 2002 the Company entered into and then subsequently closed out debt swap positions realizing a gain of $6 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,033 | During 2001 the Company closed out all of its then existing debt swap positions realizing a gain of $17 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,034 | Both the gains in 2001 and 2002 were deferred, recognized in long-term debt and are being amortized to other income and expense over the remaining life of the debt. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,035 | At certain times in the past, the Company has also entered into interest rate contracts that are intended to reduce the cost of the interest rate risk management program. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,036 | The Company does not hold or transact in such financial instruments for purposes other than risk management. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,037 | The Company's asset swaps did not qualify for hedge accounting treatment and were recorded at fair value on the balance sheet with associated gains and losses recorded in interest and other income. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,038 | Interest rate asset swaps outstanding as of September 30, 2000, had a weighted-average receive rate of 5.50% and a weighted-average pay rate of 6.66%. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,039 | The unrealized loss on these assets 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,040 | 133 transition adjustment effective on October 1, 2000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,041 | The Company closed out all of its existing interest rate asset swaps during 2001 realizing a gain of $1.1 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,042 | Foreign Currency Risk
Overall, the Company is a net receiver of currencies other than the U.S. dollar and, as such, benefits from a weaker dollar and is adversely affected by a stronger dollar relative to major currencies worldwide. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,043 | Accordingly, changes in exchange rates, and in particular a strengthening of the U.S. dollar, may negatively affect the Company's net sales and gross margins as expressed in U.S. dollars. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,044 | There is also a risk that the Company will have to adjust local currency product pricing within the time frame of our hedged positions due to competitive pressures when there has been significant volatility in foreign currency exchange rates. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,045 | The Company enters into foreign currency forward and option contracts with financial institutions primarily to protect against foreign exchange risks associated with existing assets and liabilities, certain firmly committed transactions, and probable but not firmly committed transactions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,046 | Generally, the Company's practice is to hedge a majority of its existing material foreign exchange transaction exposures. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,047 | However, the Company may not hedge certain foreign exchange transaction exposures due to immateriality, prohibitive economic cost of hedging particular exposures, and limited availability of appropriate of hedging instruments. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,048 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,049 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,050 | The VAR model consisted of using a Monte Carlo simulation to generate 3000 random market price paths. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,051 | The value-at-risk 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,052 | The VAR model is not intended to represent actual losses but is used as a risk estimation and management tool. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,053 | The model assumes normal market conditions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,054 | Forecasted transactions, firm commitments, and assets and liabilities denominated in foreign currencies were excluded from the model. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,055 | Based on the results of the model, the Company estimates with 95% confidence a maximum one-day loss in fair value of $3.8 million as of September 28, 2002 compared to a maximum one-day loss of $6.8 million as of September 29, 2001. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,056 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,057 | 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 28, 2002 due to the inherent limitations associated with predicting the changes in the timing and amount of interest rates, fore... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,058 | Item 8. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,059 | 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... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,060 | CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
See accompanying notes to consolidated financial statements. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,061 | CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share amounts)
See accompanying notes to consolidated financial statements. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,062 | CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(In millions, except share amounts which are in thousands)
See accompanying notes to consolidated financial statements. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,063 | CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying notes to consolidated financial statements. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,064 | 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 personal computing and communicating solutions for sale primarily to education, creative, consumer, and b... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,065 | Basis of Presentation and Preparation
The accompanying consolidated financial statements include the accounts of the Company. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,066 | Intercompany accounts and transactions have been eliminated. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,067 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,068 | Actual results could differ materially from those estimates. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,069 | Typically, the Company's fiscal year ends on the last Saturday of September. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,070 | Fiscal years 2002 and 2001 were each 52-week years. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,071 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,072 | Consequently, an additional week was added to the first quarter of fiscal 2000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,073 | All information presented herein is based on the Company's fiscal calendar. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,074 | Financial Instruments
Investments
The Company places its short-term investments in highly liquid securities issued by high credit quality issuers. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,075 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,076 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,077 | The Company's marketable debt and equity securities have been classified and accounted for as available-for-sale. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,078 | These securities are carried at fair value, with the unrealized gains and losses, net of taxes, reported as a component of shareholders' equity. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,079 | The cost of securities sold is based upon the specific identification method. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,080 | Derivative Financial Instruments
On October 1, 2000, the Company adopted Statement of Financial Accounting Standards (SFAS) No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,081 | 133, Accounting for Derivative Instruments and Hedging Activities. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,082 | SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,083 | 133 establishes accounting and reporting standards for derivative instruments, hedging activities, and exposure definition. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,084 | SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,085 | 133 requires that all derivatives be recognized as either assets or liabilities at fair value. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,086 | Derivatives that are not hedges must be adjusted to fair value through income. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,087 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,088 | Net of the related income tax effect of approximately $5 million, adoption of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,089 | 133 resulted in a favorable cumulative-effect-type adjustment to net income of approximately $12 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,090 | Net of the related income tax effect of approximately $5 million, adoption of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,091 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,092 | Management does not believe that ongoing application of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,093 | 133 will significantly alter the Company's hedging strategies. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,094 | However, its application may increase the volatility of other income and expense and other comprehensive income. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,095 | 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 stockholders' equity and r... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,096 | To receive hedge accounting treatment, cash flow hedges must be highly effective in achieving offsetting changes to expected future cash flows on hedged transactions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,097 | 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... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,098 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,099 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,100 | Accordingly, any gains or losses related to this component are recognized in current earnings. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,101 | For derivative instruments not designated as hedging instruments, changes in fair value are recognized in earnings in the current period. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,102 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,103 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,104 | For currency option contracts designated as cash flow hedges, hedge effectiveness is measured based on changes in total fair value of the option contract. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,105 | Hedge effectiveness is assessed by comparing the present value of the cumulative change in expected cash flows on the hedged transactions determined as the sum of the probability-weighted outcomes with respect to the option strike rates with the total change in fair value of the option hedge. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,106 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,107 | 133. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,108 | Inventories
Inventories are stated at the lower of cost (first-in, first-out) or market. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,109 | If the cost of the inventories exceeds their market value, provisions are made currently for the difference between the cost and the market value. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,110 | Property, Plant, and Equipment
Property, plant, and equipment are stated at cost. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,111 | 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 estimated useful lives for leasehold improvements. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,112 | The Company capitalizes eligible costs to acquire or develop internal-use software that are incurred subsequent to the preliminary project stage. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,113 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,114 | Prior to the fourth quarter of 2001, the Company had classified capitalized costs related to internal-use software on the balance sheet in other assets. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,115 | Effective as of September 29, 2001, and for all other periods presented, the Company has reclassified internal-use software to property, plant, and equipment and reclassified related cash flows for the purchase or development of internal-use software from cash flow from operations to cash flow from investing activities... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,116 | Non-Current Debt and Equity Investments
Investments categorized as non-current debt and equity investments on the consolidated balance sheet are in equity and debt instruments of public companies. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,117 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,118 | Further, the fair value of these investments has been subject to a high degree of volatility. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,119 | 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. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,120 | 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. | 0001047469-02-007674/full-submission.txt |
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