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0000320193 | 20021219 | 10-K | 1,321 | However, during the fourth quarter of 2002, the Company determined that the then current decline in the fair value of its investment in EarthLink was other-than-temporary. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,322 | As a result, the Company recognized a $44 million charge to earnings to write-down the basis of its investment in
EarthLink to $35 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,323 | This charge was included in gains (losses) on non-current investments, net. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,324 | As of September 28, 2002, the Company holds 6.5 million shares of EarthLink stock valued at $35 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,325 | Akamai
In June 1999, the Company invested $12.5 million in Akamai, a global Internet content delivery service. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,326 | The investment was in the form of convertible preferred stock that converted into 4.1 million shares of Akamai common stock (adjusted for subsequent stock splits) at the time of Akamai's initial public offering in October 1999. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,327 | Beginning in the first quarter of 2000, the Company categorized its shares in Akamai as available-for-sale. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,328 | The fair value of the Company's investment in Akamai was approximately $216 million as of September 30, 2000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,329 | During 2001, the Company sold a total of approximately 1 million shares of Akamai stock for net proceeds of approximately $39 million and recorded a gain before taxes of approximately $36 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,330 | As of September 29, 2001, the Company held 3.1 million shares of Akamai stock valued at $9 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,331 | During the first quarter of 2002, the Company sold 250,000 shares of Akamai stock for net proceeds of $2 million and a gain before taxes of $710,000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,332 | No sales of Akamai were made in any of the subsequent quarters of fiscal 2002. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,333 | However, during the fourth quarter of 2002, the Company determined that the decline in the fair value of its investment in Akamai was other-than-temporary. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,334 | As a result, the Company recognized a $6 million charge to earnings to write-down the basis of its investment in Akamai to $3 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,335 | This charge was included in gains (losses) on non-current investments, net. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,336 | As of September 28, 2002, the Company holds 2.9 million shares of Akamai stock valued at $3 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,337 | ARM Holdings
ARM is a publicly held company in the United Kingdom involved in the design and licensing of high performance microprocessors and related technology. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,338 | During the first quarter of 2002, the Company sold 4.7 million shares of ARM stock for both net proceeds and a gain before taxes of $21 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,339 | No sales of ARM were made in any of the subsequent quarters of fiscal 2002. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,340 | As of September 28, 2002, the Company holds 278,000 shares of ARM stock valued at $578,000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,341 | During 2001, the Company sold a total of approximately 29.8 million shares of ARM stock for net proceeds of approximately $176 million and recorded a gain before taxes of approximately $174 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,342 | As of September 29, 2001, the Company held 5 million shares of ARM stock valued at $17 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,343 | During 2000, the Company sold a total of approximately 45.2 million shares of ARM stock for net proceeds of approximately $372 million and recorded a gain before taxes of approximately $367 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,344 | Samsung
During the fourth quarter of 1999, the Company invested $100 million in Samsung to assist in the further expansion of Samsung's TFT-LCD flat-panel display production capacity. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,345 | The investment was in the form of three year unsecured bonds, which were convertible into approximately 550,000 shares of Samsung common stock beginning in July 2000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,346 | The bonds carried an annual coupon rate of 2% and pay a total yield to maturity of 5% if redeemed at their maturity. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,347 | The fair value of the Company's investment in Samsung was approximately $123 million as of September 30, 2000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,348 | Prior to its sale, the Company had categorized its investment in Samsung as available-for-sale requiring that it 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 | 1,349 | The fair value of the Company's investment in Samsung was approximately $123 million as of September 30, 2000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,350 | With the adoption of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,351 | 133 on October 1, 2000, the Company was required to account for the conversion option embedded in the
Samsung bonds separately from the related debt. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,352 | The conversion feature was carried at fair value with any changes in fair value recognized in earnings in the period in which they occur. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,353 | Included in the $17 million gross SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,354 | 133 transition adjustment recorded in earnings during the first quarter of fiscal 2001 was a $23 million favorable adjustment for the restatement to fair value as of October 1, 2000, of the derivative component of the Company's investment in Samsung. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,355 | To adjust the carrying value of the derivative component of its investment in Samsung to fair value as of December 30, 2000, the Company recognized an unrealized loss of approximately $13 million during the first quarter of 2001. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,356 | During the second quarter of 2001, the Company sold this investment for book value, including accrued interest, and received net proceeds of approximately $117 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,357 | Other Strategic Investments
The Company has made additional minority debt and equity investments in several privately held technology companies which were reflected in the consolidated balance sheets in other assets. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,358 | These investments are inherently risky because the products and/or markets of these companies are typically not fully developed. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,359 | During 2001 the Company determined that the decline in fair value of certain of these investments was other-than-temporary and, accordingly, recognized a charge to earnings of approximately $8 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,360 | This charge was included in gains (losses) on non-current investments, net. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,361 | During 2002, the Company determined that the decline in fair value of certain of these investments was other-than-temporary and, accordingly, recognized a charge to earnings of $15 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,362 | These charges were included in gains (losses) on non-current investments, net. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,363 | As of September 28, 2002, the Company has no private debt or equity investments reflected in its consolidated balance sheet. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,364 | Note 3-Consolidated Financial Statement Details
Inventories (in millions)
Property, Plant, and Equipment (in millions)
Accrued Expenses (in millions)
Interest and Other Income, Net (in millions)
Note 4-Acquisitions
Goodwill and Other Acquisition-Related Intangibles
The following table summarizes the components of gross... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,365 | 142 has been reflected in the gross carrying amount of goodwill as of September 28, 2002 and September 29, 2001. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,366 | Expected annual amortization expense related to acquired technology is as follows (in millions):
Amortization expense related to acquired intangible assets is as follows (in millions):
Net income (loss) and net income (loss) per share adjusted to exclude amortization of goodwill in fiscal periods prior to 2002 follows ... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,367 | The acquisition has been accounted for as a purchase. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,368 | The portion of the purchase price allocated to purchased in-process research and development (IPR&D) was expensed immediately, and the portion of the purchase price allocated to
acquired technology and to tradename will be amortized over their estimated useful lives of 3 years. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,369 | Total consideration was allocated as follows (in millions):
The amount of the purchase price allocated to IPR&D was expensed upon acquisition, because the technological feasibility of products under development had not been established and no alternative future uses existed. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,370 | The IPR&D relates primarily to Emagic's Logic series technology and extensions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,371 | At the date of the acquisition, the products under development were between 43%-83% complete, and it was expected that the remaining work would be completed during the Company's fiscal 2003 at a cost of approximately $415,000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,372 | The remaining efforts include finalizing user interface design and development, and testing. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,373 | The fair value of the IPR&D was determined by an independent third-party valuation using the income approach, which reflects the projected free cash flows that will be generated by the IPR&D projects and that are attributable to the acquired technology, and discounting the projected net cash flows back to their present... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,374 | Acquisition of certain assets of Zayante, Inc., Prismo Graphics, and Silicon Grail
During fiscal 2002 the Company acquired certain technology and patent rights of Zayante, Inc., Prismo Graphics, and Silicon Grail Corporation for a total of $20 million in cash. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,375 | These transactions have been accounted for as asset acquisitions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,376 | The purchase price for these asset acquisitions, except for $1 million identified as contingent consideration which will be allocated to compensation expense over the next 3 years, has been allocated to acquired technology and will be amortized on a straight-line basis over 3 years, except for certain assets acquired f... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,377 | Acquisition of Nothing Real, LLC
During the second quarter of 2002, the Company acquired certain assets of Nothing Real, LLC (Nothing Real), a privately-held company that develops and markets high performance tools designed for the digital image creation market. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,378 | Of the $15 million purchase price, the Company has allocated $7 million to acquired technology, which will be amortized over its estimated life of 5 years. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,379 | The remaining $8 million, which has been identified as contingent consideration, rather than recorded as an additional component of the cost of the acquired assets, will be allocated to future compensation expense in the appropriate periods over the next 3 years. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,380 | Acquisition of Spruce Technologies, Inc. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,381 | In July 2001, the Company acquired Spruce Technologies, Inc. (Spruce), a privately-held company that develops and markets DVD authoring products, for $14.9 million in cash. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,382 | Goodwill associated with the acquisition of Spruce is not subject to amortization pursuant to the transition provisions of SFAS No. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,383 | 142. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,384 | The consolidated financial statements include the operating results of Spruce from the date of acquisition. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,385 | Total consideration was allocated as follows (in millions):
Acquisition of PowerSchool, Inc. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,386 | In May 2001, the Company acquired PowerSchool, Inc. (PowerSchool), a provider of web-based student information systems for K-12 schools and districts that enables schools to record, access, report, and manage their student data and performance in real-time, and gives parents real-time web access to track their children... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,387 | The consolidated financial statements include the operating results of PowerSchool from the date of acquisition. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,388 | The purchase price of approximately $66.1 million consisted of the issuance of approximately 2.4 million shares of the Company's common stock with a fair value of $61.2 million, the issuance of stock options with a fair value of $4.5 million, and $300,000 of direct transaction costs. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,389 | The fair value of the common stock options issued was determined using a Black-Scholes option pricing model with the following assumptions: volatility of 67%, expected life of 4 years, dividend rate of 0%, and risk-free rate of 4.73%. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,390 | Total consideration was allocated as follows (in millions):
The amount of the purchase price allocated to IPR&D was expensed upon acquisition, because the technological feasibility of products under development had not been established and no alternative future uses existed. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,391 | The IPR&D relates to technologies representing processes and expertise employed to design, develop, and deploy a functioning, scalable web-based student information system for use by K-12 schools. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,392 | At the date of the acquisition, the product under development was approximately 50% complete, and it was expected that the remaining 50% would be completed during the Company's fiscal 2002 at a cost of approximately $9.25 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,393 | The remaining efforts, which were completed in 2002, included completion of coding, finalizing user interface design and development, and testing. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,394 | The fair value of the IPR&D was determined by an independent third-party valuation using the income approach, which reflects the projected free cash flows that will be generated by the IPR&D projects and that are attributable to the acquired technology, and discounting the projected net cash flows back to their present... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,395 | The acquired intangibles are being amortized over their estimated useful lives of three years, respectively. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,396 | Deferred stock compensation associated with restricted stock and options is being amortized over the required future vesting period of three years. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,397 | In the fourth quarter of 2001, an adjustment was made to increase goodwill associated with the acquisition of PowerSchool by $5.9 million due to the identification of previously unidentified loss contingencies that were in existence prior to consummation of the acquisition. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,398 | Acquisition-Related Deferred Stock Compensation
The Company allocated $12.8 million of its purchase consideration for PowerSchool to acquisition-related deferred stock compensation within shareholders' equity. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,399 | This amount represents the intrinsic value of stock options assumed that vest as future services are provided by employees and related to 445,000 common shares issued contingent on continued employment of certain PowerSchool employee stockholders. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,400 | Pro Forma Financial Information
The unaudited pro forma financial information below presents the condensed consolidated financial results of the Company assuming that PowerSchool and Spruce, acquired in 2001, had been acquired at the beginning of 2000 and includes the effect of amortization of goodwill and other acquir... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,401 | The impact of the charge for IPR&D associated with the acquisition of PowerSchool has been excluded. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,402 | This pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of future operations that would have been achieved had the acquisitions taken place at the beginning of 2000. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,403 | Pro forma information follows (in millions, except per share amounts):
Note 5-Special Charges
Restructuring Actions
2002 Restructuring Actions
During fiscal 2002, the Company recorded total restructuring charges of approximately $30 million related to actions intended to eliminate certain activities and better align th... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,404 | During the fourth quarter of 2002, the Company's management approved and initiated restructuring actions with a total cost of approximately $6 million designed to reduce headcount costs in Corporate operations and sales and to adjust its PowerSchool product strategy. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,405 | These restructuring actions resulted in the elimination of approximately 180 positions worldwide at a cost of $1.8 million, 161 of which were eliminated by September 28, 2002. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,406 | Eliminated positions were primarily in Corporate operations, sales, and PowerSchool related research and development. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,407 | The shift in product strategy at PowerSchool included discontinuing development and marketing of PowerSchool's PSE product. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,408 | This shift resulted in the impairment of previously capitalized development costs associated with the PSE product in the amount of $4.5 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,409 | As of September 28, 2002, substantially all of the $6 million accrual had been utilized, except for insignificant severance and related costs associated with the 19 remaining positions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,410 | During the first quarter of 2002, the Company's management approved and initiated restructuring actions with a total cost of approximately $24 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,411 | These restructuring actions will result in the elimination of approximately 425 positions worldwide, 415 of which were eliminated by September 28, 2002, at a cost of $8 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,412 | Positions were eliminated primarily in the Company's operations, information systems, and administrative functions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,413 | In addition, these restructuring actions also included significant changes in the Company's information systems strategy resulting in termination of equipment leases and cancellation of existing projects and activities. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,414 | Related lease and contract cancellation charges totaled $12 million, and charges for asset impairments totaled $4 million. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,415 | Of the original $24 million restructuring charge made during the first quarter of 2002, approximately $23 million had been spent as of September 28, 2002 and approximately $250,000 was reversed during the second quarter of 2002 due to lower actual costs than originally estimated for certain lease commitments and severa... | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,416 | The remaining $1 million accrual relates primarily to future payments on abandoned operating leases. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,417 | 2000 Restructuring Actions
During the first quarter of 2000, the Company initiated restructuring actions resulting in recognition of an $8 million restructuring charge. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,418 | This charge was comprised of $3 million for the write-off of various operating assets and $5 million for severance payments to approximately 95 employees associated with consolidation of various domestic and international sales and marketing functions. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,419 | Of the $5 million accrued for severance, $2.5 million had been spent before the end of 2000, and the remainder was spent in 2001. | 0001047469-02-007674/full-submission.txt |
0000320193 | 20021219 | 10-K | 1,420 | Of the $3 million accrued for the write-off of various assets, substantially all was utilized before the end of 2000. | 0001047469-02-007674/full-submission.txt |
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