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0000320193 | 20060203 | 10-Q | 523 | Capital Expenditures
The Company’s total capital expenditures were $82 million during the first quarter of fiscal 2006, $40 million of which were for retail store facilities and equipment related to the Company’s Retail segment and $42 million of which were for corporate infrastructure, including information systems en... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 524 | The Company currently anticipates it will utilize approximately $420 million for capital expenditures during 2006, approximately $210 million of which is expected to be utilized for expansion of the Company’s Retail segment and the remainder utilized to support normal replacement of existing capital assets and enhancem... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 525 | 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 526 | This repurchase plan does not obligate the Company to acquire any specific number of shares or acquire shares over any specified period of time. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 527 | Since inception of the stock repurchase plan, the Company has repurchased a total of 13.1 million shares at a cost of $217 million. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 528 | The Company did not repurchase any shares during the first quarter of 2006. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 529 | The Company was authorized to repurchase up to an additional $283 million of its common stock as of December 31, 2005. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 530 | Off-Balance Sheet Arrangements and Contractual Obligations
The Company has not entered into any transactions with unconsolidated entities whereby the Company has financial guarantees, subordinated retained interests, derivative instruments or other contingent arrangements that expose the Company to material continuing ... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 531 | Lease Commitments
As of September 24, 2005, the Company had total outstanding commitments on noncancelable operating leases of approximately $865 million, $606 million of which related to the lease of retail space and related facilities. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 532 | The major facility leases are for terms of five to 15 years and generally provide renewal options for terms of three to five additional years. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 533 | Leases for retail space are for terms of five to 20 years, the majority of which are for 10 years, and often contain multi-year renewal options. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 534 | Total outstanding commitments on noncancelable operating leases related to the lease of retail space rose to $705 million as of December 31, 2005. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 535 | 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 536 | These contract manufacturers acquire components and build product based on demand information supplied by the Company, which typically covers periods ranging from 30 to 150 days. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 537 | The Company also obtains individual components for its products from a wide variety of individual suppliers. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 538 | Consistent with industry practice, the Company acquires components through a combination of purchase orders, supplier contracts, and open orders based on projected demand information. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 539 | Such purchase commitments typically cover the Company’s forecasted component and manufacturing requirements for periods ranging from 30 to 150 days. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 540 | As of December 31, 2005, the Company had outstanding third-party manufacturing commitments and component purchase commitments of approximately $2.0 billion. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 541 | During the first quarter of 2006, the Company entered into long-term supply agreements with Hynix Semiconductor, Inc., Intel Corporation, Micron Technology, Inc., Samsung Electronics Co., Ltd., and Toshiba Corporation to secure supply of NAND flash memory through calendar year 2010. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 542 | As part of these agreements, the Company agreed to prepay $1.25 billion for flash memory components of which $750 million was paid during the first quarter of 2006 and the remaining $500 million was paid in the second quarter of 2006. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 543 | These prepayments will be applied to inventory purchases made over the life of each respective agreement. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 544 | Asset Retirement Obligations
The Company’s asset retirement obligations are associated with commitments to return property subject to operating leases to original condition upon lease termination. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 545 | As of December 31, 2005, the Company estimated that gross expected future cash flows of approximately $17 million would be required to fulfill these obligations. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 546 | Other Obligations
Other obligations increased to approximately $52 million as of December 31, 2005 primarily related to telecommunications services contracts that were renewed in the first quarter of 2006 for a 2 year period. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 547 | Indemnifications
The Company generally does not indemnify end-users of its operating system and application software against legal claims that the software infringes third-party intellectual property rights. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 548 | Other agreements entered into by the Company sometimes include indemnification provisions under which the Company could be subject to costs and/or damages in the event of an infringement claim against the Company or an indemnified third-party. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 549 | However, the Company has not been required to make any significant payments resulting from such an infringement claim asserted against itself or an indemnified third-party and, in the opinion of management, does not have a liability related to unresolved infringement claims subject to indemnification that would have a ... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 550 | 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 ... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 551 | General economic conditions and current economic and political uncertainty could adversely affect the demand for the Company’s products and the financial health of its suppliers, distributors, and resellers. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 552 | The Company’s operating performance depends significantly on general economic conditions in the U.S. and abroad. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 553 | At times in the past, demand for the Company’s products has been negatively impacted by difficult global economic conditions. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 554 | Additionally, some of the Company’s education customers appeared to be delaying technology purchases due to concerns about the overall impact of the weaker economy and state budget deficits on their available funding. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 555 | Although recent macroeconomic trends seem to indicate an economic recovery, continued uncertainty about future economic conditions makes it difficult to forecast future demand for the Company’s products and related operating results. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 556 | Should global and/or regional economic conditions deteriorate, demand for the Company’s products could be adversely affected, as could the financial health of its suppliers, distributors, and resellers. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 557 | War, terrorism, public health issues or other business interruptions could disrupt supply, delivery or demand of products, which could negatively affect the Company’s operations and performance. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 558 | War, terrorism, public health issues and other business interruptions whether in the U.S. or abroad, have caused and could cause damage or disruption to international commerce by creating economic and political uncertainties that may have a strong negative impact on the global economy, the Company, and the Company’s su... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 559 | The Company’s major business operations are subject to interruption by earthquake, other natural disasters, fire, power shortages, terrorist attacks and other hostile acts, labor disputes, public health issues, and other events beyond its control. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 560 | The majority of the Company’s research and development activities, its corporate headquarters, information technology systems, and other critical business operations, including certain component suppliers and manufacturing vendors, are located near major seismic faults. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 561 | Because the Company does not carry earthquake insurance for direct quake-related losses, the Company’s operating results and financial condition could be materially adversely affected in the event of a major earthquake or other natural or manmade disaster. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 562 | Although it is impossible to predict the occurrences or consequences of any such events, such events could result in a decrease in demand for the Company’s products, make it difficult or impossible for the Company to deliver products to its customers or to receive components from its suppliers, and could create delays ... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 563 | In addition, should major public health issues, including pandemics, arise, the Company could be negatively impacted by the need for more stringent employee travel restrictions, additional limitations in the availability of freight services, governmental actions limiting the movement of products between various regions... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 564 | The Company’s operating results and financial condition have been, and in the future may be, adversely affected by these events. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 565 | The market for personal computers and related peripherals and services, as well as digital music devices and related services, is highly competitive. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 566 | If the Company is unable to effectively compete in these markets, its results of operations could be adversely affected. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 567 | 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, evolving industry standards, continual improvement in product price/performance characteristics, rapid adoption... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 568 | Over the past several years, price competition in the market for personal computers and related peripherals has been particularly intense as competitors who sell Windows and Linux based personal computers have aggressively cut prices and lowered their product margins for personal computing products. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 569 | 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 570 | 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 571 | 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 572 | 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 573 | Several of the Company’s competitors have introduced or announced plans to introduce digital music products and/or online stores offering digital music distribution that mimic many of the unique design, technical features, and solutions of the Company’s products. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 574 | The Company has a significant number of 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 575 | 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 576 | The Company is currently the only maker of hardware using the Mac OS. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 577 | The Mac OS has a minority market share in the personal computer market, which is dominated by makers of computers utilizing other competing operating systems, including Windows and Linux. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 578 | 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. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 579 | Additionally, if unauthorized copies of the Mac OS are used on other companies’ hardware products and result in decreased demand for the Company’s hardware products, the Company’s results of operations may be adversely affected. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 580 | The Company is currently focused on market opportunities related to digital music distribution and related consumer electronic devices, including iPods. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 581 | The Company faces increasing competition from other companies promoting their own digital music products, including music enabled cell phones, distribution services, and free peer-to-peer music services. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 582 | These competitors include both new entrants with different market approaches, such as subscription
services models, and also larger companies that may have greater technical, marketing, distribution, and other resources than those of the Company, as well as established hardware, software, and digital content supplier r... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 583 | Failure to effectively compete could negatively affect the Company’s operating results and financial position. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 584 | There can be no assurance that the Company will be able to continue to provide products and services that effectively compete in these markets or successfully distribute and sell digital music outside the U.S. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 585 | The Company may also have to respond to price competition by lowering prices and/or increasing features which could adversely affect the Company’s music product gross margins as well as overall Company gross margins. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 586 | The Company also faces increased competition in the U.S. education market. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 587 | U.S. elementary and secondary schools, as well as college and university customers, remain a core market for the Company. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 588 | Uncertainty in this channel remains as several competitors of the Company have either targeted or announced their intention to target the education market for personal computers, which could negatively affect the Company’s market share. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 589 | In an effort to regain market share and remain competitive, the Company has been and will continue to pursue one-to-one (1:1) learning solutions in education. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 590 | 1:1 learning solutions typically consist of iBook portable systems for every student and teacher along with a wireless network connected to a central server. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 591 | These 1:1 learning solutions and other strategic sales are generally priced more aggressively and could result in significantly less profitability or even in financial losses, particularly for larger deals. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 592 | Although the Company believes it has taken certain steps to strengthen its position in the education market, there can be no assurance that the Company will be able to increase or maintain its share of the education market or execute profitably on large strategic arrangements. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 593 | Failure to do so may have an adverse impact on the Company’s operating results and financial condition. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 594 | The Company’s transition from PowerPC microprocessors used by Macintosh computers to microprocessors built by Intel is subject to numerous risks. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 595 | In June 2005, the Company announced its intention to transition from the use of PowerPC microprocessors to the use of Intel microprocessors in all of its Macintosh computers by the end of calendar year 2007. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 596 | In January 2006, the Company announced the new iMac® and MacBook™ Pro, which are the first Macintosh computers to run on Intel microprocessors. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 597 | The Company now expects to complete this transition by the end of calendar year 2006. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 598 | This transition is subject to numerous risks and uncertainties, including the Company’s ability to timely develop and deliver new products using Intel microprocessors, the timely innovation and delivery of related hardware and software products, including the Company’s applications, to support Intel microprocessors, ma... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 599 | In addition, the Company is dependent on third-party software developers such as Microsoft and Adobe continuing to support current applications that run on PowerPC-based computers and timely developing versions of current and future applications that run on Intel and PowerPC-based Macintosh computers. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 600 | The Company’s inability to timely deliver new Intel-based products or obtain developer commitment both to continue supporting applications that run on PowerPC microprocessors and timely transition their applications to run natively on Intel-based products may have an adverse impact on the Company’s results of operation... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 601 | The Company’s announcement of its intention to transition to Intel microprocessors may negatively impact sales of current and future Macintosh products containing PowerPC microprocessors, as customers may elect to delay purchases until the Intel-based products are available. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 602 | Additionally, there can be no assurance that the Company will be able to maintain its historical gross margin percentages on its products, including Intel-based Macintosh computers, which may adversely impact the Company’s results of operations. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 603 | Future operating results are dependent upon the Company’s ability to obtain a sufficient supply of components, including microprocessors, some of which are in short supply or available only from limited sources. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 604 | Although most components essential to the Company’s business are generally available from multiple sources, certain key components including microprocessors and ASICs are currently obtained by the Company from single or limited sources. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 605 | Some key components (including without limitation DRAM, NAND flash-memory, and TFT-LCD flat-panel displays), while currently available to the Company from multiple sources, are at times subject to industry-wide availability and pricing pressures. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 606 | In addition, new products introduced by the Company often initially utilize custom components obtained from only one source until the Company has evaluated whether there is a need for, and subsequently qualifies additional suppliers. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 607 | In situations where a component or product utilizes new technologies, initial capacity constraints may exist until such time as the suppliers’ yields have matured. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 608 | The Company and other producers in the personal computer industry also compete for various components with other industries that have experienced increased demand for their products. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 609 | The Company uses some components that are not common to the
rest of the personal computer industry including certain microprocessors and ASICs. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 610 | Continued availability of these components may be affected if producers were to decide to concentrate on the production of components other than those customized to meet the Company’s requirements. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 611 | If the supply of a key component were to be delayed or constrained on a new or existing product, the Company’s results of operations and financial condition could be adversely affected. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 612 | The Company’s ability to produce and market competitive products is dependent on the ability and desire of IBM and Freescale Semiconductor, Inc. (Freescale) to supply PowerPC microprocessors and Intel to supply its microprocessors for the Company’s Macintosh computers and to provide the Company with a sufficient supply... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 613 | While the Company has supply agreements with IBM and Freescale, the Company’s recent announcement of plans to transition to Intel microprocessors may impact the continued availability on acceptable terms of certain components and services, including PowerPC G4 and G5 microprocessors, which are essential to the Company’... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 614 | Additionally, there have been instances in recent years where the inability of the Company’s suppliers to provide advanced PowerPC microprocessors in sufficient quantity has had significant adverse effects on the Company’s results of operations. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 615 | In addition, IBM is currently the Company’s sole supplier of the PowerPC G5 processor, which is used in the Company’s current Power Mac and Xserve products. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 616 | Freescale is the sole supplier of the G4 processor, which is used in the Company’s eMac, Mac mini, and certain portable products. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 617 | Manufacturing problems experienced by any of the Company’s suppliers in the future or failure by them to deliver components to the Company in sufficient quantities with competitive price/performance features could adversely affect the Company’s results of operations and financial condition. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 618 | The Company must successfully manage frequent product introductions and transitions to remain competitive and effectively stimulate customer demand. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 619 | Due to the highly volatile and competitive nature of the personal computer and consumer electronics industries, which are characterized by dynamic customer demand patterns and rapid technological advances, the Company must continually introduce new products and technologies, enhance existing products in order to remain... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 620 | The success of new product introductions is dependent on a number of factors, including market acceptance; the Company’s ability to manage the risks associated with product transitions, including the transition to Intel-based Macintosh computers, and production ramp issues; the availability of application software for ... | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 621 | Accordingly, the Company cannot determine in advance the ultimate effect that new products will have on its sales or results of operations. | 0001104659-06-005910/full-submission.txt |
0000320193 | 20060203 | 10-Q | 622 | The Company’s products from time to time experience quality problems that can result in decreased net sales and operating profits. | 0001104659-06-005910/full-submission.txt |
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