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0000320193 | 20001214 | 10-K | 288 | Third, Japan saw a 43% increase in combined unit sales of the Company's professionally oriented Macintosh systems. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 289 | The majority of the increase in both net sales and unit sales in the Asia Pacific segment can be attributed to sales of the G4 Cube and iBook, both of which were introduced in the region during 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 290 | Macintosh unit sales and net sales in Asia, particularly in Japan, recovered during 1999 from the declines experienced in 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 291 | Net sales in the Japan segment increased 17% or $127 million to a total of $858 million in 1999 as compared to 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 292 | Macintosh unit sales in Japan increased 35% during 1999 compared to 1998 while Macintosh unit sales in the Asia Pacific segment increased 37%. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 293 | The increases in net sales and Macintosh unit sales in both Japan and Asia Pacific are the result of strong iMac sales experienced by these operating segments, strong growth in Japanese consumer sales, and the general economic recovery experienced in the region. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 294 | BACKLOG
In the Company's experience, the actual amount of product backlog at any particular time is not a meaningful indication of its future business prospects. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 295 | In particular, backlog often increases in anticipation of or immediately following new product introductions because of over-ordering by dealers anticipating shortages. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 296 | Backlog often is reduced once dealers and customers believe they can obtain sufficient supply. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 297 | Because of the foregoing, backlog should not be considered a reliable indicator of the Company's ability to achieve any particular level of revenue or financial performance. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 298 | Further information regarding the Company's backlog may be found below under the subheading "Product Introductions and Transitions" included under the heading "Factors That May Affect Future Results and Financial Condition," which information is hereby incorporated by reference. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 299 | GROSS MARGIN
Gross margin was relatively stable during 2000 as compared to 1999, declining to 27.1% during 2000 from 27.6% during 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 300 | The half point decline is primarily the result of a shift in mix of unit sales away from the Company's higher priced, higher margin professionally oriented Macintosh systems towards its lower priced, lower margin consumer and education oriented Macintosh systems. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 301 | Also contributing to the relative stability of its gross margin, the Company experienced relatively stable component pricing during 2000 as compared to 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 302 | Gross margin increased as a percentage of net sales during 1999 to 27.6% as compared to 24.9% in 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 303 | This increase was primarily attributable to declines in the cost of various components of the Company's products, improvements in manufacturing efficiencies brought about by selective outsourcing of final assembly of certain of the Company's products, improved design of products leading to lower manufacturing and warra... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 304 | During 1999, the Company was also able to fully realize the benefits of actions taken primarily in 1998 and 1997 that led to improved inventory management and a more efficient distribution model for its products. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 305 | There can be no assurance current gross margins will be maintained, targeted gross margin levels will be achieved, or current margins on existing individual products will be maintained. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 306 | In general, gross margins and margins on individual products will remain under significant downward pressure due to a variety of factors, including continued industry wide global pricing pressures, increased competition, compressed product life cycles, potential increases in the cost and availability of raw material an... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 307 | In response to these downward pressures, the Company expects it will continue to take pricing actions with respect to its products. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 308 | Gross margins could also be affected by the Company's ability to effectively manage quality problems and warranty costs and to stimulate demand for certain of its products. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 309 | The Company's operating strategy and pricing take into account anticipated changes in foreign currency exchange rates over time; however, the Company's results of operations can be significantly affected in the short term by fluctuations in exchange rates. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 310 | RESEARCH AND DEVELOPMENT
The Company recognizes focused investments in research and development are critical to its future growth and competitive position in the marketplace and are directly related to timely development of new and enhanced products that are central to the Company's core business strategy. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 311 | Expenditures on research and development increased 21% or $66 million to $380 million in 2000 as compared to 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 312 | This followed a $11 million or 4% increase in 1999 as compared to 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 313 | Spending on R&D has remained at approximately 5% of net sales during each of the last three years. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 314 | The overall increase in R&D spending over the last two years is directly related to increases in R&D headcount of approximately 13% over that time to support expanded product development efforts. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 315 | SELLING, GENERAL, AND ADMINISTRATIVE
Selling, general, and administrative expenditures increased 17% to $1,166 million in 2000 as compared to 1999 and decreased to 15% of net sales in 2000 from 16% in 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 316 | This increase in total expenditures resulted from higher spending for promotional and marketing activities, increased sales expenses resulting from higher net sales, and a 21% increase in combined sales, marketing, and general and administrative headcount from the end of 1999 to the end of 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 317 | Selling, general, and administrative expenditures increased 10% to $996 million in 1999 as compared to 1998 and increased to 16% of net sales in 1999 from 15% in 1998. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 318 | These increases are primarily the result of increased spending on marketing and promotional activities throughout 1999 and a 12% increase in combined sales, marketing, and general and administrative headcount from the end of 1998 to the end of 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 319 | SPECIAL CHARGES
2000 RESTRUCTURING ACTIONS
During the first quarter of 2000, the Company initiated restructuring actions resulting in recognition of an $8 million restructuring charge. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 320 | 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. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 321 | 1999 RESTRUCTURING ACTIONS
During the fourth quarter of 1999, the Company initiated restructuring actions resulting in a charge to operations of $21 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 322 | The net restructuring charge of $18 million recognized during the fourth quarter of 1999 reflects $3 million of excess reserves related to prior restructuring actions. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 323 | The $21 million cost of these actions was comprised of $11 million for contract cancellation charges associated with the closure of the Company's outsourced data center and $10 million for contract cancellation charges related to supply and development agreements previously discontinued. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 324 | During the second quarter of 1999, the Company took certain actions to improve the flexibility and efficiency of its manufacturing operations by moving final assembly of certain of its products to third-party manufacturers. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 325 | These restructuring actions resulted in the Company recognizing a charge to operations of approximately $9 million during the second quarter of 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 326 | The charge was comprised of $6 million for severance benefits to be paid to employees involuntarily terminated, $2 million for the write-down of operating assets to be disposed of, and $1 million for payments on canceled contracts. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 327 | These actions resulted in the termination of approximately 580 employees. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 328 | EXECUTIVE BONUS
During the first quarter of 2000, the Company's Board of Directors approved a special executive bonus for the Company's Chief Executive Officer for past services in the form of an aircraft with a total cost to the Company of approximately $90 million, the majority of which is not tax deductible. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 329 | Approximately half of
the total charge is the cost of the aircraft. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 330 | The other half represents all other costs and taxes associated with the bonus. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 331 | INTEREST AND OTHER INCOME (EXPENSE), NET
Net interest income increased $116 million or 133% to $203 million during 2000 as compared to 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 332 | This increase is attributable to three principal factors. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 333 | First, the Company's cash, cash equivalents, and short-term investments increased $801 million or 25% during 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 334 | Second, the weighted-average interest rate earned by the Company on its cash equivalents and short-term investments increased to 6.55% as of the end of 2000 compared to 5.38% at the end of 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 335 | The combination of these first two factors increased interest income during 2000 by $66 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 336 | Third, interest expense declined $26 million during 2000 as a result of the conversion of approximately $661 million of the Company's convertible subordinated notes to common stock during the third quarter of 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 337 | During 1999, the Company experienced a $59 million increase in net interest income, primarily the result of higher cash and investment balances, and by decreased interest expense associated with the conversion of the convertible subordinated notes during the third quarter of 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 338 | GAIN FROM SALE OF INVESTMENT
The Company holds a significant equity investment in ARM Holdings plc (ARM), a publicly held company in the United Kingdom involved in the design and licensing of high performance microprocessors and related technology. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 339 | As of September 30, 2000, the Company holds 34.8 million shares of ARM stock valued at $383 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 340 | During 2000, the Company sold a total of 45.2 million shares of ARM stock for net proceeds of approximately $372 million, recorded a gain before taxes of approximately $367 million, and recognized related income tax of approximately $94 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 341 | During 1999, the Company sold a total of 163 million shares of ARM stock for net proceeds of approximately $245 million, recorded a gain before taxes of approximately $230 million, and recognized related income tax of approximately $25 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 342 | During 1998, ARM completed an initial public offering of its stock on the London Stock Exchange and the NASDAQ National Market. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 343 | The Company sold 18.9% of the shares it held in ARM at that time for a gain before foreign taxes of approximately $24 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 344 | The Company also recognized during 1998 other income of approximately $16 million to reflect its remaining 25.9% ownership interest in the increased net book value of ARM following its initial public offering. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 345 | Further information related to the Company's investment in ARM and gains recognized related to that investment may be found in Part II, Item 8 of this Form 10-K at Note 2 of Notes to Consolidated Financial Statements, which information is hereby incorporated by reference. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 346 | PROVISION FOR INCOME TAXES
As of September 30, 2000, the Company had deferred tax assets arising from deductible temporary differences, tax losses, and tax credits of $466 million before being offset against certain deferred tax liabilities for presentation on the Company's balance sheet. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 347 | This asset is generally realizable based on the ability to offset existing deferred tax liabilities. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 348 | As of September 30, 2000, a valuation allowance of $33 million was recorded against the deferred tax asset for the benefits of tax losses that may not be realized. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 349 | The valuation allowance relates principally to the operating loss carryforwards acquired from NeXT, the utilization of which is subject to certain limitations imposed by the Internal Revenue Code. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 350 | The Company will continue to evaluate the realizability of the deferred tax assets quarterly by assessing the need for and amount of the valuation allowance. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 351 | The Company's effective tax rate for 2000 was 28% compared to the higher statutory rate due primarily to the reversal of a portion of the previously established valuation allowance and certain undistributed foreign earnings for which no U.S. taxes were provided. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 352 | The Internal Revenue Service (IRS) has proposed federal income tax deficiencies for the years 1984 through 1991, and the Company has made certain prepayments thereon. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 353 | The Company contested the proposed deficiencies by filing petitions with the United States Tax Court, and most of the issues in dispute have now been resolved. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 354 | On June 30, 1997, the IRS proposed income tax adjustments for the years 1992 through 1994. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 355 | Although most of the issues for these years have been resolved, certain issues still remain in dispute and are being contested by the Company. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 356 | Management believes adequate provision has been made for any adjustments that may result from tax examinations. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 357 | RECENT ACCOUNTING PRONOUNCEMENTS
In June 1998, Statement of Financial Accounting Standards (SFAS) No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 358 | 133, "Accounting for Derivative Instruments and Hedging Activities" was issued. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 359 | SFAS No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 360 | 133 establishes accounting and reporting standards for derivative instruments, hedging activities, and exposure definition. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 361 | SFAS No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 362 | 133 requires an entity to recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 363 | Derivatives that are not hedges must be adjusted to fair value through income. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 364 | 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. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 365 | In June 1999, SFAS No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 366 | 137, "Accounting for Derivative Instruments and Hedging Activities--Deferral of the Effective Date of FASB Statement No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 367 | 133," was issued. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 368 | The statement deferred the effective date of SFAS No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 369 | 133 until the first quarter of fiscal 2001. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 370 | The Company will adopt SFAS No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 371 | 133, "Accounting for Derivative Instruments and Hedging Activities," as of October 1, 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 372 | Net of the related income tax effect, the adoption of SFAS No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 373 | 133 is expected to have a favorable cumulative-effect-type adjustment to net income of approximately $12 million and a favorable cumulative-effect-type adjustment to other comprehensive income of $15 million. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 374 | Management does not believe that adoption of SFAS No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 375 | 133 will significantly alter the Company's hedging strategies. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 376 | However, its application may increase the volatility of other income and expense and other comprehensive income. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 377 | In December 1999, the Securities and Exchange Commission issued Staff Accounting Bulletin (SAB) No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 378 | 101, "Revenue Recognition in Financial Statements." | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 379 | SAB 101, as amended, summarizes certain of the SEC's views in applying generally accepted accounting principles to revenue recognition in financial statements and provides guidance on revenue recognition issues in the absence of authoritative literature addressing a specific arrangement or a specific industry. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 380 | The Company will adopt SAB 101 in the first quarter of fiscal year 2001. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 381 | Adoption of this guidance is not expected to have a material impact on the Company's financial position or results of operations. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 382 | LIQUIDITY AND CAPITAL RESOURCES
The following table presents selected financial information and statistics for each of the last three fiscal years (dollars in millions):
2000 1999 1998 -------- -------- --------
Cash, cash equivalents, and short-term investments.......... $4,027 $3,226 $2,300 Accounts receivable, net..... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 383 | (b) Based on ending inventory and most recent quarterly cost of sales for each period. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 384 | As of September 30, 2000, the Company had $4.027 billion in cash, cash equivalents, and short-term investments, an increase of $801 million or 25% over the same balances at the end of 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 385 | During 2000, the Company's primary source of cash was $826 million in cash flows from operating activities. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 386 | Cash generated by operations was primarily from net income and increases in accounts payable and other current liabilities partially offset by an increase in accounts receivable. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 387 | The Company's cash and cash equivalent balances as of September 30, 2000 and September 25, 1999 include $7 million and $4 million, respectively, pledged primarily as collateral against outstanding derivative positions. | 0000912057-00-053623/full-submission.txt |
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