Apple 2002 Annual Report Download - page 38

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assumes normal market conditions. Forecasted transactions, firm commitments, and assets and liabilities denominated in foreign currencies
were excluded from the model. 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. 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.
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, foreign currency exchanges rates, and the Company's actual exposures and positions.
47
Item 8. 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 thereto.
48
CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
Index to Consolidated Financial Statements
Page
Financial Statements:
Consolidated Balance Sheets as of September 28, 2002, and September 29, 2001
49
Consolidated Statements of Operations for the three fiscal years ended September 28, 2002
50
Consolidated Statements of Shareholders' Equity for the three fiscal years ended September 28, 2002
51
Consolidated Statements of Cash Flows for the three fiscal years ended September 28, 2002
52
Notes to Consolidated Financial Statements
53
Selected Quarterly Financial Information (Unaudited)
87
Report of Independent Auditors, KPMG LLP
89
September 28, 2002
September 29, 2001
ASSETS:
Current assets:
Cash and cash equivalents
$
2,252
$
2,310
Short
-
term investments
2,085
2,026
Accounts receivable, less allowances of $51 and $51, respectively
565
466
Inventories
45
11
Deferred tax assets
166
169
Other current assets
275
161
Total current assets
5,388
5,143
Property, plant, and equipment, net
621
564
Non
-
current debt and equity investments
39
128
Acquired intangible assets
119
76
Other assets
131
110
Total assets
$
6,298
$
6,021