Apple 2002 Annual Report Download - page 39

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See accompanying notes to consolidated financial statements.
49
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share and per share amounts)
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable
$
911
$
801
Accrued expenses
747
717
Total current liabilities
1,658
1,518
Long
-
term debt
316
317
Deferred tax liabilities
229
266
Total liabilities
2,203
2,101
Commitments and contingencies
Shareholders' equity:
Common stock, no par value; 900,000,000 shares authorized; 358,958,989 and
350,921,661 shares issued and outstanding, respectively
1,826
1,693
Acquisition
-
related deferred stock compensation
(7
)
(11
)
Retained earnings
2,325
2,260
Accumulated other comprehensive income (loss)
(49
)
(22
)
Total shareholders' equity
4,095
3,920
Total liabilities and shareholders' equity
$
6,298
$
6,021
Three fiscal years ended September 28, 2002
2002
2001
2000
Net sales
$
5,742
$
5,363
$
7,983
Cost of sales
4,139
4,128
5,817
Gross margin
1,603
1,235
2,166
Operating expenses:
Research and development
446
430
380
Selling, general, and administrative
1,111
1,138
1,166
Special charges:
Restructuring costs
30
—
8
In
-
process research and development
1
11
—
Executive bonus
(2
)
—
90
Total operating expenses
1,586
1,579
1,644
Operating income (loss)
17
(344
)
522
Other income and expense:
Gains (losses) on non
-
current investments, net
(42
)
88
367
Unrealized loss on convertible securities
—
(
13
)
—
Interest and other income, net
112
217
203