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36฀ Fiscal฀2003฀Annual฀Report
Fiscal฀2003฀Annual฀Report฀ 37
The฀table฀below฀presents฀information฀by฀operating฀segment฀(in฀thousands):
฀ United฀ ฀ Unallocated
Fiscal฀year฀ended฀ States฀ International฀ Corporate฀ Total
Fiscal฀2003:฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Total฀net฀revenues฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $ 3,472,452฀฀฀฀฀฀฀ $ ฀฀฀฀ 603,070฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀฀ –฀ ฀ ฀฀฀฀฀฀฀ $ ฀ 4,075,522
Earnings/(loss)฀before฀income฀taxes฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 606,544฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 5,466฀฀฀฀฀฀฀฀฀฀฀฀฀(175,675) ฀฀฀฀฀฀฀฀฀฀฀฀ 436,335
Depreciation฀and฀amortization฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 167,138฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀38,563฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀32,106฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 237,807
Income฀from฀equity฀investees ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀28,484฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 9,912฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀–฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀38,396
Equity฀method฀investments ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀16,919฀฀฀฀฀฀฀฀฀฀฀฀฀฀117,422฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ –฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 134,341
Identifiable฀assets ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 1,161,512฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 383,324฀฀฀฀฀฀฀฀฀฀฀ 1,184,910฀฀฀฀฀฀฀฀฀฀฀ 2,729,746
Fiscal฀2002:฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Total฀net฀revenues฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $ 2,828,253฀฀฀฀฀฀฀ $ ฀฀฀฀ 460,655฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀฀ –฀ ฀ ฀฀฀฀฀฀฀ $ ฀ 3,288,908
Earnings/(loss)฀before฀income฀taxes฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 506,829฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 3,891฀฀฀฀฀฀฀฀฀฀฀฀฀(171,721) ฀฀฀฀฀฀฀฀฀฀฀฀ 338,999
Depreciation฀and฀amortization฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 142,752฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀34,069฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀28,736฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 205,557
Income฀from฀equity฀investees ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀19,182฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀14,263฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ –฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀33,445
Equity฀method฀investments ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀18,519฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀76,101฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀–฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀94,620
Identifiable฀assets ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 957,127฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 332,411฀฀฀฀฀฀฀฀฀฀฀฀฀฀924,854฀฀฀฀฀฀฀฀฀฀฀ 2,214,392
Fiscal฀2001:฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Total฀net฀revenues฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $ 2,298,563฀฀฀฀฀฀฀ $ ฀฀฀฀ 350,417฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀฀ –฀ ฀ ฀฀฀฀฀฀฀ $ ฀ 2,648,980
Earnings/(loss)฀before฀income฀taxes฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 400,878฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀21,138฀฀฀฀฀฀฀฀฀฀฀฀฀(133,969) ฀฀฀฀฀฀฀฀฀฀฀฀ 288,047
Depreciation฀and฀amortization฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 113,945฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀24,162฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀25,394฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 163,501
Income฀from฀equity฀investees ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀12,668฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀15,072฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ –฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀27,740
Equity฀method฀investments ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀21,652฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀35,043฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀–฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀56,695
Identifiable฀assets ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 901,680฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 245,169฀฀฀฀฀฀฀฀฀฀฀฀฀฀636,621฀฀฀฀฀฀฀฀฀฀฀ 1,783,470
The฀tables฀below฀represent฀information฀by฀geographic฀area฀(in฀thousands):
฀Fiscal฀year฀ended฀ Sept฀28,฀2003฀ Sept฀29,฀2002฀ Sept฀30,฀2001
Net฀revenues฀from฀external฀customers:
฀ United฀States฀ $฀ 3,472,452฀ $฀ 2,828,253฀ $฀ 2,298,563
฀ Foreign฀countries฀ ฀ 603,070฀ ฀ 460,655฀ ฀ 350,417
Total฀ $฀ 4,075,522฀ $฀ 3,288,908฀ $฀ 2,648,980
Revenues฀from฀foreign฀countries฀are฀based฀on฀the฀location฀of฀the฀customers฀and฀consist฀primarily฀of฀retail฀revenues฀from฀the฀
United฀Kingdom฀and฀Canada฀as฀well฀as฀specialty฀revenues฀generated฀from฀product฀sales฀to฀international฀licensees.฀No฀customer฀
accounts฀for฀10%฀or฀more฀of฀the฀Company’s฀revenues.฀
฀Fiscal฀year฀ended฀ Sept฀28,฀2003฀ Sept฀29,฀2002฀ Sept฀30,฀2001
Long-lived฀assets:
฀ United฀States฀ $฀ 1,544,300฀ $฀ 1,202,652฀ $฀ 1,064,385
฀ Foreign฀countries฀ ฀ 261,417฀ ฀ 239,097฀ ฀ 187,146
฀Total฀ $฀ 1,805,717฀ $฀ 1,441,749฀ $฀ 1,251,531
Assets฀attributed฀to฀foreign฀countries฀are฀based฀on฀the฀country฀in฀which฀those฀assets฀are฀located.
Note฀19:฀Quarterly฀Financial฀Information฀(unaudited)
Summarized฀quarterly฀financial฀information฀in฀fiscal฀2003฀and฀2002฀is฀as฀follows฀(in฀thousands,฀except฀earnings฀per฀share):
฀ First฀ Second฀ Third฀ Fourth
2003฀quarter:
฀ Net฀revenues ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $ 1,003,526฀฀฀฀฀฀฀ $ ฀฀฀฀ 954,206฀฀฀฀฀฀฀ $ ฀ 1,036,776฀฀฀฀฀฀฀ $ ฀ 1,081,014
฀ Operating฀income฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 120,834฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀85,494฀฀฀฀฀฀฀฀฀฀฀฀฀฀106,019฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 112,366
฀ Net฀earnings ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀78,363฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀52,031฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀68,356฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀69,596฀
฀ Net฀earnings฀per฀common฀share฀–฀diluted฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀ 0.20฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀ 0.13฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀ 0.17฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀ 0.17
2002฀quarter:
฀ Net฀revenues ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $ ฀฀฀ 805,335฀฀฀฀฀฀฀ $ ฀฀฀฀ 783,217฀฀฀฀฀฀฀ $ ฀฀฀฀835,158฀฀฀฀฀฀฀ $ ฀฀฀฀ 865,198
฀ Operating฀income฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀92,000฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀48,444฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀87,091฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀88,803
฀ Net฀earnings ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀67,709฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀31,741฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀55,556฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀57,680
฀ Net฀earnings฀per฀common฀share฀–฀diluted฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀ 0.17฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀ 0.08฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀ 0.14฀฀฀฀฀฀฀ $ ฀฀฀฀฀฀฀฀฀ 0.14