AMD 2003 Annual Report Download - page 100

Table of Contents
The following table summarizes activities under the 2002 Plan through December 28, 2003:
Severance
and
employee
benefits
Asset
impairment Exit costs
Other
restructuring
charges Total
(Thousands)
2002 provision $ 68,770 $ 118,590 $ 138,900 $ 4,315 $ 330,575
Non-cash charges — (118,590) — — (118,590)
Cash charges (14,350) — (795) — (15,145)
Accruals at December 29, 2002 $ 54,420 $ — $ 138,105 4,315 $ 196,840
2003 Provision — 7,791 3,314 — 11,105
Cash charges (38,816) — (20,796) (4,300) (63,912)
Non-cash charges — (7,791) — — (7,791)
Non-cash adjustments (8,864) — — (15) (8,879)
Accruals at December 28, 2003 $ 6,740 $ — $ 120,623 $ — $ 127,363
2001 Restructuring Plan
In 2001, the Company announced a restructuring plan (the 2001 Restructuring Plan) due to the continued slowdown in the semiconductor industry and a
resulting decline in revenues. The Company had substantially completed its execution of the 2001 Restructuring Plan as of December 28, 2003. During 2003, the
Company reduced the estimated accrual of the facility and equipment decommission costs by $12.2 million based on the most current information available.
During 2003, the Company also realized a recovery of approximately $3.9 million for the excess of the sale price over the estimated fair value of equipment
impaired as a result of the 2001 Restructuring Plan, previously held-for-sale at amounts in excess of its initially estimated fair value. Both amounts were included
in restructuring and other special charges, net.
The following table summarizes activity under the 2001 Restructuring Plan through December 28, 2003:
Severance
and
employee
benefits
Facility
and
equipment
impairment
Facilities and
equipment
decommission
costs
Other
facilities
exit costs Total
(Thousands)
2001 provision $ 34,105 $ 39,000 $ 15,500 $ 700 $ 89,305
2001 cash charges (7,483) — — (54) (7,537)
2001 non-cash charges — (39,000) — — (39,000)
Accrual at December 30, 2001 26,622 — 15,500 646 42,768
2002 cash charges (26,622) — (445) — (27,067)
Accrual at December 29, 2002 — — 15,055 646 15,701
Non-cash adjustments — — (11,574) (646) (12,220)
Cash charges — — (2,485) — (2,485)
Accrual at December 28, 2003 $ — $ — $ 996 $ — $ 996
As of December 28, 2003 and December 29, 2002, $99 million and $113 million of the total restructuring accruals of $128 million and $213 million were
included in other liabilities (long-term) on the balance sheets. (See Note 13.)
NOTE 15: Share Repurchase Program
On January 29, 2001, the Company announced that the Board of Directors had authorized a program to repurchase up to $300 million worth of the
Company’s common stock over a period of time to be determined by
94
Source: ADVANCED MICRO DEVIC, 10-K, March 09, 2004