Adaptec 2003 Annual Report Download - page 20

Download and view the complete annual report

Please find page 20 of the 2003 Adaptec annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

accordance with the adoption of Statement of Financial Accounting Standard No. 142, “Goodwill and Other Intangible Assets”, we
ceased amortizing goodwill at the beginning of 2002, thereby eliminating amortization expense of approximately $2 million. See
Note 1 of the Consolidated Financial Statements.
(4) Results for the year ended December 31, 2001 include a $20.7 million allowance for inventories in excess of twelve−month
demand, recorded in cost of revenues, a $195.2 million charge for restructuring and other costs, a $269.8 million write−down for
impairment of goodwill and purchased intangible assets, a $17.5 million charge for impairment of other investments, recorded in gain
(loss) on investments, and a $2.9 million gain on sale of other investments.
15