Adobe 1998 Annual Report Download - page 50

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ADOBE SYSTEMS INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
(Continued)
NOTE 3. CASH EQUIVALENTS AND INVESTMENTS
All cash equivalents, short-term investments, and certain noncurrent investments consisted of the
following:
As of November 27, 1998
Unrealized Unrealized Estimated
Cost Gains Losses Fair Value
Classified as current assets:
Money market mutual funds .................... $ 34,583 $ — $ — $ 34,583
State and municipal bonds and notes .............. 201,877 1,435 (63) 203,249
United States government treasury notes ........... 3,952 7 — 3,959
Total current ................................ 240,412 1,442 (63) 241,791
Classified as noncurrent assets:
Money market mutual funds .................... 66,000 — — 66,000
Total securities ................................ $306,412 $ 1,442 $ (63) $307,791
As of November 28, 1997
Unrealized Unrealized Estimated
Cost Gains Losses Fair Value
Classified as current assets:
Money market mutual funds .................... $ 53,051 $ — $ — $ 53,051
State and municipal bonds and notes .............. 394,295 757 (36) 395,016
Corporate and bank notes ...................... 6,400 — — 6,400
Auction-rate securities ......................... 2,800 — — 2,800
Equity securities ............................. 4,082 5,292 — 9,374
Total current ................................ 460,628 6,049 (36) 466,641
Classified as noncurrent assets:
Money market mutual funds .................... 46 — — 46
United States government treasury notes ........... 66,607 9 (9) 66,607
Total noncurrent ............................. 66,653 9 (9) 66,653
Total securities ................................ $527,281 $ 6,058 $ (45) $533,294
Approximately $80.1 million and $231.2 million in investments are classified as cash equivalents as of
November 27, 1998 and November 28, 1997, respectively, and all noncurrent investments are included in
other assets. Unrealized gains (losses) on all securities are reported as a separate component of stockhold-
ers’ equity, net of taxes of $0.6 million and $2.4 million as of November 27, 1998 and November 28, 1997,
respectively. Net realized gains for the years ended November 27, 1998 and November 28, 1997 of
$7.0 million and $38.4 million, respectively, are included in nonoperating income.
As of November 27, 1998, the cost and estimated fair value of current debt securities and money
market mutual funds with a maturity of one year or less was $117.8 million and $118.0 million, respectively,
and the cost and estimated fair value of current debt securities with maturities ranging from one to five
years were $122.6 million and $123.8 million, respectively.
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