Adobe 2009 Annual Report Download - page 74
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74
Other Market Risk
Privately Held Long-Term Investments
The privately held companies in which we invest, can still be considered in the start-up or development stages which
are inherently risky. The technologies or products these companies have under development are typically in the early stages
and may never materialize, which could result in a loss of a substantial part of our initial investment in these companies. The
evaluation of privately held companies is based on information that we request from these companies which is not subject to
the same disclosure regulations as U.S. publicly traded companies and as such, the basis for these evaluations is subject to the
timing and accuracy of the data received from these companies.
See Note 4 and Note 8 of our Notes to Consolidated Financial Statements for information regarding our limited
partnership interest in Adobe Ventures.
Short-Term Investments and Marketable Equity Securities
We are exposed to equity price risk on our portfolio of marketable equity securities. As of November 27, 2009, our total
equity holdings in publicly traded companies were valued at $5.0 million compared to $3.0 million at November 28, 2008.
The increase was primarily due to the change in the fair value of our equity holdings during fiscal 2009.
The following table represents the potential decrease in fair values of our marketable equity securities as of November
27, 2009, that are sensitive to changes in the stock market. Fair value deteriorations of 50%, 35% and 15% were selected for
illustrative purposes because none is more likely to occur than another.
(in millions)
50%
35%
15%
Marketable equity securities ..............................
$
(2.5
)
$
(1.7
)
$
(0.8
)