Intel 2002 Annual Report Download - page 47

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Weighted average common shares outstanding, assuming dilution, includes the incremental shares that would be issued upon the assumed
exercise of stock options, as well as the assumed conversion of the convertible notes, for the period the notes were outstanding. For 2002,
approximately 387 million of the company's stock options were excluded from the calculation of diluted earnings per share because their
inclusion would have been antidilutive (211 million in 2001 and 34 million in 2000). These options could be dilutive in the future.
Note 4: Common Stock Repurchase Program
The company has an ongoing authorization, as amended, from the Board of Directors to repurchase up to 2.3 billion shares of Intel's
common stock in open market or negotiated transactions, including the 2002 authorization to purchase an additional 480 million shares. During
2002, the company repurchased 183 million shares of common stock at a cost of $4 billion. Since the program began in 1990, the company has
repurchased and retired approximately 1.7 billion shares at a cost of $30 billion. As of December 28, 2002, 590 million shares remained
available under the repurchase authorization.
Note 5: Borrowings
Short
-Term Debt
Short-term debt at fiscal year-ends was as follows:
Obligations under securities lending agreements had an average rate of 1.25% as of December 28, 2002 and 1.75% as of December 29,
2001. The company also borrows under a commercial paper program. Maximum borrowings under the company's commercial paper program
reached $240 million during 2002 and $105 million during 2001. No commercial paper was outstanding as of December 28, 2002 or
December 29, 2001. This debt is rated A-1+ by Standard & Poor's and P-1 by Moody's.
56
Long
-Term Debt
Long-term debt at fiscal year-ends was as follows:
The company has guaranteed repayment of principal and interest on bonds issued by the Puerto Rico Industrial, Tourist, Educational,
Medical and Environmental Control Facilities Financing Authority. The bonds are adjustable and redeemable at the option of either the company
or the bondholder every five years through 2013, and are next adjustable and redeemable in 2003. Accordingly, they have been classified as
Weighted average common shares outstanding, assuming dilution
6,759
6,879
6,986
(In Millions)
2002
2001
Drafts payable (non
-
interest
-
bearing)
$
211
$
224
Floating rate obligations under securities lending agreements
84
153
Other short
-
term debt
—
18
Current portion of long
-
term debt
141
14
Total
$
436
$
409
(In Millions)
2002
2001
Payable in U.S. dollars:
Puerto Rico bonds adjustable 2003, due 2013 at 3.9%– 4.25% $
116
$
116
Zero coupon senior exchangeable notes due 2004
118
256
Other U.S. dollar debt
3
5
Payable in other currencies:
Euro debt due 2003–2018 at 2.6%–11%
833
687
1,070
1,064
Less current portion of long
-
term debt
(141
)
(14
)
Total
$
929
$
1,050