Adobe 2000 Annual Report Download - page 61

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As of December 1, 2000, the cost and estimated fair value of current debt securities and
money market mutual funds with a maturity of one year or less were $329.5 million and
$329.4 million, respectively, and the cost and estimated fair value of current debt
securities with maturities ranging from one to five years was $237.5 million. We classify
these securities as current assets based on our intent and ability to use these securities as
necessary to satisfy significant short-term liquidity requirements that may arise.
NOTE 4. PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
DECEMBER 1 DECEMBER 3
2000 1999
Land $ — $ 846
Building — 4,477
Equipment 140,205 156,658
Furniture and fixtures
24,824 26,840
Capital projects in-progress 7,915 6,592
Leasehold improvements 27,013 25,795
199,957 221,208
Less accumulated depreciation and amortization 135,689 152,070
$ 64,268 $ 69,138
NOTE 5. OTHER ASSETS
Other assets consisted of the following:
DECEMBER 1 DECEMBER 3
2000 1999
Investments $ 72,490 $ 75,793
Goodwill 53,679 26,442
Purchased technology and licensing agreements 19,755 17,505
Intangibles and other assets 4,667 26,945
150,591 146,685
Less accumulated amortization 23,355 34,979
$ 127,236 $ 111,706
We own a minority interest in certain companies and a majority interest in Adobe
Ventures L.P.; Adobe Ventures II, L.P.; Adobe Ventures III, L.P.; and Adobe Ventures IV, L.P.
(collectively “Adobe Ventures”). The limited partnership investments are accounted for
under the equity method, as contractually the partnerships are controlled by the general
partner, a third party.
The investments in Adobe Ventures L.P.; Adobe Ventures II, L.P.; Adobe Ventures III, L.P.;
and Adobe Ventures IV, L.P., which were established to invest in emerging technology com-
panies strategic to Adobe’s software business, totaled $4.8 million, $15.7 million, $44.2
million, and $4.1 million, respectively, as of December 1, 2000, and totaled $17.1 million,
$31.9 million, $16.1 million, and nil, respectively, as of December 3, 1999. Our investments
in the limited partnerships are adjusted to reflect our equity interest in Adobe Ventures
L.P.’s; Adobe Ventures II, L.P.’s; Adobe Ventures III, L.P.’s; and Adobe Ventures IV, L.P.’s
investment income and dividend distributions, which totaled $0.4 million, $12.4 million,
and $0.3 million in fiscal years 2000, 1999, and 1998, respectively. Adobe Ventures carry