Adobe 2003 Annual Report Download - page 77

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77
As of November 29, 2002
Carrying
Value
Unrealized
Gains
Unrealized
Losses
Estimated
Fair Value
Classified as current assets:
Cash................................................................... $ 21,911 $ — $ — $ 21,911
Cash equivalents:
Money market mutual funds.......................... 128,073 — — 128,073
State and municipal bonds and notes............. 33,635 65 — 33,700
Total cash equivalents................................ 161,708 65 — 161,773
Total cash and cash equivalents..................... 183,619 65 — 183,684
Short-term investments:
State and municipal bonds............................. 396,953 3,583 (294) 400,242
United States Treasury Notes ........................ 9,688 107 (9) 9,786
Corporate Bonds............................................ 9,890 37 (2) 9,925
Marketable equity securities* ........................ 11,092 3,008 — 14,100
Total short-term investments...................... 427,623 6,735 (305) 434,053
Total cash, cash equivalents, and
short-term investments.................................. $ 611,242 $ 6,800 $ (305) $ 617,737
*The carrying value of marketable equity securities has been reduced by other-than-temporary declines in the fair value of these
securities.
We recorded net realized gains from the sale of fixed income investments for the years ended
November 28, 2003 and November 29, 2002 of $1.6 million and $3.3 million, respectively. We also
recorded net realized gains from the sale of our short-term equity investments for the years ended
November 28, 2003 and November 29, 2002 of $3.1 million and $7.2 million, respectively. In addition, we
recorded losses related to other-than-temporary declines in the fair value of our marketable equity securities
totaling $4.0 million for fiscal 2003 and $11.3 million for fiscal 2002 (see Note 1 for our policy on
recording other-than-temporary declines in our marketable equity securities). All of the above gains and
losses were included in investment loss on our consolidated statements of income.
Note 4. Property and Equipment
Property and equipment consisted of the following:
November 28,
2003
November 29,
2002
Computers and equipment .................................................... $ 169,455 $ 158,623
Furniture and fixtures ........................................................... 30,882 28,728
Capital projects in-progress .................................................. 14,862 2,315
Leasehold improvements ...................................................... 44,813 40,902
Buildings............................................................................... 4,756 4,756
264,768 235,324
Less accumulated depreciation and amortization ................. (187,761) (164,234)
Property and equipment, net................................................. $ 77,007 $ 71,090
During fiscal 2003, we capitalized costs in connection with a new Customer Relations Management
(“CRM”) database, which are included in capital projects in-progress.
Depreciation for the years ended November 28, 2003, November 29, 2002 and November 30, 2001
was $33.7 million, $34.7 million and $29.8 million, respectively.