Autodesk 2003 Annual Report Download - page 56

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AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The notional amounts of foreign currency option contracts were $36.2 million at January 31, 2003 and $41.1
million at January 31, 2002 and the critical terms were generally the same as those of the underlying exposure.
Gains, if any, from the effective portion of the option contracts, as determinable under SFAS 133, are recognized
as net revenues, while the ineffective portion of the option contract is recorded in other income. During fiscal
2003, there were no settlement gains recorded as net revenue. Amounts associated with net settlement losses
totaling $0.8 million were recorded as other income during fiscal 2003. During fiscal 2002, Autodesk recognized
net settlement gains of $0.8 million as net revenues. Amounts associated with net settlement losses totaling $0.6
million were recorded as other income during fiscal 2002.
Marketable Securities
Marketable securities include the following available-for-sale securities at January 31, 2003 and 2002:
January 31, 2003
Cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair value
(In thousands)
Short-term:
Municipal Bonds ................................... $ 46,813 $ 119 $(10) $ 46,922
Preferred Stock ..................................... 6,000 — — 6,000
MoneyMarket ..................................... 7,721 — — 7,721
60,534 119 (10) 60,643
Long-term:
Municipal Bonds ................................... 159,222 4,807 — 164,029
$219,756 $4,926 $ (10) $224,672
January 31, 2002
Cost
Gross
unrealized
gains
Gross
unrealized
losses
Estimated
fair value
(In thousands)
Short-term:
Municipal Bonds ................................... $144,285 $ 261 $ (84) $144,462
Preferred Stock ..................................... 28,975 33 — 29,008
MoneyMarket ..................................... 6,654 — — 6,654
179,914 294 (84) 180,124
Long-term:
Municipal Bonds ................................... 163,707 3,101 (8) 166,800
$343,621 $3,395 $ (92) $346,924
The contractual maturities of Autodesk’s long-term marketable securities at January 31, 2003 were as
follows: $99.4 million between one and two years; $48.9 million maturing in three years; $15.7 million maturing
in four to five years; and $0 beyond five years. Expected maturities may differ from contractual maturities
because the issuers of the securities may have the right to prepay or call obligations without prepayment
penalties. Realized gains on the sale of available-for-sale securities were $2.1 million in fiscal 2003 and $2.8
million in fiscal 2002. Realized gains and losses on available-for-sale securities were immaterial in fiscal 2001.
The cost of securities sold is based on the specific identification method. Proceeds from the sale of marketable
securities were $145.9 million in fiscal 2003, $191.0 million in fiscal 2002, and $202.2 million in fiscal 2001.
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