Autodesk 2009 Annual Report Download - page 136

AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
security and issuer. Approximately 12% and 21% of Autodesk’s consolidated cash, cash equivalents and
marketable securities were held by Autodesk in the United States at January 31, 2009 and 2008, respectively.
Cash held in the Other Americas; Europe, Middle East and Africa; and Asia Pacific regions accounted for 4%,
45% and 39% of total consolidated cash, cash equivalents and marketable securities, respectively, at January 31,
2009. Cash held in the Other Americas; Europe, Middle East and Africa; and Asia Pacific regions accounted for
1%, 42% and 36% of total consolidated cash, cash equivalents and marketable securities, respectively, at
January 31, 2008.
Autodesk’s primary commercial banking relationship is with Citibank and its global affiliates (“Citibank”).
The Company’s cash and cash equivalents are held by diversified financial institutions globally, and the portion
of Autodesk’s cash and cash equivalents held by Citibank has been significantly reduced during the fourth
quarter of fiscal 2009. Citicorp USA, Inc., an affiliate of Citibank, is the lead lender and agent in the syndicate of
Autodesk’s $250.0 million U.S. line of credit facility. Recently, Citibank, like many financial institutions, has
obtained government assistance.
At January 31, 2009, Autodesk’s investment portfolio included money market funds with an estimated fair
value of $33.3 million (on a cost basis of $37.8 million) and auction rate securities with an estimated fair value of
$7.6 million (on a cost basis of $9.0 million). See Note 12, “Financial Instruments,” for further discussion of
Autodesk’s financial instruments including its auction rate securities.
Autodesk’s accounts receivable are derived from sales to a large number of resellers, distributors and direct
customers in the Americas; Europe, Middle East and Africa; and Asia Pacific regions. Autodesk performs ongoing
evaluations of its customers’ financial condition and limits the amount of credit extended when deemed necessary,
but generally requires no collateral. In fiscal 2009, 2008 and 2007, total sales to Tech Data Corporation, including
its affiliates (“Tech Data”), accounted for 14%, 14% and 12% of Autodesk’s consolidated net revenue, respectively.
The majority of the net revenue from sales to Tech Data relates to Autodesk’s Platform Solutions and Emerging
Business and Other segment and are for sales made outside of the United States. In addition, Tech Data accounted
for 12% and 14% of trade accounts receivable at January 31, 2009 and 2008, respectively.
Computer Equipment, Software, Furniture and Leasehold Improvements, Net
Computer equipment, software and furniture are depreciated using the straight-line method over the
estimated useful lives of the assets, which range from two to five years. Leasehold improvements are amortized
on a straight-line basis over the shorter of the estimated useful life or the lease term. Depreciation expense was
$55.8 million in fiscal 2009, $33.9 million in fiscal 2008 and $31.0 million in fiscal 2007.
Computer equipment, software, furniture, leasehold improvements and the related accumulated depreciation
at January 31 were as follows:
2009 2008
Computer software, at cost ..................................... $135.0 $ 127.4
Computer hardware, at cost .................................... 103.1 87.9
Leasehold improvements, land and buildings, at cost ................ 115.0 71.1
Furniture and equipment, at cost ................................ 41.6 32.7
394.7 319.1
Less: Accumulated depreciation ................................. (274.1) (238.9)
Computer software, hardware, leasehold improvements, furniture and
equipment, net ............................................ $120.6 $ 80.2
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