Autodesk 2011 Annual Report Download - page 126

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AUTODESK, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Geographical concentrations of consolidated cash, cash equivalents and marketable securities held by
Autodesk as of January 31:
2011 2010
United States ...................................................... 14% 12%
Other Americas .................................................... 1% 2%
Europe, Middle East and Africa (“EMEA”) ............................. 49% 48%
Asia Pacific (“APAC”) .............................................. 36% 38%
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. 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.
At January 31, 2011, Autodesk’s investment portfolio included auction rate securities with an estimated fair
value of $4.2 million. See Note 2, “Financial Instruments and Hedging Activities,” 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; EMEA; and APAC geographies. Autodesk performs ongoing evaluations of its
customers’ financial condition and limits the amount of credit extended when deemed necessary, but generally
does not require collateral from such parties. Total sales to the distributor Tech Data Corporation, and its global
affiliates (“Tech Data”), accounted for 16% of Autodesk’s consolidated net revenue in fiscal year ended 2011
and 14% for the fiscal years ended 2010 and 2009. The majority of the net revenue from sales to Tech Data
relates to Autodesk’s Platform Solutions and Emerging Business segment and is for sales made outside of the
United States. In addition, Tech Data accounted for 16% and 15% of trade accounts receivable at January 31,
2011 and 2010, respectively. Autodesk believes its business is not substantially dependent on Tech Data.
Autodesk’s actual customers through Tech Data are the resellers and end users who purchase Autodesk’s
software licenses and services. Should any of the agreements between Autodesk and Tech Data be terminated for
any reason, Autodesk believes that arrangements could be made so that the resellers and end users who currently
purchase Autodesk’s products through Tech Data would be able to continue to do so under substantially the same
terms from one of the many other distributors of Autodesk without substantial disruption to Autodesk.
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 their estimated useful lives or the lease term. Depreciation expense was
$47.6 million in fiscal 2011, $50.4 million in fiscal 2010 and $46.2 million in fiscal 2009.
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