Crucial 2011 Annual Report Download - page 60
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Aptina
In 2009, we sold a 65% interest in Aptina, previously a wholly-owned subsidiary. A portion of the 65% interest we sold is in the form of
convertible preferred shares that have a liquidation preference over Aptina's common shares. As a result, we recognize our share of Aptina's
earnings or losses based on our common stock ownership percentage, which was 64% as of September 1, 2011 .
We manufacture components for CMOS image sensors for Aptina under a wafer supply agreement. For 2011, 2010 and 2009, we recognized
net sales of $349 million , $372 million and $70 million , respectively, and cost of goods sold of $358 million , $385 million and $60 million ,
respectively, from products sold to Aptina.
Accounts Payable and Accrued Expenses
Related party payables included amounts primarily due to Inotera under the Inotera Supply Agreement of $ 139 million and $ 105 million as
of September 1, 2011 and September 2, 2010, respectively, for the purchase of DRAM products. Related party payables as of September 2, 2010
also included $ 86 million for amounts due for the purchase of memory products under a supply agreement with the Hynix JV, a subsidiary of
Hynix Semiconductor Inc. in which we previously held an equity interest in connection with our acquisition of Numonyx.
As of September 1, 2011 and September 2, 2010, other accounts payable and accrued expenses included $ 17 million and $ 16 million ,
respectively, for amounts due to Intel for NAND Flash product design and process development and licensing fees pursuant to cost-sharing
agreements. (See "Consolidated Variable Interest Entities" note.)
Debt
57
As of
2011
2010
Accounts payable
$
1,187
$
799
Salaries, wages and benefits
304
346
Related party payables
141
194
Income and other taxes
30
51
Other
168
119
$
1,830
$
1,509
As of
2011
2010
2014 convertible senior notes, due 2014 at stated rate of 1.875%
$
815
$
1,058
Capital lease obligations, due 2023 at 6.1% and 7.2%, respectively
423
527
2031A convertible senior notes, due 2031 at stated rate of 1.5%
255
—
2031B convertible senior notes, due 2031 at stated rate of 1.875%
234
—
2013 convertible senior notes, due 2013 at stated rate of 4.25%
139
230
2027 convertible senior notes, due 2027 at stated rate of 1.875%
135
—
TECH credit facility at effective interest rate of 3.9%
—
348
Mai-Liao Power note at effective interest rate of 12.1%
—
196
Other notes
—
1
2,001
2,360
Less current portion
(140
)
(712
)
$
1,861
$
1,648