EMC 2008 Annual Report Download - page 84
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Table of Contents
EMC CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
G. Inventories
Inventories consist of (table in thousands):
December 31,
2008 December 31,
2007
Purchased parts $ 62,866 $ 70,981
Work-in-process 488,286 484,929
Finished goods 291,651 321,333
$ 842,803 $ 877,243
H. Notes Receivable
Notes receivable are from sales-type leases of our products. The payment schedule for such notes at December 31, 2008 is as follows (table in
thousands):
2009 $ 90,452
2010 94,198
2011 83,816
Thereafter 16
Total 268,482
Less amounts representing interest (22,308)
Present value 246,174
Current portion (included in accounts and notes receivable) 83,245
Long-term portion (included in other assets, net) $162,929
Actual cash collections may differ from amounts shown on the table due to early customer buyouts, trade-ins or refinancings. We typically sell without
recourse our notes receivable and underlying equipment associated with our sales-type leases to third parties. Subsequent to December 31, 2008, we sold
$44.9 million of these notes to third parties without recourse.
We maintain an allowance for doubtful accounts for the estimated probable losses on uncollected notes receivable. This allowance is part of our
allowance for bad debts (See Note A).
I. Property, Plant and Equipment
Property, plant and equipment consists of (table in thousands):
December 31,
2008 December 31,
2007
Furniture and fixtures $ 224,736 $ 217,503
Equipment 3,387,498 3,198,878
Buildings and improvements 1,280,580 1,182,648
Land 115,873 115,539
Building construction in progress 95,219 92,183
5,103,906 4,806,751
Accumulated depreciation (2,880,899) (2,647,355)
$ 2,223,007 $ 2,159,396
As of December 31, 2008, we held $62.5 million of facilities that have not yet been placed in service. Depreciation expense was $561.1 million,
$530.3 million and $455.4 million in 2008, 2007 and 2006, respectively.
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