Henry Schein 2003 Annual Report Download - page 46

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HENRY SCHEIN, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
(In thousands, except share and per share data)
Note 3–Investments in Marketable Securities (Continued)
Investments in available-for-sale securities as of December 28, 2002 were as follows:
Gross Gross Fair
Amortized Unrealized Unrealized Market
Cost Gain Loss Value
Debt Securities recorded at market,
maturing within one year
U.S. government and agency securities $ 7,517 $ 68 $ –– $ 7,585
Municipal securities 14,512 4 –– 14,516
Corporate notes and bonds 9,106 2 –– 9,108
Total short-term 31,135 74 –– 31,209
Debt Securities recorded at market,
maturing between one and two years
U.S. government and agency securities 15,911 64 –– 15,975
Municipal securities 1,000 –– –– 1,000
Corporate notes and bonds 7,000 1 –– 7,001
Total long-term 23,911 65 –– 23,976
Total investments in marketable securities $55,046 $139 $ –– $55,185
We determine cost of investments on the specific identification basis. Proceeds from sales of available-for-sale securities were $40.6
million in 2003 and $0 in 2002. Gross realized gains were $114 and gross realized losses were $26 in 2003. There was no gains or losses
on the sales of securities in 2002. The securities held on December 27, 2003 had contractual maturities of up to three years. The
securities held on December 28, 2002 had contractual maturities of up to two years. Expected maturities of debt securities may differ
from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
Note 4–Property and Equipment, Net
Property and equipment consisted of the following:
December 27, December 28,
2003 2002
Land $ 7,754 $ 7,061
Buildings and leasehold improvements 64,410 62,724
Machinery and warehouse equipment 34,148 27,165
Furniture, fixtures and other 30,176 25,737
Computer equipment and software 150,193 121,364
286,681 244,051
Less accumulated depreciation and amortization (132,476) (101,519)
Property and equipment, net $154,205 $142,532
The net book value of equipment held under capital leases amounted to approximately $2.3 million and $930 as of December 27, 2003
and December 28, 2002. Depreciation expense for 2003, 2002 and 2001 was $33.6 million, $27.2 million and $22.6 million.
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