Creating opportunities through innovation

The total VAR for the combined risk categories is $987 million at June 30, 2003 and $908 million at June 30, 2002. The total VAR is 32% less at June 30, 2003 and 34% less at June, 30 2002 than the sum of the separate risk categories for each of those years in the above table, due to the diversification benefit of the combination of risks. The reasons for the change in risk in portfolios include: larger investment portfolio size, asset allocation shifts, and changes in foreign exchange exposures relative to the U.S. dollar.

ITEM 8.     Financial Statements and Supplementary Data

(1)   Earnings per share and weighted average shares outstanding have been restated to reflect a two-for-one stock split in February 2003.

 

See accompanying notes.

BALANCE SHEETS

(In millions)
June 30		2002		2003
Assets
Current assets:
Cash and equivalents		$  3,016		$  6,438
Short-term investments		35,636		42,610
Total cash and short-term investments		38,652		49,048
Accounts receivable, net		5,129		5,196
Inventories		673		640
Deferred income taxes		2,112		2,506
Other		2,010		1,583
Total current assets		48,576		58,973
Property and equipment, net		2,268		2,223
Equity and other investments		14,191		13,692
Goodwill		1,426		3,128
Intangible assets, net		243		384
Other long-term assets		942		1,171
Total assets		$67,646		$79,571
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$  1,208		$  1,573
Accrued compensation		1,145		1,416
Income taxes		2,022		2,044
Short-term unearned revenue		5,920		7,225
Other		2,449		1,716
Total current liabilities		12,744		13,974
Long-term unearned revenue		1,823		1,790
Deferred income taxes		398		1,731
Other long-term liabilities		501		1,056
Commitments and contingencies
Stockholders’ equity:
Common stock and paid-in capital – shares authorized 24,000; Shares issued and outstanding 10,718 and 10,771		31,647		35,344
Retained earnings, including accumulated other comprehensive income of $583 and $1,840		20,533		25,676
Total stockholders’ equity		52,180		61,020
Total liabilities and stockholders’ equity		$67,646		$79,571

Directory: download
download -> Performance Tuning Guidelines for Windows Server 2008 May 20, 2009 Abstract
download -> Northern England’s set-jetting locations
download -> Bbc archives: Beyond the programme download
download -> Occupational health and safety
download -> Dynatest 3031 lwd light Weight Deflectometer
download -> Forth coming competitive exams
download -> English Olympiad Tasks: 10 th form Аудіювання, 10 клас. Текст
download -> Brush High School Morning Announcements Friday, September 05, 2014 all school
download -> Year 9 The Arts — Music
download -> Years 7 and 8 standard elaborations — Australian Curriculum: Music draft

Download 1.19 Mb.

Share with your friends: