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To: larry who wrote (110770)	3/22/1999 7:18:00 PM
From: Chuzzlewit	Respond to of 176388

Larry and thread, here's more on the subject of options and investments from the most recent 10-Q: In June 1998, the Financial Accounting Standards Board ("FASB") issued SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities" which establishes accounting and reporting standards for derivative instruments and hedging activities. SFAS No. 133 requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. SFAS No. 133 is effective for all fiscal quarters of fiscal years beginning after June 15, 1999. The Company is assessing the impact that the adoption of SFAS No. 133 will have on its consolidated financial statements. And from the most recent 10-K this: DELL COMPUTER CORPORATION CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (IN MILLIONS) PREFERRED STOCK AND CAPITAL IN COMMON STOCK AND EXCESS OF PAR CAPITAL IN EXCESS VALUE OF PAR VALUE ---------------- ------------------ RETAINED SHARES AMOUNT SHARES AMOUNT EARNINGS OTHER TOTAL ------ ------ ------- ------- -------- ----- ------- Balances at January 29, 1995.......... 1 $ 120 635 $ 242 $ 311 $(21) $ 652 Net income.......................... -- -- -- -- 272 -- 272 Stock issuance under employee plans, including tax benefits........... -- -- 33 74 -- (17) 57 Preferred stock conversion.......... (1) (114) 80 114 -- -- -- Other............................... -- -- -- -- (13) 5 (8) Balances at January 28, 1996.......... -- 6 748 430 570 (33) 973 Net income.......................... -- -- -- -- 518 -- 518 Stock issuance under employee plans, including tax benefits........... -- -- 6 65 -- (18) 47 Purchase and retirement of 62 million shares................... -- -- (62) (22) (388) -- (410) Purchase and reissuance of 19 million shares for employee plans and preferred stock conversion... -- (6) -- -- (55) -- (61) Reclassification of put options..... -- -- -- (279) -- -- (279) Other............................... -- -- -- 1 2 15 18 Balances at February 2, 1997.......... -- -- 692 195 647 (36) 806 Net income.......................... -- -- -- -- 944 -- 944 Stock issuance under employee plans, including tax benefits........... -- 21 274 -- (11) 263 Purchase and retirement of 69 million shares................... -- (69) (39) (984) -- (1,023) Reclassification of put options..... -- -- -- 279 -- -- 279 Other............................... -- -- -- 38 -- (14) 24 Balances at February 1, 1998.......... -- $ -- 644 $ 747 $ 607 $(61) $ 1,293 Notice where put options are accounted for. They are not in retained earnings. TTFN, CTC