Dell Computer Corp Form 11-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2001

Commission File Number: 333-69724

DELL COMPUTER CORPORATION DEFERRED COMPENSATION PLAN
(Full title of the Plan)

DELL COMPUTER CORPORATION
(Name of issuer of the securities held pursuant to the Plan)

807 Las Cimas Parkway
Austin, Texas 78746
(Address of issuer’s principal executive offices and address of the Plan)

 

TABLE OF CONTENTS

Report of Independent Accountants
Statements of Net Assets Available for Benefits (in thousands)
Statements of Changes in Net Assets Available for Benefits (in thousands)
Notes to Financial Statements
Financial Statement Schedules
Schedule I – Plan Investments at December 31, 2001 (in thousands)
Schedule II – Allocation of Assets and Liabilities to Investment Program As of December 31, 2001 (in thousands)
Schedule II – Allocation of Assets and Liabilities to Investment Program As of December 31, 2000 (in thousands)
Schedule III – Allocation of Income and Changes in Plan Equity to Investment Program For the Year Ended December 31, 2001 (in thousands)
Schedule III – Allocation of Income and Changes in Plan Equity to Investment Program For the Year Ended December 31, 2000 (in thousands)
Schedule III – Allocation of Income and Changes in Plan Equity to Investment Program For the Year Ended December 31, 1999 (in thousands)
SIGNATURES
EX-23.1 Consent of Independent Accountants

Table of Contents

REQUIRED INFORMATION

             
        Page
       
1. Report of Independent Accountants     1  
 
2. Financial Statements:        
 
  a. Statements of Net Assets Available for Benefits at December 31, 2001 and 2000     2  
 
  b. Statements of Changes in Net Assets Available for Benefits for the Years Ended December 31, 2001, 2000, and 1999     3  
 
3. Notes to Financial Statements     4  
 
4. Financial Statement Schedules:        
 
  a. Schedule I – Plan Investments at December 31, 2001     10  
 
  b. Schedule II – Allocation of Assets and Liabilities to Investment Program at December 31, 2001 and 2000     11  
 
  c. Schedule III – Allocation of Income and Changes in Plan Equity to Investment Program for the Years Ended December 31, 2001, 2000, and 1999     13  
 
5. Signatures     16  
 
6. Exhibit 23.1 – Consent of Independent Accountants     17  

 

Table of Contents

Report of Independent Accountants

To the Participants and Compensation Committee
of the Dell Computer Corporation Deferred Compensation Plan

In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of the Dell Computer Corporation Deferred Compensation Plan (the “Plan”) at December 31, 2001 and 2000, and the changes in net assets available for benefits for the years ended December 31, 2001, 2000 and 1999, in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedules listed in the accompanying index present fairly, in all material respects, the information required to be set forth therein when read in conjunction with the financial statements. These financial statements and financial statement schedules are the responsibility of the Company’s management; our responsibility is to express an opinion on these financial statements and financial statement schedules based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Austin, Texas
March 8, 2002

The accompanying notes are an integral part of these financial statements

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Dell Computer Corporation Deferred Compensation Plan

Statements of Net Assets Available for Benefits (in thousands)
                     
        December 31,
        2001   2000
       
 
ASSETS
                
Cash and cash equivalents
   $ —     $ 6  
 
Investments:
                
 
Dell Computer Corporation money market investments
     301       301  
 
Dell Computer Corporation common stock
     2,886       3,503  
 
Registered investment funds
     26,926       29,861  
 
    
     
 
 
   
Total Investments
     30,113       33,665  
 
Contributions receivable
     2,497       3,684  
Interest receivable
     —       25  
 
    
     
 
 
Total Assets
     32,610       37,380  
 
    
     
 
LIABILITIES
                
Accrued administrative expenses
     17       127  
 
    
     
 
 
Total Liabilities
     17       127  
 
    
     
 
 
NET ASSETS AVAILABLE FOR BENEFITS
   $ 32,593     $ 37,253  
 
    
     
 

The accompanying notes are an integral part of these financial statements

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Dell Computer Corporation Deferred Compensation Plan

Statements of Changes in Net Assets Available for Benefits (in thousands)
                                 
            For the Year Ended December 31,
            2001   2000   1999
           
 
 
ADDITIONS:
                        
 
Additions to net assets attributed to:
                        
   
Investment income:
                        
     
Interest and dividends
   $ 1,057     $ 3,483     $ 1,200  
     
Realized net gain on sales of investments
     —       590       887  
     
Unrealized net appreciation of investments
     1,161       —       4,803  
 
    
     
     
 
       
Net Investment Income
     2,218       4,073       6,890  
 
    
     
     
 
   
Contributions:
                        
     
Participant contributions
     8,529       10,329       6,634  
     
Employer contributions
     264       309       472  
 
    
     
     
 
       
Total Contributions
     8,793       10,638       7,106  
 
    
     
     
 
       
Total Additions
     11,011       14,711       13,996  
 
    
     
     
 
DEDUCTIONS:
                        
     
Withdrawals
     (15,248 )     (519 )     (417 )
     
Realized net loss on sales of investments
     (360 )     —       —  
     
Unrealized net depreciation of investments
     —       (9,752 )     —  
     
Administrative expenses
     (63 )     (132 )     (126 )
 
    
     
     
 
       
Total Deductions
     (15,671 )     (10,403 )     (543 )
 
    
     
     
 
     
Net (decrease) increase
     (4,660 )     4,308       13,453  
NET ASSETS AVAILABLE FOR BENEFITS:
                        
     
Beginning of year
     37,253       32,945       19,492  
 
    
     
     
 
     
End of year
   $ 32,593     $ 37,253     $ 32,945  
 
    
     
     
 

The accompanying notes are an integral part of these financial statements

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Dell Computer Corporation Deferred Compensation Plan

Notes to Financial Statements

Note 1 — DESCRIPTION OF THE PLAN

  General - Dell Computer Corporation (the “Company”, “Plan Sponsor”) adopted the Dell Computer Corporation Deferred Compensation Plan as Amended and Restated effective January 1, 2001 (the “Plan”). The following brief description of the Plan provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.

  The Plan is a non-qualified, deferred compensation plan. The Plan is open to employees at the Director, Vice President, President and CEO levels. Participation in the Plan is at the election of the employee. The Plan is not subject to the provisions of the Employee Retirement Income Security Act of 1974.

  Employee Contributions - Contributions are made to the Plan by the Company on behalf of each eligible participant based upon the participant’s elected compensation deferral through payroll deductions. The deferrals are funded by the Company at the end of each payroll period. In 2001, 2000 and 1999, eligible participants were able to contribute 1% to 50% of their eligible compensation plus 1% to 100% of any annual bonus, in whole percentages. All contributions and account balances are subject to creditors of the Company in the event of the Company’s bankruptcy.

  Employer Contributions – The Company may credit a participant’s account with an amount, if any, which the Company in its sole discretion shall determine. Such credits may be made on behalf of some participants but not others, and such credits may vary in amount among individual participants. Employer contributions are made according to each participant’s fund elections. During 2001, 2000 and 1999, employer matching contributions were 3% of eligible compensation for all participants, subject to legally imposed maximum employer match limits. Neither participant nor Company contributions are required to be invested in the Dell Computer Corporation Stock Fund.

  Participant Terminations - Matching contributions forfeited by unvested terminated participants may be used by the Company to offset future matching contributions. At December 31, 2001 and 2000, there were no forfeited non-vested account balances outstanding. Forfeitures used to reduce employer matching contributions during 2001, 2000 and 1999 were $155,000, $7,214 and $9,850, respectively.

  Plan Termination - Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan. In the event of Plan termination, participants will become 100% vested in their accounts.

  Number of Participants - The number of participants in the Plan at December 31, 2001 and 2000, were 102 and 133 participants, respectively.

  Vesting - Participants are immediately vested in their contributions and earnings. A participant vests 20% in employer matching contributions after one year of service and 20% annually thereafter. If a participant is re-employed before a five-year break in service has occurred, the participant’s vesting will continue as if the break in service had not occurred.

  Administration – Plan assets are held in trust by Chase Manhattan Bank (the “Trustee”). The financial records of the plan are maintained by a third-party record keeper, Hewitt Services LLC (“Hewitt”). Hewitt replaced Automatic Data Processing, Inc. (“ADP”) as record keeper for the Plan in 2001. The conversion of the Plan’s assets from ADP to Hewitt became effective on January 4, 2001. Administrative expenses are primarily paid by the participants of the Plan and are allocated to participant accounts ratably based on fund balances.

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Dell Computer Corporation Deferred Compensation Plan
Notes to Financial Statements

  Grantor Trust — The Company established a Grantor (Rabbi) Trust in March 1997. The Trust shall be governed by and subject to the terms of a trust agreement entered into between the Company, as Grantor, and the Trustee.

  Participant Accounts - Each participant account is credited with the participant’s contribution and allocations of the Company’s contribution and Plan earnings offset by Plan administrative expenses. Each day, the Trustee calculates earnings and allocates gains and losses to each participant’s account. The benefit to which a participant is entitled is limited to the participant’s vested account balance.

  Investment Options - Participants may direct their account balance and future contributions to any combination of twelve pre-approved funds. Participants can transfer the current balance of employee contributions among the investment options or change the direction of their future contributions daily.

  The following table sets forth information specific to each investment option under the Plan:
                     
        Number of
        Participants at
        December 31,
       
Investment Option   Description   2001   2000
 
 
 
Dodge & Cox Stock   Large-Cap Value     74       80  
PIMCO Total Return   Fixed Income     51       38  
Dodge & Cox Balanced   Equity and Fixed Income     64       49  
Primco Stable Value   Stable Value     74       —  
American Euro Pacific Growth   International Equity     58       73  
Invesco Small Company Growth   Small-Cap Growth     46       —  
Neuberger Berman Genesis   Small-Cap Value     52       54  
Janus Growth & Income   Large-Cap Growth     27       —  
Barclays S&P 500 Index   Equity Index     21       —  
Dell Computer Corporation Stock   Company Stock     39       67  
STIF Money Market   Money Market     —       89  
PBHG Growth   Mid Cap     —       52  

  During 2001, the Plan established the Primco Stable Value Fund (“Primco Fund”). The Primco Fund invests in synthetic investment contracts (“SICs”) and cash equivalents. SICs are contracts, referred to as “wrappers”, with banks or insurance companies that guarantee a certain interest rate and underlying value on a portfolio of assets held by the plan. Participant-directed transactions, such as withdrawals, are made at contract value rather than at the fair value of the underlying assets.

  Tax Status –All income, deductions and credits under the Plan belong to the Plan Sponsor, the Company, for income tax purposes and will be included on the Plan Sponsor’s income tax returns. The Plan Sponsor pays any federal, state and local taxes on the Plan, or any part thereof, and on the income therefrom. Participants are not taxed on their benefits until withdrawn from the Plan.

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Dell Computer Corporation Deferred Compensation Plan
Notes to Financial Statements

Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  Basis of Accounting - The financial statements of the Plan are prepared under the accrual method of accounting, in accordance with generally accepted accounting principles.

  Use of Estimates - The preparation of financial statements in accordance with generally accepted accounting principles requires the use of management’s estimates. These estimates are subjective in nature and involve judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at fiscal year end and the reported amounts of additions and deductions during the fiscal year. Actual results could differ from those estimates.

  Risks and Uncertainties – Financial instruments which potentially subject the Plan to concentrations of credit risk consist primarily of securities in which the Plan invests. Investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the near-term could materially affect participants’ account balances and the amounts reported in the statement of net assets available for benefits.

  Cash and Cash Equivalents – The Plan considers all liquid investments with original maturities of three months or less to be classified as cash equivalents. Cash equivalents are stated at cost, which approximates market value.

  Investments – With the exception of the Primco Fund, all investments are recorded at acquisition cost on a trade-date basis, which includes brokerage commissions, and are revalued each business day based upon quoted market prices.

  As described in Note 1, the Primco Fund includes a SIC. The SIC in the Primco Fund is fully benefit-responsive and is therefore recorded at contract value. Contract value represents contributions made under the contract plus accrued interest at the guaranteed rate less funds used to pay for plan distributions and expenses.

  The Plan presents, in the statement of changes in net assets available for benefits, the net appreciation or depreciation in the fair value of investments which consists of realized gains and losses and the unrealized appreciation or depreciation on those investments. Net unrealized appreciation or depreciation is determined based on the difference between average cost of the investments and the market value as of each valuation date of such investment. Average cost is determined based on the weighted average cost of all investments purchased less any dispositions during the plan year.

  The fair value of the SIC represents the combined fair value of the underlying assets as well as the fair value of the related wrapper contract. The wrapper contract is valued as the difference between the contract value of the SIC and the fair value of the underlying assets.

  Distributions - Plan distributions are recorded when paid.

  Reclassifications – Certain prior year amounts have been reclassified to conform to current year presentation.

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Dell Computer Corporation Deferred Compensation Plan
Notes to Financial Statements

Note 3 – INVESTMENTS:

  The following presents investments that represent 5% or more of the Plan’s net assets (in thousands):
                 
    December 31,
   
    2001   2000
   
 
Dodge & Cox Stock Fund
   $ 5,956     $ 8,202  
PIMCO Total Return Fund
     2,530       2,471  
Dodge & Cox Balanced Fund
     2,646       2,809  
Primco Stable Value Fund
     5,688       —  
American Euro Pacific Growth Fund
     5,264       8,388  
Neuberger Berman Genesis Fund
     2,740       1,991  
Dell Computer Corporation Stock Fund
     3,187       3,503  
STIF Money Market Fund
     —       4,485  

  Registered investment fund costs at December 31, 2001 and 2000 were approximately $27,360,000 and $29,227,000 respectively. Dell Computer Corporation Stock Fund costs at December 31, 2001 and 2000 were approximately $3,292,000 and $6,138,000, respectively.

  The assets underlying the SIC in the Primco Fund are comprised of cash equivalents and mutual funds with fair values of $5,084,000 at December 31, 2001. The contract value of the SIC at December 31, 2001 was $5,078,000. The Primco Fund held cash equivalents of $610,000 at December 31, 2001. There was no valuation reserve against the Fund’s SIC at December 31, 2001.

  The interest crediting rate on the SIC is reset quarterly based on the yield to maturity and expected cash flow over the life of the related supporting assets. The SIC has a minimum guarantee on all rate resets of not less than zero percent. At December 31, 2001, the interest crediting rate on the SIC was 2.2%.

  For the year ended December 31, 2001, the aggregate average annual yield for the SIC in the Primco Fund was 3.24%. There are no restrictions on participant withdrawals from the Primco Fund. Certain withdrawals not deemed to be participant initiated and not in compliance with the contract’s provisions are subject to certain penalties.

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Dell Computer Corporation Deferred Compensation Plan
Notes to Financial Statements

Note 4 – REALIZED NET GAINS OR LOSSES ON INVESTMENTS (in thousands):

  The schedule below illustrates net realized gains and losses on sale of investments by investment type:
                             
                        Realized
                        Net
                        Gains/
        Proceeds   Cost   (Losses)
       
 
 
For the year ended December 31, 2001
                        
 
Dell Computer Corporation Stock Fund
   $ 5,826     $ 6,458     $ (632 )
 
Registered investment funds
     32,695       32,423       272  
 
    
     
     
 
   
Total
   $ 38,521     $ 38,881     $ (360 )
 
    
     
     
 
For the year ended December 31, 2000
                        
 
Dell Computer Corporation Stock Fund
   $ 6,601     $ 6,152     $ 449  
 
Registered investment funds
     10,564       10,423       141  
 
    
     
     
 
   
Total
   $ 17,165     $ 16,575     $ 590  
 
    
     
     
 
For the year ended December 31, 1999
                        
 
Dell Computer Corporation Stock Fund
   $ 4,577     $ 3,849     $ 728  
 
Registered investment funds
     2,756       2,597       159  
 
    
     
     
 
   
Total
   $ 7,333     $ 6,446     $ 887  
 
    
     
     
 

Note 5 – UNREALIZED NET APPRECIATION OR DEPRECIATION OF INVESTMENTS (in thousands):

  The schedule below illustrates total unrealized net appreciation or depreciation of investments by investment type:
                             
        For the period ended December 31,
        2001   2000   1999
Unrealized net appreciation (depreciation)
at the beginning of the period:
                        
 
Dell Computer Corporation Stock Fund
   $ (2,334 )   $ 3,878     $ 2,676  
 
Registered investment funds
     634       4,174       573  
 
    
     
     
 
   
Total
   $ (1,700 )   $ 8,052     $ 3,249  
 
    
     
     
 
Unrealized net appreciation (depreciation) for
the period:
                        
 
Dell Computer Corporation Stock Fund
   $ 2,229     $ (6,212 )   $ 1,202  
 
Registered investment funds
     (1,068 )     (3,540 )     3,601  
 
    
     
     
 
   
Total
   $ 1,161     $ (9,752 )   $ 4,803  
 
    
     
     
 
Unrealized net appreciation (depreciation) at
the end of the period:
                        
 
Dell Computer Corporation Stock Fund
   $ (105 )   $ (2,334 )   $ 3,878  
 
Registered investment funds
     (434 )     634       4,174  
 
    
     
     
 
   
Total
   $ (539 )   $ (1,700 )   $ 8,052  
 
    
     
     
 

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Dell Computer Corporation Deferred Compensation Plan
Schedule I – Plan Investments at December 31, 2001 (in thousands)

Financial Statement Schedules

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Dell Computer Corporation Deferred Compensation Plan

Schedule I – Plan Investments at December 31, 2001 (in thousands)
                     
        Shares Held   Market Value
       
 
Dodge & Cox Stock Fund
     59,261     $ 5,956  
PIMCO Total Return Fund
     241,889       2,530  
Dodge & Cox Balanced Fund
     40,442       2,646  
American Euro Pacific Growth Fund
     195,920       5,264  
Invesco Small Company Growth Fund
     92,183       1,119  
Neuberger Berman Genesis Fund
     94,110       2,740  
Barclays S&P 500 Index Fund
     33,074       576  
Janus Growth & Income Fund
     13,567       407  
Dell Computer Corporation Stock Fund — Dell Stock
     106,193       2,886  
Dell Computer Corporation Stock Fund — Money Market
     300,651       301  
Primco Stable Value Fund:
                
 
UBS AG Synthetic Contract Wrapper #5097, 2.19%
     —       (6 )
 
Invesco Omicron Fund
     499,484       5,084  
 
STIF Money Market Fund
     609,684       610  
 
            
 
 
             5,688  
   
Total
           $ 30,113  
 
            
 

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Dell Computer Corporation Deferred Compensation Plan

Schedule II – Allocation of Assets and Liabilities to Investment Program
As of December 31, 2001 (in thousands)
                                                                                             
                                                Invesco                                        
        Dodge   PIMCO   Dodge   Primco   American   Small   Neuberger   Janus   Barclays   Dell        
        & Cox   Total   & Cox   Stable   Euro Pacific   Company   Berman   Growth &   S&P 500   Computer        
        Stock   Return   Balanced   Value   Growth   Growth   Genesis   Income   Index   Corporation        
        Fund   Fund   Fund   Fund   Fund   Fund   Fund   Fund   Fund   Stock Fund   Total
       
 
 
 
 
 
 
 
 
 
 
ASSETS
                                                                                        
Investments:
                                                                                        
 
Dell Computer Corporation money market investments
   $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ 301     $ 301  
 
Dell Computer Corporation common stock
     —       —       —       —       —       —       —       —       —       2,886       2,886  
 
Registered investment funds
     5,956       2,530       2,646       5,688       5,264       1,119       2,740       407       576       —       26,926  
 
    
     
     
     
     
     
     
     
     
     
     
 
   
Total Investments
     5,956       2,530       2,646       5,688       5,264       1,119       2,740       407       576       3,187       30,113  
Contributions receivable
     494       212       224       472       433       93       225       33       50       261       2,497  
 
    
     
     
     
     
     
     
     
     
     
     
 
 
Total Assets
     6,450       2,742       2,870       6,160       5,697       1,212       2,965       440       626       3,448       32,610  
 
    
     
     
     
     
     
     
     
     
     
     
 
LIABILITIES
                                                                                        
Accrued administrative expenses
     3       2       2       4       2       1       1       —       —       2       17  
 
    
     
     
     
     
     
     
     
     
     
     
 
 
Total Liabilities
     3       2       2       4       2       1       1       —       —       2       17  
 
    
     
     
     
     
     
     
     
     
     
     
 
NET ASSETS AVAILABLE FOR BENEFITS
   $ 6,447     $ 2,740     $ 2,868     $ 6,156     $ 5,695     $ 1,211     $ 2,964     $ 440     $ 626     $ 3,446     $ 32,593  
 
    
     
     
     
     
     
     
     
     
     
     
 

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Dell Computer Corporation Deferred Compensation Plan

Schedule II – Allocation of Assets and Liabilities to Investment Program
As of December 31, 2000 (in thousands)
                                                                             
                                        American           Neuberger   Dell Computer        
        Dodge & Cox   PIMCO Total   Dodge & Cox   STIF Money   Euro Pacific   PBHG Growth   Berman Genesis   Corporation        
        Stock Fund   Return Fund   Balanced Fund   Market Fund   Growth Fund   Fund   Fund   Stock Fund   Total
       
 
 
 
 
 
 
 
 
ASSETS
                                                                        
Cash and cash equivalents
   $ 6     $ —     $ —     $ —     $ —     $ —     $ —     $ —     $ 6  
Investments:
                                                                        
 
Dell Computer Corporation money market investments
     —       —       —       —       —       —       —       301       301  
 
Dell Computer Corporation common stock
     —       —       —       —       —       —       —       3,503       3,503  
 
Registered investment funds
     8,202       2,471       2,809       4,485       8,388       1,515       1,991       —       29,861  
 
    
     
     
     
     
     
     
     
     
 
   
Total Investments
     8,202       2,471       2,809       4,485       8,388       1,515       1,991       3,804       33,665  
Contributions receivable
     896       272       308       495       913       165       218       417       3,684  
Interest receivable
     —       —       —       23       —       —       —       2       25  
 
    
     
     
     
     
     
     
     
     
 
 
Total Assets
     9,104       2,743       3,117       5,003       9,301       1,680       2,209       4,223       37,380  
 
    
     
     
     
     
     
     
     
     
 
LIABILITIES
                                                                        
Accrued administrative expenses
     53       5       10       4       46       2       2       5       127  
 
    
     
     
     
     
     
     
     
     
 
 
Total Liabilities
     53       5       10       4       46       2       2       5       127  
 
    
     
     
     
     
     
     
     
     
 
NET ASSETS AVAILABLE FOR BENEFITS
   $ 9,051     $ 2,738     $ 3,107     $ 4,999     $ 9,255     $ 1,678     $ 2,207     $ 4,218     $ 37,253  
 
    
     
     
     
     
     
     
     
     
 

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Table of Contents

Dell Computer Corporation Deferred Compensation Plan

Schedule III – Allocation of Income and Changes in Plan Equity to Investment Program
For the Year Ended December 31, 2001 (in thousands)
                                                                                                                 
                                                                    Invesco                                        
            Dodge   PIMCO   Dodge   STIF   Primco   American           Small   Neuberger   Janus   Barclays   Dell        
            & Cox   Total   & Cox   Money   Stable   Euro Pacific   PBHG   Company   Berman   Growth &   S&P 500   Computer        
            Stock   Return   Balanced   Market   Value   Growth   Growth   Growth   Genesis   Income   Index   Corporation        
            Fund   Fund   Fund   Fund   Fund   Fund   Fund   Fund   Fund   Fund   Fund   Stock Fund   Total
           
 
 
 
 
 
 
 
 
 
 
 
 
ADDITIONS:
                                                                                                        
 
Additions to net assets attributed to:
                                                                                                        
   
Investment income:
                                                                                                        
     
Interest and dividends
   $ 305     $ 232     $ 159     $ —     $ 114     $ 125     $ —     $ —     $ 73     $ 2     $ 37     $ 10     $ 1,057  
     
Unrealized appreciation (depreciation) of investments
     53       (23 )     103       —       66       (777 )     —       (176 )     (231 )     (20 )     (63 )     2,229       1,161  
 
    
     
     
     
     
     
     
     
     
     
     
     
     
 
       
Net Investment Income
     358       209       262       —       180       (652 )     —       (176 )     (158 )     (18 )     (26 )     2,239       2,218  
   
Contributions:
                                                                                                        
     
Participant contributions
     1,169       877       1,189       —       2,147       993       —       326       877       133       209       609       8,529  
     
Employer contributions
     22       47       (17 )     —       72       48       —       14       29       20       10       19       264  
 
    
     
     
     
     
     
     
     
     
     
     
     
     
 
       
Total Contributions
     1,191       924       1,172       —       2,219       1,041       —       340       906       153       219       628       8,793  
       
Total Additions
     1,549       1,133       1,434       —       2,399       389       —       164       748       135       193       2,867       11,011  
 
    
     
     
     
     
     
     
     
     
     
     
     
     
 
DEDUCTIONS:
                                                                                                        
   
Withdrawals
     (4,073 )     (1,303 )     (1,449 )     —       (3,742 )     (2,259 )     —       (367 )     (637 )     (2 )     (6 )     (1,410 )     (15,248 )
   
Realized gains (losses) on sale of investments
     245       63       (11 )     —       23       (346 )     —       (112 )     425       (9 )     (6 )     (632 )     (360 )
   
Administrative expenses
     10       (18 )     (8 )     —       (34 )     18       —       (3 )     (8 )     1       (2 )     (19 )     (63 )
 
    
     
     
     
     
     
     
     
     
     
     
     
     
 
     
Total Deductions
     (3,818 )     (1,258 )     (1,468 )     —       (3,753 )     (2,587 )     —       (482 )     (220 )     (10 )     (14 )     (2,061 )     (15,671 )
   
Net increase (decrease) in net assets prior to interfund transfers
     (2,269 )     (125 )     (34 )     —       (1,354 )     (2,198 )     —       (318 )     528       125       179       806       (4,660 )
   
Interfund transfers
     (335 )     127       (205 )     (4,999 )     7,510       (1,362 )     (1,678 )     1,529       229       315       447       (1,578 )     —  
 
    
     
     
     
     
     
     
     
     
     
     
     
     
 
   
Net Increase (decrease)
     (2,604 )     2       (239 )     (4,999 )     6,156       (3,560 )     (1,678 )     1,211       757       440       626       (772 )     (4,660 )
NET ASSETS AVAILABLE FOR BENEFITS:
                                                                                                        
   
Beginning of year
     9,051       2,738       3,107       4,999       —       9,255       1,678       —       2,207       —       —       4,218       37,253  
 
    
     
     
     
     
     
     
     
     
     
     
     
     
 
   
End of year
   $ 6,447     $ 2,740     $ 2,868       —     $ 6,156     $ 5,695     $ —     $ 1,211     $ 2,964     $ 440     $ 626     $ 3,446     $ 32,593  
 
    
     
     
     
     
     
     
     
     
     
     
     
     
 

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Table of Contents

Dell Computer Corporation Deferred Compensation Plan

Schedule III – Allocation of Income and Changes in Plan Equity to Investment Program
For the Year Ended December 31, 2000 (in thousands)
                                                                                 
                                            American           Neuberger   Dell Computer        
            Dodge & Cox   PIMCO Total   Dodge & Cox   STIF Money   Euro Pacific   PBHG Growth   Berman Genesis   Corporation        
            Stock Fund   Return Fund   Balanced Fund   Market Fund   Growth Fund   Fund   Fund   Stock Fund   Total
           
 
 
 
 
 
 
 
 
Additions:
                                                                        
 
Additions to net assets attributed to:
                                                                        
     
Investment income:
                                                                        
       
Interest and dividends
   $ 1,366     $ 125     $ 444     $ 227     $ 928     $ 264     $ 109     $ 20     $ 3,483  
       
Realized gains (losses) on investments
     60       (1 )     (12 )     —       172       (96 )     18       449       590  
 
    
     
     
     
     
     
     
     
     
 
       
   Net Investment Income
     1,426       124       432       227       1,100       168       127       469       4,073  
   
Contributions:
                                                                        
       
Participant contributions
     2,044       747       736       2,692       1,592       395       753       1,370       10,329  
       
Employer contributions
     64       26       22       88       74       9       28       (2 )     309  
 
    
     
     
     
     
     
     
     
     
 
       
   Total Contributions
     2,108       773       758       2,780       1,666       404       781       1,368       10,638  
       
   Total Additions
     3,534       897       1,190       3,007       2,766       572       908       1,837       14,711  
 
    
     
     
     
     
     
     
     
     
 
Deductions:
                                                                        
       
Withdrawals
     (163 )     (3 )     (58 )     (128 )     (94 )     (35 )     (6 )     (32 )     (519 )
       
Unrealized appreciation (depreciation) of investments
     (303 )     106       (78 )     —       (2,863 )     (653 )     251       (6,212 )     (9,752 )
       
Administrative expenses
     (39 )     (6 )     (10 )     (9 )     (35 )     (7 )     (6 )     (20 )     (132 )
 
    
     
     
     
     
     
     
     
     
 
       
   Total Deductions
     (505 )     97       (146 )     (137 )     (2,992 )     (695 )     239       (6,264 )     (10,403 )
       
Net increase in assets prior to interfund transfers
     3,029       994       1,044       2,870       (226 )     (123 )     1,147       (4,427 )     4,308  
       
Interfund transfers
     (376 )     435       (111 )     (948 )     (116 )     133       312       671       —  
 
    
     
     
     
     
     
     
     
     
 
       
Net Increase (Decrease)
     2,653       1,429       933       1,922       (342 )     10       1,459       (3,756 )     4,308  
Net assets available for benefits:
                                                                        
       
Beginning of year
     6,398       1,309       2,174       3,077       9,597       1,668       748       7,974       32,945  
 
    
     
     
     
     
     
     
     
     
 
       
End of year
   $ 9,051     $ 2,738     $ 3,107     $ 4,999     $ 9,255     $ 1,678     $ 2,207     $ 4,218     $ 37,253  
 
    
     
     
     
     
     
     
     
     
 

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Table of Contents

Dell Computer Corporation Deferred Compensation Plan

Schedule III – Allocation of Income and Changes in Plan Equity to Investment Program
For the Year Ended December 31, 1999 (in thousands)
                                                                                 
                                            American           Neuberger   Dell Computer        
            Dodge & Cox   PIMCO Total   Dodge & Cox   STIF Money   Euro Pacific   PBHG Growth   Berman Genesis   Corporation        
            Stock Fund   Return Fund   Balanced Fund   Market Fund   Growth Fund   Fund   Fund   Stock Fund   Total
           
 
 
 
 
 
 
 
 
ADDITIONS:
                                                                        
 
Additions to net assets attributed to:
                                                                        
     
Investment income:
                                                                        
       
Interest and dividends
   $ 455     $ 70     $ 188     $ 85     $ 333     $ 50     $ 4     $ 15     $ 1,200  
       
Unrealized appreciation (depreciation) of investments
     381       (64 )     (21 )     —       2,583       670       52       1,202       4,803  
       
Realized gains (losses) on sale of investments
     110       (8 )     7       —       46       (1 )     5       728       887  
 
    
     
     
     
     
     
     
     
     
 
       
   Net Investment Income
     946       (2 )     174       85       2,962       719       61       1,945       6,890  
   
Contributions:
                                                                        
       
Participant contributions
     1,111       356       441       1,372       1,123       148       599       1,484       6,634  
       
Employer contributions
     71       22       38       124       151       7       29       30       472  
 
    
     
     
     
     
     
     
     
     
 
       
   Total Contributions
     1,182       378       479       1,496       1,274       155       628       1,514       7,106  
       
   Total Additions
     2,128       376       653       1,581       4,236       874       689       3,459       13,996  
 
    
     
     
     
     
     
     
     
     
 
DEDUCTIONS:
                                                                        
       
Withdrawals
     (108 )     (1 )     (61 )     (72 )     (11 )     —       —       (164 )     (417 )
       
Administrative expenses
     (39 )     (4 )     (11 )     (12 )     (40 )     (4 )     (2 )     (14 )     (126 )
 
    
     
     
     
     
     
     
     
     
 
       
   Total Deductions
     (147 )     (5 )     (72 )     (84 )     (51 )     (4 )     (2 )     (178 )     (543 )
       
Net increase in assets prior to interfund transfers
     1,981       371       581       1,497       4,185       870       687       3,281       13,453  
       
Interfund transfers
     (475 )     (60 )     252       353       784       (29 )     (305 )     (520 )     —  
 
    
     
     
     
     
     
     
     
     
 
       
Net Increase
     1,506       311       833       1,850       4,969       841       382       2,761       13,453  
NET ASSETS AVAILABLE FOR BENEFITS:
                                                                        
       
Beginning of year
     4,892       998       1,341       1,227       4,628       827       366       5,213       19,492  
 
    
     
     
     
     
     
     
     
     
 
       
End of year
   $ 6,398     $ 1,309     $ 2,174     $ 3,077     $ 9,597     $ 1,668     $ 748     $ 7,974     $ 32,945  
 
    
     
     
     
     
     
     
     
     
 

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Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

       
  DELL COMPUTER CORPORATION 401(K) PLAN
 
  By:   Benefits Administration Committee of the Dell Computer Corporation Deferred Compensation Plan
             
Date:   April 1, 2002   By:   /s/ THOMAS B. GREEN
Thomas B. Green
Chairman of the Benefits
Administration Committee

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