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0000320193 | 20230505 | 10-Q | 71 | The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 72 | As of April 1, 2023 and September 24, 2022, the Company had $2.0 billion and $10.0 billion of Commercial Paper outstanding, respectively. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 73 | The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the six months ended April 1, 2023 and March 26, 2022 (in millions):
Term Debt
As of April 1, 2023 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an ... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 74 | As of April 1, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.4 billion and $98.8 billion, respectively. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 75 | Note 7 - Shareholders’ Equity
Share Repurchase Program
During the six months ended April 1, 2023, the Company repurchased 262 million shares of its common stock under an authorized share repurchase program for $38.1 billion, excluding excise tax due under the Inflation Reduction Act of 2022. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 76 | The program does not obligate the Company to acquire a minimum amount of shares. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 77 | Under the program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 78 | Apple Inc. | Q2 2023 Form 10-Q | 11
Note 8 - Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the six months ended April 1, 2023 is as follows:
The fair value as of the respective vesting dates of RSUs was $1.1 billion and $8.0 billion for the three- and six-month... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 79 | Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (in millions):
As of April 1, 2023, the total unrecognized co... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 80 | Note 9 - Commitments and Contingencies
Unconditional Purchase Obligations
The Company has entered into certain off-balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 81 | The Company’s unconditional purchase obligations primarily consist of supplier arrangements, licensed content and distribution rights. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 82 | Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of April 1, 2023, are as follows (in millions):
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fu... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 83 | The outcome of litigation is inherently uncertain. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 84 | In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 85 | Apple Inc. | Q2 2023 Form 10-Q | 12
Note 10 - Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (in millions):
A reconciliation of the Company’s segment operating income to the Condensed Consoli... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 86 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 87 | Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 88 | For example, statements in this Form 10-Q regarding the potential future impact of macroeconomic conditions on the Company’s business and results of operations are forward-looking statements. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 89 | Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 90 | Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 91 | Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 24, 2022 (the “2022 Form 10-K”) under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forwar... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 92 | Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 93 | Each of the terms the “Company” and “Apple” as used herein refers collectively to Apple Inc. and its wholly owned subsidiaries, unless otherwise stated. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 94 | The following discussion should be read in conjunction with the 2022 Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 95 | Available Information
The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 96 | This includes press releases and other information about financial performance, information on environmental, social and governance matters, and details related to the Company’s annual meeting of shareholders. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 97 | The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 98 | Further, the Company’s references to website URLs are intended to be inactive textual references only. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 99 | Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 100 | Additionally, new product and service introductions can significantly impact net sales, cost of sales and operating expenses. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 101 | The timing of product introductions can also impact the Company’s net sales to its indirect distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an older product often declines as the launch of a newer product approaches. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 102 | Net sales can also be affected when consumers and distributors anticipate a product introduction. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 103 | Fiscal Period
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 104 | An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first quarter of 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 105 | The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 106 | Quarterly Highlights
Weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on the Company’s total net sales, which decreased 3% or $2.4 billion during the second quarter of 2023 compared to the same quarter in 2022. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 107 | The year-over-year net sales decrease consisted primarily of lower net sales of Mac, partially offset by higher net sales of Services. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 108 | During the second quarter of 2023, the Company announced the following new products:
•MacBook Pro® 14” and MacBook Pro 16”, powered by the Apple M2 Pro and M2 Max chip;
•Mac mini®, powered by the Apple M2 and M2 Pro chip; and
•Second-generation HomePod®. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 109 | The Company repurchased $19.1 billion of its common stock and paid dividends and dividend equivalents of $3.7 billion during the second quarter of 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 110 | Apple Inc. | Q2 2023 Form 10-Q | 14
Macroeconomic Conditions
Macroeconomic conditions, including inflation, changes in interest rates, and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company’s results of operations and financial condition. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 111 | Segment Operating Performance
The following table shows net sales by reportable segment for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (dollars in millions):
Americas
Americas net sales decreased during the second quarter and first six months of 2023 compared to the same periods in 2022 due... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 112 | Europe
The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during the second quarter and first six months of 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 113 | During the second quarter of 2023, the Europe net sales increase consisted primarily of higher net sales of iPhone, partially offset by lower net sales of Mac. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 114 | During the first six months of 2023, the Europe net sales decrease consisted primarily of lower net sales of Mac, partially offset by higher net sales of iPhone. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 115 | Greater China
The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater China net sales during the second quarter and first six months of 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 116 | During the second quarter and first six months of 2023, the Greater China net sales decrease consisted primarily of lower net sales of iPhone and Mac. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 117 | Japan
The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during the second quarter and first six months of 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 118 | During the second quarter of 2023, the Japan net sales decrease consisted primarily of lower net sales of iPad, Services and iPhone. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 119 | During the first six months of 2023, the Japan net sales decrease consisted primarily of lower net sales of Services, Wearables, Home and Accessories and Mac. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 120 | Rest of Asia Pacific
The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during the second quarter and first six months of 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 121 | During the second quarter and first six months of 2023, the Rest of Asia Pacific net sales increase consisted primarily of higher net sales of iPhone, partially offset by lower net sales of Mac. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 122 | Apple Inc. | Q2 2023 Form 10-Q | 15
Products and Services Performance
The following table shows net sales by category for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (dollars in millions):
iPhone
iPhone net sales were relatively flat during the second quarter of 2023 compared to the second q... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 123 | Year-over-year iPhone net sales decreased during the first six months of 2023 due primarily to lower net sales from the Company’s new iPhone models launched in the fourth quarter of 2022. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 124 | Mac
Mac net sales decreased during the second quarter and first six months of 2023 compared to the same periods in 2022 due primarily to lower net sales of MacBook Pro. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 125 | iPad
iPad net sales decreased during the second quarter of 2023 compared to the second quarter of 2022 due primarily to lower net sales of iPad Pro® and iPad Air®. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 126 | Year-over-year iPad net sales increased during the first six months of 2023 due primarily to higher net sales of iPad, partially offset by lower net sales of iPad mini®. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 127 | Wearables, Home and Accessories
Wearables, Home and Accessories net sales were relatively flat during the second quarter of 2023 compared to the second quarter of 2022. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 128 | Year-over-year Wearables, Home and Accessories net sales decreased during the first six months of 2023 due primarily to lower net sales of AirPods®. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 129 | Services
Services net sales increased during the second quarter and first six months of 2023 compared to the same periods in 2022 due primarily to higher net sales from cloud services, music and advertising. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 130 | Apple Inc. | Q2 2023 Form 10-Q | 16
Gross Margin
Products and Services gross margin and gross margin percentage for the three- and six-month periods ended April 1, 2023 and March 26, 2022 were as follows (dollars in millions):
Products Gross Margin
Products gross margin decreased during the second quarter and first six... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 131 | Products gross margin percentage increased during the second quarter of 2023 compared to the second quarter of 2022 due primarily to a different Products mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 132 | Year-over-year Products gross margin percentage decreased during the first six months of 2023 due primarily to the weakness in foreign currencies relative to the U.S. dollar, partially offset by a different Products mix. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 133 | Services Gross Margin
Services gross margin increased during the second quarter and first six months of 2023 compared to the same periods in 2022 due primarily to higher Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar and higher Services costs. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 134 | Services gross margin percentage decreased during the second quarter and first six months of 2023 compared to the same periods in 2022 due primarily to the weakness in foreign currencies relative to the U.S. dollar and higher Services costs, partially offset by improved leverage. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 135 | The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2022 Form 10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 136 | Apple Inc. | Q2 2023 Form 10-Q | 17
Operating Expenses
Operating expenses for the three- and six-month periods ended April 1, 2023 and March 26, 2022 were as follows (dollars in millions):
Research and Development
The growth in research and development (“R&D”) expense during the second quarter and first six months of 2... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 137 | Selling, General and Administrative
Selling, general and administrative expense was relatively flat during the second quarter and first six months of 2023 compared to the same periods in 2022. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 138 | Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- and six-month periods ended April 1, 2023 and March 26, 2022 were as follows (dollars in millions):
The Company’s effective tax rate for the second quarter of 2023 was lower than the statutory ... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 139 | The Company’s effective tax rate for the first six months of 2023 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on foreign earnings, the U.S. federal R&D credit and tax benefits from share-based compensation, partially offset by state income taxes. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 140 | The Company’s effective tax rate for the second quarter of 2023 was lower compared to the second quarter of 2022 due primarily to the impact of U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 2022 and a higher U.S. federal R&D credit. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 141 | The Company’s effective tax rate for the first six months of 2023 was lower compared to the same period in 2022 due primarily to the impact of U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 2022 and a higher U.S. federal R&D credit, partially offset by lower tax benefits from share... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 142 | Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 143 | The Company’s contractual cash requirements have not changed materially since the 2022 Form 10-K, except for commercial paper and manufacturing purchase obligations. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 144 | Apple Inc. | Q2 2023 Form 10-Q | 18
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 145 | As of April 1, 2023, the Company had $2.0 billion of Commercial Paper outstanding, all of which was payable within 12 months. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 146 | Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform final assembly and testing of finished products. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 147 | The Company also obtains individual components for its products from a wide variety of individual suppliers. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 148 | Outsourcing partners acquire components and build product based on demand information supplied by the Company, which typically covers periods up to 150 days. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 149 | As of April 1, 2023, the Company had manufacturing purchase obligations of $40.5 billion, with $40.1 billion payable within 12 months. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 150 | The Company’s manufacturing purchase obligations are primarily noncancelable. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 151 | Capital Return Program
In addition to its contractual cash requirements, the Company has an authorized share repurchase program, under which the remaining availability was $22.6 billion as of April 1, 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 152 | On May 4, 2023, the Company announced the Board of Directors had authorized an additional program to repurchase up to $90 billion of the Company’s common stock. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 153 | The programs do not obligate the Company to acquire a minimum amount of shares. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 154 | On May 4, 2023, the Company also announced the Board of Directors raised the Company’s quarterly cash dividend from $0.23 to $0.24 per share, beginning with the dividend to be paid during the third quarter of 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 155 | The Company intends to increase its dividend on an annual basis, subject to declaration by the Board of Directors. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 156 | Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and es... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 157 | Note 1, “Summary of Significant Accounting Policies” of the Notes to condensed consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of the 2022 Form 10-K describe the significant accounting policies and methods used in the prepara... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 158 | There have been no material changes to the Company’s critical accounting estimates since the 2022 Form 10-K. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 159 | Item 3. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 160 | Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company’s market risk during the first six months of 2023. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 161 | For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of the 2022 Form 10-K. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 162 | Item 4. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 163 | Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as ... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 164 | Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the second quarter of 2023, which were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 165 | Apple Inc. | Q2 2023 Form 10-Q | 19
PART II - OTHER INFORMATION
Item 1. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 166 | Legal Proceedings
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “Northern California District Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law based upon the Company’... | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 167 | The Company filed a counterclaim for breach of contract. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 168 | On September 10, 2021, the Northern California District Court ruled in favor of the Company with respect to nine out of the ten counts included in Epic’s claim, and in favor of the Company with respect to the Company’s claims for breach of contract. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 169 | The Northern California District Court found that certain provisions of the Company’s App Store Review Guidelines violate California’s unfair competition law and issued an injunction. | 0000320193-23-000064/full-submission.txt |
0000320193 | 20230505 | 10-Q | 170 | On April 24, 2023, the U.S. Court of Appeals for the Ninth Circuit affirmed the Northern California District Court’s ruling. | 0000320193-23-000064/full-submission.txt |
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