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0000320193
20080723
10-Q
1,051
The Company’s retail initiative has required substantial fixed investment in equipment and leasehold improvements, information systems, inventory, and personnel.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,052
The Company also has entered into substantial operating lease commitments for retail space with terms ranging from 5 to 20 years, the majority of which are for 10 years.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,053
Certain stores have been designed and built to serve as high-profile venues to promote brand awareness and serve as vehicles for corporate sales and marketing activities.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,054
Because of their unique design elements, locations and size, these stores require substantially more investment than the Company’s more typical retail stores.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,055
A decline in sales, the closure or poor performance of individual or multiple stores, or the termination of the retail initiative could result in significant lease termination costs, write-offs of equipment and leasehold improvements, and severance costs that could have a material adverse effect on the Company’s financ...
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,056
Many factors unique to retail operations, some of which are beyond the Company’s control, pose risks and uncertainties that could have a material adverse effect on the Retail segment’s future results, cause its actual results to differ from anticipated results and have a material adverse effect on the Company’s financi...
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,057
These risks and uncertainties include, among other things, macro-economic factors that could have a negative effect on general retail activity, as well as the Company’s inability to manage costs associated with store construction and operation, inability to sell third-party products at adequate margins, failure to mana...
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,058
Investment in new business strategies and initiatives could disrupt the Company’s ongoing business and present risks not originally contemplated.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,059
The Company has invested, and in the future may invest, in new business strategies or acquisitions.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,060
Such endeavors may involve significant risks and uncertainties, including distraction of management from current operations, insufficient revenue to offset liabilities assumed and expenses associated with the strategy, inadequate return of capital, and unidentified issues not discovered in the Company’s due diligence.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,061
Because these new ventures are inherently risky, no assurance can be given that such strategies and initiatives will be successful and will not have a material adverse effect on the Company’s financial condition and operating results.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,062
The Company’s future operating performance depends on the performance of distributors and other resellers.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,063
The Company distributes its products through wholesalers, resellers, national and regional retailers, value-added resellers, and cataloguers, many of whom distribute products from competing manufacturers.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,064
The Company also sells many of its products and resells third-party products in most of its major markets directly to end-users, certain education customers, and certain resellers through its online and retail stores.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,065
iPhone is distributed through the Company and its cellular network carriers’ distribution channels.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,066
Many resellers operate on narrow product margins and have been negatively affected in the past by weak economic conditions.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,067
Some resellers have perceived the expansion of the Company’s direct sales as conflicting with their business interests as distributors and resellers of the Company’s products.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,068
Such a perception could discourage resellers from investing resources in the distribution and sale of the Company’s products or lead them to limit or cease distribution of those products.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,069
The Company’s financial condition and operating results could be materially adversely affected if the financial condition of these resellers weakens, if resellers stopped distributing the Company’s products, or if uncertainty regarding demand for the Company’s products caused resellers to reduce their ordering and mark...
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,070
The Company has invested and will continue to invest in programs to enhance reseller sales, including staffing selected resellers’ stores with Company employees and contractors and improving product placement displays.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,071
These programs could require a substantial investment while providing no assurance of return or incremental revenue.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,072
The Company is exposed to credit risk and fluctuations in the market values of its investment portfolio.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,073
Although the Company has not recognized any material losses on its cash, cash equivalents and short-term investments, future declines in their market values could have a material adverse effect on the Company’s financial condition and operating results.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,074
Given the global nature of its business, the Company has investments both domestically and internationally.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,075
Additionally, the Company’s overall investment portfolio is often concentrated in the financial sector.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,076
If these issuers default on their obligations or their credit ratings are negatively impacted by liquidity, credit deterioration or losses, financial results, or other factors, the value of the Company’s cash, cash equivalents and short-term investments could decline and result in a material impairment, which could hav...
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,077
The Company is exposed to credit risk on its accounts receivable and prepayments related to long-term supply agreements.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,078
This risk is heightened during periods when economic conditions worsen.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,079
A substantial majority of the Company’s outstanding trade receivables are not covered by collateral or credit insurance.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,080
The Company also has unsecured non-trade receivables resulting from the sale by the Company of components to vendors who manufacture sub-assemblies or assemble final products for the Company.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,081
In addition, the Company has made prepayments associated with long-term supply agreements to secure supply of NAND flash memory.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,082
While the Company has procedures to monitor and limit exposure to credit risk on its trade and non-trade receivables as well as long-term prepayments, there can be no assurance such procedures will effectively limit its credit risk and avoid losses, which could have a material adverse effect on the Company’s financial ...
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,083
The Company is subject to risks associated with laws and regulations related to health, safety and environmental protection.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,084
The Company’s products and services, and the production and distribution of those goods and services, are subject to a variety of laws and regulations.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,085
These may require the Company to offer customers the ability to return a product at the end of its useful life and place responsibility for environmentally safe disposal or recycling with the Company.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,086
Such laws and regulations have recently been passed in several jurisdictions in which the Company operates, including various countries within Europe and Asia, certain Canadian provinces and certain states within the U.S.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,087
Although the Company does not anticipate any material adverse effects based on the nature of its operations and the thrust of such laws, there is no assurance such existing laws or future laws will not have a material adverse effect on the Company’s financial condition and operating results.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,088
Changes in the Company’s tax rates could affect its future results.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,089
The Company’s future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or by changes in tax laws or their interpretation.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,090
The Company is subject to the continuous examination of its income tax returns by the Internal Revenue Service and other tax authorities.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,091
The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for taxes.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,092
There can be no assurance that the outcomes from these examinations will not have a material adverse effect on the Company’s financial condition and operating results.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,093
The Company is subject to risks associated with the availability and coverage of insurance.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,094
For certain risks, the Company does not maintain insurance coverage because of cost and/or availability.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,095
Because the Company retains some portion of its insurable risks, and in some cases self-insures completely, unforeseen or catastrophic losses in excess of insured limits could have a material adverse effect on the Company’s financial condition and operating results.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,096
Item 6.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,097
Exhibits (a) Index to Exhibits Incorporated by Reference Exhibit Number Exhibit Description Form Filing Date/ Period End Date 3.1 Restated Articles of Incorporation, filed with the Secretary of State of the State of California on January 27, 1988.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,098
S-3 7/27/88 3.2 Certificate of Amendment to Restated Articles of Incorporation, filed with the Secretary of State of the State of California on May 4, 2000.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,099
10-Q 5/11/00 3.3 Certificate of Amendment to Restated Articles of Incorporation, as amended, filed with the Secretary of State of the State of California on February 25, 2005.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,100
10-Q 3/26/05 3.4 Certificate of Determination of Preferences of Series A Non-Voting Convertible Preferred Stock of the Registrant.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,101
10-K 9/26/97 3.5 By-Laws of the Registrant, as amended through November 13, 2007.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,102
10-K 9/29/07 4.1 Form of Stock Certificate of the Registrant.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,103
10-Q 12/30/06 10.1* Employee Stock Purchase Plan, as amended through May 10, 2007.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,104
8-K 5/16/07 10.2* Form of Indemnification Agreement between the Registrant and each director and certain officers of the Registrant.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,105
10-K 9/26/97 10.3* 1997 Employee Stock Option Plan, as amended through October 19, 2001.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,106
10-K 9/28/02 10.4* 1997 Director Stock Option Plan, as amended through May 10, 2007.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,107
8-K 5/16/07 10.5* 2003 Employee Stock Plan, as amended through May 10, 2007.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,108
8-K 5/16/07 10.6* Reimbursement Agreement dated as of May 25, 2001 by and between the Registrant and Steven P. Jobs.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,109
10-Q 6/29/02 10.7* Alternative Form of Restricted Stock Unit Award Agreement.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,110
10-K 9/24/05 10.8* Performance Bonus Plan dated April 21, 2005.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,111
10-Q 3/26/05 10.9* Form of Option Agreements.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,112
10-K 9/24/05 10.10* Form of Restricted Stock Unit Award Agreement effective as of August 28, 2007.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,113
10-K 9/29/07 31.1** Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,114
31.2** Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,115
32.1*** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,116
* Indicates management contract or compensatory plan or arrangement.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,117
** Filed herewith.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,118
*** Furnished herewith.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,119
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
0001193125-08-156421/full-submission.txt
0000320193
20080723
10-Q
1,120
July 23, 2008 APPLE INC. By: /s/ Peter Oppenheimer Peter Oppenheimer Senior Vice President and Chief Financial Officer
0001193125-08-156421/full-submission.txt
0000320193
20180801
10-Q
0
10-Q a10-qq320186302018.htm 10-Q Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2018 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 1...
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
1
Commission File Number: 001-36743 Apple Inc. (Exact name of Registrant as specified in its charter) California 94-2404110 (State or other jurisdiction of incorporation or organization) (I.R.S.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
2
Employer Identification No.)
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
3
One Apple Park Way Cupertino, California (Address of principal executive offices) (Zip Code) (408) 996-1010 (Registrant’s telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duri...
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
4
Yes ☒ No ☐ Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period...
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
5
Yes ☒ No ☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
6
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
7
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ (Do not check if a smaller reporting company) Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any n...
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
8
☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
9
Yes ☐ No ☒ 4,829,926,000 shares of common stock, par value $0.00001 per share, issued and outstanding as of July 20, 2018 Apple Inc. Form 10-Q For the Fiscal Quarter Ended June 30, 2018 PART I - FINANCIAL INFORMATION Item 1.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
10
Financial Statements Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares which are reflected in thousands and per share amounts) See accompanying Notes to Condensed Consolidated Financial Statements.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
11
Apple Inc. | Q3 2018 Form 10-Q | 1 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In millions) See accompanying Notes to Condensed Consolidated Financial Statements.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
12
Apple Inc. | Q3 2018 Form 10-Q | 2 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value) See accompanying Notes to Condensed Consolidated Financial Statements.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
13
Apple Inc. | Q3 2018 Form 10-Q | 3 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) See accompanying Notes to Condensed Consolidated Financial Statements.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
14
Apple Inc. | Q3 2018 Form 10-Q | 4 Apple Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1 - Summary of Significant Accounting Policies Apple Inc. and its wholly-owned subsidiaries (collectively “Apple” or the “Company”) designs, manufactures and markets mobile communication and media devices...
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
15
The Company’s products and services include iPhone®, iPad®, Mac®, Apple Watch®, AirPods®, Apple TV®, HomePod™, a portfolio of consumer and professional software applications, iOS, macOS®, watchOS® and tvOS™ operating systems, iCloud®, Apple Pay® and a variety of other accessory, service and support offerings.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
16
The Company sells and delivers digital content and applications through the iTunes Store®, App Store®, Mac App Store, TV App Store, iBooks Store® and Apple Music® (collectively “Digital Content and Services”).
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
17
The Company sells its products worldwide through its retail stores, online stores and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers and resellers.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
18
In addition, the Company sells a variety of third-party Apple-compatible products, including application software and various accessories through its retail and online stores.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
19
The Company sells to consumers, small and mid-sized businesses and education, enterprise and government customers.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
20
Basis of Presentation and Preparation The accompanying condensed consolidated financial statements include the accounts of the Company.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
21
Intercompany accounts and transactions have been eliminated.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
22
In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
23
The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
24
Actual results could differ materially from those estimates.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
25
Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
26
These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2017 (the “2017 Form 10-K”).
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
27
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
28
The first quarter of 2018 spanned 13 weeks, whereas a 14th week was added to the first fiscal quarter of 2017, as is done every five or six years, to realign the Company’s fiscal quarters with calendar quarters.
0000320193-18-000100/full-submission.txt
0000320193
20180801
10-Q
29
Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
0000320193-18-000100/full-submission.txt