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0000320193 | 20180801 | 10-Q | 30 | Share-Based Compensation
During the first quarter of 2018, the Company adopted the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Update (“ASU”) No. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 31 | 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”), which modified certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification in the statement of cash flows. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 32 | Historically, excess tax benefits or deficiencies from the Company’s equity awards were recorded as additional paid-in capital in its Condensed Consolidated Balance Sheets and were classified as a financing activity in its Condensed Consolidated Statements of Cash Flows. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 33 | Beginning in 2018, the Company records any excess tax benefits or deficiencies from its equity awards as part of the provision for income taxes in its Condensed Consolidated Statements of Operations in the reporting periods in which equity vesting occurs. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 34 | The Company elected to apply the cash flow classification requirements related to excess tax benefits retrospectively to all periods presented, which resulted in an increase to cash generated by operating activities in the Condensed Consolidated Statements of Cash Flows of $534 million for the nine months ended July 1,... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 35 | Apple Inc. | Q3 2018 Form 10-Q | 5
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 30, 2018 and July 1, 2017 (net income in millions and shares in thousands):
Note 2 - Financial Instruments
Cash, Cash Equivalents and M... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 36 | (2)
Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for subs... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 37 | (3)
As of June 30, 2018, total cash, cash equivalents and marketable securities included $8.8 billion, related to the State Aid Decision (see Note 4, “Income Taxes”) and other agreements, which was restricted from general use. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 38 | The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipation of credit deterioration and duration management. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 39 | The maturities of the Company’s long-term marketable securities generally range from one to five years. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 40 | The following tables show information about the Company’s marketable securities that had been in a continuous unrealized loss position for less than 12 months and for 12 months or greater as of June 30, 2018 and September 30, 2017 (in millions):
Apple Inc. | Q3 2018 Form 10-Q | 7
The Company typically invests in highly... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 41 | The policy generally requires securities to be investment grade, with the primary objective of minimizing the potential risk of principal loss. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 42 | Fair values were determined for each individual security in the investment portfolio. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 43 | When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whe... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 44 | As of June 30, 2018, the Company does not consider any of its investments to be other-than-temporarily impaired. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 45 | Derivative Financial Instruments
The Company may use derivatives to partially offset its business exposure to foreign currency and interest rate risk on expected future cash flows, on net investments in certain foreign subsidiaries and on certain existing assets and liabilities. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 46 | However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 47 | There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 48 | To help protect gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s subsidiaries whose functional currency is the U.S. dollar may hedge a portion of forecasted foreign currency revenue, and subsidiaries whose functional currency is not the U.S. dollar and who sell in local curre... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 49 | The Company may enter into forward contracts, option contracts or other instruments to manage this risk and may designate these instruments as cash flow hedges. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 50 | The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 51 | To help protect the net investment in a foreign operation from adverse changes in foreign currency exchange rates, the Company may enter into foreign currency forward and option contracts to offset the changes in the carrying amounts of these investments due to fluctuations in foreign currency exchange rates. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 52 | In addition, the Company may use non-derivative financial instruments, such as its foreign currency-denominated debt, as economic hedges of its net investments in certain foreign subsidiaries. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 53 | In both of these cases, the Company designates these instruments as net investment hedges. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 54 | To help protect the Company’s foreign currency-denominated term debt or marketable securities from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 55 | These instruments may offset a portion of the foreign currency remeasurement gains or losses, or changes in fair value. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 56 | The Company may designate these instruments as either cash flow or fair value hedges. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 57 | As of June 30, 2018, the Company’s hedged term debt- and marketable securities-related foreign currency transactions are expected to be recognized within 24 years. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 58 | The Company may also enter into non-designated foreign currency contracts to partially offset the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 59 | To help protect the Company’s foreign currency-denominated term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 60 | These instruments may offset a portion of the changes in interest income or expense, or changes in fair value. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 61 | The Company designates these instruments as either cash flow or fair value hedges. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 62 | As of June 30, 2018, the Company’s hedged interest rate transactions are expected to be recognized within 9 years. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 63 | Cash Flow Hedges
The effective portions of cash flow hedges are recorded in accumulated other comprehensive income/(loss) (“AOCI”) until the hedged item is recognized in earnings. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 64 | Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of net sales in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of inventory purchases are recognized as a component of cost of sales in th... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 65 | Deferred gains and losses associated with cash flow hedges of interest income or expense are recognized in other income/(expense), net in the same period as the related income or expense is recognized. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 66 | The ineffective portions and amounts excluded from the effectiveness testing of cash flow hedges are recognized in other income/(expense), net. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 67 | Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 68 | Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into other income/(expense), net in the period of de-designation. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 69 | Any subsequent changes in fair value of such derivative instruments are reflected in other income/(expense), net unless they are re-designated as hedges of other transactions. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 70 | Apple Inc. | Q3 2018 Form 10-Q | 8
Net Investment Hedges
The effective portions of net investment hedges are recorded in other comprehensive income/(loss) (“OCI”) as a part of the cumulative translation adjustment. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 71 | The ineffective portions and amounts excluded from the effectiveness testing of net investment hedges are recognized in other income/(expense), net. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 72 | Fair Value Hedges
Gains and losses related to changes in fair value hedges are recognized in earnings along with a corresponding loss or gain related to the change in value of the underlying hedged item. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 73 | Non-Designated Derivatives
Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 74 | As a result, during the three- and nine-month periods ended June 30, 2018, respectively, the Company recognized a gain of $135 million and a loss of $7 million in net sales, a gain of $151 million and a loss of $61 million in cost of sales and a gain of $254 million and a loss of $119 million in other income/(expense),... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 75 | During the three- and nine-month periods ended July 1, 2017, respectively, the Company recognized a loss of $77 million and a gain of $129 million in net sales, gains of $12 million and $91 million in cost of sales and gains of $49 million and $481 million in other income/(expense), net. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 76 | The Company records all derivatives in the Condensed Consolidated Balance Sheets at fair value. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 77 | The Company’s accounting treatment for these derivative instruments is based on its hedge designation. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 78 | The following tables show the Company’s derivative instruments at gross fair value as of June 30, 2018 and September 30, 2017 (in millions):
(1)
The fair value of derivative assets is measured using Level 2 fair value inputs and is recorded as other current assets and other non-current assets in the Condensed Consolida... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 79 | (2)
The fair value of derivative liabilities is measured using Level 2 fair value inputs and is recorded as accrued expenses and other non-current liabilities in the Condensed Consolidated Balance Sheets. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 80 | Apple Inc. | Q3 2018 Form 10-Q | 9
The following table shows the pre-tax gains and losses of the Company’s derivative and non-derivative instruments designated as cash flow, net investment and fair value hedges in OCI and the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended Ju... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 81 | The credit risk amounts represent the Company’s gross exposure to potential accounting loss on derivative instruments that are outstanding or unsettled if all counterparties failed to perform according to the terms of the contract, based on then-current currency or interest rates at each respective date. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 82 | The Company’s exposure to credit loss and market risk will vary over time as currency and interest rates change. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 83 | Although the table above reflects the notional and credit risk amounts of the Company’s derivative instruments, it does not reflect the gains or losses associated with the exposures and transactions that the instruments are intended to hedge. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 84 | The amounts ultimately realized upon settlement of these financial instruments, together with the gains and losses on the underlying exposures, will depend on actual market conditions during the remaining life of the instruments. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 85 | The Company generally enters into master netting arrangements, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 86 | To further limit credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 87 | The Company presents its derivative assets and derivative liabilities at their gross fair values in its Condensed Consolidated Balance Sheets. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 88 | As of June 30, 2018, the net cash collateral posted by the Company related to derivative instruments under its collateral security arrangements was $211 million, which was recorded as other current assets in the Condensed Consolidated Balance Sheet. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 89 | As of September 30, 2017, the net cash collateral received by the Company related to derivative instruments under its collateral security arrangements was $35 million, which was recorded as accrued expenses in the Condensed Consolidated Balance Sheet. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 90 | Under master netting arrangements with the respective counterparties to the Company’s derivative contracts, the Company is allowed to net settle transactions with a single net amount payable by one party to the other. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 91 | As of June 30, 2018 and September 30, 2017, the potential effects of these rights of set-off associated with the Company’s derivative contracts, including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $1.5 billion and $1.4 billion, respectively, resulting in a n... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 92 | Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, resellers, small and mid-sized businesses and education, enterprise and government customers. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 93 | The Company generally does not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain instances to limit credit risk. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 94 | In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 95 | These credit-financing arrangements are directly between the third-party financing company and the end customer. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 96 | As such, the Company generally does not assume any recourse or credit risk sharing related to any of these arrangements. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 97 | The Company had no customers that individually represented 10% or more of total trade receivables as of June 30, 2018. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 98 | As of September 30, 2017, the Company had two customers that individually represented 10% or more of total trade receivables, each of which accounted for 10%. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 99 | The Company’s cellular network carriers accounted for 45% and 59% of total trade receivables as of June 30, 2018 and September 30, 2017, respectively. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 100 | Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture sub-assemblies or assemble final products for the Company. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 101 | The Company purchases these components directly from suppliers. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 102 | As of June 30, 2018, the Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54%, 12% and 11%. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 103 | As of September 30, 2017, the Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 42%, 19% and 10%. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 104 | Apple Inc. | Q3 2018 Form 10-Q | 11
Note 3 - Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of June 30, 2018 and September 30, 2017 (in millions):
Inventories
Property, Plant and Equipment, Net
Other Non-Current Liabilitie... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 105 | The Act lowered the Company’s U.S. statutory federal income tax rate from 35% to 21% effective January 1, 2018, while also imposing a deemed repatriation tax on previously deferred foreign income. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 106 | The Act also created a new minimum tax on certain future foreign earnings. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 107 | During the first quarter of 2018, the Company’s income tax expense included a provisional estimate of $2.6 billion in accordance with the U.S. Securities and Exchange Commission Staff Accounting Bulletin No. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 108 | 118. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 109 | This $2.6 billion provisional estimate included $1.8 billion related to the impact of remeasuring the Company’s deferred tax balances to reflect the new lower tax rate, and approximately $800 million associated with the net impact of the deemed repatriation tax. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 110 | During the third quarter of 2018, the Company reduced its estimate of the deemed repatriation tax by $1.0 billion and adjusted the estimated impact of the deemed repatriation tax on unrecognized tax benefits by $700 million, resulting in the reduction of the Company’s provisional estimate from $2.6 billion to $900 mill... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 111 | The adjustments to the provisional estimate for the deemed repatriation tax and unrecognized tax benefits are discussed below and their impact was included in the Company’s income tax expense during the third quarter of 2018. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 112 | Deferred Tax Balances
As a result of the Act, the Company remeasured certain deferred tax assets and liabilities based on the revised rates at which they are expected to reverse, including items for which the related income tax effects were originally recognized in OCI. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 113 | In addition, the Company elected to record certain deferred tax assets and liabilities related to the new minimum tax on certain future foreign earnings. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 114 | The provisional estimate of $1.8 billion noted above incorporates assumptions based upon the best available interpretation of the Act and may change as the Company receives additional clarification and implementation guidance. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 115 | During the second quarter of 2018, the FASB issued ASU No. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 116 | 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 117 | ASU 2018-02 allows an entity to elect to reclassify the income tax effects of the Act on items within AOCI to retained earnings. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 118 | The Company elected to apply the provision of ASU 2018-02 at the beginning of the second quarter of 2018 with a reclassification of net tax benefits related to cumulative foreign currency translation and unrealized gains/losses on derivative instruments and marketable securities, resulting in a $278 million decrease in... | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 119 | Deemed Repatriation Tax
As of September 30, 2017, the Company had a U.S. deferred tax liability of $36.4 billion for deferred foreign income. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 120 | During the first quarter of 2018 the Company replaced $36.1 billion of its U.S. deferred tax liability with a provisional deemed repatriation tax payable of $38.0 billion, which was based on the Company’s cumulative post-1986 deferred foreign income. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 121 | The Company’s estimate of the deemed repatriation tax is based, in part, on the amount of cash and other specified assets anticipated to be held by the Company’s foreign subsidiaries as of September 29, 2018. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 122 | Therefore, the provisional tax payable is subject to change as the asset amounts are finalized. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 123 | During the third quarter of 2018, the Company reduced its provisional tax payable by $1.0 billion to $37.0 billion due, in part, to revised estimates of the amount of cash and other specified assets anticipated to be held by the Company’s foreign subsidiaries as of September 29, 2018. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 124 | The Company plans to pay the tax in installments in accordance with the Act. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 125 | Unrecognized Tax Benefits
As of June 30, 2018, the Company had gross unrecognized tax benefits of $9.4 billion. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 126 | These gross unrecognized tax benefits have been offset by certain tax deposits and reduced by the estimated impact of the deemed repatriation tax. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 127 | As of December 30, 2017, the estimated impact of the deemed repatriation tax on unrecognized tax benefits was $1.1 billion. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 128 | During the third quarter of 2018, the Company increased the estimated impact of the deemed repatriation tax on unrecognized tax benefits by $700 million, resulting in a revised total estimated impact of $1.8 billion. | 0000320193-18-000100/full-submission.txt |
0000320193 | 20180801 | 10-Q | 129 | Upon recognition, $7.3 billion of the unrecognized tax benefits would impact the Company’s effective tax rate. | 0000320193-18-000100/full-submission.txt |
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