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0000320193 | 20120725 | 10-Q | 319 | The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 320 | There is significant judgment required in both the probability determination and as to whether an exposure can be reasonably estimated. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 321 | 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 in excess of a recorded accrual, with respect to loss contingencies for legal and other contingencies. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 322 | However, the outcome of legal proceedings and claims brought against the Company are subject to significant uncertainty. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 323 | Therefore, although management considers the likelihood of such an outcome to be remote, if one or more of these legal matters were resolved against the Company in a reporting period for amounts in excess of management’s expectations, the Company’s consolidated financial statements for that reporting period could be ma... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 324 | Fiscal Period
The Company’s fiscal year is the 52 or 53-week period that ends on the last Saturday of September. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 325 | The Company’s fiscal year 2012 will include 53 weeks and will end on September 29, 2012. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 326 | A 14th week has been included in the first quarter of 2012, as is done approximately every six years to realign the Company’s fiscal quarters more closely to calendar quarters. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 327 | The first quarter of 2011 spanned 13 weeks. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 328 | Inclusion of the 14th week in the first quarter of 2012 increased the Company’s overall net sales and operating expenses for the nine months ended June 30, 2012. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 329 | Net Sales
The following table summarizes net sales by operating segment and net sales and unit sales by product during the three- and nine-month periods ended June 30, 2012 and June 25, 2011 (dollars in millions and units in thousands):
(a) Includes revenue from iMac, Mac mini and Mac Pro sales. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 330 | (b) Includes revenue from MacBook, MacBook Air and MacBook Pro sales. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 331 | (c) Includes revenue from iPod sales. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 332 | (d) Includes revenue from sales from the iTunes Store, App Store, and iBookstore in addition to sales of iPod services and Apple-branded and third-party iPod accessories. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 333 | (e) Includes revenue from sales of iPhone, iPhone services, and Apple-branded and third-party iPhone accessories. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 334 | (f) Includes revenue from sales of iPad, iPad services, and Apple-branded and third-party iPad accessories. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 335 | (g) Includes revenue from sales of displays, networking products, and other hardware. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 336 | (h) Includes revenue from sales of Apple-branded and third-party Mac software, and services. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 337 | (i) Includes amortization of related revenue deferred for non-software services and embedded software upgrade rights. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 338 | Net sales during the third quarter and first nine months of 2012 increased $6.5 billion or 23%, and $40.6 billion or 51%, respectively, compared to the same periods in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 339 | Several factors contributed positively to this increase, including the addition of the 14th week in the first quarter of 2012, as well as the following:
•
Net sales of iPhone and related products and services were $16.2 billion and $63.4 billion in the third quarter and first nine months of 2012, respectively, represen... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 340 | iPhone unit sales totaled 26.0 million and 98.1 million during the third quarter and first nine months of 2012, respectively, representing increases of 28% and 78%, compared to the same periods in 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 341 | The year-over-year growth in iPhone unit sales during the third quarter of 2012 reflects increased demand for iPhone in all of the Company’s operating segments as a result of the launch of iPhone 4S earlier in the year, ongoing demand for iPhone 4 and 3GS, and expanded distribution with new carriers and resellers. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 342 | Net sales of iPhone and related products and services were 46% and 47% of the Company’s total net sales for the third quarters of 2012 and 2011, respectively, and were 53% and 45% of the Company’s total net sales during the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 343 | •
Net sales of iPad and related products and services were $9.2 billion and $24.9 billion in the third quarter and first nine months of 2012, respectively, representing increases of 52% and 85% compared to the same periods in 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 344 | iPad unit sales were 17.0 million and 44.3 million during the third quarter and first nine months of 2012, respectively, representing increases of 84% and 108%, compared to the same periods in 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 345 | The year-over-year increase in iPad net sales and unit sales during the third quarter of 2012 was driven by strong iPad demand in all of the Company’s operating segments, the launch of the new iPad in March 2012, and expanded distribution with new resellers. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 346 | The year-over-year growth rate of iPad unit sales was higher than the growth rate of iPad net sales during the third quarter of 2012 due to a reduction of average selling prices as a result of a shift in product mix toward lower-priced iPads, price reductions for iPad 2 and an increase in indirect sales due to expanded... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 347 | Net sales of iPad and related products and services were 26% and 21% of the Company’s total net sales for the third quarters of 2012 and 2011, respectively, and were 21% and 17% of the Company’s total net sales during the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 348 | •
Mac net sales were $4.9 billion and $16.6 billion in the third quarter and first nine months of 2012, respectively, representing a decrease of 3% and an increase of 7% in the third quarter and first nine months of 2012, respectively, compared to the same periods in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 349 | Mac unit sales increased 73,000 or 2% and 1.4 million or 12% in the third quarter and first nine months of 2012, respectively, compared to the same periods in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 350 | The 3% year-over-year decline in Mac net sales during the third quarter of 2012 was the result of lower average selling prices only partially offset by the 2% increase in Mac unit sales. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 351 | The year-over-year increase in Mac unit sales during the third quarter of 2012 was lower than the rates of increase experienced in recent quarters due to strong sales in the prior year resulting from the launches of a new MacBook Pro late in the second quarter of 2011 and a new iMac early in the third quarter of 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 352 | In contrast, the Company has not transitioned its Mac desktop products in 2012 and did not introduce new or updated Mac portable products until late in the third quarter of 2012. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 353 | The Company believes the Mac net sales during the third quarter of 2012 were also affected by the general weakness in the market for personal computers. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 354 | Mac net sales were 14% and 18% of the Company’s total net sales for the third quarters of 2012 and 2011, respectively, and were 14% and 19% of the Company’s total net sales during the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 355 | •
Net sales of other music related products and services were $2.1 billion and $6.2 billion in the third quarter and first nine months of 2012, respectively, representing increases of 31% and 35% compared to the same periods in 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 356 | These increases were due primarily to growth of the iTunes Store which generated total net sales of $1.8 billion and $5.5 billion for the third quarter and the first nine months of 2012, respectively, compared to net sales of $1.4 billion and $3.9 billion during the same periods in 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 357 | The strong results of the iTunes Store reflect growth of the iTunes App Store, continued growth in the number of users of the Company’s products, and the expansion of third-party audio, video and book content available for sale or rent via the iTunes Store. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 358 | Net sales of other music related products and services were 6% and 5% of the Company’s total net sales for the thirds quarter of 2012 and 2011, respectively, and were 5% and 6% of the Company’s total net sales during the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 359 | Partially offsetting the positive factors contributing to the overall increase in net sales was a decrease in iPod net sales experienced across all operating segments. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 360 | iPod net sales decreased by $265 million and $1.6 billion during the third quarter and first nine months of 2012, respectively, representing decreases of 20% and 24% compared to the same periods in 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 361 | Similarly, iPod unit sales decreased by 10% and 17% in the third quarter of 2012 and first nine months of 2012, respectively, compared to the same periods in 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 362 | Declines in net sales and unit sales of iPod reflect the general contraction of the overall market for MP3 players. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 363 | Net sales of iPod were 3% and 5% of the Company’s total net sales for the third quarters of 2012 and 2011, respectively, and were 4% and 8% of the Company’s total net sales during the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 364 | Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 365 | The Company’s reportable operating segments consist of the Americas, Europe, Japan, Asia-Pacific and Retail. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 366 | The results of the Americas, Europe, Japan and Asia-Pacific segments do not include the results of the Retail segment. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 367 | The Americas segment includes both North and South America. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 368 | The Europe segment includes European countries, as well as the Middle East and Africa. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 369 | The Asia-Pacific segment includes Australia and Asian countries, other than Japan. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 370 | The Retail segment operates Apple retail stores in 12 countries. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 371 | Each reportable operating segment provides similar hardware and software products and similar services. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 372 | Further information regarding the Company’s operating segments may be found in Note 7, “Segment Information and Geographic Data” in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 373 | Americas
Net sales in the Americas segment increased $2.7 billion or 26% during the third quarter of 2012 compared to the third quarter of 2011, and increased $15.0 billion or 52% during the first nine months of 2012 compared to the same period in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 374 | The growth in net sales during the third quarter and first nine months of 2012 was primarily driven by increased demand for iPhone following the successful launch of iPhone 4S in the first quarter of 2012, strong demand for the new iPad and iPad 2, and higher sales from the iTunes Store. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 375 | Further, the Company experienced higher sales of both iPad and Mac in the U.S. education market. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 376 | The Americas segment accounted for 37% and 36% of the Company’s total net sales in the third quarters of 2012 and 2011, respectively, and 36% of the Company’s total net sales for the first nine months of both 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 377 | Europe
Net sales in the Europe segment increased $1.1 billion or 16% during the third quarter of 2012 compared to the third quarter of 2011, and increased $7.9 billion or 39% during the first nine months of 2012 compared to the same period in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 378 | The growth in net sales during the third quarter and first nine months of 2012 was primarily driven by strong demand for the new iPad and iPad 2 and higher sales from the iTunes Store. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 379 | The year-over-year growth in net sales during the first nine months of 2012 also benefited from increased demand for iPhone. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 380 | Lower year-over-year growth of net sales in the Europe segment during the third quarter of 2012 compared to the Company’s other geographic segments reflects growth in iPhone unit sales that was well below the growth rates experienced by the Company’s other operating segments, partially offset by strong growth in iPad u... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 381 | Net sales in the Europe segment were also negatively impacted by the region’s uncertain economic conditions and the strength in the U.S. dollar relative to several European currencies, including the euro. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 382 | The Europe segment accounted for 23% and 25% of the Company’s total net sales in the third quarters of 2012 and 2011, respectively, and 24% and 26% of total net sales for the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 383 | Japan
Net sales in the Japan segment increased $499 million or 33% during the third quarter of 2012 compared to the third quarter of 2011, and increased $3.9 billion or 90% during the first nine months of 2012 compared to the same period in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 384 | The growth in net sales during the third quarter and first nine months of 2012 was primarily driven by increased demand for iPhone following the successful launch of iPhone 4S in the first quarter of 2012, expanded distribution with a new iPhone carrier, strong demand for the new iPad and iPad 2, and higher sales from ... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 385 | The Japan segment accounted for 6% and 5% of the Company’s total net sales in the third quarters of 2012 and 2011, respectively, and 7% and 5% of total net sales in the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 386 | Asia-Pacific
Net sales in the Asia-Pacific segment increased $1.6 billion or 25% during the third quarter of 2012 compared to the third quarter of 2011, and increased $9.7 billion or 60% during the first nine months of 2012 compared to the same period in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 387 | The growth in net sales during the third quarter and first nine months of 2012 was mainly due to increased demand for iPhone, the successful launch of iPhone 4S in mainland China during the second quarter of 2012, and strong demand for the new iPad and iPad 2, partially offset by lower Mac net sales during the third qu... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 388 | The Company did not begin selling the new iPad or the new Mac portable products in mainland China until early in the fourth quarter of 2012. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 389 | The Asia-Pacific segment accounted for 22% of the Company’s total net sales in the third quarters of both 2012 and 2011, and 21% and 20% of total net sales in the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 390 | Retail
Retail net sales increased $579 million or 17% during the third quarter of 2012 compared to the third quarter of 2011, and increased $4.1 billion or 38% during the first nine months of 2012 compared to the same period in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 391 | The growth in net sales during the third quarter and first nine months of 2012 was driven primarily by increased demand for iPhone following the successful launch of iPhone 4S in the first quarter of 2012, strong demand for the new iPad and iPad 2, and higher Mac net sales. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 392 | The Retail segment accounted for 12% of total net sales in the third quarters of both 2012 and 2011, and 12% and 13% of total net sales for the first nine months of 2012 and 2011, respectively. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 393 | The Company opened nine new retail stores during the third quarter of 2012, ending the quarter with 372 stores open compared to 327 stores at the end of the third quarter of 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 394 | With an average of 367 stores and 325 stores open during the third quarters of 2012 and 2011, respectively, average revenue per store increased 3% to $11.1 million in the third quarter of 2012 compared to the third quarter of 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 395 | Average revenue per store increased 24% to $40.3 million for the first nine months of 2012 compared to the same period in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 396 | The Retail segment reported operating income of $868 million during the third quarter of 2012 compared to operating income of $802 million during the third quarter of 2011, and reported operating income of $3.9 billion during the first nine months of 2012 compared to $2.6 billion during the first nine months of 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 397 | The year-over-year increase in Retail segment operating income was primarily attributable to higher overall net sales. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 398 | Expansion of the Retail segment has required and will continue to require a substantial investment in fixed assets and related infrastructure, operating lease commitments, personnel, and other operating expenses. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 399 | Capital asset purchases associated with the Retail segment since inception totaled $3.3 billion through the third quarter of 2012. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 400 | As of June 30, 2012, the Retail segment had approximately 41,000 full-time equivalent employees and had outstanding lease commitments associated with retail space and related facilities of $3.0 billion. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 401 | The Company would incur substantial costs if it were to close multiple retail stores and such costs could adversely affect the Company’s financial condition and operating results. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 402 | Gross Margin
Gross margin for the three- and nine-month periods ended June 30, 2012 and June 25, 2011 was as follows (dollars in millions):
The gross margin percentage in the third quarter of 2012 was 42.8% compared to 41.7% in the third quarter of 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 403 | The year-over-year increase in gross margin during the third quarter was largely driven by lower commodity and other product costs and leverage of fixed costs on higher net sales, partially offset by a shift in sales mix towards products with lower gross margins, particularly iPad, and a stronger U.S. dollar. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 404 | The gross margin percentage for the first nine months of 2012 was 45.0% compared to 40.6% in the first nine months of 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 405 | The increase in gross margin for the first nine months of 2012 was largely driven by lower commodity and other product costs, leverage of fixed costs on higher net sales and a shift in sales mix during the first half of 2012 towards products with higher gross margins, particularly iPhone. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 406 | The Company expects to experience decreases in its gross margin percentage in future periods, as compared to levels achieved during the first nine months of 2012, largely due to a higher mix of new and innovative products with flat or reduced pricing that have higher cost structures and deliver greater value to custome... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 407 | The foregoing statements regarding the Company’s expected gross margin percentage in future periods are forward-looking and could differ from actual results because of several factors including, but not limited to those set forth below in Part II, Item 1A, “Risk Factors” of this Form 10-Q and those described in this pa... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 408 | In general, gross margins and margins on individual products will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions and potential increases in the cost of components, ... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 409 | In response to competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 410 | Gross margins could also be affected by the Company’s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 411 | Due to the Company’s significant international operations, financial results can be significantly affected in the short-term by fluctuations in exchange rates. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 412 | Operating Expenses
Operating expenses for the three- and nine-month periods ended June 30, 2012 and June 25, 2011 were as follows (dollars in millions):
Research and Development Expense (“R&D”)
R&D expense increased $248 million or 39% to $876 million during the third quarter of 2012 compared to the same period of 2011... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 413 | These increases were due primarily to an increase in headcount and related expenses to support expanded R&D activities. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 414 | Although total R&D expense increased 39% during the third quarter and first nine months of 2012 compared to the same periods in 2011, it remained fairly consistent as a percentage of net sales given the 23% and 51% year-over-year growth in the Company’s net sales during the third quarter and first nine months of 2012, ... | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 415 | The Company continues to believe that focused investments in R&D are critical to its future growth and competitive position in the marketplace and are directly related to timely development of new and enhanced products that are central to the Company’s core business strategy. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 416 | As such, the Company expects to make further investments in R&D, including increases in related headcount, to remain competitive. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 417 | Selling, General and Administrative Expense (“SG&A”)
SG&A expense increased $630 million or 33% to $2.5 billion during third quarter of 2012 compared to the same period of 2011, and increased $1.9 billion or 34% to $7.5 billion during the first nine months of 2012 compared to the same period in 2011. | 0001193125-12-314552/full-submission.txt |
0000320193 | 20120725 | 10-Q | 418 | These increases were due primarily to the continued expansion of the Company’s Retail segment, higher spending on professional services, increases in headcount and related expenses, and increased variable costs associated with the overall growth of the Company’s net sales. | 0001193125-12-314552/full-submission.txt |
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