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0000320193 | 20221028 | 10-K | 400 | Additionally, strengthening of foreign currencies may increase the Company’s cost of product components denominated in those currencies, thus adversely affecting gross margins. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 401 | The Company uses derivative instruments, such as foreign currency forward and option contracts, to hedge certain exposures to fluctuations in foreign currency exchange rates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 402 | The use of such hedging activities may not be effective to offset any, or more than a portion, of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 403 | The Company is exposed to credit risk and fluctuations in the values of its investment portfolio. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 404 | The Company’s investments can be negatively affected by changes in liquidity, credit deterioration, financial results, market and economic conditions, political risk, sovereign risk, interest rate fluctuations or other factors. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 405 | As a result, the value and liquidity of the Company’s cash, cash equivalents, and marketable and non-marketable securities may fluctuate substantially. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 406 | Therefore, although the Company has not realized any significant losses on its cash, cash equivalents, and marketable and non-marketable securities, future fluctuations in their value could result in significant losses and could have a material adverse impact on the Company’s results of operations and financial conditi... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 407 | The Company is exposed to credit risk on its trade accounts receivable, vendor non-trade receivables and prepayments related to long-term supply agreements, and this risk is heightened during periods when economic conditions worsen. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 408 | The Company distributes its products and certain of its services through third-party cellular network carriers, wholesalers, retailers and resellers. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 409 | The Company also sells its products and services directly to small and mid-sized businesses and education, enterprise and government customers. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 410 | A substantial majority of the Company’s outstanding trade receivables are not covered by collateral, third-party bank support or financing arrangements, or credit insurance, and a significant portion of the Company’s trade receivables can be concentrated within cellular network carriers or other resellers. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 411 | The Company’s exposure to credit and collectibility risk on its trade receivables is higher in certain international markets and its ability to mitigate such risks may be limited. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 412 | The Company also has unsecured vendor non-trade receivables resulting from purchases of components by outsourcing partners and other vendors that manufacture subassemblies or assemble final products for the Company. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 413 | In addition, the Company has made prepayments associated with long-term supply agreements to secure supply of inventory components. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 414 | As of September 24, 2022, the Company’s vendor non-trade receivables and prepayments related to long-term supply agreements were concentrated among a few individual vendors located primarily in Asia. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 415 | While the Company has procedures to monitor and limit exposure to credit risk on its trade and vendor 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. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 416 | The Company is subject to changes in tax rates, the adoption of new U.S. or international tax legislation and exposure to additional tax liabilities. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 417 | The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland, where a number of the Company’s subsidiaries are organized. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 418 | Due to economic and political conditions, tax laws and tax rates for income taxes and other non-income taxes in various jurisdictions may be subject to significant change. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 419 | The Company’s effective tax rates are 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, the introduction of new taxes, or changes in tax laws or their interpretation, including in the U.S. and Ireland. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 420 | The application of tax laws may be uncertain, require significant judgment and be subject to differing interpretations. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 421 | Apple Inc. | 2022 Form 10-K | 16
The Company is also subject to the examination of its tax returns and other tax matters by the U.S. Internal Revenue Service and other tax authorities and governmental bodies. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 422 | The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 423 | There can be no assurance as to the outcome of these examinations. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 424 | If the Company’s effective tax rates were to increase, particularly in the U.S. or Ireland, or if the ultimate determination of the Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s business, results of operations and financial condition could be materially adversely affected. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 425 | General Risks
The price of the Company’s stock is subject to volatility. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 426 | The Company’s stock has experienced substantial price volatility in the past and may continue to do so in the future. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 427 | Additionally, the Company, the technology industry and the stock market as a whole have, from time to time, experienced extreme stock price and volume fluctuations that have affected stock prices in ways that may have been unrelated to these companies’ operating performance. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 428 | Price volatility may cause the average price at which the Company repurchases its stock in a given period to exceed the stock’s price at a given point in time. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 429 | The Company believes the price of its stock should reflect expectations of future growth and profitability. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 430 | The Company also believes the price of its stock should reflect expectations that its cash dividend will continue at current levels or grow, and that its current share repurchase program will be fully consummated. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 431 | Future dividends are subject to declaration by the Company’s Board of Directors, and the Company’s share repurchase program does not obligate it to acquire any specific number of shares. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 432 | If the Company fails to meet expectations related to future growth, profitability, dividends, share repurchases or other market expectations, the price of the Company’s stock may decline significantly, which could have a material adverse impact on investor confidence and employee retention. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 433 | Item 1B. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 434 | Unresolved Staff Comments
None. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 435 | Item 2. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 436 | Properties
The Company’s headquarters are located in Cupertino, California. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 437 | As of September 24, 2022, the Company owned or leased facilities and land for corporate functions, R&D, data centers, retail and other purposes at locations throughout the U.S. and in various places outside the U.S. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 438 | The Company believes its existing facilities and equipment, which are used by all reportable segments, are in good operating condition and are suitable for the conduct of its business. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 439 | Item 3. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 440 | 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’... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 441 | The Company filed a counterclaim for breach of contract. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 442 | 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. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 443 | 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. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 444 | Epic appealed the decision. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 445 | The Company filed a cross-appeal and has been granted a stay pending the appeal. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 446 | Other Legal Proceedings
The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 447 | The Company settled certain matters during the fourth quarter of 2022 that did not individually or in the aggregate have a material impact on the Company’s financial condition or operating results. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 448 | The outcome of litigation is inherently uncertain. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 449 | If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially adversely affected. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 450 | Item 4. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 451 | Mine Safety Disclosures
Not applicable. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 452 | Apple Inc. | 2022 Form 10-K | 17
PART II
Item 5. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 453 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company’s common stock is traded on The Nasdaq Stock Market LLC under the symbol AAPL. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 454 | Holders
As of October 14, 2022, there were 23,838 shareholders of record. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 455 | Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September 24, 2022 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):
(1)As of September 24, 2022, the Company was authorized by the... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 456 | The Program does not obligate the Company to acquire a minimum amount of shares. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 457 | Under the Program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 458 | Apple Inc. | 2022 Form 10-K | 18
Company Stock Performance
The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for the Company, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U.S. Technology Supersector Index for the five y... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 459 | The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U.S. Technology Supersector Index as of the market close on September 29, 2017. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 460 | Past stock price performance is not necessarily indicative of future stock price performance. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 461 | *$100 invested on September 29, 2017 in stock or index, including reinvestment of dividends. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 462 | Data points are the last day of each fiscal year for the Company’s common stock and September 30th for indexes. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 463 | Copyright© 2022 Standard & Poor’s, a division of S&P Global. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 464 | All rights reserved. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 465 | Copyright© 2022 S&P Dow Jones Indices LLC, a division of S&P Global. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 466 | All rights reserved. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 467 | Item 6. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 468 | [Reserved]
Apple Inc. | 2022 Form 10-K | 19
Item 7. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 469 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 470 | This section of this Form 10-K generally discusses 2022 and 2021 items and year-to-year comparisons between 2022 and 2021. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 471 | Discussions of 2020 items and year-to-year comparisons between 2021 and 2020 are not included in this Form 10-K, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended September ... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 472 | Fiscal Year Highlights
Fiscal 2022 Highlights
Total net sales increased 8% or $28.5 billion during 2022 compared to 2021, driven primarily by higher net sales of iPhone, Services and Mac. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 473 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on all Products and Services net sales during 2022. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 474 | The Company announces new product, service and software offerings at various times during the year. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 475 | Significant announcements during fiscal 2022 included the following:
First Quarter 2022:
•Updated MacBook Pro 14” and MacBook Pro 16”, powered by the Apple M1 Pro or M1 Max chip; and
•Third generation of AirPods. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 476 | Second Quarter 2022:
•Updated iPhone SE with 5G technology;
•All-new Mac Studio, powered by the Apple M1 Max or M1 Ultra chip;
•All-new Studio Display™; and
•Updated iPad Air with 5G technology, powered by the Apple M1 chip. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 477 | Third Quarter 2022:
•Updated MacBook Air and MacBook Pro 13”, both powered by the Apple M2 chip;
•iOS 16, macOS Ventura, iPadOS 16 and watchOS 9, updates to the Company’s operating systems; and
•Apple Pay Later, a buy now, pay later service. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 478 | Fourth Quarter 2022:
•iPhone 14, iPhone 14 Plus, iPhone 14 Pro and iPhone 14 Pro Max;
•Second generation of AirPods Pro; and
•Apple Watch Series 8, updated Apple Watch SE and all-new Apple Watch Ultra. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 479 | In April 2022, the Company announced an increase to its Program authorization from $315 billion to $405 billion and raised its quarterly dividend from $0.22 to $0.23 per share beginning in May 2022. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 480 | During 2022, the Company repurchased $90.2 billion of its common stock and paid dividends and dividend equivalents of $14.8 billion. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 481 | COVID-19
The COVID-19 pandemic has had, and continues to have, a significant impact around the world, prompting governments and businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of businesses, and quarantine and shelter-in-place orders. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 482 | The COVID-19 pandemic has at times significantly curtailed global economic activity and caused significant volatility and disruption in global financial markets. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 483 | The COVID-19 pandemic and the measures taken by many countries in response have affected and could in the future materially impact the Company’s business, results of operations and financial condition. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 484 | Certain of the Company’s outsourcing partners, component suppliers and logistical service providers have experienced disruptions during the COVID-19 pandemic, resulting in supply shortages. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 485 | Similar disruptions could occur in the future. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 486 | Apple Inc. | 2022 Form 10-K | 20
Products and Services Performance
The following table shows net sales by category for 2022, 2021 and 2020 (dollars in millions):
(1)Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in the sales price of the respectiv... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 487 | (2)Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod mini and accessories. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 488 | (3)Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 489 | Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 490 | iPhone
iPhone net sales increased during 2022 compared to 2021 due primarily to higher net sales from the Company’s new iPhone models released since the beginning of the fourth quarter of 2021. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 491 | Mac
Mac net sales increased during 2022 compared to 2021 due primarily to higher net sales of laptops. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 492 | iPad
iPad net sales decreased during 2022 compared to 2021 due primarily to lower net sales of iPad Pro. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 493 | Wearables, Home and Accessories
Wearables, Home and Accessories net sales increased during 2022 compared to 2021 due primarily to higher net sales of Apple Watch and AirPods. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 494 | Services
Services net sales increased during 2022 compared to 2021 due primarily to higher net sales from advertising, cloud services and the App Store. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 495 | Apple Inc. | 2022 Form 10-K | 21
Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 496 | The Company’s reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 497 | Americas includes both North and South America. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 498 | Europe includes European countries, as well as India, the Middle East and Africa. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 499 | Greater China includes China mainland, Hong Kong and Taiwan. | 0000320193-22-000108/full-submission.txt |
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