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0000320193 | 20221028 | 10-K | 500 | Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable segments. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 501 | Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company’s customers and distribution partners and the unique market dynamics of each geographic region. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 502 | Further information regarding the Company’s reportable segments can be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, “Segment Information and Geographic Data.”
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in million... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 503 | Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 504 | The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales during 2022. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 505 | Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 506 | The strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 507 | Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 508 | Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and Services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 509 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2022. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 510 | Apple Inc. | 2022 Form 10-K | 22
Gross Margin
Products and Services gross margin and gross margin percentage for 2022, 2021 and 2020 were as follows (dollars in millions):
Products Gross Margin
Products gross margin increased during 2022 compared to 2021 due primarily to a different Products mix and higher Products vol... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 511 | Products gross margin percentage increased during 2022 compared to 2021 due primarily to a different Products mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 512 | Services Gross Margin
Services gross margin increased during 2022 compared to 2021 due primarily to higher Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 513 | Services gross margin percentage increased during 2022 compared to 2021 due primarily to improved leverage and a different Services mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 514 | The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of this Form 10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 515 | Operating Expenses
Operating expenses for 2022, 2021 and 2020 were as follows (dollars in millions):
Research and Development
The year-over-year growth in R&D expense in 2022 was driven primarily by increases in headcount-related expenses and engineering program costs. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 516 | Selling, General and Administrative
The year-over-year growth in selling, general and administrative expense in 2022 was driven primarily by increases in headcount-related expenses, advertising and professional services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 517 | Apple Inc. | 2022 Form 10-K | 23
Other Income/(Expense), Net
Other income/(expense), net (“OI&E”) for 2022, 2021 and 2020 was as follows (dollars in millions):
The decrease in OI&E during 2022 compared to 2021 was due primarily to higher realized losses on debt securities, unfavorable fair value adjustments on equity s... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 518 | Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for 2022, 2021 and 2020 were as follows (dollars in millions):
The Company’s effective tax rate for 2022 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on for... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 519 | The Company’s effective tax rate for 2021 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on foreign earnings, tax benefits from share-based compensation and foreign-derived intangible income deductions. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 520 | The Company’s effective tax rate for 2022 was higher compared to 2021 due primarily to a higher effective tax rate on foreign earnings, including the impact to U.S. foreign tax credits as a result of regulatory guidance issued by the U.S. Department of the Treasury in 2022, and lower tax benefits from foreign-derived i... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 521 | Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, which totaled $156.4 billion as of September 24, 2022, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirem... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 522 | The Company’s material cash requirements include the following contractual obligations. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 523 | Debt
As of September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate principal amount of $111.8 billion (collectively the “Notes”), with $11.1 billion payable within 12 months. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 524 | Future interest payments associated with the Notes total $41.3 billion, with $2.9 billion payable within 12 months. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 525 | The Company also issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 526 | As of September 24, 2022, the Company had $10.0 billion of Commercial Paper outstanding, all of which was payable within 12 months. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 527 | Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 528 | As of September 24, 2022, the Company had fixed lease payment obligations of $15.3 billion, with $2.0 billion payable within 12 months. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 529 | Apple Inc. | 2022 Form 10-K | 24
Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform final assembly and testing of finished products. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 530 | The Company also obtains individual components for its products from a wide variety of individual suppliers. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 531 | Outsourcing partners acquire components and build product based on demand information supplied by the Company, which typically covers periods up to 150 days. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 532 | As of September 24, 2022, the Company had manufacturing purchase obligations of $71.1 billion, with $68.4 billion payable within 12 months. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 533 | The Company’s manufacturing purchase obligations are primarily noncancelable. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 534 | Other Purchase Obligations
The Company’s other purchase obligations primarily consist of noncancelable obligations to acquire capital assets, including assets related to product manufacturing, and noncancelable obligations related to internet services and content creation. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 535 | As of September 24, 2022, the Company had other purchase obligations of $17.8 billion, with $6.8 billion payable within 12 months. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 536 | Deemed Repatriation Tax Payable
As of September 24, 2022, the balance of the deemed repatriation tax payable imposed by the U.S. Tax Cuts and Jobs Act of 2017 (the “Act”) was $22.0 billion, with $5.3 billion expected to be paid within 12 months. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 537 | In addition to its contractual cash requirements, the Company has a capital return program authorized by the Board of Directors. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 538 | The Program does not obligate the Company to acquire a minimum amount of shares. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 539 | As of September 24, 2022, the Company’s quarterly cash dividend was $0.23 per share. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 540 | The Company intends to increase its dividend on an annual basis, subject to declaration by the Board of Directors. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 541 | Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptio... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 542 | Note 1, “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K describes the significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 543 | Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 544 | Uncertain Tax Positions
The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 545 | The evaluation of the Company’s uncertain tax positions involves significant judgment in the interpretation and application of GAAP and complex domestic and international tax laws, including the Act and matters related to the allocation of international taxation rights between countries. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 546 | Although management believes the Company’s reserves are reasonable, no assurance can be given that the final outcome of these uncertainties will not be different from that which is reflected in the Company’s reserves. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 547 | Reserves are adjusted considering changing facts and circumstances, such as the closing of a tax examination. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 548 | Resolution of these uncertainties in a manner inconsistent with management’s expectations could have a material impact on the Company’s financial condition and operating results. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 549 | Legal and Other Contingencies
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, the outcomes of which are inherently uncertain. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 550 | The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable, the determination of which requires significant judgment. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 551 | Resolution of legal matters in a manner inconsistent with management’s expectations could have a material impact on the Company’s financial condition and operating results. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 552 | Apple Inc. | 2022 Form 10-K | 25
Item 7A. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 553 | Quantitative and Qualitative Disclosures About Market Risk
Interest Rate and Foreign Currency Risk Management
The Company regularly reviews its foreign exchange forward and option positions and interest rate swaps, both on a stand-alone basis and in conjunction with its underlying foreign currency and interest rate exp... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 554 | Given the effective horizons of the Company’s risk management activities and the anticipatory nature of the exposures, there can be no assurance these positions will offset more than a portion of the financial impact resulting from movements in either foreign exchange or interest rates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 555 | Further, the recognition of the gains and losses related to these instruments may not coincide with the timing of gains and losses related to the underlying economic exposures and, therefore, may adversely affect the Company’s financial condition and operating results. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 556 | Interest Rate Risk
The Company’s exposure to changes in interest rates relates primarily to the Company’s investment portfolio and outstanding debt. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 557 | While the Company is exposed to global interest rate fluctuations, it is most affected by fluctuations in U.S. interest rates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 558 | Changes in U.S. interest rates affect the interest earned on the Company’s cash, cash equivalents and marketable securities and the fair value of those securities, as well as costs associated with hedging and interest paid on the Company’s debt. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 559 | The Company’s investment policy and strategy are focused on the preservation of capital and supporting the Company’s liquidity requirements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 560 | The Company uses a combination of internal and external management to execute its investment strategy and achieve its investment objectives. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 561 | The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 562 | The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 563 | To provide a meaningful assessment of the interest rate risk associated with the Company’s investment portfolio, the Company performed a sensitivity analysis to determine the impact a change in interest rates would have on the value of the investment portfolio assuming a 100 basis point parallel shift in the yield curv... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 564 | Based on investment positions as of September 24, 2022 and September 25, 2021, a hypothetical 100 basis point increase in interest rates across all maturities would result in a $4.0 billion and $4.1 billion incremental decline in the fair market value of the portfolio, respectively. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 565 | Such losses would only be realized if the Company sold the investments prior to maturity. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 566 | As of September 24, 2022, the Company had outstanding fixed-rate notes and as of September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate carrying amount of $110.1 billion and $118.7 billion, respectively. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 567 | The Company has entered, and in the future may enter, into interest rate swaps to manage interest rate risk on its outstanding term debt. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 568 | Interest rate swaps allow the Company to effectively convert fixed-rate payments into floating-rate payments or floating-rate payments into fixed-rate payments. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 569 | Gains and losses on term debt are generally offset by the corresponding losses and gains on the related hedging instrument. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 570 | A 100 basis point increase in market interest rates would cause interest expense on the Company’s debt as of September 24, 2022 and September 25, 2021 to increase by $201 million and $186 million on an annualized basis, respectively. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 571 | Foreign Currency Risk
In general, the Company is a net receiver of currencies other than the U.S. dollar. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 572 | Accordingly, changes in exchange rates, and in particular a strengthening of the U.S. dollar, will negatively affect the Company’s net sales and gross margins as expressed in U.S. dollars. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 573 | There is a risk that the Company will have to adjust local currency pricing due to competitive pressures when there has been significant volatility in foreign currency exchange rates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 574 | The Company may enter into foreign currency forward and option contracts with financial institutions to protect against foreign exchange risks associated with certain existing assets and liabilities, certain firmly committed transactions, forecasted future cash flows and net investments in foreign subsidiaries. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 575 | In addition, the Company has entered, and in the future may enter, into foreign currency contracts to partially offset the foreign currency exchange gains and losses on its foreign currency-denominated debt issuances. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 576 | The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 577 | However, the Company may choose not to hedge certain foreign exchange exposures for a variety of reasons, including accounting considerations or the prohibitive economic cost of hedging particular exposures. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 578 | Apple Inc. | 2022 Form 10-K | 26
To provide an assessment of the foreign currency risk associated with certain of the Company’s foreign currency derivative positions, the Company performed a sensitivity analysis using a value-at-risk (“VAR”) model to assess the potential impact of fluctuations in exchange rates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 579 | The VAR model consisted of using a Monte Carlo simulation to generate thousands of random market price paths assuming normal market conditions. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 580 | The VAR is the maximum expected loss in fair value, for a given confidence interval, to the Company’s foreign currency derivative positions due to adverse movements in rates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 581 | The VAR model is not intended to represent actual losses but is used as a risk estimation and management tool. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 582 | Forecasted transactions, firm commitments and assets and liabilities denominated in foreign currencies were excluded from the model. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 583 | Based on the results of the model, the Company estimates with 95% confidence, a maximum one-day loss in fair value of $1.0 billion as of September 24, 2022, compared to a maximum one-day loss in fair value of $550 million as of September 25, 2021. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 584 | Because the Company uses foreign currency instruments for hedging purposes, the losses in fair value incurred on those instruments are generally offset by increases in the fair value of the underlying exposures. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 585 | Actual future gains and losses associated with the Company’s investment portfolio, debt and derivative positions may differ materially from the sensitivity analyses performed as of September 24, 2022 due to the inherent limitations associated with predicting the timing and amount of changes in interest rates, foreign c... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 586 | Apple Inc. | 2022 Form 10-K | 27
Item 8. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 587 | Financial Statements and Supplementary Data
All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and ac... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 588 | Apple Inc. | 2022 Form 10-K | 28
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
See accompanying Notes to Consolidated Financial Statements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 589 | Apple Inc. | 2022 Form 10-K | 29
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
See accompanying Notes to Consolidated Financial Statements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 590 | Apple Inc. | 2022 Form 10-K | 30
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
See accompanying Notes to Consolidated Financial Statements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 591 | Apple Inc. | 2022 Form 10-K | 31
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per share amounts)
See accompanying Notes to Consolidated Financial Statements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 592 | Apple Inc. | 2022 Form 10-K | 32
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
See accompanying Notes to Consolidated Financial Statements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 593 | Apple Inc. | 2022 Form 10-K | 33
Apple Inc.
Notes to Consolidated Financial Statements
Note 1 - Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Compan... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 594 | Intercompany accounts and transactions have been eliminated. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 595 | The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 596 | Actual results could differ materially from those estimates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 597 | Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 598 | The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 599 | An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which will occur in the first quarter of the Company’s fiscal year ending September 30, 2023. | 0000320193-22-000108/full-submission.txt |
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