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0000320193 | 20221028 | 10-K | 600 | The Company’s fiscal years 2022, 2021 and 2020 spanned 52 weeks each. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 601 | Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 602 | Revenue Recognition
Net sales consist of revenue from the sale of iPhone, Mac, iPad, Services and other products. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 603 | The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 604 | Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 605 | For most of the Company’s Products net sales, control transfers when products are shipped. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 606 | For the Company’s Services net sales, control transfers over time as services are delivered. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 607 | Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 608 | The Company records reductions to Products net sales related to future product returns, price protection and other customer incentive programs based on the Company’s expectations and historical experience. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 609 | For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 610 | When available, the Company uses observable prices to determine SSPs. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 611 | When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 612 | The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 613 | The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, iPad and certain other products. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 614 | The first performance obligation, which represents the substantial portion of the allocated sales price, is the hardware and bundled software delivered at the time of sale. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 615 | The second performance obligation is the right to receive certain product-related bundled services, which include iCloud®, Siri® and Maps. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 616 | The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 617 | The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 618 | Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company’s estimated SSPs. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 619 | Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 620 | Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 621 | Cost of sales related to delivered hardware and bundled software, including estimated warranty costs, are recognized at the time of sale. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 622 | Costs incurred to provide product-related bundled services and unspecified software upgrade rights are recognized as cost of sales as incurred. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 623 | For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 624 | For these arrangements, the Company does not have a right to bill for the undelivered services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 625 | The Company has determined that any unbilled consideration relates entirely to the value of the undelivered services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 626 | Accordingly, the Company has not recognized revenue, and does not disclose amounts, related to these undelivered services. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 627 | Apple Inc. | 2022 Form 10-K | 34
For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 628 | The Company considers multiple factors when determining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 629 | For third-party applications sold through the App Store and certain digital content sold through the Company’s other digital content stores, the Company does not obtain control of the product before transferring it to the customer. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 630 | Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 631 | The Company records revenue net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 632 | Share-Based Compensation
The Company generally measures share-based compensation based on the closing price of the Company’s common stock on the date of grant, and recognizes expense on a straight-line basis for its estimate of equity awards that will ultimately vest. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 633 | Further information regarding share-based compensation can be found in Note 9, “Benefit Plans.”
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for 2022, 2021 and 2020 (net income in millions and shares in thousands):
The Company applies the treasury stock method to ... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 634 | Cash Equivalents and Marketable Securities
All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 635 | The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 636 | The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 637 | The Company’s investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 638 | The cost of securities sold is determined using the specific identification method. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 639 | Inventories
Inventories are measured using the first-in, first-out method. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 640 | Apple Inc. | 2022 Form 10-K | 35
Restricted Marketable Securities
The Company considers marketable securities to be restricted when withdrawal or general use is legally restricted. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 641 | The Company reports restricted marketable securities as current or non-current marketable securities in the Consolidated Balance Sheets based on the classification of the underlying securities. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 642 | Property, Plant and Equipment
Depreciation on property, plant and equipment is recognized on a straight-line basis over the estimated useful lives of the assets, which for buildings is the shorter of 40 years or the remaining life of the building; between one and five years for machinery and equipment, including manufa... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 643 | Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful lives of the assets, which range from five to seven years. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 644 | Depreciation and amortization expense on property, plant and equipment was $8.7 billion, $9.5 billion and $9.7 billion during 2022, 2021 and 2020, respectively. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 645 | Derivative Instruments and Hedging
All derivative instruments are recorded in the Consolidated Balance Sheets at fair value. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 646 | The accounting treatment for derivative gains and losses is based on intended use and hedge designation. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 647 | Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred in accumulated other comprehensive income/(loss) (“AOCI”) and subsequently reclassified into earnings when the hedged transaction affects earnings, and in the same line item in the Consolida... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 648 | For options designated as cash flow hedges, the Company excludes time value from the assessment of hedge effectiveness and recognizes it on a straight-line basis over the life of the hedge in the Consolidated Statements of Operations line item to which the hedge relates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 649 | Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in other comprehensive income/(loss) (“OCI”). | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 650 | Gains and losses arising from amounts that are included in the assessment of fair value hedge effectiveness are recognized in the Consolidated Statements of Operations line item to which the hedge relates along with offsetting losses and gains related to the change in value of the hedged item. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 651 | For foreign exchange forward contracts designated as fair value hedges, the Company excludes the forward carry component from the assessment of hedge effectiveness and recognizes it in other income/(expense), net (“OI&E”) on a straight-line basis over the life of the hedge. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 652 | Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in OCI. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 653 | Gains and losses arising from changes in the fair values of derivative instruments that are not designated as accounting hedges are recognized in the Consolidated Statements of Operations line items to which the derivative instruments relate. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 654 | The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 655 | The Company classifies cash flows related to derivative instruments as operating activities in the Consolidated Statements of Cash Flows. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 656 | Fair Value Measurements
The fair values of the Company’s money market funds and certain marketable equity securities are based on quoted prices in active markets for identical assets. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 657 | The valuation techniques used to measure the fair value of the Company’s debt instruments and all other financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable ma... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 658 | Income Taxes
The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings created by the U.S. Tax Cuts and Jobs Act of 2017 (the “Act”). | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 659 | Leases
The Company combines and accounts for lease and nonlease components as a single lease component for leases of corporate, data center and retail facilities. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 660 | The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 661 | Apple Inc. | 2022 Form 10-K | 36
Segment Reporting
The Company reports segment information based on the “management” approach. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 662 | The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 663 | The Company manages its business primarily on a geographic basis. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 664 | 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 | 665 | Americas includes both North and South America. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 666 | Europe includes European countries, as well as India, the Middle East and Africa. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 667 | Greater China includes China mainland, Hong Kong and Taiwan. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 668 | 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 | 669 | 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 | 670 | The accounting policies of the various segments are the same as those described elsewhere in this Note 1, “Summary of Significant Accounting Policies.”
The Company evaluates the performance of its reportable segments based on net sales and operating income. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 671 | Net sales for geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in those geographic locations. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 672 | Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 673 | Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 674 | Operating income for each segment excludes other income and expense and certain expenses managed outside the reportable segments. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 675 | Costs excluded from segment operating income include various corporate expenses such as research and development (“R&D”), corporate marketing expenses, certain share-based compensation expenses, income taxes, various nonrecurring charges and other separately managed general and administrative costs. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 676 | The Company does not include intercompany transfers between segments for management reporting purposes. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 677 | Note 2 - Revenue
Net sales disaggregated by significant products and services for 2022, 2021 and 2020 were as follows (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 respective product. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 678 | (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 | 679 | (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 | 680 | 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 | 681 | (4)Includes $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021, $6.7 billion of revenue recognized in 2021 that was included in deferred revenue as of September 26, 2020, and $5.0 billion of revenue recognized in 2020 that was included in deferred revenue as of Sep... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 682 | The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 11, “Segment Information and Geographic Data” for 2022, 2021 and 2020, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales in 2022 and 2021... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 683 | As of September 24, 2022 and September 25, 2021, the Company had total deferred revenue of $12.4 billion and $11.9 billion, respectively. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 684 | As of September 24, 2022, the Company expects 64% of total deferred revenue to be realized in less than a year, 27% within one-to-two years, 7% within two-to-three years and 2% in greater than three years. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 685 | Apple Inc. | 2022 Form 10-K | 37
Note 3 - Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of September 24, 2022 and September 25, 2021 (in millions):
(1)Level 1 fair valu... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 686 | (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 subst... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 687 | (3)As of September 24, 2022 and September 25, 2021, total marketable securities included $12.7 billion and $17.9 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 688 | Apple Inc. | 2022 Form 10-K | 38
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of September 24, 2022 (in millions):
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to f... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 689 | However, the Company may choose not to hedge certain 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 | 690 | There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 691 | Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts or other instruments, and may designate these instruments as cash flow hedges. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 692 | 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 | 693 | To 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. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 694 | The Company designates these instruments as either cash flow or fair value hedges. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 695 | As of September 24, 2022, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt-related foreign currency transactions is 20 years. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 696 | The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and... | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 697 | Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 698 | The Company designates these instruments as either cash flow or fair value hedges. | 0000320193-22-000108/full-submission.txt |
0000320193 | 20221028 | 10-K | 699 | The notional amounts of the Company’s outstanding derivative instruments as of September 24, 2022 and September 25, 2021 were as follows (in millions):
Apple Inc. | 2022 Form 10-K | 39
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
(1)Der... | 0000320193-22-000108/full-submission.txt |
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