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0000320193 | 20151028 | 10-K | 452 | The Company also sells its products directly to small and mid-sized businesses and education, enterprise and government customers. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 453 | A substantial majority of the Company’s outstanding trade receivables are not covered by collateral, third-party financing arrangements or credit insurance. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 454 | The Company’s exposure to credit and collectability risk on its trade receivables is higher in certain international markets and its ability to mitigate such risks may be limited. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 455 | The Company also has unsecured vendor non-trade receivables resulting from purchases of components by outsourcing partners and other vendors that manufacture sub-assemblies or assemble final products for the Company. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 456 | In addition, the Company has made prepayments associated with long-term supply agreements to secure supply of inventory components. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 457 | As of September 26, 2015, a significant portion of the Company’s trade receivables was concentrated within cellular network carriers, and its vendor non-trade receivables and prepayments related to long-term supply agreements were concentrated among a few individual vendors located primarily in Asia. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 458 | 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. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 459 | The Company could be subject to changes in its tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 460 | 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. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 461 | Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 462 | The Company’s effective tax rates could be 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, or changes in tax laws or their interpretation, including in the U.S. and Ireland. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 463 | For example, in June 2014, the European Commission opened a formal investigation of Ireland to examine whether decisions by the tax authorities with regard to the corporate income tax to be paid by two of the Company’s Irish subsidiaries comply with European Union rules on state aid. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 464 | If the European Commission were to conclude against Ireland, it could require Ireland to recover from the Company past taxes covering a period of up to 10 years reflective of the disallowed state aid, and such amount could be material. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 465 | The Company is also subject to the examination of its tax returns and other tax matters by the Internal Revenue Service and other tax authorities and governmental bodies. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 466 | The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 467 | There can be no assurance as to the outcome of these examinations. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 468 | 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 financial condition, operating results and cash flows could be adversely affected. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 469 | Apple Inc. | 2015 Form 10-K | 17
Item 1B. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 470 | Unresolved Staff Comments
None. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 471 | Item 2. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 472 | Properties
The Company’s headquarters are located in Cupertino, California. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 473 | As of September 26, 2015, the Company owned or leased 25.6 million square feet of building space, primarily in the U.S. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 474 | The Company also owned or leased building space in various locations, including throughout Europe, China, Singapore and Japan. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 475 | Of the total owned or leased building space 18.5 million square feet was leased building space, which includes approximately 5.3 million square feet related to retail store space. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 476 | Additionally, the Company owns a total of 1,757 acres of land in various locations. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 477 | As of September 26, 2015, the Company owned a manufacturing facility in Cork, Ireland that also housed a customer support call center; facilities in Elk Grove, California that included warehousing and distribution operations and a customer support call center; and a facility in Mesa, Arizona. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 478 | The Company also owned land in Austin, Texas where it is expanding its existing office space and customer support call center. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 479 | In addition, the Company owned facilities and land for R&D and corporate functions in San Jose, California and Cupertino, California, including land that is being developed for the Company’s second corporate campus. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 480 | The Company also owned data centers in Newark, California; Maiden, North Carolina; Prineville, Oregon; and Reno, Nevada. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 481 | Outside the U.S., the Company owned additional facilities for various purposes. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 482 | The Company believes its existing facilities and equipment, which are used by all operating segments, are in good operating condition and are suitable for the conduct of its business. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 483 | The Company has invested in internal capacity and strategic relationships with outside manufacturing vendors and continues to make investments in capital equipment as needed to meet anticipated demand for its products. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 484 | Item 3. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 485 | Legal Proceedings
The Company is subject to the legal proceedings and claims discussed below as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 486 | 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 asserted legal and other claims. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 487 | However, the outcome of legal proceedings and claims brought against the Company is subject to significant uncertainty. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 488 | 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... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 489 | See the risk factor “The Company could be impacted by unfavorable results of legal proceedings, such as being found to have infringed on intellectual property rights” in Part I, Item 1A of this Form 10-K under the heading “Risk Factors.” The Company settled certain matters during the fourth quarter of 2015 that did not... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 490 | Apple eBooks Antitrust Litigation (United States of America v. Apple Inc., et al.) | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 491 | On April 11, 2012, the U.S. Department of Justice filed a civil antitrust action against the Company and five major book publishers in the U.S. District Court for the Southern District of New York, alleging an unreasonable restraint of interstate trade and commerce in violation of §1 of the Sherman Act and seeking, amo... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 492 | On July 10, 2013, the District Court found, following a bench trial, that the Company conspired to restrain trade in violation of §1 of the Sherman Act and relevant state statutes to the extent those laws are congruent with §1 of the Sherman Act. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 493 | The District Court entered a permanent injunction, which took effect on October 6, 2013 and will be in effect for five years unless the judgment is overturned on appeal. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 494 | The Company has taken the necessary steps to comply with the terms of the District Court’s order, including renegotiating agreements with the five major eBook publishers, updating its antitrust training program and completing a two-year monitorship with a court-appointed antitrust compliance monitor, whose appointment ... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 495 | The Company appealed the District Court’s decision. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 496 | Pursuant to a settlement agreement reached in June 2014, any damages the Company may be obligated to pay will be determined by the outcome of the final adjudication following exhaustion of all appeals. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 497 | Item 4. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 498 | Mine Safety Disclosures
Not applicable. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 499 | Apple Inc. | 2015 Form 10-K | 18
PART II
Item 5. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 500 | 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 (“NASDAQ”) under the symbol AAPL. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 501 | Price Range of Common Stock
The price range per share of common stock presented below represents the highest and lowest intraday sales prices for the Company’s common stock on the NASDAQ during each quarter of the two most recent years. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 502 | Holders
As of October 9, 2015, there were 25,924 shareholders of record. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 503 | Dividends
The Company paid a total of $11.4 billion and $11.0 billion in dividends during 2015 and 2014, respectively, and expects to pay quarterly dividends of $0.52 per common share each quarter, subject to declaration by the Board of Directors. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 504 | The Company also plans to increase its dividend on an annual basis, subject to declaration by the Board of Directors. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 505 | Apple Inc. | 2015 Form 10-K | 19
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September 26, 2015 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):
(1) In 2012, the Company’s Bo... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 506 | The Company’s Board of Directors increased the authorization to repurchase the Company’s common stock to $60 billion in April 2013, to $90 billion in April 2014 and to $140 billion in April 2015. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 507 | As of September 26, 2015, $104 billion of the $140 billion had been utilized. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 508 | The remaining $36 billion in the table represents the amount available to repurchase shares under the authorized repurchase program as of September 26, 2015. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 509 | The Company’s share repurchase program does not obligate it to acquire any specific number of shares. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 510 | 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. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 511 | (2) In May 2015, the Company entered into an accelerated share repurchase arrangement (“ASR”) to purchase up to $6.0 billion of the Company’s common stock. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 512 | In July 2015, the purchase period for this ASR ended and an additional 10.0 million shares were delivered and retired. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 513 | In total, 48.3 million net shares were delivered under this ASR at an average repurchase price of $124.24. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 514 | Apple Inc. | 2015 Form 10-K | 20
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... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 515 | 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 24, 2010. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 516 | Note that historic stock price performance is not necessarily indicative of future stock price performance. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 517 | * $100 invested on 9/25/10 in stock or index, including reinvestment of dividends. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 518 | Data points are the last day of each fiscal year for the Company’s common stock and September 30th for indexes. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 519 | Copyright© 2015 S&P, a division of McGraw Hill Financial. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 520 | All rights reserved. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 521 | Copyright© 2015 Dow Jones & Co. All rights reserved. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 522 | Apple Inc. | 2015 Form 10-K | 21
Item 6. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 523 | Selected Financial Data
The information set forth below for the five years ended September 26, 2015, is not necessarily indicative of results of future operations, and should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the cons... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 524 | (1) Other long-term obligations exclude non-current deferred revenue. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 525 | (2) Includes current and long-term portion of term debt. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 526 | Apple Inc. | 2015 Form 10-K | 22
Item 7. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 527 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Annual Report on Form 10-K (“Form 10-K”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 528 | Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 529 | Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 530 | Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 531 | Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of this Form 10-K under the heading “Risk Factors,” which are incorporated herein by reference. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 532 | The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this Form 10-K. All information presented herein is based on the Company’s fiscal calendar. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 533 | Unless otherwise stated, references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 534 | Each of the terms the “Company” and “Apple” as used herein refers collectively to Apple Inc. and its wholly-owned subsidiaries, unless otherwise stated. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 535 | The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 536 | Overview and Highlights
The Company designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players, and sells a variety of related software, services, accessories, networking solutions and third-party digital content and applications. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 537 | The Company sells its products worldwide through its retail stores, online stores and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers and value-added resellers. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 538 | In addition, the Company sells a variety of third-party Apple compatible products, including application software and various accessories through its online and retail stores. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 539 | The Company sells to consumers, small and mid-sized businesses and education, enterprise and government customers. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 540 | Fiscal 2015 Highlights
Net sales rose 28% or $50.9 billion during 2015 compared to 2014, driven by a 52% year-over-year increase in iPhone® net sales. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 541 | iPhone net sales and unit sales in 2015 increased in all of the Company’s reportable operating segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 542 | The Company also experienced year-over-year net sales increases in Mac®, Services and Other Products. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 543 | Apple Watch®, which launched during the third quarter of 2015, accounted for more than 100% of the year-over-year growth in net sales of Other Products. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 544 | Net sales growth during 2015 was partially offset by the effect of weakness in most foreign currencies relative to the U.S. dollar and lower iPad® net sales. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 545 | Total net sales increased in each of the Company’s reportable operating segments, with particularly strong growth in Greater China where year-over-year net sales increased 84%. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 546 | In April 2015, the Company announced a significant increase to its capital return program by raising the expected total size of the program to $200 billion through March 2017. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 547 | This included increasing its share repurchase authorization to $140 billion and raising its quarterly dividend to $0.52 per share beginning in May 2015. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 548 | During 2015, the Company spent $36.0 billion to repurchase shares of its common stock and paid dividends and dividend equivalents of $11.6 billion. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 549 | Additionally, the Company issued $14.5 billion of U.S. dollar-denominated, 4.8 billion of euro-denominated, SFr1.3 billion of Swiss franc-denominated, £1.3 billion of British pound-denominated, A$2.3 billion of Australian dollar-denominated and ¥250.0 billion of Japanese yen-denominated term debt during 2015. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 550 | Fiscal 2014 Highlights
Net sales rose 7% or $11.9 billion during 2014 compared to 2013. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 551 | This was driven by increases in net sales of iPhone, Mac and Services. | 0001193125-15-356351/full-submission.txt |
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