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0000320193 | 20151028 | 10-K | 552 | Net sales and unit sales increased for iPhone primarily due to the successful introduction of iPhone 5s and 5c in the latter half of calendar year 2013, the successful launch of iPhone 6 and 6 Plus beginning in the fourth quarter of 2014, and expanded distribution. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 553 | Mac net sales and unit sales increased primarily due to strong demand for MacBook Air® and MacBook Pro® which were updated in 2014 with faster processors and offered at lower prices. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 554 | Net sales of Services grew primarily due to increased revenue from sales through the App Store®, AppleCare® and licensing. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 555 | Growth in these areas was partially offset by the year-over-year decline in net sales for iPad due to lower unit sales in many markets, and a decline in net sales of Other Products. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 556 | All of the Company’s operating segments other than the Rest of Asia Pacific segment experienced increased net sales in 2014, with growth being strongest in the Greater China and Japan operating segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 557 | During 2014, the Company completed various business acquisitions, including the acquisitions of Beats Music, LLC, which offers a subscription streaming music service, and Beats Electronics, LLC, which makes Beats® headphones, speakers and audio software. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 558 | Apple Inc. | 2015 Form 10-K | 23
In April 2014, the Company increased its share repurchase authorization to $90 billion and the quarterly dividend was raised to $0.47 per common share, resulting in an overall increase in its capital return program from $100 billion to over $130 billion. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 559 | During 2014, the Company utilized $45 billion to repurchase its common stock and paid dividends and dividend equivalents of $11.1 billion. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 560 | The Company also issued $12.0 billion of long-term debt during 2014, with varying maturities through 2044, and launched a commercial paper program, with $6.3 billion outstanding as of September 27, 2014. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 561 | Sales Data
The following table shows net sales by operating segment and net sales and unit sales by product during 2015, 2014 and 2013 (dollars in millions and units in thousands):
(1) Includes deferrals and amortization of related software upgrade rights and non-software services. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 562 | (2) Includes revenue from the iTunes Store®, App Store, Mac App Store, iBooks Store™ and Apple Music™ (collectively “Internet Services”), AppleCare, Apple Pay®, licensing and other services. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 563 | (3) Includes sales of Apple TV®, Apple Watch, Beats products, iPod and Apple-branded and third-party accessories. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 564 | Apple Inc. | 2015 Form 10-K | 24
Product Performance
iPhone
The following table presents iPhone net sales and unit sales information for 2015, 2014 and 2013 (dollars in millions and units in thousands):
The year-over-year growth in iPhone net sales and unit sales during 2015 primarily resulted from strong demand for iP... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 565 | Overall average selling prices (“ASPs”) for iPhone increased by 11% during 2015 compared to 2014, due primarily to the introduction of iPhone 6 and 6 Plus in September 2014, partially offset by the effect of weakness in most foreign currencies relative to the U.S. dollar. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 566 | The year-over-year growth in iPhone net sales and unit sales in 2014 resulted primarily from the successful introduction of new iPhones in the latter half of calendar year 2013, the successful launch of iPhone 6 and 6 Plus beginning in September 2014, and expanded distribution. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 567 | iPhone unit sales grew in all of the Company’s operating segments, while iPhone net sales grew in all segments except Rest of Asia Pacific. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 568 | Overall ASPs for iPhone were relatively flat in 2014 compared to 2013, with growth in ASPs in the Americas segment being offset by a decline in ASPs in the Greater China, Japan and Rest of Asia Pacific segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 569 | iPad
The following table presents iPad net sales and unit sales information for 2015, 2014 and 2013 (dollars in millions and units in thousands):
Net sales and unit sales for iPad declined during 2015 compared to 2014. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 570 | The Company believes the decline in iPad sales is due in part to a longer repurchase cycle for iPads and some level of cannibalization from the Company’s other products. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 571 | iPad ASPs declined by 5% during 2015 compared to 2014, primarily as a result of the effect of weakness in most foreign currencies relative to the U.S. dollar and a shift in mix to lower-priced iPads. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 572 | Net sales and unit sales for iPad declined in 2014 compared to 2013. iPad net sales and unit sales grew in the Greater China and Japan segments but this growth was more than offset by a decline in all other segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 573 | Overall iPad ASPs were relatively flat in 2014 compared to 2013 with a shift in mix to higher-priced iPads being offset by the October 2013 price reduction of iPad mini™. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 574 | ASPs increased in the Japan and Rest of Asia Pacific segments but were slightly down in other segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 575 | Mac
The following table presents Mac net sales and unit sales information for 2015, 2014 and 2013 (dollars in millions and units in thousands):
The year-over-year growth in Mac net sales and unit sales during 2015 was driven by strong demand for Mac portables. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 576 | Mac ASPs declined 3% during 2015 compared to 2014 largely due to the effect of weakness in most foreign currencies relative to the U.S. dollar. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 577 | The year-over-year growth in Mac net sales and unit sales for 2014 was primarily driven by increased sales of MacBook Air, MacBook Pro and Mac Pro. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 578 | Mac net sales and unit sales increased in all of the Company’s operating segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 579 | Mac ASPs decreased during 2014 compared to 2013 primarily due to price reductions on certain Mac models and a shift in mix towards Mac portable systems. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 580 | Apple Inc. | 2015 Form 10-K | 25
Services
The following table presents net sales information of Services for 2015, 2014 and 2013 (dollars in millions):
The increase in net sales of Services during 2015 compared to 2014 was primarily due to growth from Internet Services and licensing. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 581 | The App Store, included within Internet Services, generated strong year-over-year net sales growth of 29%. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 582 | The increase in net sales of Services in 2014 compared to 2013 was primarily due to growth in net sales from Internet Services, AppleCare and licensing. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 583 | Internet Services generated a total of $10.2 billion in net sales during 2014 compared to $9.3 billion during 2013. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 584 | Growth in net sales from Internet Services was driven by increases in revenue from app sales reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS apps and related in-app purchases. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 585 | This was partially offset by a decline in sales of digital music. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 586 | Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 587 | The Company’s reportable operating segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 588 | The Americas segment includes both North and South America. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 589 | The Europe segment includes European countries, as well as India, the Middle East and Africa. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 590 | The Greater China segment includes China, Hong Kong and Taiwan. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 591 | The Rest of Asia Pacific segment includes Australia and those Asian countries not included in the Company’s other reportable operating segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 592 | Although, each reportable operating segment provides similar hardware and software products and similar services, they are 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. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 593 | Further information regarding the Company’s reportable operating 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.”
Americas
The following table presents Americas net sales information for 2015, 2014 and 201... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 594 | The growth in the Americas segment in 2014 was due to increased net sales of iPhone, Mac and Services that was partially offset by a decline in net sales of iPad and Other Products and weakness in foreign currencies relative to the U.S. dollar compared to 2013. iPhone growth resulted primarily from the successful intro... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 595 | Mac growth was driven primarily by increased net sales and unit sales of MacBook Air and Mac Pro. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 596 | Europe
The following table presents Europe net sales information for 2015, 2014 and 2013 (dollars in millions):
The year-over-year increase in Europe net sales during 2015 was driven primarily by growth in net sales and unit sales of iPhone, partially offset by the effect of weakness in foreign currencies relative to t... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 597 | The growth in the Europe segment in 2014 was due to increased net sales of iPhone, Mac and Services, as well as strength in European currencies relative to the U.S. dollar, partially offset by a decline in net sales of iPad. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 598 | iPhone growth resulted primarily from the successful introduction of iPhone 5s and 5c in the second half of calendar 2013 and the successful launch of iPhone 6 and 6 Plus in over 20 countries in Europe in September 2014. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 599 | Mac growth was driven primarily by increased net sales and unit sales of MacBook Air, MacBook Pro and Mac Pro. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 600 | Apple Inc. | 2015 Form 10-K | 26
Greater China
The following table presents Greater China net sales information for 2015, 2014 and 2013 (dollars in millions):
Greater China experienced strong year-over-year increases in net sales during 2015 driven primarily by iPhone sales. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 601 | The Greater China segment experienced year-over-year growth in net sales in 2014 that was significantly higher than the growth rate for the Company overall. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 602 | Greater China growth was driven by higher unit sales and net sales of all major product categories, in addition to higher net sales of Services. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 603 | Growth in net sales and unit sales of iPhone was especially strong, driven by the successful launch of iPhone 5s and 5c in Mainland China and Hong Kong in September 2013, the successful launch of iPhone 6 and 6 Plus in Hong Kong in September 2014, increased demand for the Company’s entry-priced iPhones and the addition... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 604 | Japan
The following table presents Japan net sales information for 2015, 2014 and 2013 (dollars in millions):
The year-over-year increase in Japan net sales during 2015 was driven primarily by growth in Services largely associated with strong App Store sales, partially offset by the effect of weakness in the Japanese y... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 605 | In 2014 the Japan segment generated year-over-year increases in net sales and unit sales of every major product category and experienced growth in net sales of Services. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 606 | The year-over-year growth in iPhone was driven by the successful launch of iPhone 5s and 5c in September 2013, the successful launch of iPhone 6 and 6 Plus in September 2014, increased demand for the Company’s entry-priced iPhones and the addition of a significant new carrier in the fourth quarter of 2013. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 607 | These positive factors were partially offset by weakness in the Japanese Yen relative to the U.S. dollar. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 608 | Rest of Asia Pacific
The following table presents Rest of Asia Pacific net sales information for 2015, 2014 and 2013 (dollars in millions):
The year-over-year increase in Rest of Asia Pacific net sales during 2015 primarily reflects strong growth in net sales and unit sales of iPhone, partially offset by the effect of ... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 609 | Net sales in the Rest of Asia Pacific segment declined in 2014 compared to 2013 due to year-over-year reductions in net sales in all major product categories except Mac and reductions in unit sales of iPad. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 610 | Net sales in 2014 were also negatively affected by the weakness in several foreign currencies relative to the U.S. dollar, including the Australian dollar. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 611 | Apple Inc. | 2015 Form 10-K | 27
Gross Margin
Gross margin for 2015, 2014 and 2013 is as follows (dollars in millions):
The year-over-year increase in the gross margin percentage in 2015 was driven primarily by a favorable shift in mix to products with higher margins and, to a lesser extent, by improved leverage on fix... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 612 | These positive factors were partially offset primarily by higher product cost structures and, to a lesser extent, by the effect of weakness in most foreign currencies relative to the U.S. dollar. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 613 | The year-over-year increase in the gross margin percentage in 2014 was driven by multiple factors including lower commodity costs, a favorable shift in mix to products with higher margins and improved leverage on fixed costs from higher net sales, which was partially offset by the weakness in several foreign currencies... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 614 | The Company anticipates gross margin during the first quarter of 2016 to be between 39% and 40%. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 615 | The foregoing statement regarding the Company’s expected gross margin percentage in the first quarter of 2016 is forward-looking and could differ from actual results. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 616 | The Company’s future gross margins can be impacted by multiple factors including, but not limited to, those set forth in Part I, Item 1A of this Form 10-K under the heading “Risk Factors” and those described in this paragraph. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 617 | In general, the Company believes gross margins will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions, potential increases in the cost of components, and potential str... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 618 | In response to competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 619 | Gross margins could also be affected by the Company’s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 620 | Due to the Company’s significant international operations, its financial condition and operating results, including gross margins, could be significantly affected by fluctuations in exchange rates. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 621 | Operating Expenses
Operating expenses for 2015, 2014 and 2013 are as follows (dollars in millions):
Research and Development
The year-over-year growth in R&D expense in 2015 and 2014 was driven primarily by an increase in headcount and related expenses, including share-based compensation costs, and material costs to su... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 622 | The Company continues to believe that focused investments in R&D are critical to its future growth and competitive position in the marketplace and are directly related to timely development of new and updated products that are central to the Company’s core business strategy. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 623 | Selling, General and Administrative
The year-over-year growth in selling, general and administrative expense in 2015 and 2014 was primarily due to increased headcount and related expenses, including share-based compensation costs, and higher spending on marketing and advertising. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 624 | Apple Inc. | 2015 Form 10-K | 28
Other Income/(Expense), Net
Other income/(expense), net for 2015, 2014 and 2013 are as follows (dollars in millions):
The increase in other income/(expense), net during 2015 compared to 2014 was due primarily to higher interest income, partially offset by higher expenses associated with... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 625 | The decrease in other income and expense during 2014 compared to 2013 was due primarily to higher interest expense on debt and higher expenses associated with foreign exchange rate movements, partially offset by lower premium expenses on foreign exchange contracts and higher interest income. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 626 | The weighted-average interest rate earned by the Company on its cash, cash equivalents and marketable securities was 1.49%, 1.11% and 1.03% in 2015, 2014 and 2013, respectively. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 627 | Provision for Income Taxes
Provision for income taxes and effective tax rates for 2015, 2014 and 2013 are as follows (dollars in millions):
The Company’s effective tax rates for 2015, 2014 and 2013 differ from the statutory federal income tax rate of 35% due primarily to certain undistributed foreign earnings, a substa... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 628 | The higher effective tax rate during 2015 compared to 2014 was due primarily to higher foreign taxes. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 629 | The effective tax rate in 2014 compared to 2013 was relatively flat. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 630 | As of September 26, 2015, the Company had deferred tax assets arising from deductible temporary differences, tax losses and tax credits of $7.8 billion and deferred tax liabilities of $24.1 billion. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 631 | Management believes it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with future reversals of existing taxable temporary differences, will be sufficient to fully recover the deferred tax assets. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 632 | The Company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and the amount of a valuation allowance. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 633 | The U.S. Internal Revenue Service is currently examining the years 2010 through 2012, and all years prior to 2010 are closed. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 634 | In addition, the Company is subject to audits by state, local and foreign tax authorities. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 635 | In major states and major foreign jurisdictions, the years subsequent to 2003 generally remain open and could be subject to examination by the taxing authorities. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 636 | Management believes that adequate provisions have been made for any adjustments that may result from tax examinations. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 637 | However, the outcome of tax audits cannot be predicted with certainty. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 638 | If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 639 | On June 11, 2014, the European Commission issued an opening decision initiating a formal investigation against Ireland for alleged state aid to the Company. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 640 | The opening decision concerns the allocation of profits for taxation purposes of the Irish branches of two subsidiaries of the Company. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 641 | The Company believes the European Commission’s assertions are without merit. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 642 | If the European Commission were to conclude against Ireland, the European Commission could require Ireland to recover from the Company past taxes covering a period of up to 10 years reflective of the disallowed state aid. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 643 | While such amount could be material, as of September 26, 2015 the Company is unable to estimate the impact. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 644 | Apple Inc. | 2015 Form 10-K | 29
Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 645 | 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 646 | ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 647 | The original effective date for ASU 2014-09 would have required the Company to adopt beginning in its first quarter of 2018. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 648 | In August 2015, the FASB issued ASU No. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 649 | 2015-14, Revenue from Contracts with Customers (Topic 606) - Deferral of the Effective Date, which defers the effective date of ASU 2014-09 for one year and permits early adoption as early as the original effective date of ASU 2014-09. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 650 | Accordingly, the Company may adopt the standard in either its first quarter of 2018 or 2019. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 651 | The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. | 0001193125-15-356351/full-submission.txt |
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