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0000320193 | 20151028 | 10-K | 1,152 | Therefore, many components used by the Company, including those that are available from multiple sources, are at times subject to industry-wide shortage and significant pricing fluctuations that could materially adversely affect the Company’s financial condition and operating results. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,153 | Apple Inc. | 2015 Form 10-K | 64
The Company uses some custom components that are not commonly used by its competitors, and new products introduced by the Company often utilize custom components available from only one source. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,154 | When a component or product uses new technologies, initial capacity constraints may exist until the suppliers’ yields have matured or manufacturing capacity has increased. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,155 | If the Company’s supply of components for a new or existing product were delayed or constrained, or if an outsourcing partner delayed shipments of completed products to the Company, the Company’s financial condition and operating results could be materially adversely affected. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,156 | The Company’s business and financial performance could also be materially adversely affected depending on the time required to obtain sufficient quantities from the original source, or to identify and obtain sufficient quantities from an alternative source. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,157 | Continued availability of these components at acceptable prices, or at all, may be affected if those suppliers concentrated on the production of common components instead of components customized to meet the Company’s requirements. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,158 | The Company has entered into agreements for the supply of many components; however, there can be no guarantee that the Company will be able to extend or renew these agreements on similar terms, or at all. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,159 | Therefore, the Company remains subject to significant risks of supply shortages and price increases that could materially adversely affect its financial condition and operating results. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,160 | Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are located primarily in Asia. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,161 | A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,162 | Certain of these outsourcing partners are the sole-sourced suppliers of components and manufacturers for many of the Company’s products. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,163 | Although the Company works closely with its outsourcing partners on manufacturing schedules, the Company’s operating results could be adversely affected if its outsourcing partners were unable to meet their production commitments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,164 | The Company’s purchase commitments typically cover its requirements for periods up to 150 days. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,165 | Other Off-Balance Sheet Commitments
Operating Leases
The Company leases various equipment and facilities, including retail space, under noncancelable operating lease arrangements. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,166 | The Company does not currently utilize any other off-balance sheet financing arrangements. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,167 | The major facility leases are typically for terms not exceeding 10 years and generally contain multi-year renewal options. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,168 | As of September 26, 2015, the Company had a total of 463 retail stores. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,169 | Leases for retail space are for terms ranging from five to 20 years, the majority of which are for 10 years, and often contain multi-year renewal options. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,170 | As of September 26, 2015, the Company’s total future minimum lease payments under noncancelable operating leases were $6.3 billion, of which $3.6 billion related to leases for retail space. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,171 | Rent expense under all operating leases, including both cancelable and noncancelable leases, was $794 million, $717 million and $645 million in 2015, 2014 and 2013, respectively. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,172 | Future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of September 26, 2015, are as follows (in millions):
Other Commitments
The Company utilizes several outsourcing partners to manufacture sub-assemblies for the Company’s products and to perform final assemb... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,173 | These outsourcing partners acquire components and build product based on demand information supplied by the Company, which typically covers periods up to 150 days. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,174 | The Company also obtains individual components for its products from a wide variety of individual suppliers. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,175 | Consistent with industry practice, the Company acquires components through a combination of purchase orders, supplier contracts and open orders based on projected demand information. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,176 | Where appropriate, the purchases are applied to inventory component prepayments that are outstanding with the respective supplier. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,177 | As of September 26, 2015, the Company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $29.5 billion. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,178 | Apple Inc. | 2015 Form 10-K | 65
In addition to the commitments mentioned above, the Company had other off-balance sheet obligations of $7.3 billion as of September 26, 2015 that consisted of commitments to acquire capital assets, including product tooling and manufacturing process equipment, and commitments related to... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,179 | Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully adjudicated, certain of which are discussed in Part I, Item 1A of this Form 10-K under the heading “Risk Factors” and in Part I, Item 3 of this Form 10-K under th... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,180 | However, the outcome of litigation is inherently uncertain. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,181 | 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 | 1,182 | Apple Inc. v. Samsung Electronics Co., Ltd, et al. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,183 | On August 24, 2012, a jury returned a verdict awarding the Company $1.05 billion in its lawsuit against Samsung Electronics Co., Ltd and affiliated parties in the United States District Court, Northern District of California, San Jose Division. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,184 | On March 6, 2014, the District Court entered final judgment in favor of the Company in the amount of approximately $930 million. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,185 | On May 18, 2015, the U.S. Court of Appeals for the Federal Circuit affirmed in part, and reversed in part, the decision of the District Court. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,186 | As a result, the Court of Appeals ordered entry of final judgment on damages in the amount of approximately $548 million, with the District Court to determine supplemental damages and interest, as well as damages owed for products subject to the reversal in part. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,187 | Because the ruling remains subject to further proceedings, the Company has not recognized the award in its results of operations. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,188 | Note 11 - Segment Information and Geographic Data
The Company reports segment information based on the “management” approach. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,189 | The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable operating segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,190 | The Company manages its business primarily on a geographic basis. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,191 | 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 | 1,192 | The Americas segment includes both North and South America. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,193 | 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 | 1,194 | The Greater China segment includes China, Hong Kong and Taiwan. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,195 | 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 | 1,196 | 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 | 1,197 | The accounting policies of the various segments are the same as those described in Note 1, “Summary of Significant Accounting Policies.”
The Company evaluates the performance of its reportable operating segments based on net sales and operating income. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,198 | 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. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,199 | Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,200 | Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,201 | Operating income for each segment excludes other income and expense and certain expenses managed outside the reportable operating segments. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,202 | Costs excluded from segment operating income include various corporate expenses such as R&D, corporate marketing expenses, certain share-based compensation expenses, income taxes, various nonrecurring charges and other separately managed general and administrative costs. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,203 | The Company does not include intercompany transfers between segments for management reporting purposes. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,204 | Apple Inc. | 2015 Form 10-K | 66
The following table shows information by reportable operating segment for 2015, 2014 and 2013 (in millions):
A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2015, 2014 and 2013 is as follows (in millions):
The U.S. and China we... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,205 | There was no single customer that accounted for more than 10% of net sales in 2015, 2014 or 2013. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,206 | Net sales for 2015, 2014 and 2013 and long-lived assets as of September 26, 2015 and September 27, 2014 are as follows (in millions):
(1) China includes Hong Kong. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,207 | Long-lived assets located in China consist primarily of product tooling and manufacturing process equipment and assets related to retail stores and related infrastructure. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,208 | Apple Inc. | 2015 Form 10-K | 67
Net sales by product for 2015, 2014 and 2013 are as follows (in millions):
(1) Includes deferrals and amortization of related software upgrade rights and non-software services. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,209 | (2) Includes revenue from the iTunes Store, App Store, Mac App Store, iBooks Store, Apple Music, AppleCare, Apple Pay, licensing and other services. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,210 | (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 | 1,211 | Note 12 - Selected Quarterly Financial Information (Unaudited)
The following tables show a summary of the Company’s quarterly financial information for each of the four quarters of 2015 and 2014 (in millions, except per share amounts):
(1) Basic and diluted earnings per share are computed independently for each of the ... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,212 | Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,213 | Apple Inc. | 2015 Form 10-K | 68
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of Apple Inc.
We have audited the accompanying consolidated balance sheets of Apple Inc. as of September 26, 2015 and September 27, 2014, and the related consolidated state... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,214 | These financial statements are the responsibility of the Company’s management. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,215 | Our responsibility is to express an opinion on these financial statements based on our audits. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,216 | We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,217 | Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,218 | An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,219 | An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,220 | We believe that our audits provide a reasonable basis for our opinion. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,221 | In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Apple Inc. at September 26, 2015 and September 27, 2014, and the consolidated results of its operations and its cash flows for each of the three years in the period ended September... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,222 | We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Apple Inc.’s internal control over financial reporting as of September 26, 2015, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organiz... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,223 | /s/ Ernst & Young LLP
San Jose, California
October 28, 2015
Apple Inc. | 2015 Form 10-K | 69
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm
The Board of Directors and Shareholders of Apple Inc.
We have audited Apple Inc.’s internal control over financial reporting as of September 26, 2015, b... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,224 | Apple Inc.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,225 | Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,226 | We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,227 | Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,228 | Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,229 | We believe that our audit provides a reasonable basis for our opinion. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,230 | A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,231 | A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are rec... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,232 | Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,233 | Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,234 | In our opinion, Apple Inc. maintained, in all material respects, effective internal control over financial reporting as of September 26, 2015, based on the COSO criteria. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,235 | We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the 2015 consolidated financial statements of Apple Inc. and our report dated October 28, 2015 expressed an unqualified opinion thereon. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,236 | /s/ Ernst & Young LLP
San Jose, California
October 28, 2015
Apple Inc. | 2015 Form 10-K | 70
Item 9. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,237 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,238 | Item 9A. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,239 | Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as ... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,240 | Inherent Limitations Over Internal Controls
The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting princip... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,241 | The Company’s internal control over financial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company’s assets;
(ii) provide reasonable assurance that transactions are reco... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,242 | Management, including the Company’s Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s internal controls will prevent or detect all errors and all fraud. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,243 | A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,244 | Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,245 | Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,246 | Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,247 | Management’s Annual Report on Internal Control Over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,248 | Management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting based on the criteria set forth in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,249 | Based on the Company’s assessment, management has concluded that its internal control over financial reporting was effective as of September 26, 2015 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,250 | The Company’s independent registered public accounting firm, Ernst & Young LLP, has issued an audit report on the Company’s internal control over financial reporting, which appears in Part II, Item 8 of this Form 10-K.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal ... | 0001193125-15-356351/full-submission.txt |
0000320193 | 20151028 | 10-K | 1,251 | Item 9B. | 0001193125-15-356351/full-submission.txt |
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