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0000320193 | 20161026 | 10-K | 438 | The Company uses derivative instruments, such as foreign currency forward and option contracts, to hedge certain exposures to fluctuations in foreign currency exchange rates. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 439 | The use of such hedging activities may not offset any, or more than a portion, of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 440 | The Company is exposed to credit risk and fluctuations in the market values of its investment portfolio. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 441 | Given the global nature of its business, the Company has both domestic and international investments. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 442 | Credit ratings and pricing of the Company’s investments can be negatively affected by liquidity, credit deterioration, financial results, economic risk, political risk, sovereign risk or other factors. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 443 | As a result, the value and liquidity of the Company’s cash, cash equivalents and marketable securities may fluctuate substantially. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 444 | Therefore, although the Company has not realized any significant losses on its cash, cash equivalents and marketable securities, future fluctuations in their value could result in a significant realized loss. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 445 | The Company is exposed to credit risk on its trade accounts receivable, vendor non-trade receivables and prepayments related to long-term supply agreements, and this risk is heightened during periods when economic conditions worsen. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 446 | The Company distributes its products through third-party cellular network carriers, wholesalers, retailers and value-added resellers. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 447 | The Company also sells its products directly to small and mid-sized businesses and education, enterprise and government customers. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 448 | A substantial majority of the Company’s outstanding trade receivables are not covered by collateral, third-party financing arrangements or credit insurance. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 449 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 450 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 451 | In addition, the Company has made prepayments associated with long-term supply agreements to secure supply of inventory components. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 452 | As of September 24, 2016, 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 453 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 454 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 455 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 456 | Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 457 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 458 | The Company is also subject to the examination of its tax returns and other tax matters by the U.S. Internal Revenue Service (the "IRS") and other tax authorities and governmental bodies. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 459 | The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 460 | There can be no assurance as to the outcome of these examinations. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 461 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 462 | Apple Inc. | 2016 Form 10-K | 16
Item 1B. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 463 | Unresolved Staff Comments
None. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 464 | Item 2. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 465 | Properties
The Company’s headquarters are located in Cupertino, California. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 466 | As of September 24, 2016, the Company owned 7.1 million square feet and leased 22.3 million square feet of building space, primarily in the U.S. Additionally, the Company owned a total of 2,583 acres of land primarily in the U.S.
As of September 24, 2016, the Company owned facilities and land for R&D, corporate functio... | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 467 | Outside the U.S., the Company owned additional facilities and land for various purposes. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 468 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 469 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 470 | Item 3. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 471 | Legal Proceedings
The Company is subject to legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 472 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 473 | However, the outcome of legal proceedings and claims brought against the Company is subject to significant uncertainty. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 474 | 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... | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 475 | 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 2016 that did not... | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 476 | Item 4. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 477 | Mine Safety Disclosures
Not applicable. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 478 | Apple Inc. | 2016 Form 10-K | 17
PART II
Item 5. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 479 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 480 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 481 | Holders
As of October 14, 2016, there were 25,641 shareholders of record. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 482 | Dividends
The Company paid a total of $12.0 billion and $11.4 billion in dividends during 2016 and 2015, respectively, and expects to pay quarterly dividends of $0.57 per common share each quarter, subject to declaration by the Board of Directors. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 483 | The Company also plans to increase its dividend on an annual basis, subject to declaration by the Board of Directors. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 484 | Apple Inc. | 2016 Form 10-K | 18
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September 24, 2016 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):
(1)
In April 2016, the Compan... | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 485 | As of September 24, 2016, $133 billion of the $175 billion had been utilized. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 486 | The remaining $42 billion in the table represents the amount available to repurchase shares under the authorized repurchase program as of September 24, 2016. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 487 | The Company’s share repurchase program does not obligate it to acquire any specific number of shares. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 488 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 489 | (2)
In May 2016, the Company entered into an accelerated share repurchase arrangement ("ASR") to purchase up to $6.0 billion of the Company's common stock. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 490 | In August 2016, the purchase period for this ASR ended and an additional 12.3 million shares were delivered and retired. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 491 | In total, 60.5 million shares were delivered under this ASR at an average repurchase price of $99.25. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 492 | (3)
In August 2016, the Company entered into a new ASR to purchase up to $3.0 billion of the Company’s common stock. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 493 | In exchange for an up-front payment of $3.0 billion, the financial institution party to the arrangement committed to deliver shares to the Company during the ASR’s purchase period, which will end in or before November 2016. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 494 | The total number of shares ultimately delivered, and therefore the average price paid per share, will be determined at the end of the applicable purchase period based on the volume weighted-average price of the Company’s common stock during that period. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 495 | Apple Inc. | 2016 Form 10-K | 19
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... | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 496 | 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 23, 2011. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 497 | Note that historic stock price performance is not necessarily indicative of future stock price performance. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 498 | *
$100 invested on 9/23/11 in stock or index, including reinvestment of dividends. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 499 | Data points are the last day of each fiscal year for the Company’s common stock and September 30th for indexes. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 500 | Copyright© 2016 S&P, a division of McGraw Hill Financial. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 501 | All rights reserved. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 502 | Copyright© 2016 Dow Jones & Co. All rights reserved. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 503 | Apple Inc. | 2016 Form 10-K | 20
Item 6. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 504 | Selected Financial Data
The information set forth below for the five years ended September 24, 2016, 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... | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 505 | (1)
Includes current and long-term portion of term debt. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 506 | (2)
Other long-term obligations excludes non-current deferred revenue. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 507 | Apple Inc. | 2016 Form 10-K | 21
Item 7. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 508 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 509 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 510 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 511 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 512 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 513 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 514 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 515 | Each of the terms the “Company” and “Apple” as used herein refers collectively to Apple Inc. and its wholly-owned subsidiaries, unless otherwise stated. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 516 | The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 517 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 518 | The Company’s products and services include iPhone®, iPad®, Mac®, iPod®, Apple Watch®, Apple TV®, a portfolio of consumer and professional software applications, iOS, macOS™, watchOS® and tvOS™ operating systems, iCloud®, Apple Pay® and a variety of accessory, service and support offerings. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 519 | The Company sells and delivers digital content and applications through the iTunes Store®, App Store®, Mac App Store, TV App Store, iBooks Store™ and Apple Music® (collectively “Internet Services”). | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 520 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 521 | In addition, the Company sells a variety of third-party Apple compatible products, including application software and various accessories through its retail and online stores. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 522 | The Company sells to consumers, small and mid-sized businesses and education, enterprise and government customers. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 523 | Fiscal 2016 Highlights
Net sales declined 8% or $18.1 billion during 2016 compared to 2015, primarily driven by a year-over-year decrease in iPhone net sales and the effect of weakness in most foreign currencies relative to the U.S. dollar, partially offset by an increase in Services. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 524 | In April 2016, the Company announced a significant increase to its capital return program by raising the expected total size of the program from $200 billion to $250 billion through March 2018. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 525 | This included increasing its share repurchase authorization from $140 billion to $175 billion and raising its quarterly dividend from $0.52 to $0.57 per share beginning in May 2016. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 526 | During 2016, the Company spent $29.0 billion to repurchase shares of its common stock and paid dividends and dividend equivalents of $12.2 billion. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 527 | Additionally, the Company issued $23.9 billion of U.S. dollar-denominated term debt and A$1.4 billion of Australian dollar-denominated term debt during 2016. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 528 | Fiscal 2015 Highlights
Net sales rose 28% or $50.9 billion during 2015 compared to 2014, driven by a year-over-year increase in iPhone net sales. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 529 | iPhone net sales and unit sales in 2015 increased in all of the Company’s reportable operating segments. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 530 | The Company also experienced year-over-year net sales increases in Mac, Services and Other Products. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 531 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 532 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 533 | 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%. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 534 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 535 | This included increasing its share repurchase authorization to $140 billion and raising its quarterly dividend to $0.52 per share beginning in May 2015. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 536 | 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. | 0001628280-16-020309/full-submission.txt |
0000320193 | 20161026 | 10-K | 537 | 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. | 0001628280-16-020309/full-submission.txt |
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