cik stringclasses 1
value | date stringlengths 8 8 | form stringclasses 4
values | sentenceCount int64 0 2.33k | sentence stringlengths 2 5.25k | filename stringlengths 40 40 |
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0000320193 | 20071115 | 10-K | 1,536 | Pursuant to the Director Plan, the Company's non-employee directors are granted an option to acquire 30,000 shares of common stock upon their initial election to the Board ("Initial Options"). | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,537 | The Initial Options vest and become exercisable in three equal annual installments on each of the first through third anniversaries of the grant date. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,538 | On the fourth anniversary of a non-employee director's initial election to the Board and on each subsequent anniversary thereafter, the director will be entitled to receive an option to acquire 10,000 shares of common stock ("Annual Options"). | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,539 | Annual Options are fully vested and immediately exercisable on their date of grant. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,540 | Rule 10b5-1 Trading Plans
Certain of the Company's executive officers, including Mr. Timothy D. Cook, Mr. Peter Oppenheimer, Mr. Philip W. Schiller, and Dr. Bertrand Serlet, have entered into trading plans pursuant to
Rule 10b5-1(c)(1) of the Securities Exchange Act of 1934, as amended. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,541 | A trading plan is a written document that pre-establishes the amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company's stock including the exercise and sale of employee stock options and shares acquired pursuant to the Company's employee stock pu... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,542 | Employee Stock Purchase Plan
The Company has a shareholder approved employee stock purchase plan (the "Purchase Plan"), under which substantially all employees may purchase common stock through payroll deductions at a price equal to 85% of the lower of the fair market values as of the beginning and end of six-month off... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,543 | Stock purchases under the Purchase Plan are limited to 10% of an employee's compensation, up to a maximum of $25,000 in any calendar year. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,544 | During 2007, the Company's shareholders approved an amendment to the Purchase Plan to increase the number of shares authorized for issuance by 6 million shares and limit the number of shares that may be purchased in any calendar year to 3 million shares. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,545 | As of September 29, 2007, approximately 7 million shares were reserved for future issuance under the Purchase Plan. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,546 | Employee Savings Plan
The Company has an employee savings plan (the "Savings Plan") qualifying as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,547 | Under the Savings Plan, participating U.S. employees may defer a portion of their pre-tax earnings, up to the Internal Revenue Service annual contribution limit ($15,500 for calendar year 2007). | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,548 | The Company matches 50% to 100% of each employee's contributions, depending on length of service, up to a maximum 6% of the employee's eligible earnings. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,549 | The Company's matching contributions to the Savings Plan were $39 million, $33 million, and $28 million in 2007, 2006, and 2005, respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,550 | Stock Option Activity
A summary of the Company's stock option activity and related information for the last three fiscal years follows (stock award amounts and aggregate intrinsic value are presented in thousands):
Aggregate intrinsic value represents the value of the Company's closing stock price on the last trading d... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,551 | Total intrinsic value of options at time of exercise was $1.3 billion, $1.2 billion, and $1.1 billion for 2007, 2006, and 2005, respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,552 | The Company recognized $242 million, $163 million and $49 million of stock-based compensation expense in 2007, 2006 and 2005, respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,553 | Capitalized stock-based compensation costs were $9 million as of September 29, 2007. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,554 | There were no stock-based compensation costs capitalized as of September 30, 2006. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,555 | The income tax benefit related to stock-based compensation expense was $81 million and $39 million for the years ended September 29, 2007 and September 30, 2006, respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,556 | The total unrecognized compensation cost related to stock options and RSUs expected to vest was $631 million and $375 million as of September 29, 2007 and September 30, 2006, respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,557 | The total unrecognized compensation cost as of September 29, 2007, is expected to be recognized over a weighted-average period of 2.92 years. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,558 | Note 6-Shareholders' Equity (Continued)
As of September 29, 2007, the Company had 4.7 million RSUs outstanding with a total grant-date fair value of $249 million that were excluded from the options outstanding balances in the preceding table. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,559 | The weighted-average grant date fair value of RSUs granted during 2007, 2006, and 2005 was $88.51 per share, $70.92 per share, and $45.04 per share, respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,560 | Aggregate intrinsic value of RSUs was $701.3 million and $262.5 million at September 29, 2007 and September 30, 2006, respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,561 | RSUs that vested during 2007 and 2006 totaled 45,000 and 2.47 million, respectively, and had a fair value of $6.1 million and $148.5 million, respectively, as of the vesting date. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,562 | Shares of RSUs granted after April 2005 have been deducted from the shares available for grant under the Company's stock option plans utilizing a factor of two times the number of RSUs granted. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,563 | Note 7-Stock-Based Compensation
The Company has provided pro forma disclosures in Note 1 of the effect on net income and earnings per share for the year ended September 24, 2005 as if the fair value method of accounting for stock-based compensation had been used for its employee stock option grants and employee stock p... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,564 | These pro forma effects have been estimated at the date of grant and beginning of the period, respectively, using the BSM option-pricing model. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,565 | The Company uses the BSM option-pricing model to calculate the fair value of stock-based awards. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,566 | The BSM option-pricing model incorporates various assumptions including expected volatility, expected life, and interest rates. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,567 | The expected volatility is based on the historical volatility of the Company's common stock over the most recent period commensurate with the estimated expected life of the Company's stock options and other relevant factors including implied volatility in market traded options on the Company's common stock. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,568 | The Company bases its expected life assumption on its historical experience and on the terms and conditions of the stock awards it grants to employees. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,569 | Stock-based compensation cost is estimated at the grant date based on the award's fair-value as calculated by the BSM option-pricing model and is recognized as expense ratably on a straight-line basis over the requisite service period. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,570 | The weighted average assumptions used for 2007, 2006, and 2005 and the resulting estimates of weighted-average fair value per share of options granted and for stock purchases during those periods are as follows:
Note 8-Commitments and Contingencies
Lease Commitments
The Company leases various equipment and facilities, ... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,571 | The Company does not currently utilize any other off-balance sheet financing arrangements. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,572 | The major facility leases are generally for terms of 3 to 15 years and generally
provide renewal options for terms of 3 to 7 additional years. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,573 | Leases for retail space are for terms of 5 to 20 years, the majority of which are for 10 years, and often contain multi-year renewal options. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,574 | As of September 29, 2007, the Company's total future minimum lease payments under noncancelable operating leases were $1.4 billion, of which $1.1 billion related to leases for retail space. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,575 | Rent expense under all operating leases, including both cancelable and noncancelable leases, was $151 million, $138 million, and $140 million in 2007, 2006, and 2005, respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,576 | Future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of September 29, 2007, are as follows (in millions):
Accrued Warranty and Indemnifications
The Company offers a basic limited parts and labor warranty on its hardware products. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,577 | The basic warranty period for hardware products is typically one year from the date of purchase by the end-user. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,578 | The Company also offers a 90-day basic warranty for its service parts used to repair the Company's hardware products. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,579 | The Company provides currently for the estimated cost that may be incurred under its basic limited product warranties at the time related revenue is recognized. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,580 | Factors considered in determining appropriate accruals for product warranty obligations include the size of the installed base of products subject to warranty protection, historical and projected warranty claim rates, historical and projected cost-per-claim, and knowledge of specific product failures that are outside o... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,581 | The Company assesses the adequacy of its preexisting warranty liabilities and adjusts the amounts as necessary based on actual experience and changes in future estimates. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,582 | For products accounted for under subscription accounting pursuant to SOP No. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,583 | 97-2, the Company recognizes warranty expense as incurred. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,584 | The Company periodically provides updates to its applications and system software to maintain the software's compliance with specifications. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,585 | The estimated cost to develop such updates is accounted for as warranty costs that are recognized at the time related software revenue is recognized. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,586 | Factors considered in determining appropriate accruals related to such updates include the number of units delivered, the number of updates expected to occur, and the historical cost and estimated future cost of the resources necessary to develop these updates. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,587 | The following table reconciles changes in the Company's accrued warranties and related costs (in millions):
The Company generally does not indemnify end-users of its operating system and application software against legal claims that the software infringes third-party intellectual property rights. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,588 | Other agreements entered into by the Company sometimes include indemnification provisions under which the Company could be subject to costs and/or damages in the event of an infringement claim against the Company or an indemnified third-party. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,589 | However, the Company has not been required to make any significant payments resulting from such an infringement claim asserted against itself or an indemnified third-party and, in the opinion of management, does not have a potential liability related to unresolved infringement claims subject to indemnification that wou... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,590 | Therefore, the Company did not record a liability for infringement costs as of either September 29, 2007 or September 30, 2006. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,591 | Concentrations in the Available Sources of Supply of Materials and Product
Certain key components including, but not limited to, microprocessors, enclosures, certain LCDs, certain optical drives, and application-specific integrated circuits ("ASICs") are currently obtained by the Company from single or limited sources ... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,592 | Many of these and other key components that are available from multiple sources including, but not limited to, NAND flash memory, DRAM memory, and certain LCDs, are at times subject to industry-wide shortages and significant commodity pricing fluctuations. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,593 | In addition, the Company has entered into certain agreements for the supply of critical components at favorable pricing, and there is no guarantee that the Company will be able to extend or renew these agreements when they expire. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,594 | Therefore, the Company remains subject to significant risks of supply shortages and/or price increases that can adversely affect gross margins and operating margins. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,595 | In addition, the Company uses some components that are not common to the rest of the global personal computer, consumer electronics and mobile communication industries, and new products introduced by the Company often utilize custom components obtained from only one source until the Company has evaluated whether there ... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,596 | If the supply of a key single-sourced component to the Company were to be delayed or curtailed, or in the event a key manufacturing vendor delays shipments of completed products to the Company, the Company's ability to ship related products in desired quantities and in a timely manner could be adversely affected. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,597 | The Company's business and financial performance could also be 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. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,598 | Continued availability of these components may be affected if producers were to decide to concentrate on the production of common components instead of components customized to meet the Company's requirements. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,599 | Finally, significant portions of the Company's CPUs, iPods, iPhones, logic boards, and other assembled products are now manufactured by outsourcing partners, primarily in various parts of Asia. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,600 | A significant concentration of this outsourced manufacturing is currently performed by only a few of the Company's outsourcing partners, often in single locations. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,601 | Certain of these outsourcing partners are the sole-sourced supplier of components and manufacturing outsourcing for many of the Company's key products, including but not limited to, assembly
of most of the Company's portable Mac computers, iPods, and iPhones. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,602 | 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. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,603 | Long-Term Supply Agreements
During the first quarter of 2006, the Company entered into long-term supply agreements with Hynix Semiconductor, Inc., Intel Corporation, Micron Technology, Inc., Samsung Electronics Co., Ltd., and Toshiba Corporation to secure supply of NAND flash memory through calendar year 2010. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,604 | As part of these agreements, the Company prepaid $1.25 billion for flash memory components during 2006, which will be applied to certain inventory purchases made over the life of each respective agreement. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,605 | The Company utilized $208 million of the prepayment as of September 29, 2007. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,606 | Contingencies
The Company is subject to certain other legal proceedings and claims that have arisen in the ordinary course of business and have not been fully adjudicated. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,607 | In the opinion of management, the Company does not have a potential liability related to any current legal proceedings and claims that would individually or in the aggregate have a material adverse effect on its financial condition or operating results. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,608 | However, the results of legal proceedings cannot be predicted with certainty. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,609 | Should the Company fail to prevail in any of these legal matters or should several of these legal matters be resolved against the Company in the same reporting period, the operating results of a particular reporting period could be materially adversely affected. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,610 | Production and marketing of products in certain states and countries may subject the Company to environmental and other regulations including, in some instances, the requirement to provide customers the ability to return product at the end of its useful life, and place responsibility for environmentally safe disposal o... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,611 | Such laws and regulations have recently been passed in several jurisdictions in which the Company operates including various countries within Europe and Asia, certain Canadian provinces and certain states within the U.S. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,612 | Although the Company does not anticipate any material adverse effects in the future based on the nature of its operations and the thrust of such laws, there is no assurance that such existing laws or future laws will not have a material adverse effect on the Company's financial condition or operating results. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,613 | Note 9-Segment Information and Geographic Data
In accordance with SFAS No. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,614 | 131, Disclosures about Segments of an Enterprise and Related Information, the Company reports segment information based on the "management" approach. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,615 | The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,616 | The Company manages its business primarily on a geographic basis. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,617 | Accordingly, the Company determined its operating segments, which are generally based on the nature and location of its customers, to be the Americas, Europe, Japan, Asia-Pacific, Retail, and FileMaker operations. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,618 | The Company's four geographical segments, together with the Retail segment, all sell the same products to the same types of customers. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,619 | The Company's reportable operating segments are comprised of the Americas, Europe, Japan, and Retail operations. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,620 | The Americas, Europe, and Japan reportable segments exclude activities related to the Retail segment. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,621 | The Americas segment includes both North and South America. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,622 | The Europe segment includes European countries as well as the Middle East and Africa. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,623 | The Retail segment operates Apple-owned retail stores in the U.S., Canada, Japan, the U.K. and Italy. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,624 | Other operating segments include
Asia-Pacific, which includes Australia and Asia except for Japan, and the Company's subsidiary, FileMaker, Inc. Each reportable geographic operating segment provides similar hardware and software products, similar services and the accounting policies of the various segments are the same... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,625 | The Company evaluates the performance of its operating segments based on net sales and operating income. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,626 | Net sales for geographic segments are generally based on the location of the customers, and net sales for the Retail segment are based on sales from the Company's retail stores. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,627 | Operating income for each segment includes net sales to third parties, related cost of sales, and operating expenses directly attributable to the segment. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,628 | Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,629 | Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,630 | Costs excluded from segment operating income include various corporate expenses such as manufacturing costs and variances not included in standard costs, research and development, corporate marketing expenses, stock-based compensation expense, income taxes, various nonrecurring charges, and other separately managed gen... | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,631 | The Company does not include intercompany transfers between segments for management reporting purposes. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,632 | Segment assets exclude corporate assets such as cash, short-term and long-term investments, manufacturing facilities, miscellaneous corporate infrastructure, goodwill and other acquired intangible assets, and retail store construction-in-progress not subject to depreciation. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,633 | Except for the Retail segment, capital asset purchases for long-lived assets are not reported to management by segment. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,634 | Capital asset purchases by the Retail segment were $294 million, $200 million, and $132 million for 2007, 2006, and 2005 respectively. | 0001047469-07-009340/full-submission.txt |
0000320193 | 20071115 | 10-K | 1,635 | From the establishment of the Retail segment in fiscal 2001 through the quarter ended March 31, 2007, Company management assessed the segment's operating performance differently from the Company's other operating segments. | 0001047469-07-009340/full-submission.txt |
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