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0000320193 | 20211029 | 10-K | 441 | The Company filed a counterclaim for breach of contract. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 442 | On September 10, 2021, the Northern California District Court ruled in favor of the Company with respect to nine out of the ten counts included in Epic’s claim, and in favor of the Company with respect to the Company’s claims for breach of contract. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 443 | The Northern California District Court found that certain provisions of the Company’s App Store Review Guidelines violate California’s unfair competition law and issued an injunction. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 444 | Epic appealed the decision. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 445 | The Company filed a cross-appeal and is seeking a stay of the injunction pending appeal. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 446 | Item 4. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 447 | Mine Safety Disclosures
Not applicable. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 448 | Apple Inc. | 2021 Form 10-K | 17
PART II
Item 5. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 449 | 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 under the symbol AAPL. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 450 | Holders
As of October 15, 2021, there were 23,502 shareholders of record. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 451 | Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September 25, 2021 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):
(1)As of September 25, 2021, the Company was authorized to pur... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 452 | The remaining $60.9 billion in the table represents the amount available to repurchase shares under the Program as of September 25, 2021. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 453 | The Program does not obligate the Company to acquire any specific number of shares. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 454 | 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. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 455 | (2)In May 2021, the Company entered into an accelerated share repurchase agreement (“ASR”) to purchase up to $5.0 billion of the Company’s common stock. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 456 | In August 2021, the purchase period for this ASR ended and an additional 5 million shares were delivered and retired. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 457 | In total, 36 million shares were delivered under this ASR at an average repurchase price of $137.20. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 458 | Apple Inc. | 2021 Form 10-K | 18
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... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 459 | 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, 2016. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 460 | Note that past stock price performance is not necessarily indicative of future stock price performance. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 461 | *$100 invested on September 23, 2016 in stock or index, including reinvestment of dividends. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 462 | Data points are the last day of each fiscal year for the Company’s common stock and September 30th for indexes. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 463 | Copyright© 2021 Standard & Poor’s, a division of S&P Global. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 464 | All rights reserved. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 465 | Copyright© 2021 S&P Dow Jones Indices LLC, a division of S&P Global. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 466 | All rights reserved. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 467 | Item 6. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 468 | [Reserved]
Apple Inc. | 2021 Form 10-K | 19
Item 7. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 469 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 470 | This section of this Form 10-K generally discusses 2021 and 2020 items and year-to-year comparisons between 2021 and 2020. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 471 | Discussions of 2019 items and year-to-year comparisons between 2020 and 2019 are not included in this Form 10-K, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended September ... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 472 | Fiscal Year Highlights
COVID-19 Update
The COVID-19 pandemic has had, and continues to have, a significant impact around the world, prompting governments and businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of businesses, and quarantine and shelter-in... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 473 | The COVID-19 pandemic has at times significantly curtailed global economic activity and caused significant volatility and disruption in global financial markets. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 474 | The COVID-19 pandemic and the measures taken by many countries in response have affected and could in the future materially impact the Company’s business, results of operations and financial condition, as well as the price of the Company’s stock. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 475 | During 2021, aspects of the Company’s business continued to be affected by the COVID-19 pandemic, with many of the Company’s retail stores, as well as channel partner points of sale, temporarily closed at various times, and a significant number of the Company’s employees working remotely. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 476 | The Company has reopened all of its retail stores and substantially all of its other facilities, subject to operating restrictions to protect public health and the health and safety of employees and customers, and it continues to work on safely reopening the remainder of its facilities, subject to local rules and regul... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 477 | During the fourth quarter of 2021, certain of the Company’s component suppliers and logistical service providers experienced disruptions, resulting in supply shortages that affected sales worldwide. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 478 | Similar disruptions could occur in the future. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 479 | The extent of the continuing impact of the COVID-19 pandemic on the Company’s operational and financial performance is uncertain and will depend on many factors outside the Company’s control, including the timing, extent, trajectory and duration of the pandemic, the emergence of new variants, the development, availabil... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 480 | Refer to Part I, Item 1A of this Form 10-K under the heading “Risk Factors” for more information. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 481 | Fiscal 2021 Highlights
Total net sales increased 33% or $91.3 billion during 2021 compared to 2020, driven by growth in all Products and Services categories. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 482 | Year-over-year net sales during 2021 also grew in each of the Company’s reportable segments. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 483 | In April 2021, the Company announced an increase to its current share repurchase program authorization from $225 billion to $315 billion and raised its quarterly dividend from $0.205 to $0.22 per share beginning in May 2021. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 484 | During 2021, the Company repurchased $85.5 billion of its common stock and paid dividends and dividend equivalents of $14.5 billion. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 485 | Apple Inc. | 2021 Form 10-K | 20
Products and Services Performance
The following table shows net sales by category for 2021, 2020 and 2019 (dollars in millions):
(1)Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in the sales price of the respectiv... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 486 | (2)Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch and accessories. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 487 | (3)Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other services. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 488 | Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 489 | iPhone
iPhone net sales increased during 2021 compared to 2020 due primarily to higher net sales from the Company’s new iPhone models launched in the first quarter and fourth quarter of 2021 and a favorable mix of iPhone sales. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 490 | Mac
Mac net sales increased during 2021 compared to 2020 due primarily to higher net sales of MacBook Air, MacBook Pro and iMac. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 491 | iPad
iPad net sales increased during 2021 compared to 2020 due primarily to higher net sales of iPad Air and iPad Pro. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 492 | Wearables, Home and Accessories
Wearables, Home and Accessories net sales increased during 2021 compared to 2020 due primarily to higher net sales of accessories and Apple Watch. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 493 | Services
Services net sales increased during 2021 compared to 2020 due primarily to higher net sales from advertising, the App Store and cloud services. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 494 | Apple Inc. | 2021 Form 10-K | 21
Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 495 | The Company’s reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 496 | Americas includes both North and South America. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 497 | Europe includes European countries, as well as India, the Middle East and Africa. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 498 | Greater China includes China mainland, Hong Kong and Taiwan. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 499 | Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable segments. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 500 | Although the reportable segments provide similar hardware and software products and similar services, each one is 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. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 501 | Further information regarding the Company’s reportable 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.”
The following table shows net sales by reportable segment for 2021, 2020 and 2019 (dollars in million... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 502 | Europe
Europe net sales increased during 2021 compared to 2020 due primarily to higher net sales of iPhone, Services and iPad. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 503 | The movement of foreign currencies in Europe relative to the U.S. dollar had a net favorable impact on Europe net sales during 2021. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 504 | Greater China
Greater China net sales increased during 2021 compared to 2020 due primarily to higher net sales of iPhone, iPad and Services. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 505 | The strength of the Chinese renminbi relative to the U.S. dollar had a favorable impact on Greater China net sales during 2021. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 506 | Japan
Japan net sales increased during 2021 compared to 2020 due primarily to higher net sales of iPhone and Services. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 507 | Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2021 compared to 2020 due primarily to higher net sales of iPhone, iPad and Services. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 508 | The movement of foreign currencies in the Rest of Asia Pacific relative to the U.S. dollar had a favorable impact on Rest of Asia Pacific net sales during 2021. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 509 | Apple Inc. | 2021 Form 10-K | 22
Gross Margin
Products and Services gross margin and gross margin percentage for 2021, 2020 and 2019 were as follows (dollars in millions):
Products Gross Margin
Products gross margin increased during 2021 compared to 2020 due primarily to higher Products volume, a different Products mix... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 510 | Products gross margin percentage increased during 2021 compared to 2020 due primarily to a different Products mix, improved leverage and the strength in foreign currencies relative to the U.S. dollar. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 511 | Services Gross Margin
Services gross margin increased during 2021 compared to 2020 due primarily to higher Services net sales and a different Services mix. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 512 | Services gross margin percentage increased during 2021 compared to 2020 due primarily to a different Services mix and improved leverage, partially offset by higher Services costs. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 513 | The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of this Form 10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 514 | Operating Expenses
Operating expenses for 2021, 2020 and 2019 were as follows (dollars in millions):
Research and Development
The year-over-year growth in R&D expense in 2021 was driven primarily by increases in headcount-related expenses, R&D-related professional services and infrastructure-related costs. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 515 | The Company continues to believe that focused investments in R&D are critical to its future growth and competitive position in the marketplace, and to the development of new and updated products and services that are central to the Company’s core business strategy. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 516 | Selling, General and Administrative
The year-over-year growth in selling, general and administrative expense in 2021 was driven primarily by increases in headcount-related expenses, variable selling expenses and professional services. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 517 | Apple Inc. | 2021 Form 10-K | 23
Other Income/(Expense), Net
Other income/(expense), net (“OI&E”) for 2021, 2020 and 2019 was as follows (dollars in millions):
The year-over-year decrease in OI&E during 2021 was due primarily to lower interest income and net losses on marketable securities, partially offset by positive... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 518 | Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for 2021, 2020 and 2019 were as follows (dollars in millions):
The Company’s effective tax rate for 2021 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on for... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 519 | The Company’s effective tax rate for 2020 was lower than the statutory federal income tax rate due primarily to the lower tax rate on foreign earnings, including the impact of tax settlements, and tax benefits from share-based compensation. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 520 | The Company’s effective tax rate for 2021 was lower compared to 2020 due primarily to higher tax benefits from foreign-derived intangible income deductions and share-based compensation and the favorable impact of changes in unrecognized tax benefits, partially offset by a one-time adjustment in 2020 of U.S. foreign tax... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 521 | During 2021, the Company established deferred tax assets (“DTAs”) for foreign tax credit carryforwards in Ireland and increased DTAs for R&D tax credit carryforwards in California, which resulted in a combined $3.5 billion increase in the valuation allowance on the Company’s DTAs, with no effect on net income. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 522 | Management believes it is more likely than not that forecasted income, together with future reversals of existing taxable temporary differences, will be sufficient to realize substantially all of the Company’s remaining DTAs. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 523 | Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, which totaled $172.6 billion as of September 25, 2021, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirem... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 524 | The Company’s material cash requirements include the following contractual and other obligations. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 525 | Debt
As of September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate principal amount of $118.1 billion (collectively the “Notes”), with $9.6 billion payable within 12 months. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 526 | Future interest payments associated with the Notes total $39.5 billion, with $2.9 billion payable within 12 months. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 527 | The Company also issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 528 | As of September 25, 2021, the Company had $6.0 billion of Commercial Paper outstanding, all of which was payable within 12 months. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 529 | Apple Inc. | 2021 Form 10-K | 24
Leases
The Company has lease arrangements for certain equipment and facilities, including retail, corporate, manufacturing and data center space. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 530 | As of September 25, 2021, the Company had fixed lease payment obligations of $14.6 billion, with $1.8 billion payable within 12 months. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 531 | Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform final assembly and testing of finished products. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 532 | The Company also obtains individual components for its products from a wide variety of individual suppliers. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 533 | Outsourcing partners acquire components and build product based on demand information supplied by the Company, which typically covers periods up to 150 days. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 534 | As of September 25, 2021, the Company had manufacturing purchase obligations of $54.8 billion, with $54.7 billion payable within 12 months. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 535 | The Company’s manufacturing purchase obligations are primarily noncancelable. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 536 | Other Purchase Obligations
The Company’s other purchase obligations primarily consist of noncancelable obligations to acquire capital assets, including product tooling and manufacturing process equipment, and noncancelable obligations related to advertising, content creation and Internet and telecommunications services... | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 537 | As of September 25, 2021, the Company had other purchase obligations of $8.3 billion, with $4.8 billion payable within 12 months. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 538 | Deemed Repatriation Tax Payable
As of September 25, 2021, the balance of the deemed repatriation tax payable imposed by the U.S. Tax Cuts and Jobs Act of 2017 (the “Act”) was $24.6 billion, none of which is payable within 12 months. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 539 | In addition to its cash requirements, the Company has a capital return program authorized by the Board of Directors. | 0000320193-21-000105/full-submission.txt |
0000320193 | 20211029 | 10-K | 540 | The Program does not obligate the Company to acquire any specific number of shares. | 0000320193-21-000105/full-submission.txt |
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