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0000320193 | 20100125 | 10-K/A | 809 | 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. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 810 | Continued availability of these components at acceptable prices, or at all, may be affected if those suppliers decided to concentrate on the production of common components instead of components customized to meet the Company’s requirements. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 811 | Significant portions of the Company’s Mac computers, iPhones, iPods, logic boards and other assembled products are now manufactured by outsourcing partners, primarily in various parts of Asia. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 812 | A significant concentration of this outsourced manufacturing is currently performed by only a few of the Company’s outsourcing partners, often in single locations. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 813 | 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 final assembly of substantially all of the Company’s portable Mac computers, iPhones, iPods and most of the Company’s desktop products. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 814 | 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. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 815 | The Company’s purchase commitments typically cover its requirements for periods ranging from 30 to 150 days. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 816 | Long-Term Supply Agreements
The Company has entered into prepaid long-term supply agreements to secure the supply of certain inventory components. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 817 | During the first quarter of 2009, a long-term supply agreement with Intel Corporation was terminated and the remaining prepaid balance of $167 million was repaid to the Company. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 818 | During the second and fourth quarters of 2009, the Company made a prepayment of $500 million to LG Display for the purchase of LCD panels and a prepayment of $500 million to Toshiba to purchase NAND flash memory, respectively. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 819 | As of September 26, 2009, the Company had a total of $1.2 billion of inventory component prepayments outstanding. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 820 | 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, which are discussed in Part I, Item 3 of this Form 10-K under the heading “Legal Proceedings.” In the opinion of management, the Company does not ha... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 821 | However, the results of legal proceedings cannot be predicted with certainty. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 822 | If the Company failed to prevail in any of these legal matters or if several of these legal matters were resolved against the Company in the same reporting period, the operating results of a particular reporting period could be materially adversely affected. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 823 | Production and marketing of products in certain states and countries may subject the Company to environmental, product safety 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... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 824 | Such laws and regulations have been passed in several jurisdictions in which the Company operates, including various countries within Europe and Asia and certain states and provinces within North America. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 825 | 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 materially adversely affect the Company’s financial condition or operating results. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 826 | Note 10 - Segment Information and Geographic Data
The Company reports segment information based on the “management” approach. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 827 | 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. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 828 | The Company manages its business primarily on a geographic basis. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 829 | 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. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 830 | The Company’s reportable operating segments consist of Americas, Europe, Japan and Retail operations. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 831 | Other operating segments include Asia Pacific, which encompasses Australia and Asia except for Japan and the Company’s FileMaker, Inc. subsidiary. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 832 | The Americas, Europe, Japan and Asia Pacific segments exclude activities related to the Retail segment. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 833 | The Americas segment includes both North and South America. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 834 | The Europe segment includes European countries, as well as the Middle East and Africa. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 835 | The Retail segment operates Apple-owned retail stores in the U.S. and in international markets. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 836 | Each reportable operating segment provides similar hardware and software products and similar services to the same types of customers. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 837 | 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 operating segments based on net sales and operating income. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 838 | Net sales for geographic segments are generally based on the location of customers, while Retail segment net sales are based on sales from the Company’s retail stores. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 839 | Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 840 | Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 841 | Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 842 | 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 ge... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 843 | The Company does not include intercompany transfers between segments for management reporting purposes. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 844 | Segment assets exclude corporate assets, such as cash, short-term and long-term investments, manufacturing and corporate facilities, miscellaneous corporate infrastructure, goodwill and other acquired intangible assets. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 845 | Except for the Retail segment, capital asset purchases for long-lived assets are not reported to management by segment. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 846 | Cash payments for capital asset purchases by the Retail segment were $369 million, $389 million and $294 million for 2009, 2008 and 2007, respectively. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 847 | The Company has certain retail stores that have been designed and built to serve as high-profile venues to promote brand awareness and serve as vehicles for corporate sales and marketing activities. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 848 | Because of their unique design elements, locations and size, these stores require substantially more investment than the Company’s more typical retail stores. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 849 | The Company allocates certain operating expenses associated with its high-profile stores to corporate marketing expense to reflect the estimated Company-wide benefit. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 850 | The allocation of these operating costs to corporate expense is based on the amount incurred for a high-profile store in excess of that incurred by a more typical Company retail location. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 851 | The Company had opened a total of 11 high-profile stores as of September 26, 2009. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 852 | Expenses allocated to corporate marketing resulting from the operations of high-profile stores were $65 million, $53 million and $39 million for 2009, 2008 and 2007, respectively. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 853 | Summary information by operating segment for the three years ended September 26, 2009 is as follows (in millions):
(a) The Americas asset figures do not include fixed assets held in the U.S. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 854 | Such fixed assets are not allocated specifically to the Americas segment and are included in the corporate assets figures below. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 855 | (b) Retail segment depreciation and asset figures reflect the cost and related depreciation of its retail stores and related infrastructure. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 856 | (c) Other Segments include Asia-Pacific and FileMaker. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 857 | A reconciliation of the Company’s segment operating income and assets to the consolidated financial statements for the three years ended September 26, 2009 is as follows (in millions):
(a) Other corporate expenses include research and development, corporate marketing expenses, manufacturing costs and variances not incl... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 858 | No single country outside of the U.S. accounted for more than 10% of net sales in 2009, 2008 or 2007. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 859 | One of the Company’s customers accounted for 11% of net sales in 2009; there was no single customer that accounted for more than 10% of net sales in 2008 or 2007. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 860 | Net sales and long-lived assets related to the U.S. and international operations for the three years ended September 26, 2009, are as follows (in millions):
Information regarding net sales by product for the three years ended September 26, 2009, is as follows (in millions):
(a) Includes iMac, Mac mini, Mac Pro and Xser... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 861 | (b) Includes MacBook, MacBook Air and MacBook Pro product lines. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 862 | (c) Consists of iTunes Store sales and iPod services, and Apple-branded and third-party iPod accessories. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 863 | (d) Derived from handset sales, carrier agreements, and Apple-branded and third-party iPhone accessories. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 864 | (e) Includes sales of displays, wireless connectivity and networking solutions, and other hardware accessories. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 865 | (f) Includes sales of Apple-branded operating system and application software, third-party software, AppleCare and Internet services. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 866 | Note 11 - Related Party Transactions and Certain Other Transactions
The Company entered into a Reimbursement Agreement with its CEO, Steve Jobs, for the reimbursement of expenses incurred by Mr. Jobs in the operation of his private plane when used for Apple business. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 867 | The Company recognized a total of approximately $4,000, $871,000 and $776,000 in expenses pursuant to the Reimbursement Agreement during 2009, 2008 and 2007, respectively. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 868 | All expenses recognized pursuant to the Reimbursement Agreement have been included in selling, general and administrative expenses in the Consolidated Statements of Operations. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 869 | Note 12 - Selected Quarterly Financial Information (Unaudited)
The following tables set forth a summary of the Company’s quarterly financial information for each of the four quarters ended September 26, 2009, September 27, 2008 and September 29, 2007 (in millions, except per share amounts in thousands):
Basic and dilut... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 870 | Therefore, the sum of quarterly basic and diluted per share information may not equal annual basic and diluted earnings per share. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 871 | The following tables present the effects of the retrospective adoption of the new accounting principles on the Company’s previously reported quarterly financial information as of September 26, 2009, September 27, 2008 and September 29, 2007 (in millions, expect per share amounts in thousands):
REPORT OF ERNST & YOUNG L... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 872 | These financial statements are the responsibility of the Company’s management. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 873 | Our responsibility is to express an opinion on these financial statements based on our audit. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 874 | We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 875 | Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 876 | An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 877 | An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 878 | We believe that our audit provides a reasonable basis for our opinion. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 879 | 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, 2009, and the consolidated results of its operations and its cash flows for the year then ended, in conformity with U.S. generally accepted accounting p... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 880 | 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, 2009, based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organiz... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 881 | As discussed in Notes 1 and 2 to the consolidated financial statements, Apple Inc. has retrospectively adopted the Financial Accounting Standards Board’s amended accounting standards related to revenue recognition for arrangements with multiple deliverables and arrangements that include software elements. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 882 | /s/ Ernst & Young LLP
San Jose, California
October 27, 2009, except for the retrospective adoption of the amended accounting standards discussed in Notes 1 and 2 to the consolidated financial statements, as to which the date is January 25, 2010
REPORT OF ERNST & YOUNG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 883 | 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. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 884 | Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 885 | We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 886 | 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. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 887 | 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... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 888 | We believe that our audit provides a reasonable basis for our opinion. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 889 | 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. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 890 | 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... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 891 | Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 892 | 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. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 893 | In our opinion, Apple Inc. maintained, in all material respects, effective internal control over financial reporting as of September 26, 2009, based on the COSO criteria. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 894 | We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements of Apple Inc. as of and for the year ended September 26, 2009 and our report dated October 27, 2009, except for the retrospective adoption of the amended account... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 895 | /s/ Ernst & Young LLP
San Jose, California
October 27, 2009
REPORT OF KPMG LLP, INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
Apple Inc.:
We have audited the accompanying consolidated balance sheet of Apple Inc. and subsidiaries (the Company) as of September 27, 2008, and the rel... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 896 | These consolidated financial statements are the responsibility of the Company’s management. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 897 | Our responsibility is to express an opinion on these consolidated financial statements based on our audits. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 898 | We conducted our audits in accordance with generally accepted auditing standards of the Public Company Accounting Oversight Board (United States). | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 899 | Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 900 | An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 901 | We believe that our audits provide a reasonable basis for our opinion. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 902 | In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Apple Inc. and subsidiaries as of September 27, 2008 and the results of their operations and their cash flows for the years ended September 27, 2008 and September 29, 2007 in confo... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 903 | As discussed in Note 1 to the consolidated financial statements, effective September 30, 2007, the Company adopted the Financial Accounting Standards Board Interpretation No. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 904 | 48, Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 905 | 109. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 906 | As discussed in Notes 1 and 2, the consolidated financial statements as of September 27, 2008 and for the years ended September 27, 2008 and September 29, 2007 have been restated to give effect to the retroactive adoption of the Financial Accounting Standards Board’s amended accounting standards related to revenue reco... | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 907 | /s/ KPMG LLP
Mountain View, California
November 4, 2008, except as to Notes 1 and 2, which are as of January 25, 2010. | 0001193125-10-012091/full-submission.txt |
0000320193 | 20100125 | 10-K/A | 908 | PART IV
Item 15. | 0001193125-10-012091/full-submission.txt |
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