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0000320193 | 20111026 | 10-K | 457 | In recognition of these considerations, the Company may enter into arrangements to settle litigation. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 458 | 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 the same reporting period for amounts in excess of management’s expectations, the Company’s consolidated financial statements of a particular reporting period could be... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 459 | Further, such an outcome could result in significant compensatory, punitive or trebled monetary damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief against the Company that could materially adversely affect its financial condition and operating results. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 460 | Changes in the Company’s tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities could affect its future results. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 461 | The Company is subject to taxes in the U.S. and numerous foreign jurisdictions. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 462 | The Company’s future 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 463 | Any of these changes could have a material adverse effect on the Company’s profitability. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 464 | The Company is also subject to the continual examination of its income tax returns by the Internal Revenue Service and other tax authorities. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 465 | The Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for taxes. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 466 | There can be no assurance that the outcomes from these examinations will not materially adversely affect the Company’s financial condition and operating results. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 467 | Item 1B. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 468 | Unresolved Staff Comments
None. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 469 | Item 2. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 470 | Properties
The Company’s headquarters are located in Cupertino, California. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 471 | As of September 24, 2011, the Company owned or leased approximately 13.2 million square feet of building space, primarily in the U.S., and to a lesser extent, in Europe, Japan, Canada, and the Asia-Pacific regions. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 472 | Of that amount approximately 7.0 million square feet was leased building space, which includes approximately 3.0 million square feet related to retail store space. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 473 | Of the Company’s owned building space, approximately 2.6 million square feet that is located in Cupertino, California will be demolished to build a second corporate campus. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 474 | Additionally, the Company owns a total of 584 acres of land in various locations. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 475 | As of September 24, 2011, the Company owned a manufacturing facility in Cork, Ireland that also housed a customer support call center and facilities in Elk Grove, California that included warehousing and distribution operations and a customer support call center. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 476 | In addition, the Company owned facilities for research and
development and corporate functions in Cupertino, California, including land for the future development of the Company’s second corporate campus. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 477 | The Company also owned data centers in Newark, California and in North Carolina. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 478 | Outside the U.S., the Company owned additional facilities for various purposes. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 479 | The Company believes its existing facilities and equipment are in good operating condition and are suitable for the conduct of its business. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 480 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 481 | Item 3. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 482 | Legal Proceedings
As of September 24, 2011, the end of the annual period covered by this report, the Company was subject to the various legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of bus... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 483 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 484 | However, the outcome of legal proceedings and claims brought against the Company are subject to significant uncertainty. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 485 | 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 the same reporting period for amounts in excess of management’s expectations, the Company’s consolidated financial statements of a particular reporting peri... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 486 | See the risk factors “The Company’s future results could be materially adversely affected if it is found to have infringed on intellectual property rights.” and “Unfavorable results of legal proceedings could materially adversely affect the Company.” in Part I, Item 1A of this Annual Report on Form 10-K under the headi... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 487 | In re Apple & ATTM Antitrust Litigation (brought on behalf of named plaintiffs Kliegerman, Holman, Rivello, Smith, Lee, Macasaddu, Morikawa, Scotti and Sesso)
This is a purported class action filed against the Company and AT&T Mobility in the United States District Court for the Northern District of California. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 488 | The Consolidated Complaint alleges that the Company and AT&T Mobility violated the federal antitrust laws by monopolizing and/or attempting to monopolize the “aftermarket for voice and data services” for the iPhone and that the Company monopolized and/or attempted to monopolize the “aftermarket for software application... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 489 | On July 8, 2010 the Court granted in part plaintiffs’ motion for class certification. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 490 | Following a favorable Supreme Court ruling for AT&T Mobility in its case against Conception, defendants have filed Motions to Compel Arbitration and to Decertify the Class. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 491 | The Apple iPod iTunes Antitrust Litigation (formerly Charoensak v. Apple Computer, Inc. and Tucker v. Apple Computer, Inc.); Somers v. Apple Inc. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 492 | These related cases have been filed on January 3, 2005, July 21, 2006 and December 31, 2007 in the United States District Court for the Northern District of California on behalf of a purported class of direct and indirect purchasers of iPods and iTunes Store content, alleging various claims including alleged unlawful t... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 493 | Plaintiffs are seeking unspecified compensatory and punitive damages for the class, treble damages, injunctive relief, disgorgement of revenues and/or profits and attorneys fees. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 494 | Plaintiffs are also seeking DRM free versions of any songs downloaded from iTunes or an order requiring the Company to license its DRM to all competing music players. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 495 | The cases are currently pending. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 496 | PART II
Item 5. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 497 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company’s common stock is traded on the over-the-counter market and is quoted on the NASDAQ Global Select Market under the symbol AAPL. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 498 | Price Range of Common Stock
The price range per share of common stock presented below represents the highest and lowest sales prices for the Company’s common stock on the NASDAQ Global Select Market during each quarter of the two most recent years. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 499 | Holders
As of October 14, 2011, there were 28,543 shareholders of record. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 500 | Dividends
The Company did not declare or pay cash dividends in either 2011 or 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 501 | The Company anticipates that for the foreseeable future it will retain any earnings for use in the operation of its business. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 502 | Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 503 | Company Stock Performance
The following graph shows a five-year comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for the Company, the S&P 500 Composite Index, the S&P Computer Hardware Index, and the Dow Jones U.S. Technology Index. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 504 | The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Composite Index, the S&P Computer Hardware Index, and the Dow Jones U.S. Technology Index on September 30, 2006. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 505 | Data points on the graph are annual. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 506 | Note that historic stock price performance is not necessarily indicative of future stock price performance. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 507 | Item 6. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 508 | Selected Financial Data
The information set forth below for the five years ended September 24, 2011, is not necessarily indicative of results of future operations, and should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated ... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 509 | (a) The Company did not have any long-term debt during the five years ended September 24, 2011. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 510 | Long-term obligations exclude non-current deferred revenue. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 511 | Item 7. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 512 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Form 10-K contain forward-looking statements that involve risks and uncertainties. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 513 | Forward-looking statements can also be identified by words such as “anticipates,” “expects,” “believes,” “plans,” “predicts,” and similar terms. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 514 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 515 | Factors that might cause such differences include, but are not limited to, those discussed in the subsection entitled “Risk Factors” above, which are incorporated herein by reference. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 516 | The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Form 10-K. All information presented herein is based on the Company’s fiscal calendar. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 517 | Unless otherwise stated, references in this report to particular years or quarters refer to the Company’s fiscal years ended in September and the associated quarters of those fiscal years. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 518 | The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 519 | Executive Overview
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, peripherals, networking solutions, and third-party digital content and applications. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 520 | The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and Mac OS X operating systems, iCloud, and a variety of accessory, service and support offerings. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 521 | The Company also sells and delivers digital content and applications through the iTunes Store, App Store, iBookstore, and Mac App Store. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 522 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 523 | In addition, the Company sells a variety of third-party iPhone, iPad, Mac and iPod compatible products, including application software, printers, storage devices, speakers, headphones, and various other accessories and peripherals through its online and retail stores. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 524 | The Company sells to consumers, small and mid-sized businesses, and education, enterprise and government customers. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 525 | The Company is committed to bringing the best user experience to its customers through its innovative hardware, software, peripherals, and services. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 526 | The Company’s business strategy leverages its unique ability to design and develop its own operating systems, hardware, application software, and services to provide its customers new products and solutions with superior ease-of-use, seamless integration, and innovative design. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 527 | As part of its strategy, the Company continues to expand its platform for the discovery and delivery of third-party digital content and applications through the iTunes Store. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 528 | As part of the iTunes Store, the Company’s App Store and iBookstore allow customers to discover and download applications and books through either a Mac or Windows-based computer or through “iOS devices,” namely iPhone, iPad and iPod touch. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 529 | In January 2011, the Company opened the Mac App Store to allow customers to easily discover, download and install applications for their Macs. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 530 | The Company also supports a community for the development of third-party software and hardware products and digital content that complement the Company’s offerings. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 531 | The Company’s strategy also includes expanding its distribution network to effectively reach more customers and provide them with a high-quality sales and post-sales support experience. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 532 | The Company participates in several highly competitive markets, including mobile communications and media devices with its iPhone, iPad and iPod product families; personal computers with its Mac computers; and distribution of third-party digital content and applications through the iTunes Store, App Store, iBookstore, ... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 533 | While the Company is widely recognized as a leading innovator in the markets where it competes, these markets are highly competitive and subject to aggressive pricing. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 534 | To remain competitive, the Company believes that continual investment in research and development and marketing and advertising is critical to the development and sale of innovative products and technologies. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 535 | The Company’s research and development spending is focused on investing in new hardware and software products, and in further developing its existing products, including iPhone, iPad, Mac, and iPod hardware; iOS and Mac OS X operating systems; and a variety of application software and online services. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 536 | The Company uses a variety of direct and indirect distribution channels, such as its retail stores, online stores, and direct sales force, and third-party cellular network carriers, wholesalers, retailers, and value-added resellers. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 537 | The Company believes that sales of its innovative and differentiated products are enhanced by knowledgeable salespersons who can convey the value of the hardware and software integration, and demonstrate the unique solutions that are available on its products. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 538 | The Company further believes providing direct contact with its targeted customers is an effective way to demonstrate the advantages of its products over those of its competitors and providing a high-quality sales and after-sales support experience is critical to attracting new and retaining existing customers. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 539 | To ensure a high-quality buying experience for its products in which service and education are emphasized, the Company continues to expand and improve its distribution capabilities by expanding the number of its own retail stores worldwide. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 540 | Additionally, the Company has invested in programs to enhance reseller sales by placing high quality Apple fixtures, merchandising materials and other resources within selected third-party reseller locations. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 541 | Through the Apple Premium Reseller Program, certain third-party resellers focus on the Apple platform by providing a high level of integration and support services, and product expertise. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 542 | Japan Earthquake and Tsunami and Thailand Flooding
On March 11, 2011, the northeast coast of Japan experienced a severe earthquake followed by a tsunami, with continuing aftershocks. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 543 | These geological events have caused significant damage in the region, including severe damage to nuclear power plants, and have impacted Japan’s power and other infrastructure as well as its economy. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 544 | Certain of the Company’s suppliers are located in Japan, and certain of its other suppliers integrate components or use materials manufactured in Japan in the production of its products. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 545 | To the extent that component production has been affected, the Company has generally obtained alternative sources of supply or implemented other measures. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 546 | The Company does not currently believe these events will have a material impact on its operations in the first quarter of 2012 unless conditions worsen, including, but not limited to, power outages and expansion of evacuation zones around the nuclear power plants. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 547 | Beyond the first quarter of 2012, uncertainty exists with respect to the availability of electrical power, the damage to nuclear power plants and the impact to other infrastructure. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 548 | Thus, there is a risk that the Company could in the future experience delays or other constraints in obtaining key components and products and/or price increases related to such components and products that could materially adversely affect the Company’s financial condition and operating results. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 549 | In addition, in recent months several regions of Thailand have experienced severe flooding, causing damage to infrastructure, housing and factories. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 550 | A number of the Company’s suppliers are located in Thailand. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 551 | As with Japan, to the extent that component production has been affected, the Company will work to obtain alternative sources of supply or implement other measures. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 552 | Based on the Company’s current assessment of the situation, it does not believe this event will have a material impact on its operations in the first quarter of 2012; however, because the situation in Thailand is still evolving uncertainty remains regarding the ultimate impact of this event on the Company. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 553 | Critical Accounting Policies and Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgmen... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 554 | Note 1, “Summary of Significant Accounting Policies” of Notes to Consolidated Financial Statements in this Form 10-K describes the significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 555 | Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 556 | Actual results may differ from these estimates and such differences may be material. | 0001193125-11-282113/full-submission.txt |
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