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0000320193 | 20111026 | 10-K | 1,157 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,158 | The Company’s matching contributions to the Savings Plan were $90 million, $72 million and $59 million in 2011, 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,159 | Restricted Stock Units
A summary of the Company’s RSU activity and related information for the three years ended September 24, 2011, is as follows (in thousands, except per share amounts):
The fair value as of the vesting date of RSUs was $1.5 billion, $1.0 billion and $221 million for 2011, 2010 and 2009, respectively... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,160 | The majority of RSUs that vested in 2011, 2010 and 2009, were net-share settled such that the Company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,161 | The total shares withheld were approximately 1.6 million, 1.8 million and 707,000 for 2011, 2010 and 2009, respectively, and were based on the value of the RSUs on their vesting date as determined by the Company’s closing stock price. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,162 | Total payments for the employees’ tax obligations to the taxing authorities were $520 million, $406 million and $82 million in 2011, 2010 and 2009, respectively, and are reflected as a financing activity within the Consolidated Statements of Cash Flows. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,163 | These net-share settlements had the effect of share repurchases by the Company as they reduced and retired the number of shares that would have otherwise been issued as a result of the vesting and did not represent an expense to the Company. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,164 | Stock Option Activity
A summary of the Company’s stock option activity and related information for the three years ended September 24, 2011, is as follows (in thousands, except per share amounts and contractual term in years):
Aggregate intrinsic value represents the value of the Company’s closing stock price on the la... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,165 | Total intrinsic value of options at time of exercise was $2.6 billion, $2.0 billion and $827 million for 2011, 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,166 | Share-based Compensation
Share-based compensation cost for RSUs is measured based on the closing fair market value of the Company’s common stock on the date of grant. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,167 | Share-based compensation cost for stock options and employee stock purchase plan rights (“stock purchase rights”) is estimated at the grant date and offering date, respectively, based on the fair-value as calculated by the BSM option-pricing model. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,168 | The BSM option-pricing model incorporates various assumptions including expected volatility, expected life and interest rates. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,169 | The expected volatility is based on the historical volatility of the Company’s common stock over the most recent period commensurate with the 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,170 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,171 | The Company recognizes share-based compensation cost as expense on a straight-line basis over the requisite service period. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,172 | The Company granted 1,370 stock options, 34,000 stock options and 234,000 stock options during 2011, 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,173 | The weighted-average grant date fair value of stock options granted during 2011, 2010 and 2009 was $181.13, $108.58 and $46.71 per share, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,174 | The Company did not assume any stock options in conjunction with business combinations during 2011 or 2009. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,175 | During 2010, the Company assumed 98,000 stock options, which had a weighted-average fair value of $216.82 per share. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,176 | The weighted-average fair value of stock purchase rights per share was $71.47, $45.03 and $30.62 during 2011, 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,177 | The following table provides a summary of the share-based compensation expense included in the Consolidated Statements of Operations for the three years ended September 24, 2011 (in millions):
The income tax benefit related to share-based compensation expense was $467 million, $314 million and $266 million for 2011, 20... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,178 | As of September 24, 2011, the total unrecognized compensation cost related to outstanding stock options and RSUs was $2.6 billion, which the Company expects to recognize over a weighted-average period of 3.7 years. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,179 | Note 7 - Commitments and Contingencies
Accrued Warranty and Indemnification
The Company offers a basic limited parts and labor warranty on its hardware products. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,180 | The basic warranty period for hardware products is typically one year from the date of purchase by the end-user. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,181 | The Company also offers a 90-day basic warranty for its service parts used to repair the Company’s hardware products. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,182 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,183 | 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... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,184 | The Company assesses the adequacy of its pre-existing warranty liabilities and adjusts the amounts as necessary based on actual experience and changes in future estimates. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,185 | The following table reconciles changes in the Company’s accrued warranty and related costs for the three years ended September 24, 2011 (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 intellec... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,186 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,187 | However, the Company has not been required to make any significant payments resulting from such an infringement claim asserted against it or an indemnified third-party. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,188 | In the opinion of management, there was not
at least a reasonable possibility the Company may have incurred a material loss with respect to indemnification of end-users of its operating system or application software for infringement of third-party intellectual property rights. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,189 | The Company did not record a liability for infringement costs related to indemnification as of either September 24, 2011 or September 25, 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,190 | The Company has entered into indemnification agreements with its directors and executive officers. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,191 | Under these agreements, the Company has agreed to indemnify such individuals to the fullest extent permitted by law against liabilities that arise by reason of their status as directors or officers and to advance expenses incurred by such individuals in connection with related legal proceedings. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,192 | It is not possible to determine the maximum potential amount of payments the Company could be required to make under these agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each claim. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,193 | However, the Company maintains directors and officers liability insurance coverage to reduce its exposure to such obligations, and payments made under these agreements historically have not been material. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,194 | Concentrations in the Available Sources of Supply of Materials and Product
Although most components essential to the Company’s business are generally available from multiple sources, a number of components are currently obtained from single or limited sources, which subjects the Company to significant supply and pricin... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,195 | Many components that are available from multiple sources are at times subject to industry-wide shortages and significant commodity pricing fluctuations. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,196 | In addition, the Company has entered into various agreements for the supply of components; however there can be no guarantee that the Company will be able to extend or renew these agreements on similar terms, or at all. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,197 | Therefore, the Company remains subject to significant risks of supply shortages and price increases that can materially adversely affect its financial condition and operating results. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,198 | The Company and other participants in the mobile communication and media device, and personal computer industries also compete for various components with other industries that have experienced increased demand for their products. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,199 | The Company also uses some custom components that are not common to the rest of these industries, and new products introduced by the Company often utilize custom components available from only one source. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,200 | When a component or product uses new technologies, initial capacity constraints may exist until the suppliers’ yields have matured or manufacturing capacity has increased. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,201 | If the Company’s supply of components for a new or existing product were delayed or constrained, or if an outsourcing partner delayed shipments of completed products to the Company, the Company’s financial condition and operating results could be materially adversely affected. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,202 | The Company’s business and financial performance could also be materially 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,203 | Continued availability of these components at acceptable prices, or at all, may be affected if those suppliers concentrated on the production of common components instead of components customized to meet the Company’s requirements. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,204 | Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are primarily located in Asia. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,205 | A significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,206 | Certain of these outsourcing partners are the sole-sourced suppliers of components and manufacturer for many of the Company’s products. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,207 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,208 | The Company’s purchase commitments typically cover its requirements for periods up to 150 days. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,209 | Long-Term Supply Agreements
The Company has entered into long-term agreements to secure the supply of certain inventory components. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,210 | These agreements generally expire between 2012 and 2022. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,211 | As of September 24, 2011, the Company had a total of $2.3 billion of inventory component prepayments outstanding, of which $728 million are classified as other
current assets and $1.6 billion are classified as other assets in the Consolidated Balance Sheets. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,212 | The Company had a total of $956 million of inventory component prepayments outstanding as of September 25, 2010. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,213 | The Company’s outstanding prepayments will be applied to certain inventory component purchases made during the term of each respective agreement. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,214 | Other Off-Balance Sheet Commitments
Lease Commitments
The Company leases various equipment and facilities, including retail space, under noncancelable operating lease arrangements. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,215 | The Company does not currently utilize any other off-balance sheet financing arrangements. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,216 | The major facility leases are typically for terms not exceeding 10 years and generally provide renewal options for terms not exceeding five additional years. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,217 | Leases for retail space are for terms ranging from five to 20 years, the majority of which are for ten years, and often contain multi-year renewal options. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,218 | As of September 24, 2011, the Company’s total future minimum lease payments under noncancelable operating leases were $3.0 billion, of which $2.4 billion related to leases for retail space. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,219 | Rent expense under all operating leases, including both cancelable and noncancelable leases, was $338 million, $271 million and $231 million in 2011, 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,220 | Future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of September 24, 2011, are as follows (in millions):
Other Commitments
As of September 24, 2011, the Company had outstanding off-balance sheet commitments for outsourced manufacturing and component purchas... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,221 | Additionally, other outstanding obligations were $2.4 billion as of September 24, 2011, and were comprised mainly of commitments under long-term supply agreements to make additional inventory component prepayments and to acquire capital equipment, commitments to acquire product tooling and manufacturing process equipme... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,222 | Contingencies
The Company is subject to various 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” and in Part I Item 1A under the heading “Risk Factors.” In t... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,223 | However, the outcome of litigation is inherently uncertain. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,224 | 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 | 1,225 | Note 8 - Segment Information and Geographic Data
The Company reports segment information based on the “management” approach. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,226 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,227 | The Company manages its business primarily on a geographic basis. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,228 | Accordingly, the Company determined its reportable operating segments, which are generally based on the nature and location of its customers, to be the Americas, Europe, Japan, Asia-Pacific and Retail operations. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,229 | The results of the Americas, Europe, Japan and Asia-Pacific reportable segments do not include results of the Retail segment. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,230 | The Americas segment includes both North and South America. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,231 | The Europe segment includes European countries, as well as the Middle East and Africa. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,232 | The Asia-Pacific segment includes Australia and Asian countries, other than Japan. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,233 | The Retail segment operates Apple retail stores in 11 countries. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,234 | Each reportable operating segment provides similar hardware and software products and similar services. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,235 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,236 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,237 | Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,238 | Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,239 | Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,240 | 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, share-based compensation expense, income taxes, various nonrecurring charges, and other separately managed ge... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,241 | The Company does not include intercompany transfers between segments for management reporting purposes. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,242 | Segment assets exclude corporate assets, such as cash and cash equivalents, short-term and long-term marketable securities, other long-term investments, manufacturing and corporate facilities, product tooling and manufacturing process equipment, miscellaneous corporate infrastructure, goodwill and other acquired intang... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,243 | Except for the Retail segment, capital asset purchases for long-lived assets are not reported to management by segment. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,244 | Cash payments for capital asset purchases by the Retail segment were $612 million, $392 million and $369 million for 2011, 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,245 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,246 | Because of their unique design elements, locations and size, these stores require substantially more investment than the Company’s more typical retail stores. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,247 | The Company allocates certain operating expenses associated with its high-profile stores to corporate expense to reflect the estimated Company-wide benefit. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,248 | 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. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,249 | The Company had opened a total of 19 high-profile stores as of September 24, 2011. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,250 | Amounts allocated to corporate expense resulting from the operations of high-profile stores were $102 million, $75 million and $65 million for 2011, 2010 and 2009, respectively. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,251 | Summary information by operating segment for the three years ended September 24, 2011 is as follows (in millions):
(a) The Americas asset figures do not include fixed assets held in the U.S. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,252 | Such fixed assets are not allocated specifically to the Americas segment and are included in the corporate and Retail assets figures below. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,253 | (b) Retail segment depreciation and asset figures reflect the cost and related depreciation of its retail stores and related infrastructure. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,254 | A reconciliation of the Company’s segment operating income and assets to the consolidated financial statements for the three years ended September 24, 2011 is as follows (in millions):
(a) Other corporate expenses include research and development, corporate marketing expenses, manufacturing costs and variances not incl... | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,255 | The U.S. and China were the only countries that accounted for more than 10% of Company’s net sales in 2011. | 0001193125-11-282113/full-submission.txt |
0000320193 | 20111026 | 10-K | 1,256 | No single country other than the U.S. accounted for more than 10% of net sales in 2010 or 2009. | 0001193125-11-282113/full-submission.txt |
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