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0000320193 | 20001214 | 10-K | 488 | The failure to obtain necessary licenses or other rights, or litigation arising out of such claims, could adversely affect the Company's results of operations and financial condition. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 489 | PRODUCT, GEOGRAPHIC, AND CHANNEL MIX
The Company's profit margins vary among its products, its geographic markets, and its distribution channels. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 490 | As a result, the overall profitability of the Company in any given period will depend, in part, on the product, geographic, and channel mix reflected in that period's net sales. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 491 | INTRA-QUARTER SALES CYCLE
Apple generally sells more products during the third month of each quarter than it does during either of the first two months, a pattern typical in the personal computer industry. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 492 | This sales pattern can produce pressure on the Company's internal infrastructure during the third month of a quarter and may adversely impact the Company's ability to predict its financial results accurately. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 493 | Developments late in a quarter, such as lower-than-anticipated demand for the Company's products, an internal systems failure, or failure of one of the Company's key logistics or components suppliers, can have significant adverse impacts on the Company and its results of operations and financial condition. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 494 | DEPENDENCE ON KEY PERSONNEL
Much of the future success of the Company depends on the continued service and availability of skilled personnel, including those in technical, marketing and staff positions. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 495 | Experienced personnel in the information technology industry are in high demand and competition for their talents is intense, especially in the Silicon Valley, where many of the Company's employees are located. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 496 | There can be no assurance that the company will be able to successfully attract and retain the key personnel it needs. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 497 | Additionally, volatility or a lack of positive performance in the Company's stock price may adversely affect its ability to retain key employees. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 498 | MINORITY INVESTMENTS
The Company holds minority investments in several public companies including Samsung Electronics Co., Akamai Technologies, Inc., EarthLink, and ARM Holdings plc. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 499 | The combined fair market value of these investments was approximately $786 million as of September 30, 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 500 | The Company has categorized its investments in these companies as available-for-sale requiring the investments be carried at fair value, with unrealized gains and losses net of taxes reported as a component of accumulated other comprehensive income. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 501 | These investments are in publicly traded companies whose share prices are subject to significant volatility. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 502 | While the overall financial impact of these investments has been positive through the end of 2000, adverse changes in general market conditions or poor operating results of the underlying companies could result in the Company's inability to ultimately realize the gains associated with the carrying value of these invest... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 503 | Permanent impairment in the value of one or all of these investments could cause the Company to recognize a loss on some portion of its original $316 million investment remaining in these four companies. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 504 | EURO TRANSITION
On January 1, 1999, eleven of the fifteen member countries of the European Union adopted the Euro as their common legal currency and established fixed conversion rates between their existing sovereign currencies and the Euro. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 505 | The Euro is now traded on currency exchanges and is available for non-cash transactions. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 506 | The transition period for introduction of the Euro ends on January 1, 2002. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 507 | The Company has taken steps to evaluate internal system capabilities, review the ability of financial institution vendors to support Euro transactions, and examine current marketing and pricing policies and strategies in light of the Euro conversion. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 508 | Additionally, the Company has begun the process of updating its internal systems and processes to accommodate full transition to the Euro as the transaction and reporting currency for its affected European subsidiaries. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 509 | The transition to the Euro may have competitive implications on the Company's pricing and marketing strategies, the impact of which are not known at this time. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 510 | Additionally, the Company is at risk to the extent its principal European suppliers and customers are unable to deal effectively with the impact of the Euro transition. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 511 | Adoption of the Euro and the costs incurred to prepare for that adoption are not expected to have a material adverse effect on the Company's results of operations or financial condition. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 512 | However, there can be no assurance all issues related to the Euro conversion have been identified or that adoption issues identified will be addressed properly or on a timely basis. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 513 | Failure to properly identify and address issues associated with adoption of the Euro could have a material adverse affect on the Company's results of operations and financial condition. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 514 | VOLATILITY OF STOCK PRICE
The Company's stock has experienced substantial price volatility as a result of variations between its actual and anticipated financial results and as a result of announcements by the Company and its competitors. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 515 | In addition, the stock market has experienced extreme price and volume fluctuations that have affected the market price of many technology companies in ways that have been unrelated to the operating performance of these companies. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 516 | These factors, as well as general economic and political conditions, may materially adversely affect the market price of the Company's common stock in the future. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 517 | OTHER FACTORS
The majority of the Company's research and development activities, its corporate headquarters, and other critical business operations, including certain major vendors, are located near major seismic faults. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 518 | The Company's operating results and financial condition could be materially adversely affected in the event of a major earthquake. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 519 | Production and marketing of products in certain states and countries may subject the Company to environmental and other regulations including, in some instances, the requirement that the Company provide consumers with the ability to return to the Company product at the end of its useful life, and leave responsibility f... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 520 | 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, no assurance can be given such laws, or any future laws enacted for the protection of the environment, will not have a material adverse effect on the Company. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 521 | ITEM 7A. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 522 | DISCLOSURES ABOUT MARKET RISK
INTEREST RATE AND FOREIGN CURRENCY RISK MANAGEMENT
To ensure the adequacy and effectiveness of the Company's foreign exchange and interest rate hedge positions, as well as to monitor the risks and opportunities of the non-hedge portfolios, the Company continually monitors its foreign excha... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 523 | However, given the effective horizons of the Company's risk management activities and the anticipatory nature of the exposures intended to hedge, there can be no assurance the aforementioned programs will offset more than a portion of the adverse financial impact resulting from unfavorable movements in either foreign e... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 524 | In addition, the timing of the accounting for recognition of gains and losses related to mark-to-market instruments for any given period may not coincide with the timing of gains and losses related to the underlying economic exposures and, therefore, may adversely affect the Company's operating results and financial po... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 525 | The Company will adopt SFAS No. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 526 | 133 as of October 1, 2000. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 527 | Management does not believe that adoption of the new accounting standard will
significantly alter the Company's hedging strategies. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 528 | However, its application may increase the volatility of other income and expense and other comprehensive income. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 529 | INTEREST RATE RISK
While the Company is exposed to interest rate fluctuations in many of the world's leading industrialized countries, the Company's interest income and expense is most sensitive to fluctuations in the general level of U.S. interest rates. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 530 | In this regard, changes in U.S. interest rates affect the interest earned on the Company's cash, cash equivalents, and short-term investments as well as costs associated with foreign currency hedges. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 531 | The Company's exposure to market risk for changes in interest rates relates primarily to the Company's investments and long-term debt obligations and related derivative financial instruments. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 532 | The Company places its investments with high credit quality issuers and, by policy, limits the amount of credit exposure to any one issuer. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 533 | The Company's general policy is to limit the risk of principal loss and ensure the safety of invested funds by limiting market and credit risk. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 534 | All highly liquid investments with a maturity of three months or less at the date of purchase are considered to be cash equivalents; investments with maturities between three and twelve months are considered to be short-term investments. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 535 | As of September 30, 2000, substantially all of the Company's investments have maturities less than 12 months. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 536 | During 1994, the Company issued $300 million aggregate principal amount of 6.5% unsecured notes in a public offering registered with the SEC. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 537 | The notes were sold at 99.925% of par, for an effective yield to maturity of 6.51%. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 538 | The notes pay interest semiannually and mature on February 15, 2004. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 539 | The following table presents the principal (or notional) amounts and related weighted-average interest rates for the Company's investment portfolio and its long-term debt obligations. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 540 | The long-term debt is comprised of $300 million of unsecured notes described above, which mature in February 2004. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 541 | The Company's U.S. corporate securities include commercial paper, loan participations, certificates of deposit, time deposits and corporate debt securities. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 542 | Foreign securities include foreign commercial paper, loan participation, certificates of deposit and time deposits with foreign institutions, most of which are denominated in U.S. dollars. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 543 | The Company's cash equivalents and short-term investments have generally
been held until maturity. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 544 | Gross unrealized gains and losses were negligible as of September 30, 2000 and September 25, 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 545 | In millions, except weighted-average interest rates
SEPTEMBER 30, 2000 SEPTEMBER 25, 1999 -------------------- -------------------- WEIGHTED- WEIGHTED- AVERAGE AVERAGE CARRYING INTEREST CARRYING INTEREST AMOUNT RATE AMOUNT RATE -------- --------- -------- ---------
Assets: Cash equivalents: U.S. Treasury and Agency sec... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 546 | The Company may also enter into interest rate contracts that are intended to reduce the cost of the interest rate risk management program. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 547 | The Company does not hold or transact in such financial instruments for purposes other than risk management. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 548 | The interest rate swaps, which qualify as accounting hedges, generally require the Company to pay a floating interest rate based on the three- or six-month U.S. dollar LIBOR and receive a fixed rate of interest without exchanges of the underlying notional amounts. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 549 | These swaps effectively convert the Company's fixed-rate 10 year debt to floating-rate debt and convert a portion of the floating rate investments to fixed rate. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 550 | The maturity date of the asset swaps is September 2001 with the remaining debt swaps maturing in February of 2004. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 551 | As of September 30, 2000 and September 25, 1999, interest rate debt swaps had a weighted-average receive rate of 7.21% and 6.04%, respectively. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 552 | The weighted-average pay rate on the debt swaps was 6.68% and 5.45% as of September 30, 2000 and September 25, 1999, respectively. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 553 | As of September 30, 2000 and September 25, 1999, interest rate asset swaps had a weighted-average receive rate of 5.50% and 5.53%, respectively; and a weighted-average pay rates of 6.66% and 5.24%, respectively. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 554 | The unrealized gains and losses on these swaps are deferred and recognized in income as a component of interest and other income (expense), net in the same period as the hedged transaction. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 555 | Deferred losses on such contracts totaled approximately $1 million as of September 30, 2000 and $5 million as of September 25, 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 556 | FOREIGN CURRENCY RISK
Overall, the Company is a net receiver of currencies other than the U.S. dollar and, as such, benefits from a weaker dollar and is adversely affected by a stronger dollar relative to major currencies worldwide. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 557 | Accordingly, changes in exchange rates, and in particular a strengthening of the U.S. dollar, may negatively affect the Company's net sales and gross margins as expressed in U.S. dollars. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 558 | The Company enters into foreign exchange forward and option contracts with financial institutions primarily to protect against currency exchange risks associated with existing assets and liabilities, certain firmly committed transactions, and probable but not firmly committed transactions. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 559 | Generally, the Company's practice is to hedge a majority of its existing material foreign exchange transaction exposures. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 560 | However, the Company may not hedge certain foreign exchange transaction exposures due to immateriality, prohibitive economic cost of hedging particular exposures, and availability of appropriate hedging instruments. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 561 | Foreign exchange forward contracts are carried at fair value in other current assets and liabilities. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 562 | The premium costs of purchased foreign exchange option contracts are recorded in other current assets and marked to market through earnings. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 563 | Probable but not firmly committed transactions comprise sales of the Company's products and purchases of raw material, sub-assemblies, and assembled finished goods in currencies other than the functional currency. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 564 | A majority of these transactions are made through the Company's subsidiaries in Europe, Asia (particularly Japan), Canada, and Australia. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 565 | The Company purchases foreign exchange option contracts to hedge the currency exchange risks associated with these probable but not firmly committed transactions. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 566 | The Company also sells foreign exchange option contracts, in order to partially finance the purchase of these foreign exchange option contracts. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 567 | The term of the Company's foreign exchange hedging instruments, whether for firmly committed transactions, probable but not firmly committed transactions, or to partially finance the foreign risk management program, currently does not extend beyond six months. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 568 | Gains and losses on accounting hedges of existing assets or liabilities are generally recorded in income or shareholders' equity against the losses and gains on the hedged transactions. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 569 | Gains and losses related to qualifying accounting hedges of firmly committed or probable but not firmly committed transactions are deferred and recognized in income in the same period as the hedged transactions. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 570 | Gains and losses on accounting hedges realized before the settlement date of the related hedged transaction are also generally deferred and recognized in income in the same period as the hedged transactions. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 571 | Gains and losses on interest rate and foreign exchange instruments not accounted for as hedges are recorded in income as a component of interest and other income (expense), net. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 572 | Sold interest rate and foreign exchange instruments do not qualify as accounting hedges. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 573 | Premiums associated with sold foreign exchange option contracts are recorded in other current assets and amortized over the life of the option. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 574 | The following table provides information about the Company's foreign currency derivative financial instruments outstanding as of September 30, 2000 and September 25, 1999. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 575 | The information is provided in U.S. dollar amounts, as presented in the Company's consolidated financial statements. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 576 | For foreign currency exchange contracts, the table presents the notional amount (at contract exchange rates) and the
weighted-average contractual foreign currency exchange rates. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 577 | Generally, all instruments mature within 6 months. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 578 | Miscellaneous other currencies consist primarily of the Canadian and Australian dollars. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 579 | 2000 1999 ----------------------------- ----------------------------- WEIGHTED-AVERAGE WEIGHTED-AVERAGE NOTIONAL CONTRACT RATE OR NOTIONAL CONTRACT RATE OR AMOUNT STRIKE PRICE AMOUNT STRIKE PRICE --------- ----------------- --------- ----------------- In millions, except average contract rates and strike prices
Foreign... | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 580 | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS PAGE - ------------------------------------------ --------
Financial Statements: Report of Independent Auditors, KPMG LLP.................. 32 Consolidated Balance Sheets as of September 30, 2000, and September 25, 1999................. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 581 | In connection with our audits of the consolidated financial statements, we have also audited the accompanying financial statement schedule. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 582 | These consolidated financial statements and financial statement schedule are the responsibility of the Company's management. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 583 | Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule based on our audits. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 584 | We conducted our audits in accordance with auditing standards generally accepted in the United States of America. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 585 | Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 586 | An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. | 0000912057-00-053623/full-submission.txt |
0000320193 | 20001214 | 10-K | 587 | An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. | 0000912057-00-053623/full-submission.txt |
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