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0000320193 | 20141027 | 10-K | 526 | Holders
As of October 10, 2014, there were 26,112 shareholders of record. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 527 | Dividends
The Company paid a total of $11.0 billion and $10.5 billion in dividends during 2014 and 2013, respectively, and expects to pay quarterly dividends of $0.47 per common share each quarter, subject to declaration by the Board of Directors. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 528 | The Company also plans to increase its dividend on an annual basis, subject to declaration by the Board of Directors. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 529 | Recent Sales of Unregistered Securities
On July 31, 2014, in connection with its acquisitions of Beats Music, LLC and Beats Electronics, LLC (collectively “Beats”), the Company issued approximately 5.1 million shares of its common stock to certain former equity holders of Beats in reliance on the exemption from registr... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 530 | The majority of these shares will vest over time based on continued employment with Apple. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 531 | Apple Inc. | 2014 Form 10-K | 21
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September 27, 2014 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):
(1) In 2012, the Company’s Bo... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 532 | The Company’s Board of Directors increased the share repurchase program authorization to $60 billion in April 2013 and to $90 billion in April 2014. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 533 | As of September 27, 2014, $67.9 billion of the $90 billion had been utilized. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 534 | The remaining $22.1 billion in the table represents the amount available to repurchase shares under the authorized repurchase program as of September 27, 2014. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 535 | The Company’s share repurchase program does not obligate it to acquire any specific number of shares. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 536 | Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 537 | (2) In August 2014, the Company entered into a new accelerated share repurchase arrangement (“ASR”) to purchase up to $9.0 billion of the Company’s common stock. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 538 | In exchange for up-front payments totaling $9.0 billion, the financial institutions committed to deliver shares during the ASR’s purchase period, which will end in or before February 2015. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 539 | The total number of shares ultimately delivered, and therefore the average price paid per share, will be determined at the end of the applicable purchase period based on the volume weighted-average price of the Company’s common stock during that period. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 540 | During the fourth quarter of 2014, 59.9 million shares were delivered and retired under the ASR, and the final number of shares to be delivered will be determined at the conclusion of the purchase period. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 541 | Apple Inc. | 2014 Form 10-K | 22
Company Stock Performance
The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for the Company, the S&P 500 Index, the Dow Jones U.S. Technology Supersector Index and the S&P Information Technology Index for the five y... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 542 | The Company has added the S&P Information Technology Index to the graph to capture the stock performance of companies whose products and services relate to those of the Company. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 543 | The S&P Information Technology Index replaces the S&P Computer Hardware Index, which is no longer tracked by S&P. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 544 | The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index, the Dow Jones U.S. Technology Supersector Index and the S&P Information Technology Index as of the market close on September 25, 2009. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 545 | Note that historic stock price performance is not necessarily indicative of future stock price performance. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 546 | * $100 invested on 9/25/09 in stock or index, including reinvestment of dividends. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 547 | Data points are the last day of each fiscal year for the Company’s common stock and September 30th for indexes. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 548 | Copyright© 2014 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 549 | Copyright© 2014 Dow Jones & Co. All rights reserved. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 550 | Apple Inc. | 2014 Form 10-K | 23
Item 6. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 551 | Selected Financial Data
The information set forth below for the five years ended September 27, 2014, is not necessarily indicative of results of future operations, and should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the cons... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 552 | (1) Other long-term obligations exclude non-current deferred revenue. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 553 | Apple Inc. | 2014 Form 10-K | 24
Item 7. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 554 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Annual Report on Form 10-K (“Form 10-K”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 555 | Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 556 | Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 557 | 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. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 558 | Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of this Form 10-K under the heading “Risk Factors,” which are incorporated herein by reference. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 559 | The following discussion should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this Form 10-K. All information presented herein is based on the Company’s fiscal calendar. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 560 | Unless otherwise stated, references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 561 | Each of the terms the “Company” and “Apple” as used herein refers collectively to Apple Inc. and its wholly-owned subsidiaries, unless otherwise stated. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 562 | The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 563 | Overview and Highlights
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, accessories, networking solutions and third-party digital content and applications. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 564 | 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. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 565 | In addition, the Company sells a variety of third-party iPhone, iPad, Mac and iPod compatible products, including application software, and various accessories through its online and retail stores. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 566 | The Company sells to consumers; small and mid-sized businesses; and education, enterprise and government customers. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 567 | Fiscal 2014 Highlights
Net sales rose 7% or $11.9 billion during 2014 compared to 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 568 | This was driven by increases in net sales of iPhone; Mac; iTunes, Software and Services; and Accessories. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 569 | Net sales and unit sales increased for iPhone primarily due to the successful introduction of iPhone 5s and 5c in the latter half of calendar year 2013, the successful launch of iPhone 6 and 6 Plus beginning in the fourth quarter of 2014, and expanded distribution. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 570 | Mac net sales and unit sales increased primarily due to strong demand for MacBook Air and MacBook Pro which were updated in 2014 with faster processors and offered at lower prices. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 571 | Net sales of iTunes, Software and Services grew primarily due to increased revenue from sales through the App Store, AppleCare and licensing. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 572 | Net sales and unit sales for iPad declined in 2014 compared to 2013 due to lower unit sales in many markets. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 573 | Growth in total net sales during 2014 was also negatively impacted by the continuing decline of iPod sales. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 574 | All of the Company’s operating segments other than the Rest of Asia Pacific segment experienced increased net sales in 2014, with growth being strongest in the Greater China and Japan operating segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 575 | During the first quarter of 2014, the Company introduced iPad Air, its fifth generation iPad and iPad mini with Retina display. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 576 | At its Worldwide Developer Conference in June 2014, the Company announced iOS 8 and OS X Yosemite. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 577 | In September 2014, the Company introduced iPhone 6 and 6 Plus, released iOS 8, announced Apple Pay, which became available in the U.S. in October 2014, and previewed Apple Watch, which is expected to be available in early calendar 2015. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 578 | In October 2014, the Company introduced iPad Air 2, iPad mini 3, iMac with Retina 5K Display and an updated Mac mini; and released OS X Yosemite. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 579 | During 2014, the Company completed various business acquisitions, including the acquisitions of Beats Music, LLC, which offers a subscription streaming music service, and Beats Electronics, LLC, which makes Beats headphones, speakers and audio software. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 580 | Apple Inc. | 2014 Form 10-K | 25
In April 2014, the Company increased its share repurchase authorization to $90 billion and the quarterly dividend was raised to $0.47 per common share, resulting in an overall increase in its capital return program from $100 billion to over $130 billion. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 581 | During 2014, the Company utilized $45 billion to repurchase its common stock and paid dividends and dividend equivalents of $11.1 billion. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 582 | The current share repurchase program is expected to be completed by the end of December 2015. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 583 | The Company also issued $12.0 billion of long-term debt during 2014 with varying maturities through 2044 and launched a commercial paper program, with $6.3 billion outstanding as of September 27, 2014. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 584 | Fiscal 2013 Highlights
Net sales rose 9% or $14.4 billion during 2013 compared to 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 585 | This resulted from growth in net sales of iPhone; iTunes, Software and Services; and iPad. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 586 | Growth in 2013 reflected strong sales of iPhone 5, strong continuing sales of iPhone 4 and 4s, the introduction of iPhone 5c and 5s, strong performance of the iPad mini and fourth generation iPad, and continued growth in the Company’s online sales of apps, digital content and services. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 587 | Growth in these areas was partially offset by declines in net sales of Mac and iPod. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 588 | All of the Company’s operating segments experienced increased net sales in 2013, with net sales growth being particularly strong in the Americas, Greater China and Japan operating segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 589 | Growth in total net sales was higher during the first half of 2013, rising $12.6 billion or 14.7% over the same period in 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 590 | First half growth in 2013 was driven by iPhone and iPad introductions at or near the beginning of 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 591 | During the first quarter of 2013, the Company introduced the fourth generation iPad and iPad mini, a new MacBook Pro with Retina display, a new iPod touch, a new iMac, and expanded the rollout of iPhone 5 which began in September 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 592 | In June 2013 at its Worldwide Developer Conference, the Company announced iOS 7 and OS X Mavericks, announced iTunes Radio, introduced a significant upgrade to MacBook Air, and provided a preview of all new Mac Pro desktops that were introduced during 2014. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 593 | In September 2013, the Company introduced iPhone 5s and iPhone 5c, released iOS 7, launched iTunes Radio, and announced that beginning in September 2013 iPhoto, iMovie and iWork Apps for iOS would be available as free downloads with all new iPhone, iPad and iPod touch devices (“iOS devices”). | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 594 | In April 2013, the Company announced a significant increase to its program to return capital to shareholders by raising the total amount it expected to utilize for the program through December 2015 to $100 billion. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 595 | This included increasing its share repurchase authorization to $60 billion and raising its quarterly dividend to $0.44 per common share beginning in May 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 596 | During 2013, the Company utilized $23.0 billion to repurchase common shares and paid dividends of $10.5 billion or $1.64 per common share. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 597 | In conjunction with its capital return program, in May 2013 the Company issued $17.0 billion of long-term debt with varying maturities through 2043. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 598 | Apple Inc. | 2014 Form 10-K | 26
Sales Data
The following table shows net sales by operating segment and net sales and unit sales by product during 2014, 2013 and 2012 (dollars in millions and units in thousands):
(1) Includes deferrals and amortization of related non-software services and software upgrade rights. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 599 | (2) Includes revenue from the iTunes Store, the App Store, the Mac App Store, the iBooks Store, AppleCare, licensing and other services. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 600 | (3) Includes sales of Apple-branded and third-party accessories for iPhone, iPad, Mac and iPod. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 601 | The Company’s fiscal year is the 52 or 53-week period that ends on the last Saturday of September. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 602 | The Company’s fiscal years 2014, 2013 and 2012 ended on September 27, 2014, September 28, 2013 and September 29, 2012, respectively. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 603 | Both fiscal years 2014 and 2013 spanned 52 weeks. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 604 | Fiscal year 2012 spanned 53 weeks, with a 14th week included in the first quarter of 2012, as is done approximately every six years to realign the Company’s fiscal quarters more closely to calendar quarters. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 605 | Inclusion of the additional week in 2012 increased the Company’s overall net sales and operating expenses for the year. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 606 | Apple Inc. | 2014 Form 10-K | 27
Product Performance
iPhone
The following table presents iPhone net sales and unit sales information for 2014, 2013 and 2012 (dollars in millions and units in thousands):
The year-over-year growth in iPhone net sales and unit sales in 2014 resulted primarily from the successful introduct... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 607 | iPhone unit sales grew in all of the Company’s operating segments, while iPhone net sales grew in all segments except Rest of Asia Pacific. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 608 | Overall average selling prices (“ASPs”) for iPhone were relatively flat in 2014 compared to 2013, with growth in ASPs in the Americas and Retail segments being offset by a decline in ASPs in the Greater China, Japan and Rest of Asia Pacific segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 609 | The growth in iPhone net sales and unit sales during 2013 resulted from increased demand for iPhone in all of the Company’s operating segments primarily due to the launch of iPhone 5 beginning in September 2012 and strong ongoing demand for iPhone 4 and 4s. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 610 | All of the Company’s operating segments experienced increases in net sales and unit sales of iPhone during 2013 compared to 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 611 | The year-over-year impact of higher iPhone unit sales in 2013 was partially offset by a 3% decline in iPhone ASPs primarily as a result of a shift in product mix towards lower-priced iPhone models, particularly iPhone 4. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 612 | All of the Company’s geographic operating segments experienced a decline in iPhone ASPs during 2013.
iPad
The following table presents iPad net sales and unit sales information for 2014, 2013 and 2012 (dollars in millions and units in thousands):
Net sales and unit sales for iPad declined in 2014 compared to 2013. iPad... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 613 | Overall iPad ASPs were relatively flat in 2014 compared to 2013 with a shift in mix to higher-priced iPads being offset by the October 2013 price reduction of iPad mini. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 614 | ASPs increased in the Japan and Retail segments but were flat to slightly down in other segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 615 | The growth in net sales and unit sales of iPad during 2013 resulted from growth in iPad unit sales in all of the Company’s operating segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 616 | This growth was driven by the launch of iPad mini and the fourth generation iPad beginning in the first quarter of 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 617 | The year-over-year growth rate of total iPad unit sales was significantly higher than the growth rate of total iPad net sales for 2013 due to a reduction in iPad ASPs of 15% in 2013 compared to 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 618 | This decline resulted primarily from introduction of the lower priced iPad mini and the full year impact of the price reduction on iPad 2 made in 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 619 | The decline in iPad ASPs was experienced to various degrees by all of the Company’s operating segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 620 | Apple Inc. | 2014 Form 10-K | 28
Mac
The following table presents Mac net sales and unit sales information for 2014, 2013 and 2012 (dollars in millions and units in thousands):
The year-over-year growth in Mac net sales and unit sales for 2014 was primarily driven by increased sales of MacBook Air, MacBook Pro and Mac ... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 621 | Mac net sales and unit sales increased in all of the Company’s operating segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 622 | Mac ASPs decreased during 2014 compared to 2013 primarily due to price reductions on certain Mac models and a shift in mix towards Mac portable systems. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 623 | Mac net sales and unit sales for 2013 were down or relatively flat in all of the Company’s operating segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 624 | Mac ASPs increased slightly partially offsetting the impact of lower unit sales on net sales. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 625 | The decline in Mac unit sales and net sales reflected the overall weakness in the market for personal computers. | 0001193125-14-383437/full-submission.txt |
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