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0000320193 | 20141027 | 10-K | 626 | iTunes, Software and Services
The following table presents net sales information of iTunes, Software and Services for 2014, 2013 and 2012 (dollars in millions):
The increase in net sales of iTunes, Software and Services in 2014 compared to 2013 was primarily due to growth in net sales from the iTunes Store, AppleCare a... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 627 | The iTunes Store generated a total of $10.2 billion in net sales during 2014 compared to $9.3 billion during 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 628 | Growth in net sales from the iTunes Store was driven by increases in revenue from app sales reflecting continued growth in the installed base of iOS devices and the expanded offerings of iOS Apps and related in-App purchases. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 629 | This was partially offset by a decline in sales of digital music. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 630 | The increase in net sales of iTunes, Software and Services in 2013 compared to 2012 was primarily due to growth in net sales from the iTunes Store, AppleCare and licensing. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 631 | The iTunes Store generated a total of $9.3 billion in net sales during 2013, a 24% increase from 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 632 | Growth in the iTunes Store, which includes the App Store, the Mac App Store and the iBooks Store, reflected continued growth in the installed base of iOS devices, expanded offerings of iOS Apps and related in-App purchases, and expanded offerings of iTunes digital content. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 633 | Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 634 | 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, Greater China, Japan, Rest of Asia Pacific and Retail. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 635 | The Americas segment includes both North and South America. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 636 | The Europe segment includes European countries, as well as India, the Middle East and Africa. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 637 | The Greater China segment includes China, Hong Kong and Taiwan. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 638 | The Rest of Asia Pacific segment includes Australia and Asian countries, other than those countries included in the Company’s other operating segments. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 639 | The results of the Company’s geographic segments do not include results of the Retail segment. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 640 | Each operating segment provides similar hardware and software products and similar services. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 641 | Further information regarding the Company’s operating segments may be found in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, “Segment Information and Geographic Data.”
Apple Inc. | 2014 Form 10-K | 29
Americas
The following table presents Americas net sales information ... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 642 | Mac growth was driven primarily by increased net sales and unit sales of MacBook Air and Mac Pro. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 643 | The growth in the Americas segment net sales during 2013 was driven by increased sales of iPhone following the introduction of iPhone 5 in September 2012 and iPhone 5s and 5c in September 2013, increased sales from the iTunes Store, and increased sales of iPad, particularly iPad mini. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 644 | These increases were partially offset by a decrease in net sales of iPod and Mac and a decline in iPad ASPs. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 645 | Europe
The following table presents Europe net sales information for 2014, 2013 and 2012 (dollars in millions):
The growth in the Europe segment in 2014 was due to increased net sales of iPhone, Mac and iTunes, Software and Services, as well as strength in European currencies relative to the U.S. dollar, partially offs... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 646 | iPhone growth resulted primarily from the successful introduction of iPhone 5s and 5c in the second half of calendar 2013 and the successful launch of iPhone 6 and 6 Plus in over 20 countries in Europe in September 2014. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 647 | Mac growth was driven primarily by increased net sales and unit sales of MacBook Air, MacBook Pro and Mac Pro. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 648 | The growth in net sales in the Europe segment during 2013 was primarily driven by increased sales of iPhone, iPad and higher net sales from iTunes. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 649 | These increases were partially offset by decreases in net sales of Mac and iPod and a decline in iPad ASPs. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 650 | Net sales in the Europe segment continued to be negatively impacted by unfavorable economic conditions in parts of the region reflected by second half 2013 net sales falling 4% compared to the second half of 2012, which followed an 11% increase in net sales during the first half of 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 651 | Greater China
The following table presents Greater China net sales information for 2014, 2013 and 2012 (dollars in millions):
The Greater China segment experienced year-over-year growth in net sales in 2014 that was significantly higher than the growth rate for the Company overall. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 652 | Greater China growth was driven by higher unit sales and net sales of all major product categories except iPod, in addition to higher net sales of iTunes, Software and Services. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 653 | Growth in net sales and unit sales of iPhone was especially strong, driven by the successful launch of iPhone 5s and 5c in Mainland China and Hong Kong in September 2013, the successful launch of iPhone 6 and 6 Plus in Hong Kong in September 2014, increased demand for the Company’s entry-priced iPhones and the addition... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 654 | Apple Inc. | 2014 Form 10-K | 30
The growth in net sales in the Greater China segment during 2013 resulted from two major iPhone introductions during the year, iPhone 5 in December 2012 and iPhone 5c and iPhone 5s in September 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 655 | Further contributing to the growth in 2013 was the introduction of the fourth generation iPad and iPad mini during the second quarter of 2013 and an increase in iPhone channel inventory as of the end of 2013 compared to the end of 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 656 | While net sales in the Greater China segment were up 13% for all of 2013, net sales for the second half of 2013 declined 4% compared to the second half of 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 657 | Japan
The following table presents Japan net sales information for 2014, 2013 and 2012 (dollars in millions):
In 2014 the Japan segment generated year-over-year increases in net sales and unit sales of every major product category except iPod and experienced growth in net sales of iTunes, Software and Service. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 658 | The year-over-year growth in iPhone was driven by the successful launch of iPhone 5s and 5c in September 2013, the successful launch of iPhone 6 and 6 Plus in September 2014, increased demand for the Company’s entry-priced iPhones and the addition of a significant new carrier in the fourth quarter of 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 659 | These positive factors were partially offset by weakness in the Japanese Yen relative to the U.S. dollar. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 660 | The increase in net sales in the Japan segment during 2013 reflected significant increases in unit volumes of iPhone and iPad, strong growth of iTunes Store net sales and an increase in iPhone channel inventory as of the end of 2013 compared to the end of 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 661 | These positive factors were partially offset by declines in ASPs for iPhone and iPad and by weakness in the Japanese Yen relative to the U.S. dollar. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 662 | Rest of Asia Pacific
The following table presents Rest of Asia Pacific net sales information for 2014, 2013 and 2012 (dollars in millions):
Net sales in the Rest of Asia Pacific segment declined in 2014 compared to 2013 due to year-over-year reductions in net sales in all major product categories except Mac and reducti... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 663 | Net sales in 2014 were also negatively affected by the weakness in several foreign currencies relative to the U.S. dollar, including the Australian dollar. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 664 | The year-over-year growth in Rest of Asia Pacific segment net sales during 2013 was primarily driven by the launch of iPhone 5 and higher sales from the iTunes Store, partially offset by a decrease in net sales of iPad and Mac. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 665 | Apple Inc. | 2014 Form 10-K | 31
Retail
The following table presents Retail information for the years ended and as of September 27, 2014, September 28, 2013 and September 29, 2012 (dollars in millions):
The growth in Retail segment net sales in 2014 was primarily driven by increases in net sales and unit sales of iPhon... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 666 | With an average of 424 and 403 open stores during 2014 and 2013, respectively, average revenue per store increased to $50.6 million in 2014 from $50.2 million in 2013. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 667 | The growth in Retail segment net sales during 2013 was primarily driven by increased unit sales of iPhone and iPad following the new product introductions in the first half of 2013 and increased sales of services. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 668 | With an average of 403 and 365 open stores during 2013 and 2012, respectively, average revenue per store decreased to $50.2 million in 2013, compared to $51.5 million in 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 669 | The Retail segment’s operating income was $4.6 billion, $4.0 billion and $4.6 billion during 2014, 2013 and 2012, respectively. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 670 | The year-over-year increase in Retail segment operating income in 2014 was attributable to higher net sales and higher gross margin primarily due to a higher mix of iPhone. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 671 | The year-over-year decrease in Retail segment operating income in 2013 was primarily attributable to lower gross margin similar to that experienced by the Company overall, partially offset by higher net sales. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 672 | Gross Margin
Gross margin for 2014, 2013 and 2012 are as follows (dollars in millions):
The year-over-year increase in the gross margin percentage in 2014 was driven by multiple factors including lower commodity costs, a favorable shift in mix to products with higher margins and improved leverage on fixed costs from hi... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 673 | The year-over-year decrease in gross margin in 2013 compared to 2012 was driven by multiple factors including introduction of new versions of existing products with higher cost structures and flat or reduced pricing; a shift in sales mix to products with lower margins; introduction of iPad mini with gross margin signif... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 674 | Apple Inc. | 2014 Form 10-K | 32
The Company anticipates gross margin during the first quarter of 2015 to be between 37.5% and 38.5%. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 675 | The foregoing statement regarding the Company’s expected gross margin percentage in the first quarter of 2015 is forward-looking and could differ from actual results. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 676 | The Company’s future gross margins can be impacted by multiple factors including, but not limited to those set forth above in Part I, Item 1A of this Form 10-K under the heading “Risk Factors” and those described in this paragraph. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 677 | In general, the Company believes gross margins will remain under downward pressure due to a variety of factors, including continued industry wide global product pricing pressures, increased competition, compressed product life cycles, product transitions, potential increases in the cost of components and potential stre... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 678 | In response to competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 679 | Gross margins could also be affected by the Company’s ability to manage product quality and warranty costs effectively and to stimulate demand for certain of its products. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 680 | Due to the Company’s significant international operations, financial results can be significantly affected by fluctuations in exchange rates. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 681 | Operating Expenses
Operating expenses for 2014, 2013 and 2012 are as follows (dollars in millions):
Research and Development (“R&D”) Expense
The year-over-year growth in 2014 and 2013 R&D expense was driven primarily by an increase in headcount and related expenses, including share-based compensation costs and machiner... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 682 | The Company continues to believe that focused investments in R&D are critical to its future growth and competitive position in the marketplace and are directly related to timely development of new and enhanced products that are central to the Company’s core business strategy. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 683 | As such, the Company expects to make further investments in R&D to remain competitive. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 684 | Selling, General and Administrative (“SG&A”) Expense
The growth in SG&A expense during 2014 compared to 2013 was primarily due to increased headcount and related expenses, including share-based compensation costs; higher spending on marketing, advertising and professional services; and the Company’s continued expansion... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 685 | The growth in SG&A during 2013 compared to 2012 was primarily due to the Company’s continued expansion of its Retail segment and increased headcount and related expenses, partially offset by decreased spending on professional services. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 686 | Apple Inc. | 2014 Form 10-K | 33
Other Income and Expense
Other income and expense for 2014, 2013 and 2012 are as follows (dollars in millions):
The decrease in other income and expense during 2014 compared to 2013 was due primarily to higher interest expense on debt and higher expenses associated with foreign exchange... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 687 | The year-over-year increase in other income and expense during 2013 was due primarily to higher interest and dividend income resulting from the Company’s higher cash, cash equivalents and marketable securities balances and lower premium expenses on foreign exchange contracts, partially offset by interest expense on deb... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 688 | The weighted-average interest rate earned by the Company on its cash, cash equivalents and marketable securities was 1.11%, 1.03% and 1.03% during 2014, 2013 and 2012, respectively. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 689 | The Company had no debt outstanding during 2012 and accordingly did not incur any related interest expense. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 690 | Provision for Income Taxes
Provision for income taxes and effective tax rates for 2014, 2013 and 2012 are as follows (dollars in millions):
The Company’s effective tax rates for all years differ from the statutory federal income tax rate of 35% due primarily to certain undistributed foreign earnings, a substantial port... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 691 | Management believes it is more likely than not that forecasted income, including income that may be generated as a result of certain tax planning strategies, together with future reversals of existing taxable temporary differences, will be sufficient to fully recover the deferred tax assets. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 692 | The Company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and the amount of a valuation allowance. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 693 | During the fiscal year ended September 27, 2014, the U.S. Internal Revenue Service (“IRS”) concluded its review of the years 2004 through 2009. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 694 | The IRS is currently examining the years 2010 through 2012. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 695 | In addition, the Company is subject to audits by state, local and foreign tax authorities. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 696 | Management believes that adequate provisions have been made for any adjustments that may result from tax examinations. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 697 | However, the outcome of tax audits cannot be predicted with certainty. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 698 | If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 699 | Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 700 | 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), which amends the existing accounting standards for revenue recognition. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 701 | ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 702 | ASU 2014-09 will be effective for the Company beginning in its first quarter of 2018. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 703 | Early adoption is not permitted. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 704 | The new revenue standard may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 705 | The Company is currently evaluating the impact of adopting the new revenue standard on its consolidated financial statements. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 706 | Apple Inc. | 2014 Form 10-K | 34
Liquidity and Capital Resources
The following table presents selected financial information and statistics as of and for the years ended September 27, 2014, September 28, 2013 and September 29, 2012 (in millions):
The Company believes its existing balances of cash, cash equivalents and ... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 707 | To provide additional flexibility in managing liquidity, the Company began accessing the commercial paper markets in the third quarter of 2014. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 708 | The Company currently anticipates the cash used for future dividends and the share repurchase program will come from its current domestic cash, cash generated from on-going U.S. operating activities and from borrowings. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 709 | As of September 27, 2014 and September 28, 2013, $137.1 billion and $111.3 billion, respectively, of the Company’s cash, cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in U.S. dollar-denominated holdings. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 710 | Amounts held by foreign subsidiaries are generally subject to U.S. income taxation on repatriation to the U.S. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 711 | The Company’s marketable securities investment portfolio is invested primarily in highly-rated securities and its investment policy generally limits the amount of credit exposure to any one issuer. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 712 | The policy requires investments generally to be investment grade with the objective of minimizing the potential risk of principal loss. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 713 | During 2014, cash generated from operating activities of $59.7 billion was a result of $39.5 billion of net income, non-cash adjustments to net income of $13.2 billion and an increase in net change in operating assets and liabilities of $7.0 billion. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 714 | Cash used in investing activities of $22.6 billion during 2014 consisted primarily of cash used for purchases of marketable securities, net of sales and maturities, of $9.0 billion; cash used to acquire property, plant and equipment of $9.6 billion; and cash paid for business acquisitions, net of cash acquired, of $3.8... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 715 | Cash used in financing activities of $37.5 billion during 2014 consisted primarily of cash used to repurchase common stock of $45.0 billion and cash used to pay dividends and dividend equivalents of $11.1 billion, partially offset by net proceeds from the issuance of long-term debt and commercial paper of $12.0 billion... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 716 | During 2013, cash generated from operating activities of $53.7 billion was a result of $37.0 billion of net income, non-cash adjustments to net income of $10.2 billion and an increase in net change in operating assets and liabilities of $6.5 billion. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 717 | Cash used in investing activities of $33.8 billion during 2013 consisted primarily of cash used for purchases of marketable securities, net of sales and maturities, of $24.0 billion and cash used to acquire property, plant and equipment of $8.2 billion. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 718 | Cash used in financing activities of $16.4 billion during 2013 consisted primarily of cash used to repurchase common stock of $22.9 billion and cash used to pay dividends and dividend equivalents of $10.6 billion, partially offset by net proceeds from the issuance of long-term debt of $16.9 billion. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 719 | Apple Inc. | 2014 Form 10-K | 35
Capital Assets
The Company’s capital expenditures were $11.0 billion during 2014, consisting of $491 million for retail store facilities and $10.5 billion for other capital expenditures, including product tooling and manufacturing process equipment and other corporate facilities and inf... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 720 | The Company’s actual cash payments for capital expenditures during 2014 were $9.6 billion. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 721 | The Company anticipates utilizing approximately $13.0 billion for capital expenditures during 2015, including approximately $600 million for retail store facilities and approximately $12.4 billion for other capital expenditures, including product tooling and manufacturing process equipment, data centers and corporate f... | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 722 | During 2015, the Company expects to open about 25 new retail stores, with approximately three-quarters located outside of the U.S. During 2015, the Company also expects to remodel approximately five of its existing stores. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 723 | Debt
In April 2014, the Board of Directors authorized the Company to issue unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 724 | The Company intends to use the net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. | 0001193125-14-383437/full-submission.txt |
0000320193 | 20141027 | 10-K | 725 | As of September 27, 2014, the Company had $6.3 billion of Commercial Paper outstanding, with a weighted-average interest rate of 0.12% and maturities generally less than nine months. | 0001193125-14-383437/full-submission.txt |
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