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0000320193
20141027
10-K
1,126
If a tax position meets the more-likely-than-not recognition threshold it is then measured to determine the amount of benefit to recognize in the financial statements.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,127
The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,128
The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as non-current liabilities in the Consolidated Balance Sheets.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,129
As of September 27, 2014, the total amount of gross unrecognized tax benefits was $4.0 billion, of which $1.4 billion, if recognized, would affect the Company’s effective tax rate.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,130
As of September 28, 2013, the total amount of gross unrecognized tax benefits was $2.7 billion, of which $1.4 billion, if recognized, would affect the Company’s effective tax rate.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,131
The aggregate changes in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2014, 2013 and 2012, is as follows (in millions): Apple Inc. | 2014 Form 10-K | 65 The Company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,132
As of September 27, 2014 and September 28, 2013, the total amount of gross interest and penalties accrued was $630 million and $590 million, respectively, which is classified as non-current liabilities in the Consolidated Balance Sheets.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,133
In connection with tax matters, the Company recognized interest and penalty expense in 2014, 2013 and 2012 of $40 million, $189 million and $140 million, respectively.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,134
The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction and in many state and foreign jurisdictions.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,135
During the fiscal year ended September 27, 2014, the U.S. Internal Revenue Service (“IRS”) concluded its review of the years 2004 through 2009, which resulted in the Company reducing its gross unrecognized tax benefits by $570 million and recognizing a tax benefit of $166 million.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,136
The IRS is currently examining the years 2010 through 2012.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,137
In addition, the Company is also subject to audits by state, local and foreign tax authorities.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,138
In major states and major foreign jurisdictions, the years subsequent to 1996 and 2002, respectively, generally remain open and could be subject to examination by the taxing authorities.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,139
Management believes that an adequate provision has been made for any adjustments that may result from tax examinations.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,140
However, the outcome of tax audits cannot be predicted with certainty.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,141
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
1,142
Although timing of the resolution and/or closure of audits is not certain, the Company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next 12 months.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,143
Note 6 - Debt Commercial Paper 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
1,144
The Company intends to use 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
1,145
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
0000320193
20141027
10-K
1,146
The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for 2014 (in millions): Apple Inc. | 2014 Form 10-K | 66 Long-Term Debt In the third quarter of 2014 and 2013, the Company issued $12.0 billion and $17.0 billion of long-term debt, respectively.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,147
The debt issuances included floating- and fixed-rate notes with varying maturities for an aggregate principal amount of $29.0 billion (collectively the “Notes”).
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,148
The Notes are senior unsecured obligations, and interest is payable in arrears, quarterly for the floating-rate notes and semi-annually for the fixed-rate notes.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,149
The following table provides a summary of the Company’s long-term debt as of September 27, 2014 and September 28, 2013: The Company has entered, and may enter in the future, into interest rate swaps to manage interest rate risk on the Notes.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,150
Such swaps allow the Company to effectively convert fixed-rate payments into floating-rate payments or floating-rate payments into fixed-rate payments.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,151
In the third quarter of 2014, the Company entered into interest rate swaps with an aggregate notional amount of $9.0 billion, which effectively converted the fixed-rate notes due 2017, 2019, 2021 and 2024 into floating-rate notes.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,152
In the third quarter of 2013, the Company entered into interest rate swaps with an aggregate notional amount of $3.0 billion, which effectively converted the floating-rate notes due 2016 and 2018 into fixed-rate notes.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,153
The effective rates for the Notes include the interest on the Notes, amortization of the discount and, if applicable, adjustments related to hedging.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,154
The Company recognized $381 million and $136 million of interest expense on its long-term debt for the years ended September 27, 2014 and September 28, 2013, respectively.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,155
The Company did not have any long-term debt in 2012.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,156
Apple Inc. | 2014 Form 10-K | 67 Future principal payments for the Company’s Notes as of September 27, 2014, are as follows (in millions): As of September 27, 2014 and September 28, 2013, the fair value of the Company’s Notes, based on Level 2 inputs, was $28.5 billion and $15.9 billion, respectively.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,157
Note 7 - Shareholders’ Equity Preferred and Common Stock During the second quarter of 2014, the Company’s shareholders approved amendments (the “Amendments”) to the Company’s Restated Articles of Incorporation.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,158
The Amendments included the elimination of the Board of Directors’ authority to issue preferred stock and established a par value for the Company’s common stock of $0.00001 per share.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,159
Dividends The Company declared and paid cash dividends per common share during the periods presented as follows: The Company paid cash dividends of $0.38 per share, totaling $2.5 billion, during the fourth quarter of 2012.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,160
Future dividends are subject to declaration by the Board of Directors.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,161
Apple Inc. | 2014 Form 10-K | 68 Share Repurchase Program In 2012, the Company’s Board of Directors authorized a program to repurchase up to $10 billion of the Company’s common stock beginning in 2013.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,162
The Company’s Board of Directors increased the share repurchase authorization to $60 billion in April 2013 and to $90 billion in April 2014.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,163
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
1,164
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
1,165
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 Securities Exchange Act of 1934, as amended (the “Exchange Act”).
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,166
The Company has entered into four accelerated share repurchase arrangements (“ASRs”) with financial institutions beginning in August 2012.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,167
In exchange for up-front payments, the financial institutions deliver shares of the Company’s common stock during the purchase periods of each ASR.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,168
The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, will be determined at the end of the applicable purchase period of each ASR 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
1,169
The shares received are retired in the periods they are delivered, and the up-front payments are accounted for as a reduction to shareholders’ equity in the Company’s Consolidated Balance Sheet in the periods the payments are made.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,170
The Company reflects the ASRs as a repurchase of common stock in the period delivered for purposes of calculating earnings per share and as forward contracts indexed to its own common stock.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,171
The ASRs met all of the applicable criteria for equity classification, and therefore, were not accounted for as derivative instruments.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,172
The following table presents the Company’s ASRs: (1) “Number of Shares” represents those shares delivered in advance of settlement and does not represent the final number of shares to be delivered under the ASRs.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,173
The total number of shares ultimately delivered, and therefore the average repurchase 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
1,174
The August 2014 ASR and January 2014 ASR purchase periods will end in or before February 2015 and December 2014, respectively.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,175
(2) Includes 8.0 million shares that were delivered and retired at the end of the purchase period, which concluded in the second quarter of 2014.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,176
Apple Inc. | 2014 Form 10-K | 69 Additionally, the Company repurchased shares of its common stock in the open market, which were retired upon repurchase, during the periods presented as follows: Note 8 - Comprehensive Income Comprehensive income consists of two components, net income and OCI.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,177
OCI refers to revenue, expenses, and gains and losses that under GAAP are recorded as an element of shareholders’ equity but are excluded from net income.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,178
The Company’s OCI consists of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as cash flow hedges and unrealized gains and losses on marketable securities classified as ...
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,179
The following table shows the gross amounts reclassified from AOCI into the Consolidated Statements of Operations and the associated financial statement line item for 2014 (in millions): Apple Inc. | 2014 Form 10-K | 70 The following table shows the changes in AOCI by component for 2014 (in millions): Note 9 - Benefit ...
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,180
The 2014 Plan provides for broad-based equity grants to employees, including executive officers, and permits the granting of RSUs, stock grants, performance-based awards, stock options and stock appreciation rights, as well as cash bonus awards.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,181
RSUs granted under the 2014 Plan generally vest over four years, based on continued employment, and are settled upon vesting in shares of the Company’s common stock on a one-for-one basis.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,182
Each share issued with respect to RSUs granted under the 2014 Plan reduces the number of shares available for grant under the plan by two shares.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,183
RSUs cancelled and shares withheld to satisfy tax withholding obligations increase the number of shares available for grant under the 2014 Plan utilizing a factor of two times the number of RSUs cancelled or shares withheld.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,184
Currently, all RSUs granted under the 2014 Plan have dividend equivalent rights (“DERs”), which entitle holders of RSUs to the same dividend value per share as holders of common stock.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,185
DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,186
DERs are accumulated and paid when the underlying shares vest.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,187
Upon approval of the 2014 Plan, the Company reserved 385 million shares plus the number of shares remaining that were reserved but not issued under the 2003 Plan.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,188
Shares subject to outstanding awards under the 2003 Plan that expire, are cancelled or otherwise terminate, or are withheld to satisfy tax withholding obligations with respect to RSUs, will also be available for awards under the 2014 Plan.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,189
As of September 27, 2014, approximately 492.6 million shares were reserved for future issuance under the 2014 Plan.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,190
2003 Employee Stock Plan The 2003 Plan is a shareholder approved plan that provided for broad-based equity grants to employees, including executive officers.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,191
The 2003 Plan permitted the granting of incentive stock options, nonstatutory stock options, RSUs, stock appreciation rights, stock purchase rights and performance-based awards.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,192
Options granted under the 2003 Plan generally expire seven to ten years after the grant date and generally become exercisable over a period of four years, based on continued employment, with either annual, semi-annual or quarterly vesting.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,193
RSUs granted under the 2003 Plan generally vest over two to four years, based on continued employment and are settled upon vesting in shares of the Company’s common stock on a one-for-one basis.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,194
All RSUs, other than RSUs held by the Chief Executive Officer, granted under the 2003 Plan have DERs.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,195
DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,196
DERs are accumulated and paid when the underlying shares vest.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,197
In the second quarter of 2014, the Company terminated the authority to grant new awards under the 2003 Plan.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,198
Apple Inc. | 2014 Form 10-K | 71 1997 Director Stock Plan The 1997 Director Stock Plan (the “Director Plan”) is a shareholder approved plan that (i) permits the Company to grant awards of RSUs or stock options to the Company’s non-employee directors, (ii) provides for automatic initial grants of RSUs upon a non-employe...
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,199
Each share issued with respect to RSUs granted under the Director Plan reduces the number of shares available for grant under the plan by two shares.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,200
The Director Plan expires November 9, 2019.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,201
All RSUs granted under the Director Plan are entitled to DERs.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,202
DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,203
DERs are accumulated and paid when the underlying shares vest.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,204
As of September 27, 2014, approximately 1.2 million shares were reserved for future issuance under the Director Plan.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,205
Rule 10b5-1 Trading Plans During the fourth quarter of 2014, Section 16 officers Timothy D. Cook, Luca Maestri, Daniel Riccio, Philip W. Schiller, D. Bruce Sewell and Jeffrey E. Williams had equity trading plans in place in accordance with Rule 10b5-1(c)(1) under the Exchange Act.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,206
An equity trading plan is a written document that pre-establishes the amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired pursuant to the Company’s employee and director equity plans.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,207
Employee Stock Purchase Plan The Employee Stock Purchase Plan (the “Purchase Plan”) is a shareholder approved plan under which substantially all employees may purchase the Company’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or...
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,208
An employee’s payroll deductions under the Purchase Plan are limited to 10% of the employee’s compensation and employees may not purchase more than $25,000 of stock during any calendar year.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,209
As of September 27, 2014, approximately 7.6 million shares were reserved for future issuance under the Purchase Plan.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,210
401(k) Plan The Company’s 401(k) Plan is a deferred salary arrangement under Section 401(k) of the Internal Revenue Code.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,211
Under the 401(k) Plan, participating U.S. employees may defer a portion of their pre-tax earnings, up to the IRS annual contribution limit ($17,500 for calendar year 2014).
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,212
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.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,213
The Company’s matching contributions to the 401(k) Plan were $163 million, $135 million and $114 million in 2014, 2013 and 2012, respectively.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,214
Apple Inc. | 2014 Form 10-K | 72 Restricted Stock Units A summary of the Company’s RSU activity and related information for 2014, 2013 and 2012, is as follows: The fair value as of the respective vesting dates of RSUs was $3.4 billion, $3.1 billion and $3.3 billion for 2014, 2013 and 2012, respectively.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,215
The majority of RSUs that vested in 2014, 2013 and 2012 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.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,216
The total shares withheld were approximately 15.6 million, 15.5 million and 16.1 million for 2014, 2013 and 2012, respectively, and were based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,217
Total payments for the employees’ tax obligations to taxing authorities were $1.2 billion, $1.1 billion and $1.2 billion in 2014, 2013 and 2012, respectively, and are reflected as a financing activity within the Consolidated Statements of Cash Flows.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,218
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.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,219
Stock Options The Company had 6.6 million stock options outstanding as of September 27, 2014, with a weighted-average exercise price per share of $21.99 and weighted-average remaining contractual term of 1.4 years, substantially all of which are exercisable.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,220
The aggregate intrinsic value of the stock options outstanding as of September 27, 2014 was $520 million, which represents the value of the Company’s closing stock price on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,221
Total intrinsic value of options at time of exercise was $1.5 billion, $1.0 billion and $2.3 billion for 2014, 2013 and 2012, respectively.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,222
Apple Inc. | 2014 Form 10-K | 73 Share-based Compensation The following table shows a summary of the share-based compensation expense included in the Consolidated Statements of Operations for 2014, 2013 and 2012 (in millions): The income tax benefit related to share-based compensation expense was $1.0 billion, $816 mil...
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,223
As of September 27, 2014, the total unrecognized compensation cost related to outstanding stock options, RSUs and restricted stock was $6.3 billion, which the Company expects to recognize over a weighted-average period of 2.9 years.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,224
Note 10 - Commitments and Contingencies Accrued Warranty and Indemnification The Company offers a basic limited parts and labor warranty on its hardware products.
0001193125-14-383437/full-submission.txt
0000320193
20141027
10-K
1,225
The basic warranty period for hardware products is typically one year from the date of purchase by the end-user.
0001193125-14-383437/full-submission.txt