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0000320193 | 20131030 | 10-K | 519 | The District Court entered a permanent injunction, which took effect on October 6, 2013 and will be in effect for five years unless the judgment is overturned on appeal. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 520 | A damages trial is set for May 2014. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 521 | The Company has appealed the District Court’s decision. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 522 | Item 4. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 523 | Mine Safety Disclosures
Not applicable. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 524 | PART II
Item 5. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 525 | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company’s common stock is traded on the NASDAQ Stock Market LLC under the symbol AAPL. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 526 | Price Range of Common Stock
The price range per share of common stock presented below represents the highest and lowest intraday sales prices for the Company’s common stock on the NASDAQ Stock Market LLC during each quarter of the two most recent years. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 527 | Holders
As of October 18, 2013, there were 24,710 shareholders of record. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 528 | Dividends
The Company paid a total of $10.5 billion and $2.5 billion in dividends during 2013 and 2012, respectively, and expects to pay quarterly dividends of $3.05 per common share each quarter, subject to declaration by the Board of Directors. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 529 | Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September 28, 2013 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):
(a) In 2012, the Company’s Board of Directors authorized a pro... | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 530 | In April 2013, the Company’s Board of Directors increased the share repurchase program authorization from $10 billion to $60 billion. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 531 | The Company’s share repurchase program does not obligate it to acquire any specific number of shares. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 532 | Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 of the Exchange Act. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 533 | The $37.1 billion represents the remaining amount available to repurchase shares under the authorized repurchase program. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 534 | Company Stock Performance
The following graph shows a five-year comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, for the Company, the S&P 500 Index, the S&P Computer Hardware Index, and the Dow Jones U.S. Technology Supersector Index. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 535 | The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index, the S&P Computer Hardware Index, and the Dow Jones U.S. Technology Supersector Index as of the market close on September 30, 2008. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 536 | Data points on the graph are annual. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 537 | Note that historic stock price performance is not necessarily indicative of future stock price performance. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 538 | *$100 invested on 9/30/08 in stock or index, including reinvestment of dividends. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 539 | Fiscal year ending September 30. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 540 | Copyright© 2013 S&P, a division of The McGraw-Hill Companies Inc. All rights reserved. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 541 | Copyright© 2013 Dow Jones & Co. All rights reserved. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 542 | Item 6. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 543 | Selected Financial Data
The information set forth below for the five years ended September 28, 2013, is not necessarily indicative of results of future operations, and should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated ... | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 544 | (a) Long-term obligations exclude non-current deferred revenue. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 545 | Item 7. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 546 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other parts of this Form 10-K contain forward-looking statements, within the meaning of the Private Securities Litigation Reform... | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 547 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 548 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 549 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 550 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 551 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 552 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 553 | Each of the terms the “Company” and “Apple” as used herein refers collectively to Apple Inc. and its wholly-owned subsidiaries, unless otherwise stated. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 554 | The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 555 | 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, peripherals, networking solutions, and third-party digital content and applications. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 556 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 557 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 558 | The Company sells to consumers; small and mid-sized businesses; and education, enterprise and government customers. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 559 | Fiscal 2013 Highlights
Net sales rose 9% or $14.4 billion during 2013 compared to 2012. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 560 | This resulted from growth in net sales of iPhone; iTunes, software, and services; and iPad. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 561 | Growth in 2013 reflects 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 562 | Growth in these areas was partially offset by declines in net sales of Mac and iPod. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 563 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 564 | Similar to 2012, 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 565 | First half growth in 2013 was driven by iPhone and iPad introductions at or near the beginning of 2013. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 566 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 567 | 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 expected to be introduced during 2014. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 568 | 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 “iOS devices,” namely iPhone, iPad and iPod touch. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 569 | In October 2013, the Company announced iPad Air™, its fifth generation iPad, and iPad mini with Retina display. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 570 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 571 | This included increasing its share repurchase authorization to $60 billion and raising its quarterly dividend to $3.05 per common share beginning in May 2013. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 572 | During 2013, the Company utilized $23.0 billion to repurchase common shares and paid dividends of $10.5 billion or $11.40 per common share. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 573 | In conjunction with its capital return program, in May 2013 the Company issued $17.0 billion of notes with varying maturities through 2043. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 574 | Fiscal 2012 Highlights
Overall net sales during 2012 increased $48.3 billion or 45% compared to 2011. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 575 | All of the Company’s operating segments experienced increased net sales during 2012, primarily a result of strong demand for iPhone and iPad. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 576 | Growth in total net sales was particularly strong during the first six months of 2012, rising $34.1 billion or 66% compared to the same period in 2011. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 577 | The net sales growth during the first six months of 2012 reflected the launch of iPhone 4s in the first quarter of 2012 and the Company’s ability to meet demand more quickly for iPhone 4s when compared to the iPhone 4 launch. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 578 | Growth during the first half of 2012 was also favorably impacted by strong unit sales of iPad during the holiday season, resulting in a 111% increase in iPad unit sales during the first quarter of 2012 compared to the same quarter in 2011. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 579 | Partially offsetting these positive factors was a decrease in iPod net sales experienced across all operating segments. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 580 | In October 2011, the Company introduced iPhone 4s and launched iCloud, the Company’s cloud service that stores user data and keeps it up to date and available on multiple iOS devices and Mac and Windows personal computers. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 581 | The Company introduced the third generation iPad with Retina display in March 2012 and in June 2012 introduced the MacBook Pro with Retina display and an updated MacBook Air During the fourth quarter of 2012, OS X Mountain Lion was released and iPhone 5 was introduced. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 582 | In March 2012, the Company announced a $10 billion share repurchase program that would be executed over three years and announced plans to initiate a quarterly dividend commencing in the fourth quarter of 2012. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 583 | During the fourth quarter, the Company paid dividends of $2.5 billion or $2.65 per common share. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 584 | Sales Data
The following table shows net sales by operating segment and net sales and unit sales by product during 2013, 2012 and 2011 (dollars in millions and units in thousands):
(a) Greater China includes China, Hong Kong and Taiwan. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 585 | (b) Includes deferrals and amortization of related non-software services and software upgrade rights. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 586 | (c) Includes revenue from sales on the iTunes Store, the App Store, the Mac App Store, and the iBooks Store, and revenue from sales of AppleCare, licensing and other services. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 587 | (d) Includes sales of hardware peripherals and Apple-branded and third-party accessories for iPhone, iPad, Mac and iPod. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 588 | The Company’s fiscal year is the 52 or 53-week period that ends on the last Saturday of September. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 589 | The Company’s fiscal years 2013, 2012 and 2011 ended on September 28, 2013, September 29, 2012 and September 24, 2011, respectively. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 590 | Both fiscal years 2013 and 2011 spanned 52 weeks. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 591 | Fiscal year 2012 spanned 53 weeks, with a 14th week added to the first quarter of 2012, as is done approximately every six years to realign the Company’s fiscal quarters more closely to calendar quarters. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 592 | Inclusion of the additional week in 2012 increased the Company’s overall net sales and operating expenses for the year. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 593 | Product Performance
iPhone
The following table presents iPhone net sales and unit sales information for 2013, 2012 and 2011 (net sales in millions and units in thousands):
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 prima... | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 594 | All of the Company’s operating segments experienced increases in net sales and unit sales of iPhone during 2013 compared to 2012. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 595 | The year-over-year impact of higher iPhone unit sales in 2013 was partially offset by a 3% decline in iPhone average selling prices (“ASPs”) in 2013 compared to 2012 primarily as a result of a shift in product mix towards lower-priced iPhone models, particularly iPhone 4. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 596 | All of the Company’s geographic operating segments experienced a decline in iPhone ASPs during 2013. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 597 | The year-over-year growth in iPhone net sales and unit sales during 2012 reflects strong demand for iPhone in all of the Company’s operating segments, except for the Rest of Asia Pacific segment. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 598 | Growth in iPhone sales during 2012 is primarily a result of the launches of iPhone 4s in the first quarter of 2012 and iPhone 5 in the fourth quarter of 2012, ongoing demand during 2012 for iPhone 4 and iPhone 3GS, and expanded distribution with new carriers and resellers. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 599 | iPad
The following table presents iPad net sales and unit sales information for 2013, 2012 and 2011 (net sales in millions and units in thousands):
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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 600 | This growth was driven by the launch of iPad mini and the fourth generation iPad beginning in the first quarter of 2013. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 601 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 602 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 603 | The decline in iPad ASPs was experienced to various degrees by all of the Company’s operating segments. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 604 | The year-over-year increase in iPad net sales and unit sales during 2012 was driven by strong demand for iPad in all of the Company’s operating segments as a result of the launch of the third generation iPad in March 2012, continued demand for iPad 2, and expanded distribution with new resellers. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 605 | The year-over-year growth rate of iPad unit sales was higher than the growth rate of iPad net sales during 2012 due to a 10% reduction in ASPs as a result of a shift in product mix toward lower-priced iPad models, a price reduction on iPad 2 and an increase in indirect sales due to expanded distribution through third-p... | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 606 | Mac
The following table presents Mac net sales and unit sales information for 2013, 2012 and 2011 (net sales in millions and units in thousands):
Mac net sales and unit sales for 2013 were down or relatively flat in all of the Company’s operating segments. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 607 | Mac ASPs increased slightly partially offsetting the impact of lower unit sales on net sales. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 608 | The decline in Mac unit sales and net sales reflects the overall weakness in the market for personal computers. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 609 | The year-over-year growth in Mac net sales and unit sales during 2012 reflects increased demand for Mac portables in all of the Company’s operating segments driven by 2012 releases of updated models of MacBook Air and MacBook Pro, including MacBook Pro with Retina display in June 2012. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 610 | Partially offsetting the increase in net sales of Mac portables was a decline in net sales of Mac desktops that reflected the overall decline in the market for desktop personal computers during 2012. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 611 | Additionally, the Company did not introduce updated versions of its Mac desktop products in 2012.
iTunes, Software and Services
The following table presents net sales information of iTunes, software and services for 2013, 2012 and 2011 (in millions):
The increase in net sales of iTunes, software and services in 2013 co... | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 612 | The iTunes Store generated a total of $9.3 billion in net sales during 2013, a 24% increase from 2012. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 613 | Growth in the iTunes Store, which includes the App Store, the Mac App Store and the iBooks Store, reflects 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 614 | The increase in net sales of iTunes, software and services in 2012 compared to 2011 was due primarily to growth of the iTunes Store, which generated total net sales of $7.5 billion for 2012 compared to net sales of $5.4 billion during 2011. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 615 | The strong results of the iTunes Store in 2012 reflect growth of the App Store; growth of the Company’s customer base; and the continued expansion of third-party audio, video and book content available for sale or rent via the iTunes Store. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 616 | Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 617 | 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. | 0001193125-13-416534/full-submission.txt |
0000320193 | 20131030 | 10-K | 618 | The Americas segment includes both North and South America. | 0001193125-13-416534/full-submission.txt |
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