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0000320193
20210728
10-Q
343
During the first nine months of 2021, the Company issued $13.9 billion and repaid or redeemed $7.5 billion of Notes.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
344
The Company has entered, and in the future may enter, into interest rate swaps to manage interest rate risk on the Notes.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
345
In addition, the Company has entered, and in the future may enter, into foreign currency swaps to manage foreign currency risk on the Notes.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
346
Further information regarding the Company’s debt issuances and related hedging activity can be found in Part I, Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 3, “Financial Instruments” and Note 6, “Debt.” Capital Return As of June 26, 2021, the Company was authorized to pu...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
347
During the nine months ended June 26, 2021, the Company repurchased 515 million shares of its common stock for $65.5 billion, including 32 million shares initially delivered under a $5.0 billion accelerated share repurchase agreement (“ASR”) entered into in May 2021, bringing the total utilization under the Program to ...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
348
The Program does not obligate the Company to acquire any specific number of shares.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
349
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”).
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
350
As of June 26, 2021, the Company’s quarterly cash dividend was $0.22 per share.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
351
The Company intends to increase its dividend on an annual basis, subject to declaration by the Board of Directors.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
352
Contractual Obligations Leases The Company has lease arrangements for certain equipment and facilities, including retail, corporate, manufacturing and data center space.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
353
The Company’s retail store and other facility leases typically have original terms not exceeding 10 years and generally contain multi-year renewal options.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
354
The Company’s total fixed lease payment obligation of $13.7 billion as of June 26, 2021 included future payments under leases that had commenced as of June 26, 2021, and were therefore recorded on the Company’s Condensed Consolidated Balance Sheet, as well as leases that had been signed but not yet commenced as of June...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
355
Apple Inc. | Q3 2021 Form 10-Q | 29 Manufacturing Purchase Obligations The Company utilizes several outsourcing partners to manufacture sub-assemblies for the Company’s products and to perform final assembly and testing of finished products.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
356
These outsourcing partners acquire components and build product based on demand information supplied by the Company, which typically covers periods up to 150 days.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
357
The Company also obtains individual components for its products from a wide variety of individual suppliers.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
358
As of June 26, 2021, the Company expects to pay $38.2 billion under manufacturing-related supplier arrangements, which are primarily noncancelable.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
359
Other Purchase Obligations The Company’s other purchase obligations primarily consist of noncancelable obligations to acquire capital assets, including product tooling and manufacturing process equipment, and noncancelable obligations related to advertising, content creation and Internet and telecommunications services...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
360
As of June 26, 2021, the Company had other purchase obligations of $9.1 billion.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
361
Deemed Repatriation Tax Payable As of June 26, 2021, the balance of the deemed repatriation tax payable imposed by the U.S. Tax Cuts and Jobs Act (the “Act”) was $24.9 billion, all of which was included in other non-current liabilities in the Company’s Condensed Consolidated Balance Sheet.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
362
The Company pays the deemed repatriation tax payable in installments in accordance with the Act.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
363
Other Non-Current Liabilities The Company’s remaining other non-current liabilities primarily consist of items for which the Company is unable to make a reasonably reliable estimate of the timing or amount of payments.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
364
Critical Accounting Policies and Estimates The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assum...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
365
Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
366
Actual results may differ from these estimates, and such differences may be material.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
367
Note 1, “Summary of Significant Accounting Policies” in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of the 2020 Form 10-K, and “Critical Accounting Policies and Estimates” in Part II, Item 7 of the 2020 Form 10-K describe the significant accounting policies ...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
368
There have been no material changes to the Company’s critical accounting policies and estimates since the 2020 Form 10-K.
0000320193-21-000065/full-submission.txt
0000320193
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10-Q
369
Item 3.
0000320193-21-000065/full-submission.txt
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10-Q
370
Quantitative and Qualitative Disclosures About Market Risk There have been no material changes to the Company’s market risk during the first nine months of 2021.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
371
For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of the 2020 Form 10-K.
0000320193-21-000065/full-submission.txt
0000320193
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10-Q
372
Item 4.
0000320193-21-000065/full-submission.txt
0000320193
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10-Q
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Controls and Procedures Evaluation of Disclosure Controls and Procedures Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as ...
0000320193-21-000065/full-submission.txt
0000320193
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10-Q
374
Changes in Internal Control over Financial Reporting There were no changes in the Company’s internal control over financial reporting during the third quarter of 2021, which were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have ...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
375
Apple Inc. | Q3 2021 Form 10-Q | 30 PART II - OTHER INFORMATION Item 1.
0000320193-21-000065/full-submission.txt
0000320193
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10-Q
376
Legal Proceedings The Company is subject to legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
377
The Company’s material legal proceedings are described in Part I, Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 10, “Commitments and Contingencies” under the heading “Contingencies.” The outcome of litigation is inherently uncertain.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
378
If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially adversely affected.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
379
The Company settled certain matters during the third quarter of 2021 that did not individually or in the aggregate have a material impact on the Company’s financial condition or operating results.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
380
Item 1A.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
381
Risk Factors The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of the 2020 Form 10-K under the heading “Risk Factors,” any one or more of which could, directly...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
382
Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results and stock price.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
383
There have been no material changes to the Company’s risk factors since the 2020 Form 10-K.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
384
Item 2.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
385
Unregistered Sales of Equity Securities and Use of Proceeds Purchases of Equity Securities by the Issuer and Affiliated Purchasers Share repurchase activity during the three months ended June 26, 2021 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts): (1)As o...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
386
The remaining $80.9 billion in the table represents the amount available to repurchase shares under the Program as of June 26, 2021.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
387
The Program does not obligate the Company to acquire any specific number of shares.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
388
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.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
389
(2)In May 2021, the Company entered into a new ASR.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
390
Under the terms of the agreement, a financial institution committed to deliver shares of the Company’s stock during the purchase period in exchange for an up-front payment of $5.0 billion.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
391
The total number of shares ultimately delivered under the ASR, and therefore the average repurchase price paid per share, is determined based on the volume-weighted average price of the Company’s common stock during the ASR’s purchase period, which will end in or before August 2021.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
392
Item 3.
0000320193-21-000065/full-submission.txt
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393
Defaults Upon Senior Securities None.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
394
Apple Inc. | Q3 2021 Form 10-Q | 31 Item 4.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
395
Mine Safety Disclosures Not applicable.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
396
Item 5.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
397
Other Information Disclosure Pursuant to Section 13(r) of the Exchange Act Under Section 13(r) of the Exchange Act, the Company is required to disclose in its periodic reports if it or any of its affiliates knowingly conducted a transaction or dealing with entities or individuals designated pursuant to certain Executiv...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
398
On March 2, 2021, the U.S. Secretary of State designated the Russian Federal Security Service (the “FSB”) as a blocked party under Executive Order 13382.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
399
On the same day, the U.S. Department of the Treasury’s Office of Foreign Assets Control updated General License No.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
400
1B to authorize transactions and activities with the FSB that are necessary and ordinarily incident to requesting, receiving, utilizing, paying for, or dealing in certain licenses, permits, certifications or notifications issued or registered by the FSB for the importation, distribution or use of certain information te...
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
401
In the three-month period ended June 26, 2021, the Company filed legally required administrative notifications with the FSB in connection with the importation of the Company’s products into the Russian Federation, as permitted by General License No.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
402
1B.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
403
The Company did not make any payments, nor did it receive gross revenues or net profits, in connection with such engagement.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
404
The Company may in the future engage with the FSB for activities necessary to conduct business in the Russian Federation, in accordance with applicable U.S. laws and regulations.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
405
Item 6.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
406
Exhibits Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date/ Period End Date 31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
407
31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
408
32.1** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
409
101* Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
410
104* Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.
0000320193-21-000065/full-submission.txt
0000320193
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10-Q
411
* Filed herewith.
0000320193-21-000065/full-submission.txt
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10-Q
412
** Furnished herewith.
0000320193-21-000065/full-submission.txt
0000320193
20210728
10-Q
413
Apple Inc. | Q3 2021 Form 10-Q | 32 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
0000320193-21-000065/full-submission.txt
0000320193
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10-Q
414
July 27, 2021 Apple Inc. By: /s/ Luca Maestri Luca Maestri Senior Vice President, Chief Financial Officer Apple Inc. | Q3 2021 Form 10-Q | 33
0000320193-21-000065/full-submission.txt
0000320193
20170802
10-Q
0
10-Q a10-qq32017712017.htm 10-Q Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 1, 2017 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(...
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
1
Commission File Number: 001-36743 Apple Inc. (Exact name of Registrant as specified in its charter) California 94-2404110 (State or other jurisdiction of incorporation or organization) (I.R.S.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
2
Employer Identification No.)
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
3
1 Infinite Loop Cupertino, California (Address of principal executive offices) (Zip Code) (408) 996-1010 (Registrant’s telephone number, including area code) Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during ...
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
4
Yes ☒ No ☐ Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period...
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
5
Yes ☒ No ☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
6
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
7
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ (Do not check if a smaller reporting company) Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any n...
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
8
☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
9
Yes ☐ No ☒ 5,165,228,000 shares of common stock, par value $0.00001 per share, issued and outstanding as of July 21, 2017 Apple Inc. Form 10-Q For the Fiscal Quarter Ended July 1, 2017 Page Part I Item 1.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
10
Financial Statements Item 2.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
11
Management’s Discussion and Analysis of Financial Condition and Results of Operations Item 3.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
12
Quantitative and Qualitative Disclosures About Market Risk Item 4.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
13
Controls and Procedures Part II Item 1.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
14
Legal Proceedings Item 1A.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
15
Risk Factors Item 2.
0000320193-17-000009/full-submission.txt
0000320193
20170802
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16
Unregistered Sales of Equity Securities and Use of Proceeds Item 3.
0000320193-17-000009/full-submission.txt
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20170802
10-Q
17
Defaults Upon Senior Securities Item 4.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
18
Mine Safety Disclosures Item 5.
0000320193-17-000009/full-submission.txt
0000320193
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10-Q
19
Other Information Item 6.
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0000320193
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10-Q
20
Exhibits PART I - FINANCIAL INFORMATION Item 1.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
21
Financial Statements Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares which are reflected in thousands and per share amounts) See accompanying Notes to Condensed Consolidated Financial Statements.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
22
Apple Inc. | Q3 2017 Form 10-Q | 1 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (In millions) See accompanying Notes to Condensed Consolidated Financial Statements.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
23
Apple Inc. | Q3 2017 Form 10-Q | 2 Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value) See accompanying Notes to Condensed Consolidated Financial Statements.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
24
Apple Inc. | Q3 2017 Form 10-Q | 3 Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) See accompanying Notes to Condensed Consolidated Financial Statements.
0000320193-17-000009/full-submission.txt
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20170802
10-Q
25
Apple Inc. | Q3 2017 Form 10-Q | 4 Apple Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1 - Summary of Significant Accounting Policies Apple Inc. and its wholly-owned subsidiaries (collectively “Apple” or the “Company”) designs, manufactures and markets mobile communication and media devices...
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
26
The Company’s products and services include iPhone®, iPad®, Mac®, Apple Watch®, Apple TV®, a portfolio of consumer and professional software applications, iOS, macOS®, watchOS® and tvOS™ operating systems, iCloud®, Apple Pay® and a variety of accessory, service and support offerings.
0000320193-17-000009/full-submission.txt
0000320193
20170802
10-Q
27
The Company sells and delivers digital content and applications through the iTunes Store®, App Store®, Mac App Store, TV App Store, iBooks Store® and Apple Music® (collectively “Digital Content and Services”).
0000320193-17-000009/full-submission.txt