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0000320193 | 20170802 | 10-Q | 228 | The Company does not include intercompany transfers between segments for management reporting purposes. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 229 | Apple Inc. | Q3 2017 Form 10-Q | 19
The following table shows information by reportable operating segment for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (in millions):
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the th... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 230 | Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 231 | 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. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 232 | 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. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 233 | 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. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 234 | Factors that might cause such differences include, but are not limited to, those discussed in Part II, Item 1A of this Form 10-Q under the heading “Risk Factors,” which are incorporated herein by reference. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 235 | The following discussion should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended September 24, 2016 (the “2016 Form 10-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the condensed consolidated financial statements and notes thereto included elsewhere in... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 236 | All information presented herein is based on the Company’s fiscal calendar. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 237 | 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. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 238 | Each of the terms the “Company” and “Apple” as used herein refers collectively to Apple Inc. and its wholly-owned subsidiaries, unless otherwise stated. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 239 | The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 240 | Available Information
The Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are filed with the SEC. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 241 | The Company is subject to the informational requirements of the Exchange Act and files or furnishes reports, proxy statements, and other information with the SEC. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 242 | Such reports and other information filed by the Company with the SEC are available free of charge on the Company’s website at investor.apple.com/sec.cfm when such reports are available on the SEC’s website. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 243 | The public may read and copy any materials filed by the Company with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Room 1580, Washington, DC 20549. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 244 | The public may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 245 | The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 246 | The contents of websites are not incorporated into this filing. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 247 | Further, the Company’s references to website URLs are intended to be inactive textual references only. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 248 | Overview and Highlights
The Company designs, manufactures and markets mobile communication and media devices and personal computers, and sells a variety of related software, services, accessories, networking solutions and third-party digital content and applications. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 249 | 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 | 250 | 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 |
0000320193 | 20170802 | 10-Q | 251 | 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. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 252 | In addition, the Company sells a variety of third-party Apple-compatible products, including application software and various accessories through its retail and online stores. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 253 | The Company sells to consumers, small and mid-sized businesses and education, enterprise and government customers. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 254 | Business Strategy
The Company is committed to bringing the best user experience to its customers through its innovative hardware, software and services. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 255 | The Company’s business strategy leverages its unique ability to design and develop its own operating systems, hardware, application software and services to provide its customers products and solutions with innovative design, superior ease-of-use and seamless integration. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 256 | As part of its strategy, the Company continues to expand its platform for the discovery and delivery of digital content and applications through its Digital Content and Services, which allows customers to discover and download digital content, iOS, Mac, Apple Watch and Apple TV applications, and books through either a ... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 257 | The Company also supports a community for the development of third-party software and hardware products and digital content that complement the Company’s offerings. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 258 | The Company believes a high-quality buying experience with knowledgeable salespersons who can convey the value of the Company’s products and services greatly enhances its ability to attract and retain customers. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 259 | Therefore, the Company’s strategy also includes building and expanding its own retail and online stores and its third-party distribution network to effectively reach more customers and provide them with a high-quality sales and post-sales support experience. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 260 | The Company believes ongoing investment in research and development (“R&D”), marketing and advertising is critical to the development and sale of innovative products, services and technologies. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 261 | Apple Inc. | Q3 2017 Form 10-Q | 21
Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 262 | Additionally, new product introductions can significantly impact net sales, product costs and operating expenses. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 263 | Product introductions can also impact the Company’s net sales to its indirect distribution channels as these channels are filled with new product inventory following a product introduction, and often, channel inventory of a particular product declines as the next related major product launch approaches. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 264 | Net sales can also be affected when consumers and distributors anticipate a product introduction. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 265 | However, neither historical seasonal patterns nor historical patterns of product introductions should be considered reliable indicators of the Company’s future pattern of product introductions, future net sales or financial performance. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 266 | Fiscal Period
The Company’s fiscal year is the 52 or 53-week period that ends on the last Saturday of September. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 267 | The Company’s fiscal year 2017 will include 53 weeks and will end on September 30, 2017. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 268 | A 14th week was included in the first quarter of 2017, as is done every five or six years, to realign the Company’s fiscal quarters with calendar quarters. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 269 | Third Quarter Fiscal 2017 Highlights
Net sales increased 7% or $3.1 billion during the third quarter of 2017 compared to the same quarter in 2016, primarily driven by growth in Services, iPhone and Other Products. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 270 | The year-over-year increase in net sales reflected growth in each of the geographic operating segments, with the exception of Greater China. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 271 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on net sales during the third quarter of 2017 compared to the same quarter in 2016. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 272 | During the third quarter of 2017, the Company began shipping a new 10.5-inch iPad Pro® and an updated 12.9-inch iPad Pro, as well as updated versions of iMac®, MacBook®, MacBook Air® and MacBook® Pro computers. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 273 | The Company also previewed its new iMac Pro™ and HomePod™ wireless speaker, both of which are expected to be available in December 2017. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 274 | Additionally, the Company announced updates to its operating systems iOS 11, macOS High Sierra and watchOS 4, all of which are expected to be available in the fall of 2017. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 275 | The Company utilized $7.5 billion to repurchase shares of its common stock and paid dividends and dividend equivalents of $3.4 billion during the third quarter of 2017. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 276 | Additionally, the Company issued $8.0 billion of U.S. dollar-denominated and €2.5 billion of euro-denominated long-term debt. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 277 | Apple Inc. | Q3 2017 Form 10-Q | 22
Sales Data
The following table shows net sales by operating segment and net sales and unit sales by product for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (dollars in millions and units in thousands):
(1)Includes deferrals and amortization of related softw... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 278 | (2)Includes revenue from Digital Content and Services, AppleCare®, Apple Pay, licensing and other services. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 279 | (3)Includes sales of Apple TV, Apple Watch, Beats® products, iPod and Apple-branded and third-party accessories. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 280 | Apple Inc. | Q3 2017 Form 10-Q | 23
Product Performance
iPhone
The following table presents iPhone net sales and unit sales information for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (dollars in millions and units in thousands):
iPhone net sales increased during the third quarter and first n... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 281 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on iPhone net sales during the third quarter and first nine months of 2017 compared to the same periods in 2016.
iPad
The following table presents iPad net sales and unit sales information for the three- and nine-month periods ende... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 282 | The year-over-year decrease in iPad net sales during the first nine months of 2017 was due primarily to lower iPad unit sales and a different mix of iPads with lower average selling prices. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 283 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on iPad net sales during the third quarter and first nine months of 2017 compared to the same periods in 2016. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 284 | Mac
The following table presents Mac net sales and unit sales information for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (dollars in millions and units in thousands):
Mac net sales increased during the third quarter and first nine months of 2017 compared to the same periods in 2016 due prima... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 285 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on Mac net sales during the third quarter and first nine months of 2017 compared to the same periods in 2016. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 286 | Apple Inc. | Q3 2017 Form 10-Q | 24
Services
The following table presents Services net sales information for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (dollars in millions):
The increase in Services net sales in the third quarter and first nine months of 2017 compared to the same periods in... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 287 | Segment Operating Performance
The Company manages its business primarily on a geographic basis. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 288 | The Company’s reportable operating segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 289 | The Americas segment includes both North and South America. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 290 | The Europe segment includes European countries, as well as India, the Middle East and Africa. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 291 | The Greater China segment includes China, Hong Kong and Taiwan. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 292 | The Rest of Asia Pacific segment includes Australia and those Asian countries not included in the Company’s other reportable operating segments. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 293 | Although the reportable operating segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company’s customers and distribution partners and the unique market dynamics of each geographic region. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 294 | Further information regarding the Company’s reportable operating segments can be found in Part I, Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 11, “Segment Information and Geographic Data.”
Americas
The following table presents Americas net sales information for the three... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 295 | The year-over-year increase in Americas net sales during the first nine months of 2017 was due primarily to higher net sales of iPhone and Services. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 296 | Europe
The following table presents Europe net sales information for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (dollars in millions):
Europe net sales increased during the third quarter and first nine months of 2017 compared to the same periods in 2016 due primarily to higher net sales of i... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 297 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on Europe net sales during the third quarter and first nine months of 2017 compared to the same periods in 2016. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 298 | Apple Inc. | Q3 2017 Form 10-Q | 25
Greater China
The following table presents Greater China net sales information for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (dollars in millions):
Greater China net sales decreased during the third quarter and first nine months of 2017 compared to the sa... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 299 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on Greater China net sales during the third quarter and first nine months of 2017 compared to the same periods in 2016. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 300 | Japan
The following table presents Japan net sales information for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (dollars in millions):
Japan net sales increased during the third quarter of 2017 compared to the same period in 2016 due primarily to higher net sales of Services and iPad, partiall... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 301 | The year-over-year increase in Japan net sales during the first nine months of 2017 was due primarily to the growth in net sales of Services and iPhone. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 302 | The strength in the Japanese yen relative to the U.S. dollar had a favorable impact on Japan net sales during the first nine months of 2017 compared to the same period in 2016. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 303 | Rest of Asia Pacific
The following table presents Rest of Asia Pacific net sales information for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 (dollars in millions):
Rest of Asia Pacific net sales increased during the third quarter and first nine months of 2017 compared to the same periods in 2... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 304 | The strength in foreign currencies relative to the U.S. dollar had a favorable impact on Rest of Asia Pacific net sales during the third quarter and first nine months of 2017 compared to the same periods in 2016. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 305 | Apple Inc. | Q3 2017 Form 10-Q | 26
Gross Margin
Gross margin for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 was as follows (dollars in millions):
Gross margin percentage increased during the third quarter of 2017 compared to the same quarter of 2016 driven primarily by a favorable shift in ... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 306 | The year-over-year decrease in gross margin percentage during the first nine months of 2017 was due primarily to higher product cost structures, partially offset by a favorable mix of products and services. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 307 | The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on gross margin percentage during the third quarter and first nine months of 2017 compared to the same periods in 2016. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 308 | The Company anticipates gross margin percentage during the fourth quarter of 2017 to be between 37.5% and 38.0%. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 309 | The foregoing statement regarding the Company’s expected gross margin percentage in the fourth quarter of 2017 is forward-looking and could differ from actual results. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 310 | The Company’s future gross margins can be impacted by multiple factors including, but not limited to, those set forth in Part II, Item 1A of this Form 10-Q under the heading “Risk Factors” and those described in this paragraph. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 311 | 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 str... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 312 | In response to competitive pressures, the Company expects it will continue to take product pricing actions, which would adversely affect gross margins. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 313 | 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. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 314 | Due to the Company’s significant international operations, its financial condition and operating results, including gross margins, could be significantly affected by fluctuations in exchange rates. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 315 | Operating Expenses
Operating expenses for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 were as follows (dollars in millions):
Research and Development
The growth in R&D expense during the third quarter and first nine months of 2017 compared to the same periods in 2016 was driven primarily by a... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 316 | The Company continues to believe that focused investments in R&D are critical to its future growth and competitive position in the marketplace, and to the development of new and updated products and services that are central to the Company’s core business strategy. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 317 | Selling, General and Administrative
The growth in selling, general and administrative expense during the third quarter and first nine months of 2017 compared to the same periods in 2016 was driven primarily by an increase in headcount-related expenses and higher variable selling expenses. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 318 | Apple Inc. | Q3 2017 Form 10-Q | 27
Other Income/(Expense), Net
Other income/(expense), net for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 was as follows (dollars in millions):
The increase in other income/(expense), net during the third quarter and first nine months of 2017 compared to the ... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 319 | The weighted-average interest rate earned by the Company on its cash, cash equivalents and marketable securities was 2.03% and 1.77% in the third quarter of 2017 and 2016, respectively, and 1.96% and 1.72% in the first nine months of 2017 and 2016, respectively. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 320 | Provision for Income Taxes
Provision for income taxes and effective tax rates for the three- and nine-month periods ended July 1, 2017 and June 25, 2016 were as follows (dollars in millions):
The Company’s effective tax rates during the third quarter and first nine months of 2017 and 2016 differ from the statutory fede... | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 321 | The lower effective tax rates during the third quarter and first nine months of 2017 compared to the same periods in 2016 were due to higher U.S. R&D credits, in part as a result of the resolution of the U.S. Internal Revenue Service (“IRS”) audit of years 2010 through 2012. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 322 | The IRS concluded its review of the years 2010 through 2012 during the third quarter of 2017. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 323 | All years prior to 2013 are closed, and the IRS is currently examining the years 2013 through 2015. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 324 | The Company is subject to audits by federal, state, local and foreign tax authorities. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 325 | Management believes that adequate provisions have been made for any adjustments that may result from tax examinations. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 326 | However, the outcome of tax audits cannot be predicted with certainty. | 0000320193-17-000009/full-submission.txt |
0000320193 | 20170802 | 10-Q | 327 | 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. | 0000320193-17-000009/full-submission.txt |
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