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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 24, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ... | NASDAQ_AAPL_2022.pdf |
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 the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requireme... | NASDAQ_AAPL_2022.pdf |
Apple Inc. Form 10-K For the Fiscal Year Ended September 24, 2022 TABLE OF CONTENTS Page Part I Item 1. Business 1 Item 1A. Risk Factors 5 Item 1B. Unresolved Staff Comments 17 Item 2. Properties 17 Item 3. Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 Part II Item 5. Market for Registrant's Common Equity, Re... | NASDAQ_AAPL_2022.pdf |
This Annual Report on Form 10-K (“Form 10-K”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Many of the forward-looking statements are located in Part I, Item 1 of this Form 10-K under the heading “Business” and Par... | NASDAQ_AAPL_2022.pdf |
Services Advertising The Company's advertising services include various third-party licensing arrangements and the Company's own advertising platforms. Apple Care The Company offers a portfolio of fee-based service and support products under the Apple Care® brand. The offerings provide priority access to Apple technica... | NASDAQ_AAPL_2022.pdf |
The Company is focused on expanding its market opportunities related to smartphones, personal computers, tablets, wearables and accessories, and services. The Company faces substantial competition in these markets from companies that have significant technical, marketing, distribution and other resources, as well as es... | NASDAQ_AAPL_2022.pdf |
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. Additionally, new product and service introductions can significantly impact net sales, cost of sales and op... | NASDAQ_AAPL_2022.pdf |
Item 1A. Risk Factors The Company's business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described below. When any one or more of these risks materialize from time to time, the Company's business, rep... | NASDAQ_AAPL_2022.pdf |
The Company continues to monitor the situation and take appropriate actions in accordance with the recommendations and requirements of relevant authorities. The extent to which the COVID-19 pandemic may impact the Company's operational and financial performance remains uncertain and will depend on many factors outside ... | NASDAQ_AAPL_2022.pdf |
The Company's operations are also subject to the risks of industrial accidents at its suppliers and contract manufacturers. While the Company's suppliers are required to maintain safe working environments and operations, an industrial accident could occur and could result in serious injuries or loss of life, disruption... | NASDAQ_AAPL_2022.pdf |
Business Risks To remain competitive and stimulate customer demand, the Company must successfully manage frequent introductions and transitions of products and services. Due to the highly volatile and competitive nature of the markets and industries in which the Company competes, the Company must continually introduce ... | NASDAQ_AAPL_2022.pdf |
The Company's new products often utilize custom components available from only one source. When a component or product uses new technologies, initial capacity constraints may exist until the suppliers' yields have matured or their manufacturing capacities have increased. The continued availability of these components a... | NASDAQ_AAPL_2022.pdf |
The Company's future performance depends in part on support from third-party software developers. The Company believes decisions by customers to purchase its hardware products depend in part on the availability of third-party software applications and services. There can be no assurance third-party developers will cont... | NASDAQ_AAPL_2022.pdf |
The Company's success depends largely on the talents and efforts of its team members, the continued service and availability of highly skilled employees, including key personnel, and the Company's ability to nurture its distinctive and inclusive culture. Much of the Company's future success depends on the talents and e... | NASDAQ_AAPL_2022.pdf |
The Company experiences malicious attacks and other attempts to gain unauthorized access to its systems on a regular basis. These attacks seek to compromise the confidentiality, integrity or availability of confidential information or disrupt normal business operations, and could, among other things, impair the Company... | NASDAQ_AAPL_2022.pdf |
Legal and Regulatory Compliance Risks The Company's business, results of operations and financial condition could be adversely impacted by unfavorable results of legal proceedings or government investigations. The Company is subject to various claims, legal proceedings and government investigations that have arisen in ... | NASDAQ_AAPL_2022.pdf |
Compliance with these laws and regulations is onerous and expensive. New and changing laws and regulations can adversely affect the Company's business by increasing the Company's costs, limiting the Company's ability to offer a product, service or feature to customers, impacting customer demand for the Company's produc... | NASDAQ_AAPL_2022.pdf |
There can be no assurance the Company's business will not be materially adversely affected, individually or in the aggregate, by the outcomes of such investigations, litigation or changes to laws and regulations in the future. Changes to the Company's business practices to comply with new laws and regulations or in con... | NASDAQ_AAPL_2022.pdf |
The Company's financial performance is subject to risks associated with changes in the value of the U. S. dollar relative to local currencies. The Company's primary exposure to movements in foreign currency exchange rates relates to non-U. S. dollar-denominated sales, cost of sales and operating expenses worldwide. Gro... | NASDAQ_AAPL_2022.pdf |
The Company is also subject to the examination of its tax returns and other tax matters by the U. S. Internal Revenue Service and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provisio... | NASDAQ_AAPL_2022.pdf |
PART II Item 5. 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. Holders As of October 14, 2022, there were 23,838 shareholders of record. Purchases of Equity Securities... | NASDAQ_AAPL_2022.pdf |
Company Stock Performance The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for the Company, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U. S. Technology Supersector Index for the five years ended September 24, 2022. T... | NASDAQ_AAPL_2022.pdf |
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. This section of this Form 10-K generally discusses 2022 an... | NASDAQ_AAPL_2022.pdf |
Products and Services Performance The following table shows net sales by category for 2022, 2021 and 2020 (dollars in millions): 2022 Change 2021 Change 2020 Net sales by category: i Phone (1)$ 205,489 7 % $ 191,973 39 % $ 137,781 Mac (1) 40,177 14 % 35,190 23 % 28,622 i Pad (1) 29,292 (8) % 31,862 34 % 23,724 Wearable... | NASDAQ_AAPL_2022.pdf |
Segment Operating Performance The Company manages its business primarily on a geographic basis. The Company's reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Midd... | NASDAQ_AAPL_2022.pdf |
Gross Margin Products and Services gross margin and gross margin percentage for 2022, 2021 and 2020 were as follows (dollars in millions): 2022 2021 2020 Gross margin: Products $ 114,728 $ 105,126 $ 69,461 Services 56,054 47,710 35,495 Total gross margin $ 170,782 $ 152,836 $ 104,956 Gross margin percentage: Products 3... | NASDAQ_AAPL_2022.pdf |
Other Income/(Expense), Net Other income/(expense), net (“OI&E”) for 2022, 2021 and 2020 was as follows (dollars in millions): 2022 Change 2021 Change 2020 Interest and dividend income $ 2,825 $ 2,843 $ 3,763 Interest expense (2,931) (2,645) (2,873) Other income/(expense), net (228) 60 (87) Total other income/(expense)... | NASDAQ_AAPL_2022.pdf |
Manufacturing Purchase Obligations The Company utilizes several outsourcing partners to manufacture subassemblies for the Company's products and to perform final assembly and testing of finished products. The Company also obtains individual components for its products from a wide variety of individual suppliers. Outsou... | NASDAQ_AAPL_2022.pdf |
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Interest Rate and Foreign Currency Risk Management The Company regularly reviews its foreign exchange forward and option positions and interest rate swaps, both on a stand-alone basis and in conjunction with its underlying foreign currency and interest... | NASDAQ_AAPL_2022.pdf |
To provide an assessment of the foreign currency risk associated with certain of the Company's foreign currency derivative positions, the Company performed a sensitivity analysis using a value-at-risk (“VAR”) model to assess the potential impact of fluctuations in exchange rates. The VAR model consisted of using a Mont... | NASDAQ_AAPL_2022.pdf |
Item 8. Financial Statements and Supplementary Data Index to Consolidated Financial Statements Page Consolidated Statements of Operations for the years ended September 24, 2022, September 25, 2021 and September 26, 2020 29 Consolidated Statements of Comprehensive Income for the years ended September 24, 2022, September... | NASDAQ_AAPL_2022.pdf |
Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 24, 2022September 25, 2021September 26, 2020 Net sales: Products $ 316,199 $ 297,392 $ 220,747 Services 78,129 68,425 53,768 Total net sales 394,328 365,81... | NASDAQ_AAPL_2022.pdf |
Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended September 24, 2022September 25, 2021September 26, 2020 Net income $ 99,803 $ 94,680 $ 57,411 Other comprehensive income/(loss): Change in foreign currency translation, net of tax (1,511) 501 88 Change in unrealized gains/losses on deri... | NASDAQ_AAPL_2022.pdf |
Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands and par value) September 24, 2022September 25, 2021 ASSETS: Current assets: Cash and cash equivalents $ 23,646 $ 34,940 Marketable securities 24,658 27,699 Accounts receivable, net 28,184 26,278 Inventories 4,9... | NASDAQ_AAPL_2022.pdf |
Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions, except per share amounts) Years ended September 24, 2022September 25, 2021September 26, 2020 Total shareholders' equity, beginning balances $ 63,090 $ 65,339 $ 90,488 Common stock and additional paid-in capital: Beginning balances 57,365 50,779 45... | NASDAQ_AAPL_2022.pdf |
Apple Inc. CONSO LIDATED STATEMENTS OF CASH FLOWS (In millions) Years ended September 24, 2022September 25, 2021September 26, 2020 Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789 $ 50,224 Operating activities: Net income 99,803 94,680 57,411 Adjustments to reconcile net income to cash g... | NASDAQ_AAPL_2022.pdf |
Apple Inc. Notes to Consolidated Financial Statements Note 1-Summary of Significant Accounting Policies Basis of Presentation and Preparation The consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and tran... | NASDAQ_AAPL_2022.pdf |
For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when determining whether it obtains control of third-party products, includin... | NASDAQ_AAPL_2022.pdf |
Restricted Marketable Securities The Company considers marketable securities to be restricted when withdrawal or general use is legally restricted. The Company reports restricted marketable securities as current or non-current marketable securities in the Consolidated Balance Sheets based on the classification of the u... | NASDAQ_AAPL_2022.pdf |
Segment Reporting The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. The Company manages its business primarily on a ge... | NASDAQ_AAPL_2022.pdf |
Note 3-Financial Instruments Cash, Cash Equivalents and Marketable Securities The following tables show the Company's cash, cash equivalents and marketable securities by significant investment category as of September 24, 2022 and September 25, 2021 (in millions): 2022 Adjusted Cost Unrealized Gains Unrealized Losses F... | NASDAQ_AAPL_2022.pdf |
The following table shows the fair value of the Company's non-current marketable debt securities, by contractual maturity, as of September 24, 2022 (in millions): Due after 1 year through 5 years $ 87,031 Due after 5 years through 10 years 16,429 Due after 10 years 17,345 Total fair value $ 120,805 Derivative Instrumen... | NASDAQ_AAPL_2022.pdf |
The gross fai r values of the Company's derivative assets and liabilities as of September 24, 2022 were as follows (in millions): 2022 Fair Value of Derivatives Designated as Accounting Hedges Fair Value of Derivatives Not Designated as Accounting Hedges Total Fair Value Derivative assets (1): Foreign exchange contract... | NASDAQ_AAPL_2022.pdf |
Note 4-Consolidated Financial Statement Details The following tables show the Company's consolidated financial statement details as of September 24, 2022 and September 25, 2021 (in millions): Property, Plant and Equipment, Net 2022 2021 Land and buildings $ 22,126 $ 20,041 Machinery, equipment and internal-use software... | NASDAQ_AAPL_2022.pdf |
A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate ( 21% in 2022, 2021 and 2020 ) to income before provision for income taxes for 2022, 2021 and 2020, is as follows (dollars in millions): 2022 2021 2020 Computed expected tax $ 25,012 $ 22,933 $ 14... | NASDAQ_AAPL_2022.pdf |
Uncertain Tax Positions As of September 24, 2022, the total amount of gross unrecognized tax benefits was $16. 8 billion, of which $8. 0 billion, if recognized, would impact the Company's effective tax rate. As of September 25, 2021, the total amount of gross unrecognized tax benefits was $15. 5 billion, of which $6. ... | NASDAQ_AAPL_2022.pdf |
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 24, 2022 and September 25, 2021 (in millions): Lease-Related Assets and Liabilities Financial Statement Line Items 2022 2021 Right-of-use assets: Operating leases Other non-current assets $ 10,... | NASDAQ_AAPL_2022.pdf |
Note 7-Debt Commercial Paper and Repurchase Agreements The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of Se... | NASDAQ_AAPL_2022.pdf |
The future principal payments for the Company's Notes as of September 24, 2022, are as follows (in millions): 2023 $ 11,139 2024 9,910 2025 10,645 2026 11,209 2027 9,631 Thereafter 59,290 Total term debt $ 111,824 As of September 24, 2022 and September 25, 2021, the fair value of the Company's Notes, based on Level 2 i... | NASDAQ_AAPL_2022.pdf |
Apple Inc. Non-Employee Director Stock Plan The Apple Inc. Non-Employee 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-e... | NASDAQ_AAPL_2022.pdf |
Share-Based Compensation The following table shows share-based compensation expense and the related income tax benefit included in the Consolidated Statements of Operations for 2022, 2021 and 2020 (in millions): 2022 2021 2020 Share-based compensation expense $ 9,038 $ 7,906 $ 6,829 Income tax benefit related to share-... | NASDAQ_AAPL_2022.pdf |
Note 11-Segment Information and Geographic Data The following table shows information by reportable segment for 2022, 2021 and 2020 (in millions): 2022 2021 2020 Americas: Net sales $ 169,658 $ 153,306 $ 124,556 Operating income $ 62,683 $ 53,382 $ 37,722 Europe: Net sales $ 95,118 $ 89,307 $ 68,640 Operating income $ ... | NASDAQ_AAPL_2022.pdf |
Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Apple Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Apple Inc. as of September 24, 2022 and September 25, 2021, the related consolidated statements of oper... | NASDAQ_AAPL_2022.pdf |
How We Addressed the Matter in Our Audit We tested controls relating to the evaluation of uncertain tax positions, including controls over management's assessment as to whether tax positions are more likely than not to be sustained, management's process to measure the benefit of its tax positions, and the development o... | NASDAQ_AAPL_2022.pdf |
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