Cover Page
Cover Page - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Oct. 14, 2022 | Mar. 25, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --09-24 | ||
Document Period End Date | Sep. 24, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-36743 | ||
Entity Registrant Name | Apple Inc. | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 94-2404110 | ||
Entity Address, Address Line One | One Apple Park Way | ||
Entity Address, City or Town | Cupertino | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95014 | ||
City Area Code | 408 | ||
Local Phone Number | 996-1010 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,830,067 | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,908,118 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000320193 | ||
Common Stock, $0.00001 par value per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.00001 par value per share | ||
Trading Symbol | AAPL | ||
Security Exchange Name | NASDAQ | ||
1.000% Notes due 2022 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.000% Notes due 2022 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
1.375% Notes due 2024 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.375% Notes due 2024 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
0.000% Notes due 2025 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.000% Notes due 2025 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
0.875% Notes due 2025 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.875% Notes due 2025 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
1.625% Notes due 2026 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.625% Notes due 2026 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
2.000% Notes due 2027 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2.000% Notes due 2027 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
1.375% Notes due 2029 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.375% Notes due 2029 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
3.050% Notes due 2029 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 3.050% Notes due 2029 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
0.500% Notes due 2031 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 0.500% Notes due 2031 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ | ||
3.600% Notes due 2042 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 3.600% Notes due 2042 | ||
No Trading Symbol Flag | true | ||
Security Exchange Name | NASDAQ |
Auditor Information
Auditor Information | 12 Months Ended |
Sep. 24, 2022 | |
Auditor Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 42 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Net sales | $ 394,328 | $ 365,817 | $ 274,515 |
Cost of sales | 223,546 | 212,981 | 169,559 |
Gross margin | 170,782 | 152,836 | 104,956 |
Operating expenses: | |||
Research and development | 26,251 | 21,914 | 18,752 |
Selling, general and administrative | 25,094 | 21,973 | 19,916 |
Total operating expenses | 51,345 | 43,887 | 38,668 |
Operating income | 119,437 | 108,949 | 66,288 |
Other income/(expense), net | (334) | 258 | 803 |
Income before provision for income taxes | 119,103 | 109,207 | 67,091 |
Provision for income taxes | 19,300 | 14,527 | 9,680 |
Net income | $ 99,803 | $ 94,680 | $ 57,411 |
Earnings per share: | |||
Basic (in dollars per share) | $ 6.15 | $ 5.67 | $ 3.31 |
Diluted (in dollars per share) | $ 6.11 | $ 5.61 | $ 3.28 |
Shares used in computing earnings per share: | |||
Basic (in shares) | 16,215,963 | 16,701,272 | 17,352,119 |
Diluted (in shares) | 16,325,819 | 16,864,919 | 17,528,214 |
Products | |||
Net sales | $ 316,199 | $ 297,392 | $ 220,747 |
Cost of sales | 201,471 | 192,266 | 151,286 |
Services | |||
Net sales | 78,129 | 68,425 | 53,768 |
Cost of sales | $ 22,075 | $ 20,715 | $ 18,273 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
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 derivative instruments, net of tax: | |||
Change in fair value of derivative instruments | 3,212 | 32 | 79 |
Adjustment for net (gains)/losses realized and included in net income | (1,074) | 1,003 | (1,264) |
Total change in unrealized gains/losses on derivative instruments | 2,138 | 1,035 | (1,185) |
Change in unrealized gains/losses on marketable debt securities, net of tax: | |||
Change in fair value of marketable debt securities | (12,104) | (694) | 1,202 |
Adjustment for net (gains)/losses realized and included in net income | 205 | (273) | (63) |
Total change in unrealized gains/losses on marketable debt securities | (11,899) | (967) | 1,139 |
Total other comprehensive income/(loss) | (11,272) | 569 | 42 |
Total comprehensive income | $ 88,531 | $ 95,249 | $ 57,453 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 23,646 | $ 34,940 |
Marketable securities | 24,658 | 27,699 |
Accounts receivable, net | 28,184 | 26,278 |
Inventories | 4,946 | 6,580 |
Vendor non-trade receivables | 32,748 | 25,228 |
Other current assets | 21,223 | 14,111 |
Total current assets | 135,405 | 134,836 |
Non-current assets: | ||
Marketable securities | 120,805 | 127,877 |
Property, plant and equipment, net | 42,117 | 39,440 |
Other non-current assets | 54,428 | 48,849 |
Total non-current assets | 217,350 | 216,166 |
Total assets | 352,755 | 351,002 |
Current liabilities: | ||
Accounts payable | 64,115 | 54,763 |
Other current liabilities | 60,845 | 47,493 |
Deferred revenue | 7,912 | 7,612 |
Commercial paper | 9,982 | 6,000 |
Term debt | 11,128 | 9,613 |
Total current liabilities | 153,982 | 125,481 |
Non-current liabilities: | ||
Term debt | 98,959 | 109,106 |
Other non-current liabilities | 49,142 | 53,325 |
Total non-current liabilities | 148,101 | 162,431 |
Total liabilities | 302,083 | 287,912 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,943,425 and 16,426,786 shares issued and outstanding, respectively | 64,849 | 57,365 |
Retained earnings/(Accumulated deficit) | (3,068) | 5,562 |
Accumulated other comprehensive income/(loss) | (11,109) | 163 |
Total shareholders’ equity | 50,672 | 63,090 |
Total liabilities and shareholders’ equity | $ 352,755 | $ 351,002 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 24, 2022 | Sep. 25, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 50,400,000,000 | 50,400,000,000 |
Common stock, shares issued (in shares) | 15,943,425,000 | 16,426,786,000 |
Common stock, shares outstanding (in shares) | 15,943,425,000 | 16,426,786,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common stock and additional paid-in capital | Retained earnings/(Accumulated deficit) | Retained earnings/(Accumulated deficit) Cumulative effect of change in accounting principle | Accumulated other comprehensive income/(loss) | Accumulated other comprehensive income/(loss) Cumulative effect of change in accounting principle |
Beginning balances at Sep. 28, 2019 | $ 90,488 | $ 45,174 | $ 45,898 | $ (136) | $ (584) | $ 136 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Common stock issued | 880 | |||||
Common stock withheld related to net share settlement of equity awards | (2,250) | (1,604) | ||||
Share-based compensation | 6,975 | |||||
Net income | 57,411 | 57,411 | ||||
Dividends and dividend equivalents declared | (14,087) | |||||
Common stock repurchased | (72,516) | |||||
Other comprehensive income/(loss) | 42 | 42 | ||||
Ending balances at Sep. 26, 2020 | $ 65,339 | 50,779 | 14,966 | 0 | (406) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) | $ 0.795 | |||||
Common stock issued | 1,105 | |||||
Common stock withheld related to net share settlement of equity awards | (2,627) | (4,151) | ||||
Share-based compensation | 8,108 | |||||
Net income | $ 94,680 | 94,680 | ||||
Dividends and dividend equivalents declared | (14,431) | |||||
Common stock repurchased | (85,502) | |||||
Other comprehensive income/(loss) | 569 | 569 | ||||
Ending balances at Sep. 25, 2021 | $ 63,090 | 57,365 | 5,562 | $ 0 | 163 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) | $ 0.85 | |||||
Common stock issued | 1,175 | |||||
Common stock withheld related to net share settlement of equity awards | (2,971) | (3,454) | ||||
Share-based compensation | 9,280 | |||||
Net income | $ 99,803 | 99,803 | ||||
Dividends and dividend equivalents declared | (14,793) | |||||
Common stock repurchased | (90,200) | (90,186) | ||||
Other comprehensive income/(loss) | (11,272) | (11,272) | ||||
Ending balances at Sep. 24, 2022 | $ 50,672 | $ 64,849 | $ (3,068) | $ (11,109) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) | $ 0.90 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Statement of Cash Flows [Abstract] | |||
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 generated by operating activities: | |||
Depreciation and amortization | 11,104 | 11,284 | 11,056 |
Share-based compensation expense | 9,038 | 7,906 | 6,829 |
Deferred income tax expense/(benefit) | 895 | (4,774) | (215) |
Other | 111 | (147) | (97) |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (1,823) | (10,125) | 6,917 |
Inventories | 1,484 | (2,642) | (127) |
Vendor non-trade receivables | (7,520) | (3,903) | 1,553 |
Other current and non-current assets | (6,499) | (8,042) | (9,588) |
Accounts payable | 9,448 | 12,326 | (4,062) |
Deferred revenue | 478 | 1,676 | 2,081 |
Other current and non-current liabilities | 5,632 | 5,799 | 8,916 |
Cash generated by operating activities | 122,151 | 104,038 | 80,674 |
Investing activities: | |||
Purchases of marketable securities | (76,923) | (109,558) | (114,938) |
Proceeds from maturities of marketable securities | 29,917 | 59,023 | 69,918 |
Proceeds from sales of marketable securities | 37,446 | 47,460 | 50,473 |
Payments for acquisition of property, plant and equipment | (10,708) | (11,085) | (7,309) |
Payments made in connection with business acquisitions, net | (306) | (33) | (1,524) |
Other | (1,780) | (352) | (909) |
Cash used in investing activities | (22,354) | (14,545) | (4,289) |
Financing activities: | |||
Payments for taxes related to net share settlement of equity awards | (6,223) | (6,556) | (3,634) |
Payments for dividends and dividend equivalents | (14,841) | (14,467) | (14,081) |
Repurchases of common stock | (89,402) | (85,971) | (72,358) |
Proceeds from issuance of term debt, net | 5,465 | 20,393 | 16,091 |
Repayments of term debt | (9,543) | (8,750) | (12,629) |
Proceeds from/(Repayments of) commercial paper, net | 3,955 | 1,022 | (963) |
Other | (160) | 976 | 754 |
Cash used in financing activities | (110,749) | (93,353) | (86,820) |
Decrease in cash, cash equivalents and restricted cash | (10,952) | (3,860) | (10,435) |
Cash, cash equivalents and restricted cash, ending balances | 24,977 | 35,929 | 39,789 |
Supplemental cash flow disclosure: | |||
Cash paid for income taxes, net | 19,573 | 25,385 | 9,501 |
Cash paid for interest | $ 2,865 | $ 2,687 | $ 3,002 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 transactions have been eliminated. The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which will occur in the first quarter of the Company’s fiscal year ending September 30, 2023. The Company’s fiscal years 2022, 2021 and 2020 spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. Revenue Recognition Net sales consist of revenue from the sale of iPhone, Mac, iPad, Services and other products. The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers. For most of the Company’s Products net sales, control transfers when products are shipped. For the Company’s Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable. The Company records reductions to Products net sales related to future product returns, price protection and other customer incentive programs based on the Company’s expectations and historical experience. For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation. The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, iPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price, is the hardware and bundled software delivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud ® , Siri ® and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company’s estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, including estimated warranty costs, are recognized at the time of sale. Costs incurred to provide product-related bundled services and unspecified software upgrade rights are recognized as cost of sales as incurred. For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. For these arrangements, the Company does not have a right to bill for the undelivered services. The Company has determined that any unbilled consideration relates entirely to the value of the undelivered services. Accordingly, the Company has not recognized revenue, and does not disclose amounts, related to these undelivered services. 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, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store and certain digital content sold through the Company’s other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains. The Company records revenue net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority. Share-Based Compensation The Company generally measures share-based compensation based on the closing price of the Company’s common stock on the date of grant, and recognizes expense on a straight-line basis for its estimate of equity awards that will ultimately vest. Further information regarding share-based compensation can be found in Note 9, “Benefit Plans.” Earnings Per Share The following table shows the computation of basic and diluted earnings per share for 2022, 2021 and 2020 (net income in millions and shares in thousands): 2022 2021 2020 Numerator: Net income $ 99,803 $ 94,680 $ 57,411 Denominator: Weighted-average basic shares outstanding 16,215,963 16,701,272 17,352,119 Effect of dilutive securities 109,856 163,647 176,095 Weighted-average diluted shares 16,325,819 16,864,919 17,528,214 Basic earnings per share $ 6.15 $ 5.67 $ 3.31 Diluted earnings per share $ 6.11 $ 5.61 $ 3.28 The Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities. Cash Equivalents and Marketable Securities All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The Company’s investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations. The cost of securities sold is determined using the specific identification method. Inventories Inventories are measured using the first-in, first-out method. 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 underlying securities. Property, Plant and Equipment Depreciation on property, plant and equipment is recognized on a straight-line basis over the estimated useful lives of the assets, which for buildings is the shorter of 40 years or the remaining life of the building; between one five Derivative Instruments and Hedging All derivative instruments are recorded in the Consolidated Balance Sheets at fair value. The accounting treatment for derivative gains and losses is based on intended use and hedge designation. Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred in accumulated other comprehensive income/(loss) (“AOCI”) and subsequently reclassified into earnings when the hedged transaction affects earnings, and in the same line item in the Consolidated Statements of Operations. For options designated as cash flow hedges, the Company excludes time value from the assessment of hedge effectiveness and recognizes it on a straight-line basis over the life of the hedge in the Consolidated Statements of Operations line item to which the hedge relates. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in other comprehensive income/(loss) (“OCI”). Gains and losses arising from amounts that are included in the assessment of fair value hedge effectiveness are recognized in the Consolidated Statements of Operations line item to which the hedge relates along with offsetting losses and gains related to the change in value of the hedged item. For foreign exchange forward contracts designated as fair value hedges, the Company excludes the forward carry component from the assessment of hedge effectiveness and recognizes it in other income/(expense), net (“OI&E”) on a straight-line basis over the life of the hedge. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in OCI. Gains and losses arising from changes in the fair values of derivative instruments that are not designated as accounting hedges are recognized in the Consolidated Statements of Operations line items to which the derivative instruments relate. The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets. The Company classifies cash flows related to derivative instruments as operating activities in the Consolidated Statements of Cash Flows. Fair Value Measurements The fair values of the Company’s money market funds and certain marketable equity securities are based on quoted prices in active markets for identical assets. The valuation techniques used to measure the fair value of the Company’s debt instruments and all other financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data. Income Taxes The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings created by the U.S. Tax Cuts and Jobs Act of 2017 (the “Act”). Leases The Company combines and accounts for lease and nonlease components as a single lease component for leases of corporate, data center and retail facilities. The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined. 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 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 Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable segments. Although the reportable 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. The accounting policies of the various segments are the same as those described elsewhere in this Note 1, “Summary of Significant Accounting Policies.” The Company evaluates the performance of its reportable segments based on net sales and operating income. Net sales for geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in those geographic locations. Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. Operating income for each segment excludes other income and expense and certain expenses managed outside the reportable segments. Costs excluded from segment operating income include various corporate expenses such as research and development (“R&D”), corporate marketing expenses, certain share-based compensation expenses, income taxes, various nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany transfers between segments for management reporting purposes. |
Revenue
Revenue | 12 Months Ended |
Sep. 24, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Net sales disaggregated by significant products and services for 2022, 2021 and 2020 were as follows (in millions): 2022 2021 2020 iPhone (1) $ 205,489 $ 191,973 $ 137,781 Mac (1) 40,177 35,190 28,622 iPad (1) 29,292 31,862 23,724 Wearables, Home and Accessories (1)(2) 41,241 38,367 30,620 Services (3) 78,129 68,425 53,768 Total net sales (4) $ 394,328 $ 365,817 $ 274,515 (1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in the sales price of the respective product. (2) Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod mini and accessories. (3) Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products. (4) Includes $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021, $6.7 billion of revenue recognized in 2021 that was included in deferred revenue as of September 26, 2020, and $5.0 billion of revenue recognized in 2020 that was included in deferred revenue as of September 28, 2019. The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 11, “Segment Information and Geographic Data” for 2022, 2021 and 2020, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales in 2022 and 2021. As of September 24, 2022 and September 25, 2021, the Company had total deferred revenue of $12.4 billion and $11.9 billion, respectively. As of September 24, 2022, the Company expects 64% of total deferred revenue to be realized in less than a year, 27% within one-to-two years, 7% within two-to-three years and 2% in greater than three years. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Sep. 24, 2022 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 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 Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 18,546 $ — $ — $ 18,546 $ 18,546 $ — $ — Level 1 (1) : Money market funds 2,929 — — 2,929 2,929 — — Mutual funds 274 — (47) 227 — 227 — Subtotal 3,203 — (47) 3,156 2,929 227 — Level 2 (2) : U.S. Treasury securities 25,134 — (1,725) 23,409 338 5,091 17,980 U.S. agency securities 5,823 — (655) 5,168 — 240 4,928 Non-U.S. government securities 16,948 2 (1,201) 15,749 — 8,806 6,943 Certificates of deposit and time deposits 2,067 — — 2,067 1,805 262 — Commercial paper 718 — — 718 28 690 — Corporate debt securities 87,148 9 (7,707) 79,450 — 9,023 70,427 Municipal securities 921 — (35) 886 — 266 620 Mortgage- and asset-backed securities 22,553 — (2,593) 19,960 — 53 19,907 Subtotal 161,312 11 (13,916) 147,407 2,171 24,431 120,805 Total (3) $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 2021 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 17,305 $ — $ — $ 17,305 $ 17,305 $ — $ — Level 1 (1) : Money market funds 9,608 — — 9,608 9,608 — — Mutual funds 175 11 (1) 185 — 185 — Subtotal 9,783 11 (1) 9,793 9,608 185 — Level 2 (2) : Equity securities 1,527 — (564) 963 — 963 — U.S. Treasury securities 22,878 102 (77) 22,903 3,596 6,625 12,682 U.S. agency securities 8,949 2 (64) 8,887 1,775 1,930 5,182 Non-U.S. government securities 20,201 211 (101) 20,311 390 3,091 16,830 Certificates of deposit and time deposits 1,300 — — 1,300 490 810 — Commercial paper 2,639 — — 2,639 1,776 863 — Corporate debt securities 83,883 1,242 (267) 84,858 — 12,327 72,531 Municipal securities 967 14 — 981 — 130 851 Mortgage- and asset-backed securities 20,529 171 (124) 20,576 — 775 19,801 Subtotal 162,873 1,742 (1,197) 163,418 8,027 27,514 127,877 Total (3) $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. (3) As of September 24, 2022 and September 25, 2021, total marketable securities included $12.7 billion and $17.9 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements. 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 Instruments and Hedging The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. However, the Company may choose not to hedge certain exposures for a variety of reasons including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates. Foreign Exchange Risk To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months. To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of September 24, 2022, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 20 years. The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies. Interest Rate Risk To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges. The notional amounts of the Company’s outstanding derivative instruments as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 102,670 $ 76,475 Interest rate contracts $ 20,125 $ 16,875 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 185,381 $ 126,918 The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions): 2022 Fair Value of Fair Value of Total Derivative assets (1) : Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 Derivative liabilities (2) : Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752 Interest rate contracts $ 1,367 $ — $ 1,367 (1) Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Consolidated Balance Sheets. (2) Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Consolidated Balance Sheets. The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. To mitigate credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted when the net fair values of certain derivatives fluctuate from contractually established thresholds. To further limit credit risk, the Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. As of September 24, 2022, the potential effects of these rights of set-off associated with the Company’s derivative contracts, including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting in a net derivative asset of $412 million. The carrying amounts of the Company’s hedged items in fair value hedges as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 Hedged assets/(liabilities): Current and non-current marketable securities $ 13,378 $ 15,954 Current and non-current term debt $ (18,739) $ (17,857) Accounts Receivable Trade Receivables The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit-financing arrangements are directly between the third-party financing company and the end customer. As such, the Company generally does not assume any recourse or credit risk sharing related to any of these arrangements. As of September 24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 10%. The Company’s cellular network carriers accounted for 44% and 42% of total trade receivables as of September 24, 2022 and September 25, 2021, respectively. Vendor Non-Trade Receivables The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. As of September 24, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 13%. As of September 25, 2021, the Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 52%, 11% and 11%. |
Consolidated Financial Statemen
Consolidated Financial Statement Details | 12 Months Ended |
Sep. 24, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Financial Statement Details | 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 81,060 78,659 Leasehold improvements 11,271 11,023 Gross property, plant and equipment 114,457 109,723 Accumulated depreciation and amortization (72,340) (70,283) Total property, plant and equipment, net $ 42,117 $ 39,440 Other Non-Current Liabilities 2022 2021 Long-term taxes payable $ 16,657 $ 24,689 Other non-current liabilities 32,485 28,636 Total other non-current liabilities $ 49,142 $ 53,325 Other Income/(Expense), Net The following table shows the detail of OI&E for 2022, 2021 and 2020 (in millions): 2022 2021 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), net $ (334) $ 258 $ 803 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 24, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes and Effective Tax Rate The provision for income taxes for 2022, 2021 and 2020, consisted of the following (in millions): 2022 2021 2020 Federal: Current $ 7,890 $ 8,257 $ 6,306 Deferred (2,265) (7,176) (3,619) Total 5,625 1,081 2,687 State: Current 1,519 1,620 455 Deferred 84 (338) 21 Total 1,603 1,282 476 Foreign: Current 8,996 9,424 3,134 Deferred 3,076 2,740 3,383 Total 12,072 12,164 6,517 Provision for income taxes $ 19,300 $ 14,527 $ 9,680 The foreign provision for income taxes is based on foreign pretax earnings of $71.3 billion, $68.7 billion and $38.1 billion in 2022, 2021 and 2020, respectively. 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 $ 14,089 State taxes, net of federal effect 1,518 1,151 423 Impacts of the Act 542 — (582) Earnings of foreign subsidiaries (4,366) (4,715) (2,534) Foreign-derived intangible income deduction (296) (1,372) (169) Research and development credit, net (1,153) (1,033) (728) Excess tax benefits from equity awards (1,871) (2,137) (930) Other (86) (300) 111 Provision for income taxes $ 19,300 $ 14,527 $ 9,680 Effective tax rate 16.2 % 13.3 % 14.4 % Deferred Tax Assets and Liabilities As of September 24, 2022 and September 25, 2021, the significant components of the Company’s deferred tax assets and liabilities were (in millions): 2022 2021 Deferred tax assets: Amortization and depreciation $ 1,496 $ 5,575 Accrued liabilities and other reserves 6,515 5,895 Lease liabilities 2,400 2,406 Deferred revenue 5,742 5,399 Unrealized losses 2,913 53 Tax credit carryforwards 6,962 4,262 Other 1,596 1,639 Total deferred tax assets 27,624 25,229 Less: Valuation allowance (7,530) (4,903) Total deferred tax assets, net 20,094 20,326 Deferred tax liabilities: Minimum tax on foreign earnings 1,983 4,318 Right-of-use assets 2,163 2,167 Unrealized gains 942 203 Other 469 565 Total deferred tax liabilities 5,557 7,253 Net deferred tax assets $ 14,537 $ 13,073 As of September 24, 2022, the Company had $4.4 billion in foreign tax credit carryforwards in Ireland and $2.5 billion in California R&D credit carryforwards, both of which can be carried forward indefinitely. A valuation allowance has been recorded for the credit carryforwards and a portion of other temporary differences. 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 $6.6 billion, if recognized, would have impacted the Company’s effective tax rate. The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2022, 2021 and 2020, is as follows (in millions): 2022 2021 2020 Beginning balances $ 15,477 $ 16,475 $ 15,619 Increases related to tax positions taken during a prior year 2,284 816 454 Decreases related to tax positions taken during a prior year (1,982) (1,402) (791) Increases related to tax positions taken during the current year 1,936 1,607 1,347 Decreases related to settlements with taxing authorities (28) (1,838) (85) Decreases related to expiration of the statute of limitations (929) (181) (69) Ending balances $ 16,758 $ 15,477 $ 16,475 The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction and many state and foreign jurisd ictions. Tax years after 2017 for the U.S. federal jurisdiction, and after 2014 in certain major foreign jurisdictions, remain subject to examination. Although the timing of resolution and/or closure of examinations is not certain, the Company believes it is reasonably possible that its gross unrecognized tax benefits could decrease in the next 12 months by as much as $4.8 billion. European Commission State Aid Decision On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated the application of the tax opinions from that date forward. The recovery amount was calculated to be €13.1 billion, plus interest of €1.2 billion. The Company and Ireland appealed the State Aid Decision to the General Court of the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled the State Aid Decision. On September 25, 2020, the European Commission appealed the General Court’s decision to the European Court of Justice. The Company believes that any incremental Irish corporate income taxes potentially due related to the State Aid Decision would be creditable against U.S. taxes, subject to any foreign tax credit limitations in the Act. On an annual basis, the Company may request approval from the Irish Minister for Finance to reduce the recovery amount for certain taxes paid to other countries. As of September 24, 2022, the adjusted recovery amount was €12.7 billion, excluding interest. The adjusted recovery amount plus interest is funded into escrow, where it will remain restricted from general use pending the conclusion of all legal proceedings. Refer to the Cash, Cash Equivalents and Marketable Securities section of Note 3, “Financial Instruments” for more information. |
Leases
Leases | 12 Months Ended |
Sep. 24, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, some of which are reasonably certain of exercise. Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating leases were $1.9 billion, $1.7 billion and $1.5 billion for 2022, 2021 and 2020, respectively. Lease costs associated with variable payments on the Company’s leases were $14.9 billion, $12.9 billion and $9.3 billion for 2022, 2021 and 2020, respectively. The Company made $1.8 billion, $1.4 billion and $1.5 billion of fixed cash payments related to operating leases in 2022, 2021 and 2020, respectively. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.8 billion for 2022, $3.3 billion for 2021 and $10.5 billion for 2020, including the impact of adopting the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-02, Leases (Topic 842) in the first quarter of 2020. 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 $ 10,417 $ 10,087 Finance leases Property, plant and equipment, net 952 861 Total right-of-use assets $ 11,369 $ 10,948 Lease liabilities: Operating leases Other current liabilities $ 1,534 $ 1,449 Other non-current liabilities 9,936 9,506 Finance leases Other current liabilities 129 79 Other non-current liabilities 812 769 Total lease liabilities $ 12,411 $ 11,803 Lease liability maturities as of September 24, 2022, are as follows (in millions): Operating Finance Total 2023 $ 1,758 $ 155 $ 1,913 2024 1,742 130 1,872 2025 1,677 81 1,758 2026 1,382 48 1,430 2027 1,143 34 1,177 Thereafter 5,080 906 5,986 Total undiscounted liabilities 12,782 1,354 14,136 Less: Imputed interest (1,312) (413) (1,725) Total lease liabilities $ 11,470 $ 941 $ 12,411 The weighted-average remaining lease term related to the Company’s lease liabilities as of September 24, 2022 and September 25, 2021 was 10.1 years and 10.8 years, respectively. The discount rate related to the Company’s lease liabilities as of September 24, 2022 and September 25, 2021 was 2.3% and 2.0%, respectively. As of September 24, 2022, the Company had $1.2 billion of future payments under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases will commence between 2023 and 2026, with lease terms ranging from less than 1 year to 21 years. |
Leases | Leases The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, some of which are reasonably certain of exercise. Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating leases were $1.9 billion, $1.7 billion and $1.5 billion for 2022, 2021 and 2020, respectively. Lease costs associated with variable payments on the Company’s leases were $14.9 billion, $12.9 billion and $9.3 billion for 2022, 2021 and 2020, respectively. The Company made $1.8 billion, $1.4 billion and $1.5 billion of fixed cash payments related to operating leases in 2022, 2021 and 2020, respectively. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.8 billion for 2022, $3.3 billion for 2021 and $10.5 billion for 2020, including the impact of adopting the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-02, Leases (Topic 842) in the first quarter of 2020. 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 $ 10,417 $ 10,087 Finance leases Property, plant and equipment, net 952 861 Total right-of-use assets $ 11,369 $ 10,948 Lease liabilities: Operating leases Other current liabilities $ 1,534 $ 1,449 Other non-current liabilities 9,936 9,506 Finance leases Other current liabilities 129 79 Other non-current liabilities 812 769 Total lease liabilities $ 12,411 $ 11,803 Lease liability maturities as of September 24, 2022, are as follows (in millions): Operating Finance Total 2023 $ 1,758 $ 155 $ 1,913 2024 1,742 130 1,872 2025 1,677 81 1,758 2026 1,382 48 1,430 2027 1,143 34 1,177 Thereafter 5,080 906 5,986 Total undiscounted liabilities 12,782 1,354 14,136 Less: Imputed interest (1,312) (413) (1,725) Total lease liabilities $ 11,470 $ 941 $ 12,411 The weighted-average remaining lease term related to the Company’s lease liabilities as of September 24, 2022 and September 25, 2021 was 10.1 years and 10.8 years, respectively. The discount rate related to the Company’s lease liabilities as of September 24, 2022 and September 25, 2021 was 2.3% and 2.0%, respectively. As of September 24, 2022, the Company had $1.2 billion of future payments under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases will commence between 2023 and 2026, with lease terms ranging from less than 1 year to 21 years. |
Debt
Debt | 12 Months Ended |
Sep. 24, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 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 September 24, 2022 and September 25, 2021, the Company had $10.0 billion and $6.0 billion of Commercial Paper outstanding, respectively, with maturities generally less than nine months. The weighted-average interest rate of the Company’s Commercial Paper was 2.31% and 0.06% as of September 24, 2022 and September 25, 2021, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for 2022, 2021 and 2020 (in millions): 2022 2021 2020 Maturities 90 days or less: Proceeds from/(Repayments of) commercial paper, net $ 5,264 $ (357) $ 100 Maturities greater than 90 days: Proceeds from commercial paper 5,948 7,946 6,185 Repayments of commercial paper (7,257) (6,567) (7,248) Proceeds from/(Repayments of) commercial paper, net (1,309) 1,379 (1,063) Total proceeds from/(repayments of) commercial paper, net $ 3,955 $ 1,022 $ (963) In 2020, the Company entered into agreements to sell certain of its marketable securities with a promise to repurchase the securities at a specified time and amount (“Repos”). Due to the Company’s continuing involvement with the marketable securities, the Company accounted for its Repos as collateralized borrowings. The Company entered into $5.2 billion of Repos during 2020, all of which had been settled as of September 26, 2020. Term Debt The Company has outstanding fixed-rate notes with varying maturities (collectively the “Notes”). The Notes are senior unsecured obligations and interest is payable in arrears. The following table provides a summary of the Company’s term debt as of September 24, 2022 and September 25, 2021: Maturities (calendar year) 2022 2021 Amount (in millions) Effective Amount (in millions) Effective 2013 – 2021 debt issuances: Floating-rate notes $ — $ 1,750 0.48% – 0.63% Fixed-rate 0.000% – 4.650% notes 2022 – 2061 106,324 0.03% – 4.78% 116,313 0.03% – 4.78% Fourth quarter 2022 debt issuance: Fixed-rate 3.250% – 4.100% notes 2029 – 2062 5,500 3.27% – 4.12% — Total term debt 111,824 118,063 Unamortized premium/(discount) and issuance costs, net (374) (380) Hedge accounting fair value adjustments (1,363) 1,036 Less: Current portion of term debt (11,128) (9,613) Total non-current portion of term debt $ 98,959 $ 109,106 To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company has entered into interest rate swaps to effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to manage foreign currency risk on certain of its foreign currency–denominated notes, the Company has entered into foreign currency swaps to effectively convert these notes to U.S. dollar–denominated notes. The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if applicable, adjustments related to hedging. The Company recognized $2.8 billion, $2.6 billion and $2.8 billion of interest expense on its term debt for 2022, 2021 and 2020, respectively. 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 inputs, was $98.8 billion and $125.3 billion, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 24, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Repurchase Program During 2022, the Company repurchased 569 million shares of its common stock for $90.2 billion under a share repurchase program authorized by the Board of Directors (the “Program”). The Program does not obligate the Company to acquire a minimum amount of shares. 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. Shares of Common Stock The following table shows the changes in shares of common stock for 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Common stock outstanding, beginning balances 16,426,786 16,976,763 17,772,945 Common stock repurchased (568,589) (656,340) (917,270) Common stock issued, net of shares withheld for employee taxes 85,228 106,363 121,088 Common stock outstanding, ending balances 15,943,425 16,426,786 16,976,763 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Sep. 24, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Benefit Plans | Benefit Plans 2022 Employee Stock Plan In the second quarter of 2022, shareholders approved the Apple Inc. 2022 Employee Stock Plan (the “2022 Plan”), which provides for broad-based equity grants to employees, including executive officers, and permits the granting of restricted stock units (“RSUs”), stock grants, performance-based awards, stock options and stock appreciation rights. RSUs granted under the 2022 Plan generally vest over four years, based on continued employment, and are settled upon vesting in shares of the Company’s common stock on a one-for-one basis. RSUs granted under the 2022 Plan reduce the number of shares available for grant under the plan by a factor of two times the number of RSUs granted. RSUs canceled and shares withheld to satisfy tax withholding obligations increase the number of shares available for grant under the 2022 Plan utilizing a factor of two times the number of RSUs canceled or shares withheld. All RSUs granted under the 2022 Plan have dividend equivalent rights (“DERs”), which entitle holders of RSUs to the same dividend value per share as holders of common stock. DERs are subject to the same vesting and other terms and conditions as the underlying RSUs. A maximum of approximately 1.3 billion shares were authorized for issuance pursuant to 2022 Plan awards at the time the plan was approved on March 4, 2022. 2014 Employee Stock Plan The Apple Inc. 2014 Employee Stock Plan (the “2014 Plan”) is a shareholder-approved plan that provided for broad-based equity grants to employees, including executive officers. The 2014 Plan permitted the granting of substantially the same types of equity awards with substantially the same terms as the 2022 Plan. The 2014 Plan also permitted the granting of cash bonus awards. In the third quarter of 2022, the Company terminated the authority to grant new awards under the 2014 Plan. 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-employee director joining the Board of Directors and automatic annual grants of RSUs at each annual meeting of shareholders, and (iii) permits the Board of Directors to prospectively change the value and relative mixture of stock options and RSUs for the initial and annual award grants and the methodology for determining the number of shares of the Company’s common stock subject to these grants, in each case within the limits set forth in the Director Plan and without further shareholder approval. RSUs granted under the Director Plan reduce the number of shares available for grant under the plan by a factor of two times the number of RSUs granted. The Director Plan expires on November 12, 2027. All RSUs granted under the Director Plan are entitled to DERs, which are subject to the same vesting and other terms and conditions as the underlying RSUs. A maximum of approximately 45 million shares (split-adjusted) were authorized for issuance pursuant to Director Plan awards at the time the plan was last amended on November 9, 2021. Employee Stock Purchase Plan The Employee Stock Purchase Plan (the “Purchase Plan”) is a shareholder-approved plan under which substantially all employees may voluntarily enroll to purchase the Company’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the Purchase Plan are limited to 10% of the employee’s eligible compensation and employees may not purchase more than $25,000 of stock during any calendar year. A maximum of approximately 230 million shares (split-adjusted) were authorized for issuance under the Purchase Plan at the time the plan was last amended and restated on March 10, 2015. 401(k) Plan The Company’s 401(k) Plan is a tax-qualified deferred compensation arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may contribute a portion of their eligible earnings, subject to applicable U.S. Internal Revenue Service and plan limits. The Company matches 50% to 100% of each employee’s contributions, depending on length of service, up to a maximum of 6% of the employee’s eligible earnings. Restricted Stock Units A summary of the Company’s RSU activity and related information for 2022, 2021 and 2020, is as follows: Number of RSUs (in thousands) Weighted-Average Aggregate Fair Value (in millions) Balance as of September 28, 2019 326,068 $ 42.30 RSUs granted 156,800 $ 59.20 RSUs vested (157,743) $ 40.29 RSUs canceled (14,347) $ 48.07 Balance as of September 26, 2020 310,778 $ 51.58 RSUs granted 89,363 $ 116.33 RSUs vested (145,766) $ 50.71 RSUs canceled (13,948) $ 68.95 Balance as of September 25, 2021 240,427 $ 75.16 RSUs granted 91,674 $ 150.70 RSUs vested (115,861) $ 72.12 RSUs canceled (14,739) $ 99.77 Balance as of September 24, 2022 201,501 $ 109.48 $ 30,312 The fair value as of the respective vesting dates of RSUs was $18.2 billion, $19.0 billion and $10.8 billion for 2022, 2021 and 2020, respectively. The majority of RSUs that vested in 2022, 2021 and 2020 were net share settled such that the Company withheld shares with a value equivalent to the employees’ obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld were approximately 41 million, 53 million and 56 million for 2022, 2021 and 2020, respectively, and were based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price. Total payments to taxing authorities for employees’ tax obligations were $6.4 billion, $6.8 billion and $3.9 billion in 2022, 2021 and 2020, respectively. 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-based compensation expense $ (4,002) $ (4,056) $ (2,476) As of September 24, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $16.7 billion, which the Company expects to recognize over a weighted-average period of 2.6 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 24, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Concentrations in the Available Sources of Supply of Materials and Product Although most components essential to the Company’s business are generally available from multiple sources, certain components are currently obtained from single or limited sources. The Company also competes for various components with other participants in the markets for smartphones, personal computers, tablets, wearables and accessories. Therefore, many components used by the Company, including those that are available from multiple sources, are at times subject to industry-wide shortage and significant commodity pricing fluctuations. The Company uses some custom components that are not commonly used by its competitors, and new products introduced by the Company 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 at acceptable prices, or at all, may be affected if suppliers decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements. Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are located primarily in Asia, with some Mac computers manufactured in the U.S. and Ireland. Unconditional Purchase Obligations The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of payments for supplier arrangements, internet services and content creation. Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of September 24, 2022, are as follows (in millions): 2023 $ 13,488 2024 4,876 2025 1,418 2026 6,780 2027 312 Thereafter 412 Total $ 27,286 Contingencies The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims. |
Segment Information and Geograp
Segment Information and Geographic Data | 12 Months Ended |
Sep. 24, 2022 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | 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 $ 35,233 $ 32,505 $ 22,170 Greater China: Net sales $ 74,200 $ 68,366 $ 40,308 Operating income $ 31,153 $ 28,504 $ 15,261 Japan: Net sales $ 25,977 $ 28,482 $ 21,418 Operating income $ 12,257 $ 12,798 $ 9,279 Rest of Asia Pacific: Net sales $ 29,375 $ 26,356 $ 19,593 Operating income $ 11,569 $ 9,817 $ 6,808 A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2022, 2021 and 2020 is as follows (in millions): 2022 2021 2020 Segment operating income $ 152,895 $ 137,006 $ 91,240 Research and development expense (26,251) (21,914) (18,752) Other corporate expenses, net (7,207) (6,143) (6,200) Total operating income $ 119,437 $ 108,949 $ 66,288 The U.S. and China were the only countries that accounted for more than 10% of the Company’s net sales in 2022, 2021 and 2020. Net sales for 2022, 2021 and 2020 and long-lived assets as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 2020 Net sales: U.S. $ 147,859 $ 133,803 $ 109,197 China (1) 74,200 68,366 40,308 Other countries 172,269 163,648 125,010 Total net sales $ 394,328 $ 365,817 $ 274,515 2022 2021 Long-lived assets: U.S. $ 31,119 $ 28,203 China (1) 7,260 7,521 Other countries 3,738 3,716 Total long-lived assets $ 42,117 $ 39,440 (1) China includes Hong Kong and Taiwan. Long-lived assets located in China consist primarily of assets related to product manufacturing, retail stores and related infrastructure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Preparation | 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 transactions have been eliminated. The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. |
Fiscal Period | The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which will occur in the first quarter of the Company’s fiscal year ending September 30, 2023. The Company’s fiscal years 2022, 2021 and 2020 spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. |
Revenue Recognition | Revenue Recognition Net sales consist of revenue from the sale of iPhone, Mac, iPad, Services and other products. The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers. For most of the Company’s Products net sales, control transfers when products are shipped. For the Company’s Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable. The Company records reductions to Products net sales related to future product returns, price protection and other customer incentive programs based on the Company’s expectations and historical experience. For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation. The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, iPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price, is the hardware and bundled software delivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud ® , Siri ® and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company’s estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, including estimated warranty costs, are recognized at the time of sale. Costs incurred to provide product-related bundled services and unspecified software upgrade rights are recognized as cost of sales as incurred. For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. For these arrangements, the Company does not have a right to bill for the undelivered services. The Company has determined that any unbilled consideration relates entirely to the value of the undelivered services. Accordingly, the Company has not recognized revenue, and does not disclose amounts, related to these undelivered services. 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, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store and certain digital content sold through the Company’s other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains. The Company records revenue net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority. |
Share-Based Compensation | Share-Based Compensation The Company generally measures share-based compensation based on the closing price of the Company’s common stock on the date of grant, and recognizes expense on a straight-line basis for its estimate of equity awards that will ultimately vest. Further information regarding share-based compensation can be found in Note 9, “Benefit Plans.” |
Earnings Per Share | The Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities. |
Cash Equivalents | All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. |
Marketable Securities | The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. The Company’s investments in marketable equity securities are classified based on the nature of the securities and their availability for use in current operations. The cost of securities sold is determined using the specific identification method. |
Inventories | Inventories Inventories are measured using the first-in, first-out method. |
Restricted Marketable Securities | 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 underlying securities. |
Property, Plant and Equipment | Property, Plant and EquipmentDepreciation on property, plant and equipment is recognized on a straight-line basis over the estimated useful lives of the assets, which for buildings is the shorter of 40 years or the remaining life of the building; between one five |
Derivative Instruments and Hedging | Derivative Instruments and Hedging All derivative instruments are recorded in the Consolidated Balance Sheets at fair value. The accounting treatment for derivative gains and losses is based on intended use and hedge designation. Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred in accumulated other comprehensive income/(loss) (“AOCI”) and subsequently reclassified into earnings when the hedged transaction affects earnings, and in the same line item in the Consolidated Statements of Operations. For options designated as cash flow hedges, the Company excludes time value from the assessment of hedge effectiveness and recognizes it on a straight-line basis over the life of the hedge in the Consolidated Statements of Operations line item to which the hedge relates. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in other comprehensive income/(loss) (“OCI”). Gains and losses arising from amounts that are included in the assessment of fair value hedge effectiveness are recognized in the Consolidated Statements of Operations line item to which the hedge relates along with offsetting losses and gains related to the change in value of the hedged item. For foreign exchange forward contracts designated as fair value hedges, the Company excludes the forward carry component from the assessment of hedge effectiveness and recognizes it in other income/(expense), net (“OI&E”) on a straight-line basis over the life of the hedge. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in OCI. Gains and losses arising from changes in the fair values of derivative instruments that are not designated as accounting hedges are recognized in the Consolidated Statements of Operations line items to which the derivative instruments relate. The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets. The Company classifies cash flows related to derivative instruments as operating activities in the Consolidated Statements of Cash Flows. |
Fair Value Measurements | Fair Value Measurements The fair values of the Company’s money market funds and certain marketable equity securities are based on quoted prices in active markets for identical assets. The valuation techniques used to measure the fair value of the Company’s debt instruments and all other financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data. |
Income Taxes | Income Taxes The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings created by the U.S. Tax Cuts and Jobs Act of 2017 (the “Act”). |
Leases | Leases The Company combines and accounts for lease and nonlease components as a single lease component for leases of corporate, data center and retail facilities. The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined. |
Segment Reporting | 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 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 Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable segments. Although the reportable 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. The accounting policies of the various segments are the same as those described elsewhere in this Note 1, “Summary of Significant Accounting Policies.” The Company evaluates the performance of its reportable segments based on net sales and operating income. Net sales for geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in those geographic locations. Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. Operating income for each segment excludes other income and expense and certain expenses managed outside the reportable segments. Costs excluded from segment operating income include various corporate expenses such as research and development (“R&D”), corporate marketing expenses, certain share-based compensation expenses, income taxes, various nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany transfers between segments for management reporting purposes. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Accounting Policies [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share for 2022, 2021 and 2020 (net income in millions and shares in thousands): 2022 2021 2020 Numerator: Net income $ 99,803 $ 94,680 $ 57,411 Denominator: Weighted-average basic shares outstanding 16,215,963 16,701,272 17,352,119 Effect of dilutive securities 109,856 163,647 176,095 Weighted-average diluted shares 16,325,819 16,864,919 17,528,214 Basic earnings per share $ 6.15 $ 5.67 $ 3.31 Diluted earnings per share $ 6.11 $ 5.61 $ 3.28 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales Disaggregated by Significant Products and Services | Net sales disaggregated by significant products and services for 2022, 2021 and 2020 were as follows (in millions): 2022 2021 2020 iPhone (1) $ 205,489 $ 191,973 $ 137,781 Mac (1) 40,177 35,190 28,622 iPad (1) 29,292 31,862 23,724 Wearables, Home and Accessories (1)(2) 41,241 38,367 30,620 Services (3) 78,129 68,425 53,768 Total net sales (4) $ 394,328 $ 365,817 $ 274,515 (1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in the sales price of the respective product. (2) Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod mini and accessories. (3) Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products. (4) Includes $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021, $6.7 billion of revenue recognized in 2021 that was included in deferred revenue as of September 26, 2020, and $5.0 billion of revenue recognized in 2020 that was included in deferred revenue as of September 28, 2019. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Investments, All Other Investments [Abstract] | |
Cash, Cash Equivalents and Marketable Securities by Significant Investment Category | 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 Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 18,546 $ — $ — $ 18,546 $ 18,546 $ — $ — Level 1 (1) : Money market funds 2,929 — — 2,929 2,929 — — Mutual funds 274 — (47) 227 — 227 — Subtotal 3,203 — (47) 3,156 2,929 227 — Level 2 (2) : U.S. Treasury securities 25,134 — (1,725) 23,409 338 5,091 17,980 U.S. agency securities 5,823 — (655) 5,168 — 240 4,928 Non-U.S. government securities 16,948 2 (1,201) 15,749 — 8,806 6,943 Certificates of deposit and time deposits 2,067 — — 2,067 1,805 262 — Commercial paper 718 — — 718 28 690 — Corporate debt securities 87,148 9 (7,707) 79,450 — 9,023 70,427 Municipal securities 921 — (35) 886 — 266 620 Mortgage- and asset-backed securities 22,553 — (2,593) 19,960 — 53 19,907 Subtotal 161,312 11 (13,916) 147,407 2,171 24,431 120,805 Total (3) $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 2021 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 17,305 $ — $ — $ 17,305 $ 17,305 $ — $ — Level 1 (1) : Money market funds 9,608 — — 9,608 9,608 — — Mutual funds 175 11 (1) 185 — 185 — Subtotal 9,783 11 (1) 9,793 9,608 185 — Level 2 (2) : Equity securities 1,527 — (564) 963 — 963 — U.S. Treasury securities 22,878 102 (77) 22,903 3,596 6,625 12,682 U.S. agency securities 8,949 2 (64) 8,887 1,775 1,930 5,182 Non-U.S. government securities 20,201 211 (101) 20,311 390 3,091 16,830 Certificates of deposit and time deposits 1,300 — — 1,300 490 810 — Commercial paper 2,639 — — 2,639 1,776 863 — Corporate debt securities 83,883 1,242 (267) 84,858 — 12,327 72,531 Municipal securities 967 14 — 981 — 130 851 Mortgage- and asset-backed securities 20,529 171 (124) 20,576 — 775 19,801 Subtotal 162,873 1,742 (1,197) 163,418 8,027 27,514 127,877 Total (3) $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. (3) As of September 24, 2022 and September 25, 2021, total marketable securities included $12.7 billion and $17.9 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements. |
Non-Current Marketable Debt Securities by Contractual Maturity | 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 |
Notional Amounts of Outstanding Derivative Instruments | The notional amounts of the Company’s outstanding derivative instruments as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 102,670 $ 76,475 Interest rate contracts $ 20,125 $ 16,875 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 185,381 $ 126,918 |
Gross Fair Values of Derivative Assets and Liabilities | The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions): 2022 Fair Value of Fair Value of Total Derivative assets (1) : Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 Derivative liabilities (2) : Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752 Interest rate contracts $ 1,367 $ — $ 1,367 (1) Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Consolidated Balance Sheets. (2) Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Consolidated Balance Sheets. |
Carrying Amounts of Hedged Items in Fair Value Hedges | The carrying amounts of the Company’s hedged items in fair value hedges as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 Hedged assets/(liabilities): Current and non-current marketable securities $ 13,378 $ 15,954 Current and non-current term debt $ (18,739) $ (17,857) |
Consolidated Financial Statem_2
Consolidated Financial Statement Details (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net 2022 2021 Land and buildings $ 22,126 $ 20,041 Machinery, equipment and internal-use software 81,060 78,659 Leasehold improvements 11,271 11,023 Gross property, plant and equipment 114,457 109,723 Accumulated depreciation and amortization (72,340) (70,283) Total property, plant and equipment, net $ 42,117 $ 39,440 |
Other Non-Current Liabilities | Other Non-Current Liabilities 2022 2021 Long-term taxes payable $ 16,657 $ 24,689 Other non-current liabilities 32,485 28,636 Total other non-current liabilities $ 49,142 $ 53,325 |
Other Income/(Expense), Net | Other Income/(Expense), Net The following table shows the detail of OI&E for 2022, 2021 and 2020 (in millions): 2022 2021 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), net $ (334) $ 258 $ 803 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes for 2022, 2021 and 2020, consisted of the following (in millions): 2022 2021 2020 Federal: Current $ 7,890 $ 8,257 $ 6,306 Deferred (2,265) (7,176) (3,619) Total 5,625 1,081 2,687 State: Current 1,519 1,620 455 Deferred 84 (338) 21 Total 1,603 1,282 476 Foreign: Current 8,996 9,424 3,134 Deferred 3,076 2,740 3,383 Total 12,072 12,164 6,517 Provision for income taxes $ 19,300 $ 14,527 $ 9,680 |
Reconciliation of Provision for Income Taxes to Amount Computed by Applying the Statutory Federal Income Tax Rate to Income Before Provision for Income Taxes | 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 $ 14,089 State taxes, net of federal effect 1,518 1,151 423 Impacts of the Act 542 — (582) Earnings of foreign subsidiaries (4,366) (4,715) (2,534) Foreign-derived intangible income deduction (296) (1,372) (169) Research and development credit, net (1,153) (1,033) (728) Excess tax benefits from equity awards (1,871) (2,137) (930) Other (86) (300) 111 Provision for income taxes $ 19,300 $ 14,527 $ 9,680 Effective tax rate 16.2 % 13.3 % 14.4 % |
Significant Components of Deferred Tax Assets and Liabilities | As of September 24, 2022 and September 25, 2021, the significant components of the Company’s deferred tax assets and liabilities were (in millions): 2022 2021 Deferred tax assets: Amortization and depreciation $ 1,496 $ 5,575 Accrued liabilities and other reserves 6,515 5,895 Lease liabilities 2,400 2,406 Deferred revenue 5,742 5,399 Unrealized losses 2,913 53 Tax credit carryforwards 6,962 4,262 Other 1,596 1,639 Total deferred tax assets 27,624 25,229 Less: Valuation allowance (7,530) (4,903) Total deferred tax assets, net 20,094 20,326 Deferred tax liabilities: Minimum tax on foreign earnings 1,983 4,318 Right-of-use assets 2,163 2,167 Unrealized gains 942 203 Other 469 565 Total deferred tax liabilities 5,557 7,253 Net deferred tax assets $ 14,537 $ 13,073 |
Aggregate Changes in Gross Unrecognized Tax Benefits | The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2022, 2021 and 2020, is as follows (in millions): 2022 2021 2020 Beginning balances $ 15,477 $ 16,475 $ 15,619 Increases related to tax positions taken during a prior year 2,284 816 454 Decreases related to tax positions taken during a prior year (1,982) (1,402) (791) Increases related to tax positions taken during the current year 1,936 1,607 1,347 Decreases related to settlements with taxing authorities (28) (1,838) (85) Decreases related to expiration of the statute of limitations (929) (181) (69) Ending balances $ 16,758 $ 15,477 $ 16,475 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Leases [Abstract] | |
ROU Assets and Lease Liabilities | 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 $ 10,417 $ 10,087 Finance leases Property, plant and equipment, net 952 861 Total right-of-use assets $ 11,369 $ 10,948 Lease liabilities: Operating leases Other current liabilities $ 1,534 $ 1,449 Other non-current liabilities 9,936 9,506 Finance leases Other current liabilities 129 79 Other non-current liabilities 812 769 Total lease liabilities $ 12,411 $ 11,803 |
Lease Liability Maturities | Lease liability maturities as of September 24, 2022, are as follows (in millions): Operating Finance Total 2023 $ 1,758 $ 155 $ 1,913 2024 1,742 130 1,872 2025 1,677 81 1,758 2026 1,382 48 1,430 2027 1,143 34 1,177 Thereafter 5,080 906 5,986 Total undiscounted liabilities 12,782 1,354 14,136 Less: Imputed interest (1,312) (413) (1,725) Total lease liabilities $ 11,470 $ 941 $ 12,411 |
Lease Liability Maturities | Lease liability maturities as of September 24, 2022, are as follows (in millions): Operating Finance Total 2023 $ 1,758 $ 155 $ 1,913 2024 1,742 130 1,872 2025 1,677 81 1,758 2026 1,382 48 1,430 2027 1,143 34 1,177 Thereafter 5,080 906 5,986 Total undiscounted liabilities 12,782 1,354 14,136 Less: Imputed interest (1,312) (413) (1,725) Total lease liabilities $ 11,470 $ 941 $ 12,411 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Cash Flows Associated with Issuance and Maturities of Commercial Paper | The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for 2022, 2021 and 2020 (in millions): 2022 2021 2020 Maturities 90 days or less: Proceeds from/(Repayments of) commercial paper, net $ 5,264 $ (357) $ 100 Maturities greater than 90 days: Proceeds from commercial paper 5,948 7,946 6,185 Repayments of commercial paper (7,257) (6,567) (7,248) Proceeds from/(Repayments of) commercial paper, net (1,309) 1,379 (1,063) Total proceeds from/(repayments of) commercial paper, net $ 3,955 $ 1,022 $ (963) |
Summary of Term Debt | The following table provides a summary of the Company’s term debt as of September 24, 2022 and September 25, 2021: Maturities (calendar year) 2022 2021 Amount (in millions) Effective Amount (in millions) Effective 2013 – 2021 debt issuances: Floating-rate notes $ — $ 1,750 0.48% – 0.63% Fixed-rate 0.000% – 4.650% notes 2022 – 2061 106,324 0.03% – 4.78% 116,313 0.03% – 4.78% Fourth quarter 2022 debt issuance: Fixed-rate 3.250% – 4.100% notes 2029 – 2062 5,500 3.27% – 4.12% — Total term debt 111,824 118,063 Unamortized premium/(discount) and issuance costs, net (374) (380) Hedge accounting fair value adjustments (1,363) 1,036 Less: Current portion of term debt (11,128) (9,613) Total non-current portion of term debt $ 98,959 $ 109,106 |
Future Principal Payments for Notes | 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 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Equity [Abstract] | |
Changes in Shares of Common Stock | The following table shows the changes in shares of common stock for 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Common stock outstanding, beginning balances 16,426,786 16,976,763 17,772,945 Common stock repurchased (568,589) (656,340) (917,270) Common stock issued, net of shares withheld for employee taxes 85,228 106,363 121,088 Common stock outstanding, ending balances 15,943,425 16,426,786 16,976,763 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Stock Unit Activity | A summary of the Company’s RSU activity and related information for 2022, 2021 and 2020, is as follows: Number of RSUs (in thousands) Weighted-Average Aggregate Fair Value (in millions) Balance as of September 28, 2019 326,068 $ 42.30 RSUs granted 156,800 $ 59.20 RSUs vested (157,743) $ 40.29 RSUs canceled (14,347) $ 48.07 Balance as of September 26, 2020 310,778 $ 51.58 RSUs granted 89,363 $ 116.33 RSUs vested (145,766) $ 50.71 RSUs canceled (13,948) $ 68.95 Balance as of September 25, 2021 240,427 $ 75.16 RSUs granted 91,674 $ 150.70 RSUs vested (115,861) $ 72.12 RSUs canceled (14,739) $ 99.77 Balance as of September 24, 2022 201,501 $ 109.48 $ 30,312 |
Summary of Share-Based Compensation Expense and the Related Income Tax Benefit | 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-based compensation expense $ (4,002) $ (4,056) $ (2,476) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Payments Under Unconditional Purchase Obligations | Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of September 24, 2022, are as follows (in millions): 2023 $ 13,488 2024 4,876 2025 1,418 2026 6,780 2027 312 Thereafter 412 Total $ 27,286 |
Segment Information and Geogr_2
Segment Information and Geographic Data (Tables) | 12 Months Ended |
Sep. 24, 2022 | |
Segment Reporting [Abstract] | |
Information by Reportable Segment | 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 $ 35,233 $ 32,505 $ 22,170 Greater China: Net sales $ 74,200 $ 68,366 $ 40,308 Operating income $ 31,153 $ 28,504 $ 15,261 Japan: Net sales $ 25,977 $ 28,482 $ 21,418 Operating income $ 12,257 $ 12,798 $ 9,279 Rest of Asia Pacific: Net sales $ 29,375 $ 26,356 $ 19,593 Operating income $ 11,569 $ 9,817 $ 6,808 |
Reconciliation of Segment Operating Income to the Consolidated Statements of Operations | A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2022, 2021 and 2020 is as follows (in millions): 2022 2021 2020 Segment operating income $ 152,895 $ 137,006 $ 91,240 Research and development expense (26,251) (21,914) (18,752) Other corporate expenses, net (7,207) (6,143) (6,200) Total operating income $ 119,437 $ 108,949 $ 66,288 |
Net Sales and Long-lived Assets | Net sales for 2022, 2021 and 2020 and long-lived assets as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 2020 Net sales: U.S. $ 147,859 $ 133,803 $ 109,197 China (1) 74,200 68,366 40,308 Other countries 172,269 163,648 125,010 Total net sales $ 394,328 $ 365,817 $ 274,515 2022 2021 Long-lived assets: U.S. $ 31,119 $ 28,203 China (1) 7,260 7,521 Other countries 3,738 3,716 Total long-lived assets $ 42,117 $ 39,440 (1) China includes Hong Kong and Taiwan. Long-lived assets located in China consist primarily of assets related to product manufacturing, retail stores and related infrastructure. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) $ in Billions | 12 Months Ended | ||
Sep. 24, 2022 USD ($) performanceObligation | Sep. 25, 2021 USD ($) | Sep. 26, 2020 USD ($) | |
Significant Accounting Policies [Line Items] | |||
Performance obligations in arrangements (up to) | performanceObligation | 3 | ||
Depreciation and amortization expense on property, plant and equipment | $ | $ 8.7 | $ 9.5 | $ 9.7 |
Building | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 40 years | ||
Machinery and equipment, including manufacturing equipment | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 1 year | ||
Machinery and equipment, including manufacturing equipment | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 5 years | ||
Internal-Use Software | Minimum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 5 years | ||
Internal-Use Software | Maximum | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful life | 7 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Numerator: | |||
Net income | $ 99,803 | $ 94,680 | $ 57,411 |
Denominator: | |||
Weighted-average basic shares outstanding (in shares) | 16,215,963 | 16,701,272 | 17,352,119 |
Effect of dilutive securities (in shares) | 109,856 | 163,647 | 176,095 |
Weighted-average diluted shares (in shares) | 16,325,819 | 16,864,919 | 17,528,214 |
Basic earnings per share (in dollars per share) | $ 6.15 | $ 5.67 | $ 3.31 |
Diluted earnings per share (in dollars per share) | $ 6.11 | $ 5.61 | $ 3.28 |
Revenue - Net Sales Disaggregat
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 394,328 | $ 365,817 | $ 274,515 |
Revenue recognized that was included in deferred revenue at the beginning of the period | 7,500 | 6,700 | 5,000 |
iPhone | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 205,489 | 191,973 | 137,781 |
Mac | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 40,177 | 35,190 | 28,622 |
iPad | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 29,292 | 31,862 | 23,724 |
Wearables, Home and Accessories | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 41,241 | 38,367 | 30,620 |
Services | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 78,129 | $ 68,425 | $ 53,768 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Billions | Sep. 24, 2022 | Sep. 25, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Total deferred revenue | $ 12.4 | $ 11.9 |
Revenue - Deferred Revenue, Exp
Revenue - Deferred Revenue, Expected Timing of Realization (Details) | Sep. 24, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-25 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, expected timing of realization, percentage | 64% |
Deferred revenue, expected timing of realization, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, expected timing of realization, percentage | 27% |
Deferred revenue, expected timing of realization, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, expected timing of realization, percentage | 7% |
Deferred revenue, expected timing of realization, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-28 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, expected timing of realization, percentage | 2% |
Deferred revenue, expected timing of realization, period |
Financial Instruments - Cash, C
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost | $ 183,061 | $ 189,961 |
Cash Equivalents and Marketable Securities, Unrealized Gains | 11 | 1,753 |
Cash Equivalents and Marketable Securities, Unrealized Loss | (13,963) | (1,198) |
Cash, Cash Equivalents and Marketable Securities, Fair Value | 169,109 | 190,516 |
Cash and Cash Equivalents | 23,646 | 34,940 |
Current Marketable Securities | 24,658 | 27,699 |
Non-Current Marketable Securities | 120,805 | 127,877 |
Total marketable securities that were restricted from general use | 12,700 | 17,900 |
Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 3,203 | 9,783 |
Marketable Securities, Equity, Unrealized Gains | 0 | 11 |
Marketable Securities, Equity, Unrealized Losses | (47) | (1) |
Marketable Securities, Equity, Fair Value | 3,156 | 9,793 |
Cash and Cash Equivalents | 2,929 | 9,608 |
Current Marketable Securities | 227 | 185 |
Non-Current Marketable Securities | 0 | 0 |
Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 161,312 | 162,873 |
Marketable Securities, Debt, Unrealized Gains | 11 | 1,742 |
Marketable Securities, Debt, Unrealized Losses | (13,916) | (1,197) |
Marketable Securities, Debt, Fair Value | 147,407 | 163,418 |
Cash and Cash Equivalents | 2,171 | 8,027 |
Current Marketable Securities | 24,431 | 27,514 |
Non-Current Marketable Securities | 120,805 | 127,877 |
Cash | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash | 18,546 | 17,305 |
Cash and Cash Equivalents | 18,546 | 17,305 |
Current Marketable Securities | 0 | 0 |
Non-Current Marketable Securities | 0 | 0 |
Money market funds | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 2,929 | 9,608 |
Marketable Securities, Equity, Unrealized Gains | 0 | 0 |
Marketable Securities, Equity, Unrealized Losses | 0 | 0 |
Marketable Securities, Equity, Fair Value | 2,929 | 9,608 |
Cash and Cash Equivalents | 2,929 | 9,608 |
Current Marketable Securities | 0 | 0 |
Non-Current Marketable Securities | 0 | 0 |
Mutual funds | Level 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 274 | 175 |
Marketable Securities, Equity, Unrealized Gains | 0 | 11 |
Marketable Securities, Equity, Unrealized Losses | (47) | (1) |
Marketable Securities, Equity, Fair Value | 227 | 185 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 227 | 185 |
Non-Current Marketable Securities | 0 | 0 |
Equity securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 1,527 | |
Marketable Securities, Equity, Unrealized Gains | 0 | |
Marketable Securities, Equity, Unrealized Losses | (564) | |
Marketable Securities, Equity, Fair Value | 963 | |
Cash and Cash Equivalents | 0 | |
Current Marketable Securities | 963 | |
Non-Current Marketable Securities | 0 | |
U.S. Treasury securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 25,134 | 22,878 |
Marketable Securities, Debt, Unrealized Gains | 0 | 102 |
Marketable Securities, Debt, Unrealized Losses | (1,725) | (77) |
Marketable Securities, Debt, Fair Value | 23,409 | 22,903 |
Cash and Cash Equivalents | 338 | 3,596 |
Current Marketable Securities | 5,091 | 6,625 |
Non-Current Marketable Securities | 17,980 | 12,682 |
U.S. agency securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 5,823 | 8,949 |
Marketable Securities, Debt, Unrealized Gains | 0 | 2 |
Marketable Securities, Debt, Unrealized Losses | (655) | (64) |
Marketable Securities, Debt, Fair Value | 5,168 | 8,887 |
Cash and Cash Equivalents | 0 | 1,775 |
Current Marketable Securities | 240 | 1,930 |
Non-Current Marketable Securities | 4,928 | 5,182 |
Non-U.S. government securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 16,948 | 20,201 |
Marketable Securities, Debt, Unrealized Gains | 2 | 211 |
Marketable Securities, Debt, Unrealized Losses | (1,201) | (101) |
Marketable Securities, Debt, Fair Value | 15,749 | 20,311 |
Cash and Cash Equivalents | 0 | 390 |
Current Marketable Securities | 8,806 | 3,091 |
Non-Current Marketable Securities | 6,943 | 16,830 |
Certificates of deposit and time deposits | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 2,067 | 1,300 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | 0 | 0 |
Marketable Securities, Debt, Fair Value | 2,067 | 1,300 |
Cash and Cash Equivalents | 1,805 | 490 |
Current Marketable Securities | 262 | 810 |
Non-Current Marketable Securities | 0 | 0 |
Commercial paper | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 718 | 2,639 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | 0 | 0 |
Marketable Securities, Debt, Fair Value | 718 | 2,639 |
Cash and Cash Equivalents | 28 | 1,776 |
Current Marketable Securities | 690 | 863 |
Non-Current Marketable Securities | 0 | 0 |
Corporate debt securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 87,148 | 83,883 |
Marketable Securities, Debt, Unrealized Gains | 9 | 1,242 |
Marketable Securities, Debt, Unrealized Losses | (7,707) | (267) |
Marketable Securities, Debt, Fair Value | 79,450 | 84,858 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 9,023 | 12,327 |
Non-Current Marketable Securities | 70,427 | 72,531 |
Municipal securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 921 | 967 |
Marketable Securities, Debt, Unrealized Gains | 0 | 14 |
Marketable Securities, Debt, Unrealized Losses | (35) | 0 |
Marketable Securities, Debt, Fair Value | 886 | 981 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 266 | 130 |
Non-Current Marketable Securities | 620 | 851 |
Mortgage- and asset-backed securities | Level 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 22,553 | 20,529 |
Marketable Securities, Debt, Unrealized Gains | 0 | 171 |
Marketable Securities, Debt, Unrealized Losses | (2,593) | (124) |
Marketable Securities, Debt, Fair Value | 19,960 | 20,576 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 53 | 775 |
Non-Current Marketable Securities | $ 19,907 | $ 19,801 |
Financial Instruments - Non-Cur
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details) $ in Millions | Sep. 24, 2022 USD ($) |
Fair value of non-current marketable debt securities by contractual maturity | |
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 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) $ in Millions | 12 Months Ended | |
Sep. 24, 2022 USD ($) Customer Vendor | Sep. 25, 2021 Vendor | |
Financial Instruments [Line Items] | ||
Potential reduction to derivative assets resulting from rights of set-off under master netting arrangements, including the effects of collateral | $ 7,800 | |
Potential reduction to derivative liabilities resulting from rights of set-off under master netting arrangements, including the effects of collateral | 7,800 | |
Net derivative assets/(liabilities) after potential reductions under master netting arrangements | 412 | |
Credit concentration risk | ||
Financial Instruments [Line Items] | ||
Derivative, credit risk amount | $ 7,136 | |
Trade receivables | Credit concentration risk | ||
Financial Instruments [Line Items] | ||
Number of customers that individually represented 10% or more of total trade receivables | Customer | 1 | |
Trade receivables | Credit concentration risk | Customer One | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 10% | |
Trade receivables | Credit concentration risk | Cellular network carriers | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 44% | 42% |
Non-trade receivables | Credit concentration risk | ||
Financial Instruments [Line Items] | ||
Number of vendors that individually represented 10% or more of total vendor non-trade receivables | Vendor | 2 | 3 |
Non-trade receivables | Credit concentration risk | Vendor one | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 54% | 52% |
Non-trade receivables | Credit concentration risk | Vendor two | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 13% | 11% |
Non-trade receivables | Credit concentration risk | Vendor three | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 11% | |
Hedges of foreign currency exposure associated with revenue and inventory purchases | ||
Financial Instruments [Line Items] | ||
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions | 12 months | |
Hedges of foreign currency exposure associated with term debt and marketable securities | ||
Financial Instruments [Line Items] | ||
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions | 20 years |
Financial Instruments - Notiona
Financial Instruments - Notional Amounts Associated with Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Derivatives designated as accounting hedges | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivatives, notional amount | $ 102,670 | $ 76,475 |
Derivatives designated as accounting hedges | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivatives, notional amount | 20,125 | 16,875 |
Derivatives not designated as accounting hedges | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivatives, notional amount | $ 185,381 | $ 126,918 |
Financial Instruments - Gross F
Financial Instruments - Gross Fair Values of Derivative Assets and Liabilities (Details) - Level 2 $ in Millions | Sep. 24, 2022 USD ($) |
Other current assets and other non-current assets | Foreign exchange contracts | |
Derivative assets: | |
Fair value of derivative assets | $ 7,136 |
Other current assets and other non-current assets | Derivatives designated as accounting hedges | Foreign exchange contracts | |
Derivative assets: | |
Fair value of derivative assets | 4,317 |
Other current assets and other non-current assets | Derivatives not designated as accounting hedges | Foreign exchange contracts | |
Derivative assets: | |
Fair value of derivative assets | 2,819 |
Other current liabilities and other non-current liabilities | Foreign exchange contracts | |
Derivative liabilities: | |
Fair value of derivative liabilities | 4,752 |
Other current liabilities and other non-current liabilities | Interest rate contracts | |
Derivative liabilities: | |
Fair value of derivative liabilities | 1,367 |
Other current liabilities and other non-current liabilities | Derivatives designated as accounting hedges | Foreign exchange contracts | |
Derivative liabilities: | |
Fair value of derivative liabilities | 2,205 |
Other current liabilities and other non-current liabilities | Derivatives designated as accounting hedges | Interest rate contracts | |
Derivative liabilities: | |
Fair value of derivative liabilities | 1,367 |
Other current liabilities and other non-current liabilities | Derivatives not designated as accounting hedges | Foreign exchange contracts | |
Derivative liabilities: | |
Fair value of derivative liabilities | 2,547 |
Other current liabilities and other non-current liabilities | Derivatives not designated as accounting hedges | Interest rate contracts | |
Derivative liabilities: | |
Fair value of derivative liabilities | $ 0 |
Financial Instruments - Derivat
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Current and non-current marketable securities | ||
Derivatives, Fair Value [Line Items] | ||
Carrying amount of hedged marketable securities | $ 13,378 | $ 15,954 |
Current and non-current term debt | ||
Derivatives, Fair Value [Line Items] | ||
Carrying amount of hedged term debt | $ (18,739) | $ (17,857) |
Consolidated Financial Statem_3
Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 114,457 | $ 109,723 |
Accumulated depreciation and amortization | (72,340) | (70,283) |
Total property, plant and equipment, net | 42,117 | 39,440 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 22,126 | 20,041 |
Machinery, equipment and internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 81,060 | 78,659 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 11,271 | $ 11,023 |
Consolidated Financial Statem_4
Consolidated Financial Statement Details - Other Non-Current Liabilities (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Long-term taxes payable | $ 16,657 | $ 24,689 |
Other non-current liabilities | 32,485 | 28,636 |
Total other non-current liabilities | $ 49,142 | $ 53,325 |
Consolidated Financial Statem_5
Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
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), net | $ (334) | $ 258 | $ 803 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Federal: | |||
Current | $ 7,890 | $ 8,257 | $ 6,306 |
Deferred | (2,265) | (7,176) | (3,619) |
Federal income tax expense/(benefit) | 5,625 | 1,081 | 2,687 |
State: | |||
Current | 1,519 | 1,620 | 455 |
Deferred | 84 | (338) | 21 |
State income tax expense/(benefit) | 1,603 | 1,282 | 476 |
Foreign: | |||
Current | 8,996 | 9,424 | 3,134 |
Deferred | 3,076 | 2,740 | 3,383 |
Total | 12,072 | 12,164 | 6,517 |
Provision for income taxes | $ 19,300 | $ 14,527 | $ 9,680 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions, € in Billions | 12 Months Ended | |||||
Aug. 30, 2016 EUR (€) Subsidiary | Sep. 24, 2022 USD ($) | Sep. 25, 2021 USD ($) | Sep. 26, 2020 USD ($) | Sep. 24, 2022 EUR (€) | Sep. 28, 2019 USD ($) | |
Income Tax Contingency [Line Items] | ||||||
Foreign pre-tax earnings | $ 71,300 | $ 68,700 | $ 38,100 | |||
U.S. statutory federal income tax rate | 21% | 21% | 21% | |||
Foreign tax credit carryforwards | $ 4,400 | |||||
Research and development tax credit carryforwards | 2,500 | |||||
Gross unrecognized tax benefits | 16,758 | $ 15,477 | $ 16,475 | $ 15,619 | ||
Gross unrecognized tax benefits that would impact effective tax rate, if recognized | 8,000 | $ 6,600 | ||||
Reasonably possible decrease in gross unrecognized tax benefits over next 12 months | $ 4,800 | |||||
Unfavorable investigation outcome, EU State Aid rules | ||||||
Income Tax Contingency [Line Items] | ||||||
Number of subsidiaries impacted by the European Commission tax ruling | Subsidiary | 2 | |||||
Maximum potential loss related to European Commission tax ruling | € | € 13.1 | € 12.7 | ||||
Unfavorable investigation outcome, EU State Aid rules - interest component | ||||||
Income Tax Contingency [Line Items] | ||||||
Maximum potential loss related to European Commission tax ruling | € | € 1.2 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Provision for Income Taxes to Amount Computed by Applying the Statutory Federal Income Tax Rate to Income Before Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Income Tax Disclosure [Abstract] | |||
Computed expected tax | $ 25,012 | $ 22,933 | $ 14,089 |
State taxes, net of federal effect | 1,518 | 1,151 | 423 |
Impacts of the Act | 542 | 0 | (582) |
Earnings of foreign subsidiaries | (4,366) | (4,715) | (2,534) |
Foreign-derived intangible income deduction | (296) | (1,372) | (169) |
Research and development credit, net | (1,153) | (1,033) | (728) |
Excess tax benefits from equity awards | (1,871) | (2,137) | (930) |
Other | (86) | (300) | 111 |
Provision for income taxes | $ 19,300 | $ 14,527 | $ 9,680 |
Effective tax rate | 16.20% | 13.30% | 14.40% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Deferred tax assets: | ||
Amortization and depreciation | $ 1,496 | $ 5,575 |
Accrued liabilities and other reserves | 6,515 | 5,895 |
Lease liabilities | 2,400 | 2,406 |
Deferred revenue | 5,742 | 5,399 |
Unrealized losses | 2,913 | 53 |
Tax credit carryforwards | 6,962 | 4,262 |
Other | 1,596 | 1,639 |
Total deferred tax assets | 27,624 | 25,229 |
Less: Valuation allowance | (7,530) | (4,903) |
Total deferred tax assets, net | 20,094 | 20,326 |
Deferred tax liabilities: | ||
Minimum tax on foreign earnings | 1,983 | 4,318 |
Right-of-use assets | 2,163 | 2,167 |
Unrealized gains | 942 | 203 |
Other | 469 | 565 |
Total deferred tax liabilities | 5,557 | 7,253 |
Net deferred tax assets | $ 14,537 | $ 13,073 |
Income Taxes - Aggregate Change
Income Taxes - Aggregate Changes in Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balances | $ 15,477 | $ 16,475 | $ 15,619 |
Increases related to tax positions taken during a prior year | 2,284 | 816 | 454 |
Decreases related to tax positions taken during a prior year | (1,982) | (1,402) | (791) |
Increases related to tax positions taken during the current year | 1,936 | 1,607 | 1,347 |
Decreases related to settlements with taxing authorities | (28) | (1,838) | (85) |
Decreases related to expiration of the statute of limitations | (929) | (181) | (69) |
Ending balances | $ 16,758 | $ 15,477 | $ 16,475 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Typical term of leases (not exceeding) | 10 years | ||
Fixed operating lease costs | $ 1.9 | $ 1.7 | $ 1.5 |
Variable lease costs | 14.9 | 12.9 | 9.3 |
Fixed operating lease payments | 1.8 | 1.4 | 1.5 |
Right-of-use assets obtained in exchange for operating and finance lease liabilities | $ 2.8 | $ 3.3 | $ 10.5 |
Weighted-average remaining lease term | 10 years 1 month 6 days | 10 years 9 months 18 days | |
Weighted-average discount rate | 2.30% | 2% | |
Leases not yet commenced, future payments | $ 1.2 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Leases not yet commenced, lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Leases not yet commenced, lease term | 21 years |
Leases - ROU Assets and Lease L
Leases - ROU Assets and Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Lease-Related Assets and Liabilities | ||
Operating lease right-of-use assets | $ 10,417 | $ 10,087 |
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Other non-current assets | Other non-current assets |
Finance lease right-of-use assets | $ 952 | $ 861 |
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Total right-of-use assets | $ 11,369 | $ 10,948 |
Operating lease liabilities, current | $ 1,534 | $ 1,449 |
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Operating lease liabilities, non-current | $ 9,936 | $ 9,506 |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Finance lease liabilities, current | $ 129 | $ 79 |
Finance lease, liability, current, statement of financial position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance lease liabilities, non-current | $ 812 | $ 769 |
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Total lease liabilities | $ 12,411 | $ 11,803 |
Leases - Lease Liability Maturi
Leases - Lease Liability Maturities (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Operating Leases | ||
2023 | $ 1,758 | |
2024 | 1,742 | |
2025 | 1,677 | |
2026 | 1,382 | |
2027 | 1,143 | |
Thereafter | 5,080 | |
Total undiscounted liabilities | 12,782 | |
Less: Imputed interest | (1,312) | |
Total lease liabilities | 11,470 | |
Finance Leases | ||
2023 | 155 | |
2024 | 130 | |
2025 | 81 | |
2026 | 48 | |
2027 | 34 | |
Thereafter | 906 | |
Total undiscounted liabilities | 1,354 | |
Less: Imputed interest | (413) | |
Total lease liabilities | 941 | |
Total | ||
2023 | 1,913 | |
2024 | 1,872 | |
2025 | 1,758 | |
2026 | 1,430 | |
2027 | 1,177 | |
Thereafter | 5,986 | |
Total undiscounted liabilities | 14,136 | |
Less: Imputed interest | (1,725) | |
Total lease liabilities | $ 12,411 | $ 11,803 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Debt Instrument [Line Items] | |||
Commercial paper | $ 9,982 | $ 6,000 | |
Proceeds from repurchase agreements | $ 5,200 | ||
Repayments of repurchase agreements | (5,200) | ||
Interest expense on term debt | 2,800 | 2,600 | $ 2,800 |
Commercial paper | |||
Debt Instrument [Line Items] | |||
Commercial paper | $ 10,000 | $ 6,000 | |
Commercial paper, general maturity period (less than) | 9 months | ||
Commercial paper, weighted-average interest rate | 2.31% | 0.06% | |
Level 2 | |||
Debt Instrument [Line Items] | |||
Floating- and fixed-rate notes, aggregate fair value | $ 98,800 | $ 125,300 |
Debt - Summary of Cash Flows As
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Maturities 90 days or less: | |||
Proceeds from/(Repayments of) commercial paper, net | $ 5,264 | $ (357) | $ 100 |
Maturities greater than 90 days: | |||
Proceeds from commercial paper | 5,948 | 7,946 | 6,185 |
Repayments of commercial paper | (7,257) | (6,567) | (7,248) |
Proceeds from/(Repayments of) commercial paper, net | (1,309) | 1,379 | (1,063) |
Total proceeds from/(repayments of) commercial paper, net | $ 3,955 | $ 1,022 | $ (963) |
Debt - Summary of Term Debt (De
Debt - Summary of Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 24, 2022 | Sep. 25, 2021 | |
Debt Instrument [Line Items] | ||
Total term debt | $ 111,824 | $ 118,063 |
Unamortized premium/(discount) and issuance costs, net | (374) | (380) |
Hedge accounting fair value adjustments | (1,363) | 1,036 |
Less: Current portion of term debt | (11,128) | (9,613) |
Total non-current portion of term debt | 98,959 | 109,106 |
2013 – 2021 debt issuances | Floating-rate notes | ||
Debt Instrument [Line Items] | ||
Total term debt | 0 | $ 1,750 |
2013 – 2021 debt issuances | Floating-rate notes | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, effective interest rate | 0.48% | |
2013 – 2021 debt issuances | Floating-rate notes | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, effective interest rate | 0.63% | |
2013 – 2021 debt issuances | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Total term debt | $ 106,324 | $ 116,313 |
Debt instrument, maturity year (calendar), start | 2022 | |
Debt instrument, maturity year (calendar), end | 2061 | |
2013 – 2021 debt issuances | Fixed-rate notes | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 0% | |
Debt instrument, effective interest rate | 0.03% | 0.03% |
2013 – 2021 debt issuances | Fixed-rate notes | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.65% | |
Debt instrument, effective interest rate | 4.78% | 4.78% |
Fourth quarter 2022 debt issuance | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Total term debt | $ 5,500 | |
Debt instrument, maturity year (calendar), start | 2029 | |
Debt instrument, maturity year (calendar), end | 2062 | |
Fourth quarter 2022 debt issuance | Fixed-rate notes | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 3.25% | |
Debt instrument, effective interest rate | 3.27% | |
Fourth quarter 2022 debt issuance | Fixed-rate notes | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.10% | |
Debt instrument, effective interest rate | 4.12% |
Debt - Future Principal Payment
Debt - Future Principal Payments for Term Debt (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 11,139 | |
2024 | 9,910 | |
2025 | 10,645 | |
2026 | 11,209 | |
2027 | 9,631 | |
Thereafter | 59,290 | |
Total term debt | $ 111,824 | $ 118,063 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) shares in Millions, $ in Billions | 12 Months Ended |
Sep. 24, 2022 USD ($) shares | |
Stockholders' Equity Note [Abstract] | |
Number of shares repurchased (in shares) | shares | 569 |
Amount of share repurchases | $ | $ 90.2 |
Shareholders' Equity - Shares o
Shareholders' Equity - Shares of Common Stock (Details) - shares shares in Thousands | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward] | |||
Common stock outstanding, beginning balances (in shares) | 16,426,786 | ||
Common stock repurchased (in shares) | (569,000) | ||
Common stock outstanding, ending balances (in shares) | 15,943,425 | 16,426,786 | |
Common stock | |||
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward] | |||
Common stock outstanding, beginning balances (in shares) | 16,426,786 | 16,976,763 | 17,772,945 |
Common stock repurchased (in shares) | (568,589) | (656,340) | (917,270) |
Common stock issued, net of shares withheld for employee taxes (in shares) | 85,228 | 106,363 | 121,088 |
Common stock outstanding, ending balances (in shares) | 15,943,425 | 16,426,786 | 16,976,763 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) shares in Millions | 12 Months Ended | |||||
Sep. 24, 2022 USD ($) shares | Sep. 25, 2021 USD ($) shares | Sep. 26, 2020 USD ($) shares | Mar. 04, 2022 shares | Nov. 09, 2021 shares | Mar. 10, 2015 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Taxes paid related to net share settlement of equity awards | $ 6,223,000,000 | $ 6,556,000,000 | $ 3,634,000,000 | |||
Total unrecognized compensation cost related to RSUs and stock options | $ 16,700,000,000 | |||||
Total unrecognized compensation cost related to RSUs and stock options, weighted-average recognition period | 2 years 7 months 6 days | |||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employer matching contribution to 401(k) Plan as a percentage of employee's contribution | 50% | |||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Employer matching contribution to 401(k) Plan as a percentage of employee's contribution | 100% | |||||
Employer matching contribution to 401(k) Plan as a percentage of employee's eligible earnings | 6% | |||||
Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of RSUs as of the respective vesting dates | $ 18,200,000,000 | $ 19,000,000,000 | $ 10,800,000,000 | |||
The total shares withheld upon vesting of RSUs (in shares) | shares | 41 | 53 | 56 | |||
Taxes paid related to net share settlement of equity awards | $ 6,400,000,000 | $ 6,800,000,000 | $ 3,900,000,000 | |||
Employee Stock Purchase Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance pursuant to plan awards (in shares) | shares | 230 | |||||
Employee common stock purchases through payroll deductions, price as a percentage of fair market value | 85% | |||||
Employee Stock Purchase Plan, offering period | 6 months | |||||
Payroll deductions as a percentage of employee's eligible compensation, maximum | 10% | |||||
Employee Stock Purchase Plan, maximum annual purchase amount per employee | $ 25,000 | |||||
2022 Employee Stock Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance pursuant to plan awards (in shares) | shares | 1,300 | |||||
2022 Employee Stock Plan | Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based award, vesting period | 4 years | |||||
Number of shares of common stock issued per RSU upon vesting | 1 | |||||
Factor by which each RSU granted reduces, and each RSU canceled or share withheld for taxes increases, the number of shares available for grant | 2 | |||||
Non-Employee Director Stock Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized for issuance pursuant to plan awards (in shares) | shares | 45 | |||||
Non-Employee Director Stock Plan | Restricted stock units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Factor by which each RSU granted reduces, and each RSU canceled or share withheld for taxes increases, the number of shares available for grant | 2 |
Benefit Plans - Restricted Stoc
Benefit Plans - Restricted Stock Units Activity and Related Information (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Number of Restricted Stock Units | |||
Beginning balance (in shares) | 240,427 | 310,778 | 326,068 |
RSUs granted (in shares) | 91,674 | 89,363 | 156,800 |
RSUs vested (in shares) | (115,861) | (145,766) | (157,743) |
RSUs canceled (in shares) | (14,739) | (13,948) | (14,347) |
Ending balance (in shares) | 201,501 | 240,427 | 310,778 |
Weighted-Average Grant Date Fair Value Per RSU | |||
Beginning balance (in dollars per share) | $ 75.16 | $ 51.58 | $ 42.30 |
RSUs granted (in dollars per share) | 150.70 | 116.33 | 59.20 |
RSUs vested (in dollars per share) | 72.12 | 50.71 | 40.29 |
RSUs canceled (in dollars per share) | 99.77 | 68.95 | 48.07 |
Ending balance (in dollars per share) | $ 109.48 | $ 75.16 | $ 51.58 |
Aggregate Fair Value | |||
Aggregate fair value of RSUs | $ 30,312 |
Benefit Plans - Summary of Shar
Benefit Plans - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 9,038 | $ 7,906 | $ 6,829 |
Income tax benefit related to share-based compensation expense | $ (4,002) | $ (4,056) | $ (2,476) |
Commitments and Contingencies -
Commitments and Contingencies - Future Payments Under Unconditional Purchase Obligations (Details) $ in Millions | Sep. 24, 2022 USD ($) |
Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2023 | $ 13,488 |
2024 | 4,876 |
2025 | 1,418 |
2026 | 6,780 |
2027 | 312 |
Thereafter | 412 |
Total | $ 27,286 |
Segment Information and Geogr_3
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 394,328 | $ 365,817 | $ 274,515 |
Operating income | 119,437 | 108,949 | 66,288 |
Americas | |||
Segment Reporting Information [Line Items] | |||
Net sales | 169,658 | 153,306 | 124,556 |
Operating income | 62,683 | 53,382 | 37,722 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 95,118 | 89,307 | 68,640 |
Operating income | 35,233 | 32,505 | 22,170 |
Greater China | |||
Segment Reporting Information [Line Items] | |||
Net sales | 74,200 | 68,366 | 40,308 |
Operating income | 31,153 | 28,504 | 15,261 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Net sales | 25,977 | 28,482 | 21,418 |
Operating income | 12,257 | 12,798 | 9,279 |
Rest of Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net sales | 29,375 | 26,356 | 19,593 |
Operating income | $ 11,569 | $ 9,817 | $ 6,808 |
Segment Information and Geogr_4
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Consolidated Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income | $ 119,437 | $ 108,949 | $ 66,288 |
Research and development expense | (26,251) | (21,914) | (18,752) |
Operating segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income | 152,895 | 137,006 | 91,240 |
Segment reconciling items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Research and development expense | (26,251) | (21,914) | (18,752) |
Corporate non-segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other corporate expenses, net | $ (7,207) | $ (6,143) | $ (6,200) |
Segment Information and Geogr_5
Segment Information and Geographic Data - Net Sales (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 24, 2022 | Sep. 25, 2021 | Sep. 26, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 394,328 | $ 365,817 | $ 274,515 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 147,859 | 133,803 | 109,197 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 74,200 | 68,366 | 40,308 |
Other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 172,269 | $ 163,648 | $ 125,010 |
Segment Information and Geogr_6
Segment Information and Geographic Data - Long-Lived Assets (Details) - USD ($) $ in Millions | Sep. 24, 2022 | Sep. 25, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 42,117 | $ 39,440 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 31,119 | 28,203 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 7,260 | 7,521 |
Other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 3,738 | $ 3,716 |