Cover Page
Cover Page - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Oct. 20, 2023 | Mar. 31, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --09-30 | ||
Document Period End Date | Sep. 30, 2023 | ||
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 | ||
Document Financial Statement Error Correction Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,591,165 | ||
Entity Common Stock, Shares Outstanding (in shares) | 15,552,752 | ||
Documents Incorporated by Reference | Portions of the Registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant’s definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
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 | ||
1.375% 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. 30, 2023 | |
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. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Net sales | $ 383,285 | $ 394,328 | $ 365,817 |
Cost of sales | 214,137 | 223,546 | 212,981 |
Gross margin | 169,148 | 170,782 | 152,836 |
Operating expenses: | |||
Research and development | 29,915 | 26,251 | 21,914 |
Selling, general and administrative | 24,932 | 25,094 | 21,973 |
Total operating expenses | 54,847 | 51,345 | 43,887 |
Operating income | 114,301 | 119,437 | 108,949 |
Other income/(expense), net | (565) | (334) | 258 |
Income before provision for income taxes | 113,736 | 119,103 | 109,207 |
Provision for income taxes | 16,741 | 19,300 | 14,527 |
Net income | $ 96,995 | $ 99,803 | $ 94,680 |
Earnings per share: | |||
Basic (in dollars per share) | $ 6.16 | $ 6.15 | $ 5.67 |
Diluted (in dollars per share) | $ 6.13 | $ 6.11 | $ 5.61 |
Shares used in computing earnings per share: | |||
Basic (in shares) | 15,744,231 | 16,215,963 | 16,701,272 |
Diluted (in shares) | 15,812,547 | 16,325,819 | 16,864,919 |
Products | |||
Net sales | $ 298,085 | $ 316,199 | $ 297,392 |
Cost of sales | 189,282 | 201,471 | 192,266 |
Services | |||
Net sales | 85,200 | 78,129 | 68,425 |
Cost of sales | $ 24,855 | $ 22,075 | $ 20,715 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 96,995 | $ 99,803 | $ 94,680 |
Other comprehensive income/(loss): | |||
Change in foreign currency translation, net of tax | (765) | (1,511) | 501 |
Change in unrealized gains/losses on derivative instruments, net of tax: | |||
Change in fair value of derivative instruments | 323 | 3,212 | 32 |
Adjustment for net (gains)/losses realized and included in net income | (1,717) | (1,074) | 1,003 |
Total change in unrealized gains/losses on derivative instruments | (1,394) | 2,138 | 1,035 |
Change in unrealized gains/losses on marketable debt securities, net of tax: | |||
Change in fair value of marketable debt securities | 1,563 | (12,104) | (694) |
Adjustment for net (gains)/losses realized and included in net income | 253 | 205 | (273) |
Total change in unrealized gains/losses on marketable debt securities | 1,816 | (11,899) | (967) |
Total other comprehensive income/(loss) | (343) | (11,272) | 569 |
Total comprehensive income | $ 96,652 | $ 88,531 | $ 95,249 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 29,965 | $ 23,646 |
Marketable securities | 31,590 | 24,658 |
Accounts receivable, net | 29,508 | 28,184 |
Vendor non-trade receivables | 31,477 | 32,748 |
Inventories | 6,331 | 4,946 |
Other current assets | 14,695 | 21,223 |
Total current assets | 143,566 | 135,405 |
Non-current assets: | ||
Marketable securities | 100,544 | 120,805 |
Property, plant and equipment, net | 43,715 | 42,117 |
Other non-current assets | 64,758 | 54,428 |
Total non-current assets | 209,017 | 217,350 |
Total assets | 352,583 | 352,755 |
Current liabilities: | ||
Accounts payable | 62,611 | 64,115 |
Other current liabilities | 58,829 | 60,845 |
Deferred revenue | 8,061 | 7,912 |
Commercial paper | 5,985 | 9,982 |
Term debt | 9,822 | 11,128 |
Total current liabilities | 145,308 | 153,982 |
Non-current liabilities: | ||
Term debt | 95,281 | 98,959 |
Other non-current liabilities | 49,848 | 49,142 |
Total non-current liabilities | 145,129 | 148,101 |
Total liabilities | 290,437 | 302,083 |
Commitments and contingencies | ||
Common stock, shares outstanding (in shares) | 15,550,061 | 15,943,425 |
Common stock, shares issued (in shares) | 15,550,061 | 15,943,425 |
Shareholders’ equity: | ||
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively | $ 73,812 | $ 64,849 |
Accumulated deficit | (214) | (3,068) |
Accumulated other comprehensive loss | (11,452) | (11,109) |
Total shareholders’ equity | 62,146 | 50,672 |
Total liabilities and shareholders’ equity | $ 352,583 | $ 352,755 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Sep. 24, 2022 |
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) | 15,550,061,000 | 15,943,425,000 |
Common stock, shares outstanding (in shares) | 15,550,061,000 | 15,943,425,000 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Common stock and additional paid-in capital | Retained earnings/(Accumulated deficit) | Accumulated other comprehensive income/(loss) |
Beginning balances at Sep. 26, 2020 | $ 65,339 | $ 50,779 | $ 14,966 | $ (406) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
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 | 163 |
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 | (90,186) | |||
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 | |||
Common stock issued | 1,346 | |||
Common stock withheld related to net share settlement of equity awards | (3,521) | (2,099) | ||
Share-based compensation | 11,138 | |||
Net income | $ 96,995 | 96,995 | ||
Dividends and dividend equivalents declared | (14,996) | |||
Common stock repurchased | (76,600) | (77,046) | ||
Other comprehensive income/(loss) | (343) | (343) | ||
Ending balances at Sep. 30, 2023 | $ 62,146 | $ 73,812 | $ (214) | $ (11,452) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) | $ 0.94 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Statement of Cash Flows [Abstract] | |||
Cash, cash equivalents and restricted cash, beginning balances | $ 24,977 | $ 35,929 | $ 39,789 |
Operating activities: | |||
Net income | 96,995 | 99,803 | 94,680 |
Adjustments to reconcile net income to cash generated by operating activities: | |||
Depreciation and amortization | 11,519 | 11,104 | 11,284 |
Share-based compensation expense | 10,833 | 9,038 | 7,906 |
Other | (2,227) | 1,006 | (4,921) |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (1,688) | (1,823) | (10,125) |
Vendor non-trade receivables | 1,271 | (7,520) | (3,903) |
Inventories | (1,618) | 1,484 | (2,642) |
Other current and non-current assets | (5,684) | (6,499) | (8,042) |
Accounts payable | (1,889) | 9,448 | 12,326 |
Other current and non-current liabilities | 3,031 | 6,110 | 7,475 |
Cash generated by operating activities | 110,543 | 122,151 | 104,038 |
Investing activities: | |||
Purchases of marketable securities | (29,513) | (76,923) | (109,558) |
Proceeds from maturities of marketable securities | 39,686 | 29,917 | 59,023 |
Proceeds from sales of marketable securities | 5,828 | 37,446 | 47,460 |
Payments for acquisition of property, plant and equipment | (10,959) | (10,708) | (11,085) |
Other | (1,337) | (2,086) | (385) |
Cash generated by/(used in) investing activities | 3,705 | (22,354) | (14,545) |
Financing activities: | |||
Payments for taxes related to net share settlement of equity awards | (5,431) | (6,223) | (6,556) |
Payments for dividends and dividend equivalents | (15,025) | (14,841) | (14,467) |
Repurchases of common stock | (77,550) | (89,402) | (85,971) |
Proceeds from issuance of term debt, net | 5,228 | 5,465 | 20,393 |
Repayments of term debt | (11,151) | (9,543) | (8,750) |
Proceeds from/(Repayments of) commercial paper, net | (3,978) | 3,955 | 1,022 |
Other | (581) | (160) | 976 |
Cash used in financing activities | (108,488) | (110,749) | (93,353) |
Increase/(Decrease) in cash, cash equivalents and restricted cash | 5,760 | (10,952) | (3,860) |
Cash, cash equivalents and restricted cash, ending balances | 30,737 | 24,977 | 35,929 |
Supplemental cash flow disclosure: | |||
Cash paid for income taxes, net | 18,679 | 19,573 | 25,385 |
Cash paid for interest | $ 3,803 | $ 2,865 | $ 2,687 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2023 | |
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. The preparation of these consolidated financial statements and accompanying notes in conformity with GAAP requires the use of management 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 occurred in the first fiscal quarter of 2023. The Company’s fiscal year 2023 spanned 53 weeks, whereas fiscal years 2022 and 2021 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 The Company records revenue net of taxes collected from customers that are remitted to governmental authorities. Share-Based Compensation The Company recognizes share-based compensation expense on a straight-line basis for its estimate of equity awards that will ultimately vest. Cash Equivalents All highly liquid investments with maturities of three months or less at the date of purchase are treated as cash equivalents. Marketable Securities The cost of securities sold is determined using the specific identification method. Inventories Inventories are measured using the first-in, first-out method. Property, Plant and Equipment Depreciation on property, plant and equipment is recognized on a straight-line basis. Derivative Instruments The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets. Income Taxes The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings created by 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. |
Revenue
Revenue | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue 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. 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, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for all third-party application–related sales on a net basis by recognizing in Services net sales only the commission it retains. Net sales disaggregated by significant products and services for 2023, 2022 and 2021 were as follows (in millions): 2023 2022 2021 iPhone (1) $ 200,583 $ 205,489 $ 191,973 Mac (1) 29,357 40,177 35,190 iPad (1) 28,300 29,292 31,862 Wearables, Home and Accessories (1) 39,845 41,241 38,367 Services (2) 85,200 78,129 68,425 Total net sales $ 383,285 $ 394,328 $ 365,817 (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) Services net sales include amortization of the deferred value of services bundled in the sales price of certain products. Total net sales include $8.2 billion of revenue recognized in 2023 that was included in deferred revenue as of September 24, 2022, $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021, and $6.7 billion of revenue recognized in 2021 that was included in deferred revenue as of September 26, 2020. The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 13, “Segment Information and Geographic Data” for 2023, 2022 and 2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales. As of September 30, 2023 and September 24, 2022, the Company had total deferred revenue of $12.1 billion and $12.4 billion, respectively. As of September 30, 2023, the Company expects 67% of total deferred revenue to be realized in less than a year, 25% within one-to-two years, 7% within two-to-three years and 1% in greater than three years. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table shows the computation of basic and diluted earnings per share for 2023, 2022 and 2021 (net income in millions and shares in thousands): 2023 2022 2021 Numerator: Net income $ 96,995 $ 99,803 $ 94,680 Denominator: Weighted-average basic shares outstanding 15,744,231 16,215,963 16,701,272 Effect of dilutive share-based awards 68,316 109,856 163,647 Weighted-average diluted shares 15,812,547 16,325,819 16,864,919 Basic earnings per share $ 6.16 $ 6.15 $ 5.67 Diluted earnings per share $ 6.13 $ 6.11 $ 5.61 Approximately 24 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for 2023 because their effect would have been antidilutive. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Sep. 30, 2023 | |
Financial Instruments [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 30, 2023 and September 24, 2022 (in millions): 2023 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 28,359 $ — $ — $ 28,359 $ 28,359 $ — $ — Level 1: Money market funds 481 — — 481 481 — — Mutual funds and equity securities 442 12 (26) 428 — 428 — Subtotal 923 12 (26) 909 481 428 — Level 2 (1) : U.S. Treasury securities 19,406 — (1,292) 18,114 35 5,468 12,611 U.S. agency securities 5,736 — (600) 5,136 36 271 4,829 Non-U.S. government securities 17,533 6 (1,048) 16,491 — 11,332 5,159 Certificates of deposit and time deposits 1,354 — — 1,354 1,034 320 — Commercial paper 608 — — 608 — 608 — Corporate debt securities 76,840 6 (5,956) 70,890 20 12,627 58,243 Municipal securities 628 — (26) 602 — 192 410 Mortgage- and asset-backed securities 22,365 6 (2,735) 19,636 — 344 19,292 Subtotal 144,470 18 (11,657) 132,831 1,125 31,162 100,544 Total (2) $ 173,752 $ 30 $ (11,683) $ 162,099 $ 29,965 $ 31,590 $ 100,544 2022 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 18,546 $ — $ — $ 18,546 $ 18,546 $ — $ — Level 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 (1) : 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 (2) $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 (1) The valuation techniques used to measure the fair values of the Company’s Level 2 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. (2) As of September 30, 2023 and September 24, 2022, total marketable securities included $13.8 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 7, “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 30, 2023 (in millions): Due after 1 year through 5 years $ 74,427 Due after 5 years through 10 years 9,964 Due after 10 years 16,153 Total fair value $ 100,544 The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies marketable debt securities as either current or non-current based solely on each instrument’s underlying contractual maturity date. 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. The Company classifies cash flows related to derivative instruments in the same section of the Consolidated Statements of Cash Flows as the items being hedged, which are generally classified as operating activities. Foreign Exchange Rate Risk To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options 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 exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of September 30, 2023, 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 19 years. The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency 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 use 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 30, 2023 and September 24, 2022 were as follows (in millions): 2023 2022 Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 74,730 $ 102,670 Interest rate contracts $ 19,375 $ 20,125 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 104,777 $ 185,381 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 Sheet. (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 Sheet. The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. To mitigate credit risk, the Company generally uses 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 uses 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 30, 2023 and September 24, 2022 were as follows (in millions): 2023 2022 Hedged assets/(liabilities): Current and non-current marketable securities $ 14,433 $ 13,378 Current and non-current term debt $ (18,247) $ (18,739) Accounts Receivable Trade Receivables 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 third-party cellular network carriers accounted for 41% and 44% of total trade receivables as of September 30, 2023 and September 24, 2022, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit risk. 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. The Company does not reflect the sale of these components in products net sales. Rather, the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company. As of September 30, 2023, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 48% and 23%. 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%. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The following table shows the Company’s gross property, plant and equipment by major asset class and accumulated depreciation as of September 30, 2023 and September 24, 2022 (in millions): 2023 2022 Land and buildings $ 23,446 $ 22,126 Machinery, equipment and internal-use software 78,314 81,060 Leasehold improvements 12,839 11,271 Gross property, plant and equipment 114,599 114,457 Accumulated depreciation (70,884) (72,340) Total property, plant and equipment, net $ 43,715 $ 42,117 Depreciation expense on property, plant and equipment was $8.5 billion, $8.7 billion and $9.5 billion during 2023, 2022 and 2021, respectively. |
Consolidated Financial Statemen
Consolidated Financial Statement Details | 12 Months Ended |
Sep. 30, 2023 | |
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 30, 2023 and September 24, 2022 (in millions): Other Non-Current Assets 2023 2022 Deferred tax assets $ 17,852 $ 15,375 Other non-current assets 46,906 39,053 Total other non-current assets $ 64,758 $ 54,428 Other Current Liabilities 2023 2022 Income taxes payable $ 8,819 $ 6,552 Other current liabilities 50,010 54,293 Total other current liabilities $ 58,829 $ 60,845 Other Non-Current Liabilities 2023 2022 Long-term taxes payable $ 15,457 $ 16,657 Other non-current liabilities 34,391 32,485 Total other non-current liabilities $ 49,848 $ 49,142 Other Income/(Expense), Net The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions): 2023 2022 2021 Interest and dividend income $ 3,750 $ 2,825 $ 2,843 Interest expense (3,933) (2,931) (2,645) Other income/(expense), net (382) (228) 60 Total other income/(expense), net $ (565) $ (334) $ 258 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes and Effective Tax Rate The provision for income taxes for 2023, 2022 and 2021, consisted of the following (in millions): 2023 2022 2021 Federal: Current $ 9,445 $ 7,890 $ 8,257 Deferred (3,644) (2,265) (7,176) Total 5,801 5,625 1,081 State: Current 1,570 1,519 1,620 Deferred (49) 84 (338) Total 1,521 1,603 1,282 Foreign: Current 8,750 8,996 9,424 Deferred 669 3,076 2,740 Total 9,419 12,072 12,164 Provision for income taxes $ 16,741 $ 19,300 $ 14,527 The foreign provision for income taxes is based on foreign pretax earnings of $72.9 billion, $71.3 billion and $68.7 billion in 2023, 2022 and 2021, respectively. A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate (21% in 2023, 2022 and 2021) to income before provision for income taxes for 2023, 2022 and 2021, is as follows (dollars in millions): 2023 2022 2021 Computed expected tax $ 23,885 $ 25,012 $ 22,933 State taxes, net of federal effect 1,124 1,518 1,151 Earnings of foreign subsidiaries (5,744) (4,366) (4,715) Research and development credit, net (1,212) (1,153) (1,033) Excess tax benefits from equity awards (1,120) (1,871) (2,137) Foreign-derived intangible income deduction — (296) (1,372) Other (192) 456 (300) Provision for income taxes $ 16,741 $ 19,300 $ 14,527 Effective tax rate 14.7 % 16.2 % 13.3 % Deferred Tax Assets and Liabilities As of September 30, 2023 and September 24, 2022, the significant components of the Company’s deferred tax assets and liabilities were (in millions): 2023 2022 Deferred tax assets: Tax credit carryforwards $ 8,302 $ 6,962 Accrued liabilities and other reserves 6,365 6,515 Capitalized research and development 6,294 1,267 Deferred revenue 4,571 5,742 Unrealized losses 2,447 2,913 Lease liabilities 2,421 2,400 Other 2,343 3,407 Total deferred tax assets 32,743 29,206 Less: Valuation allowance (8,374) (7,530) Total deferred tax assets, net 24,369 21,676 Deferred tax liabilities: Right-of-use assets 2,179 2,163 Depreciation 1,998 1,582 Minimum tax on foreign earnings 1,940 1,983 Unrealized gains 511 942 Other 490 469 Total deferred tax liabilities 7,118 7,139 Net deferred tax assets $ 17,251 $ 14,537 As of September 30, 2023, the Company had $5.2 billion in foreign tax credit carryforwards in Ireland and $3.0 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 30, 2023, the total amount of gross unrecognized tax benefits was $19.5 billion, of which $9.5 billion, if recognized, would impact the Company’s effective tax rate. 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 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 2023, 2022 and 2021, is as follows (in millions): 2023 2022 2021 Beginning balances $ 16,758 $ 15,477 $ 16,475 Increases related to tax positions taken during a prior year 2,044 2,284 816 Decreases related to tax positions taken during a prior year (1,463) (1,982) (1,402) Increases related to tax positions taken during the current year 2,628 1,936 1,607 Decreases related to settlements with taxing authorities (19) (28) (1,838) Decreases related to expiration of the statute of limitations (494) (929) (181) Ending balances $ 19,454 $ 16,758 $ 15,477 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. Altho ugh the timing of resolution 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 $4.5 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 “ECJ”) and a hearing was held on May 23, 2023. A decision from the ECJ is expected in calendar year 2024. The Company believes it would be eligible to claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to the State Aid Decision. 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 30, 2023, 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 4, “Financial Instruments” for more information. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2023 | |
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 $2.0 billion, $1.9 billion and $1.7 billion for 2023, 2022 and 2021, respectively. Lease costs associated with variable payments on the Company’s leases were $13.9 billion, $14.9 billion and $12.9 billion for 2023, 2022 and 2021, respectively. The Company made $1.9 billion, $1.8 billion and $1.4 billion of fixed cash payments related to operating leases in 2023, 2022 and 2021, respectively. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.1 billion, $2.8 billion and $3.3 billion for 2023, 2022 and 2021, respectively. The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 30, 2023 and September 24, 2022 (in millions): Lease-Related Assets and Liabilities Financial Statement Line Items 2023 2022 Right-of-use assets: Operating leases Other non-current assets $ 10,661 $ 10,417 Finance leases Property, plant and equipment, net 1,015 952 Total right-of-use assets $ 11,676 $ 11,369 Lease liabilities: Operating leases Other current liabilities $ 1,410 $ 1,534 Other non-current liabilities 10,408 9,936 Finance leases Other current liabilities 165 129 Other non-current liabilities 859 812 Total lease liabilities $ 12,842 $ 12,411 Lease liability maturities as of September 30, 2023, are as follows (in millions): Operating Finance Total 2024 $ 1,719 $ 196 $ 1,915 2025 1,875 151 2,026 2026 1,732 120 1,852 2027 1,351 52 1,403 2028 1,181 34 1,215 Thereafter 5,983 872 6,855 Total undiscounted liabilities 13,841 1,425 15,266 Less: Imputed interest (2,023) (401) (2,424) Total lease liabilities $ 11,818 $ 1,024 $ 12,842 The weighted-average remaining lease term related to the Company’s lease liabilities as of September 30, 2023 and September 24, 2022 was 10.6 years and 10.1 years, respectively. The discount rate related to the Company’s lease liabilities as of September 30, 2023 and September 24, 2022 was 3.0% and 2.3%, respectively. 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. As of September 30, 2023, the Company had $544 million of future payments under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases will commence between 2024 and 2026, with lease terms ranging from 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 $2.0 billion, $1.9 billion and $1.7 billion for 2023, 2022 and 2021, respectively. Lease costs associated with variable payments on the Company’s leases were $13.9 billion, $14.9 billion and $12.9 billion for 2023, 2022 and 2021, respectively. The Company made $1.9 billion, $1.8 billion and $1.4 billion of fixed cash payments related to operating leases in 2023, 2022 and 2021, respectively. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.1 billion, $2.8 billion and $3.3 billion for 2023, 2022 and 2021, respectively. The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 30, 2023 and September 24, 2022 (in millions): Lease-Related Assets and Liabilities Financial Statement Line Items 2023 2022 Right-of-use assets: Operating leases Other non-current assets $ 10,661 $ 10,417 Finance leases Property, plant and equipment, net 1,015 952 Total right-of-use assets $ 11,676 $ 11,369 Lease liabilities: Operating leases Other current liabilities $ 1,410 $ 1,534 Other non-current liabilities 10,408 9,936 Finance leases Other current liabilities 165 129 Other non-current liabilities 859 812 Total lease liabilities $ 12,842 $ 12,411 Lease liability maturities as of September 30, 2023, are as follows (in millions): Operating Finance Total 2024 $ 1,719 $ 196 $ 1,915 2025 1,875 151 2,026 2026 1,732 120 1,852 2027 1,351 52 1,403 2028 1,181 34 1,215 Thereafter 5,983 872 6,855 Total undiscounted liabilities 13,841 1,425 15,266 Less: Imputed interest (2,023) (401) (2,424) Total lease liabilities $ 11,818 $ 1,024 $ 12,842 The weighted-average remaining lease term related to the Company’s lease liabilities as of September 30, 2023 and September 24, 2022 was 10.6 years and 10.1 years, respectively. The discount rate related to the Company’s lease liabilities as of September 30, 2023 and September 24, 2022 was 3.0% and 2.3%, respectively. 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. As of September 30, 2023, the Company had $544 million of future payments under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases will commence between 2024 and 2026, with lease terms ranging from 1 year to 21 years. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Commercial Paper The Company issues unsecured short-term promissory notes 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 30, 2023 and September 24, 2022, the Company had $6.0 billion and $10.0 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 5.28% and 2.31% as of September 30, 2023 and September 24, 2022, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for 2023, 2022 and 2021 (in millions): 2023 2022 2021 Maturities 90 days or less: Proceeds from/(Repayments of) commercial paper, net $ (1,333) $ 5,264 $ (357) Maturities greater than 90 days: Proceeds from commercial paper — 5,948 7,946 Repayments of commercial paper (2,645) (7,257) (6,567) Proceeds from/(Repayments of) commercial paper, net (2,645) (1,309) 1,379 Total proceeds from/(repayments of) commercial paper, net $ (3,978) $ 3,955 $ 1,022 Term Debt The Company has outstanding Notes, which are senior unsecured obligations with interest payable in arrears. The following table provides a summary of the Company’s term debt as of September 30, 2023 and September 24, 2022: Maturities (calendar year) 2023 2022 Amount (in millions) Effective Amount (in millions) Effective 2013 – 2022 debt issuances: Fixed-rate 0.000% – 4.650% notes 2024 – 2062 $ 101,322 0.03% – 6.72% $ 111,824 0.03% – 4.78% Third quarter 2023 debt issuance: Fixed-rate 4.000% – 4.850% notes 2026 – 2053 5,250 4.04% – 4.88% — Total term debt principal 106,572 111,824 Unamortized premium/(discount) and issuance costs, net (356) (374) Hedge accounting fair value adjustments (1,113) (1,363) Total term debt 105,103 110,087 Less: Current portion of term debt (9,822) (11,128) Total non-current portion of term debt $ 95,281 $ 98,959 To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company uses interest rate swaps to effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to manage foreign exchange rate risk on certain of its foreign currency–denominated notes, the Company uses cross-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 $3.7 billion, $2.8 billion and $2.6 billion of interest expense on its term debt for 2023, 2022 and 2021, respectively. The future principal payments for the Company’s Notes as of September 30, 2023, are as follows (in millions): 2024 $ 9,943 2025 10,775 2026 12,265 2027 9,786 2028 7,800 Thereafter 56,003 Total term debt principal $ 106,572 As of September 30, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $90.8 billion and $98.8 billion, respectively. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Repurchase Program During 2023, the Company repurchased 471 million shares of its common stock for $76.6 billion, excluding excise tax due under the Inflation Reduction Act of 2022. The Company’s share repurchase programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. Shares of Common Stock The following table shows the changes in shares of common stock for 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Common stock outstanding, beginning balances 15,943,425 16,426,786 16,976,763 Common stock repurchased (471,419) (568,589) (656,340) Common stock issued, net of shares withheld for employee taxes 78,055 85,228 106,363 Common stock outstanding, ending balances 15,550,061 15,943,425 16,426,786 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation 2022 Employee Stock Plan The Apple Inc. 2022 Employee Stock Plan (the “2022 Plan”) is a shareholder-approved plan that provides for broad-based equity grants to employees, including executive officers, and permits the granting of 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. All RSUs granted under the 2022 Plan have dividend equivalent rights, which entitle holders of RSUs to the same dividend value per share as holders of common stock. 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. Restricted Stock Units A summary of the Company’s RSU activity and related information for 2023, 2022 and 2021, is as follows: Number of RSUs (in thousands) Weighted-Average Aggregate Fair Value (in millions) 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 RSUs granted 88,768 $ 150.87 RSUs vested (101,878) $ 97.31 RSUs canceled (8,144) $ 127.98 Balance as of September 30, 2023 180,247 $ 135.91 $ 30,860 The fair value as of the respective vesting dates of RSUs was $15.9 billion, $18.2 billion and $19.0 billion for 2023, 2022 and 2021, respectively. The majority of RSUs that vested in 2023, 2022 and 2021 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 37 million, 41 million and 53 million for 2023, 2022 and 2021, 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 $5.6 billion, $6.4 billion and $6.8 billion in 2023, 2022 and 2021, 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 2023, 2022 and 2021 (in millions): 2023 2022 2021 Share-based compensation expense $ 10,833 $ 9,038 $ 7,906 Income tax benefit related to share-based compensation expense $ (3,421) $ (4,002) $ (4,056) As of September 30, 2023, the total unrecognized compensation cost related to outstanding RSUs was $18.6 billion, which the Company expects to recognize over a weighted-average period of 2.5 years. |
Commitments, Contingencies and
Commitments, Contingencies and Supply Concentrations | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Supply Concentrations | Commitments, Contingencies and Supply Concentrations 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 supplier arrangements, licensed intellectual property and content, and distribution rights. Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of September 30, 2023, are as follows (in millions): 2024 $ 4,258 2025 2,674 2026 3,434 2027 1,277 2028 5,878 Thereafter 3,215 Total $ 20,736 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. 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 China mainland, India, Japan, South Korea, Taiwan and Vietnam. |
Segment Information and Geograp
Segment Information and Geographic Data | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | Segment Information and Geographic Data 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 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 consists of net sales to third parties, related cost of sales, and operating expenses directly attributable to the segment. The information provided to the Company’s chief operating decision maker for purposes of making decisions and assessing segment performance excludes asset information. The following table shows information by reportable segment for 2023, 2022 and 2021 (in millions): 2023 2022 2021 Americas: Net sales $ 162,560 $ 169,658 $ 153,306 Operating income $ 60,508 $ 62,683 $ 53,382 Europe: Net sales $ 94,294 $ 95,118 $ 89,307 Operating income $ 36,098 $ 35,233 $ 32,505 Greater China: Net sales $ 72,559 $ 74,200 $ 68,366 Operating income $ 30,328 $ 31,153 $ 28,504 Japan: Net sales $ 24,257 $ 25,977 $ 28,482 Operating income $ 11,888 $ 12,257 $ 12,798 Rest of Asia Pacific: Net sales $ 29,615 $ 29,375 $ 26,356 Operating income $ 12,066 $ 11,569 $ 9,817 A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2023, 2022 and 2021 is as follows (in millions): 2023 2022 2021 Segment operating income $ 150,888 $ 152,895 $ 137,006 Research and development expense (29,915) (26,251) (21,914) Other corporate expenses, net (1) (6,672) (7,207) (6,143) Total operating income $ 114,301 $ 119,437 $ 108,949 (1) Includes corporate marketing expenses, certain share-based compensation expenses, various nonrecurring charges, and other separately managed general and administrative costs. The U.S. and China were the only countries that accounted for more than 10% of the Company’s net sales in 2023, 2022 and 2021. Net sales for 2023, 2022 and 2021 and long-lived assets as of September 30, 2023 and September 24, 2022 were as follows (in millions): 2023 2022 2021 Net sales: U.S. $ 138,573 $ 147,859 $ 133,803 China (1) 72,559 74,200 68,366 Other countries 172,153 172,269 163,648 Total net sales $ 383,285 $ 394,328 $ 365,817 2023 2022 Long-lived assets: U.S. $ 33,276 $ 31,119 China (1) 5,778 7,260 Other countries 4,661 3,738 Total long-lived assets $ 43,715 $ 42,117 (1) China includes Hong Kong and Taiwan. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Pay vs Performance Disclosure | |||
Net income | $ 96,995 | $ 99,803 | $ 94,680 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Trading Arrangements, by Individual | ||
Non-Rule 10b5-1 Arrangement Adopted | false | |
Rule 10b5-1 Arrangement Terminated | false | |
Non-Rule 10b5-1 Arrangement Terminated | false | |
Deirdre O'Brien [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 30, 2023, Deirdre O’Brien, the Company’s Senior Vice President, Retail, and Jeff Williams, the Company’s Chief Operating Officer, each entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plans provide for the sale of all shares vested during the duration of the plans pursuant to certain equity awards granted to Ms. O’Brien and Mr. Williams, respectively, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Ms. O’Brien’s plan will expire on October 15, 2024, and Mr. Williams’ plan will expire on December 15, 2024, subject to early termination for certain specified events set forth in the plans. | |
Name | Deirdre O’Brien | |
Title | Senior Vice President, Retail | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 30, 2023 | |
Arrangement Duration | 412 days | |
Jeff Williams [Member] | ||
Trading Arrangements, by Individual | ||
Material Terms of Trading Arrangement | On August 30, 2023, Deirdre O’Brien, the Company’s Senior Vice President, Retail, and Jeff Williams, the Company’s Chief Operating Officer, each entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plans provide for the sale of all shares vested during the duration of the plans pursuant to certain equity awards granted to Ms. O’Brien and Mr. Williams, respectively, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Ms. O’Brien’s plan will expire on October 15, 2024, and Mr. Williams’ plan will expire on December 15, 2024, subject to early termination for certain specified events set forth in the plans. | |
Name | Jeff Williams | |
Title | Chief Operating Officer | |
Rule 10b5-1 Arrangement Adopted | true | |
Adoption Date | August 30, 2023 | |
Arrangement Duration | 473 days |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
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. The preparation of these consolidated financial statements and accompanying notes in conformity with GAAP requires the use of management 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 occurred in the first fiscal quarter of 2023. The Company’s fiscal year 2023 spanned 53 weeks, whereas fiscal years 2022 and 2021 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 | Revenue The Company records revenue net of taxes collected from customers that are remitted to governmental authorities. 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. 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, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for all third-party application–related sales on a net basis by recognizing in Services net sales only the commission it retains. |
Share-Based Compensation | Share-Based Compensation The Company recognizes share-based compensation expense on a straight-line basis for its estimate of equity awards that will ultimately vest. |
Cash Equivalents | Cash Equivalents All highly liquid investments with maturities of three months or less at the date of purchase are treated as cash equivalents. |
Marketable Securities | Marketable Securities The cost of securities sold is determined using the specific identification method. |
Inventories | Inventories Inventories are measured using the first-in, first-out method. |
Property, Plant and Equipment | Property, Plant and Equipment Depreciation on property, plant and equipment is recognized on a straight-line basis. |
Derivative Instruments | Derivative Instruments The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets. |
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 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. |
Fair Value Measurements | The valuation techniques used to measure the fair values of the Company’s Level 2 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. |
Segment Reporting | 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 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 consists of net sales to third parties, related cost of sales, and operating expenses directly attributable to the segment. The information provided to the Company’s chief operating decision maker for purposes of making decisions and assessing segment performance excludes asset information. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales Disaggregated by Significant Products and Services | Net sales disaggregated by significant products and services for 2023, 2022 and 2021 were as follows (in millions): 2023 2022 2021 iPhone (1) $ 200,583 $ 205,489 $ 191,973 Mac (1) 29,357 40,177 35,190 iPad (1) 28,300 29,292 31,862 Wearables, Home and Accessories (1) 39,845 41,241 38,367 Services (2) 85,200 78,129 68,425 Total net sales $ 383,285 $ 394,328 $ 365,817 (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) Services net sales include amortization of the deferred value of services bundled in the sales price of certain products. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share for 2023, 2022 and 2021 (net income in millions and shares in thousands): 2023 2022 2021 Numerator: Net income $ 96,995 $ 99,803 $ 94,680 Denominator: Weighted-average basic shares outstanding 15,744,231 16,215,963 16,701,272 Effect of dilutive share-based awards 68,316 109,856 163,647 Weighted-average diluted shares 15,812,547 16,325,819 16,864,919 Basic earnings per share $ 6.16 $ 6.15 $ 5.67 Diluted earnings per share $ 6.13 $ 6.11 $ 5.61 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Financial Instruments [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 30, 2023 and September 24, 2022 (in millions): 2023 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 28,359 $ — $ — $ 28,359 $ 28,359 $ — $ — Level 1: Money market funds 481 — — 481 481 — — Mutual funds and equity securities 442 12 (26) 428 — 428 — Subtotal 923 12 (26) 909 481 428 — Level 2 (1) : U.S. Treasury securities 19,406 — (1,292) 18,114 35 5,468 12,611 U.S. agency securities 5,736 — (600) 5,136 36 271 4,829 Non-U.S. government securities 17,533 6 (1,048) 16,491 — 11,332 5,159 Certificates of deposit and time deposits 1,354 — — 1,354 1,034 320 — Commercial paper 608 — — 608 — 608 — Corporate debt securities 76,840 6 (5,956) 70,890 20 12,627 58,243 Municipal securities 628 — (26) 602 — 192 410 Mortgage- and asset-backed securities 22,365 6 (2,735) 19,636 — 344 19,292 Subtotal 144,470 18 (11,657) 132,831 1,125 31,162 100,544 Total (2) $ 173,752 $ 30 $ (11,683) $ 162,099 $ 29,965 $ 31,590 $ 100,544 2022 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 18,546 $ — $ — $ 18,546 $ 18,546 $ — $ — Level 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 (1) : 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 (2) $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 (1) The valuation techniques used to measure the fair values of the Company’s Level 2 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. (2) As of September 30, 2023 and September 24, 2022, total marketable securities included $13.8 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 7, “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 30, 2023 (in millions): Due after 1 year through 5 years $ 74,427 Due after 5 years through 10 years 9,964 Due after 10 years 16,153 Total fair value $ 100,544 |
Notional Amounts of Outstanding Derivative Instruments | The notional amounts of the Company’s outstanding derivative instruments as of September 30, 2023 and September 24, 2022 were as follows (in millions): 2023 2022 Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 74,730 $ 102,670 Interest rate contracts $ 19,375 $ 20,125 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 104,777 $ 185,381 |
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 Sheet. (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 Sheet. |
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 30, 2023 and September 24, 2022 were as follows (in millions): 2023 2022 Hedged assets/(liabilities): Current and non-current marketable securities $ 14,433 $ 13,378 Current and non-current term debt $ (18,247) $ (18,739) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Gross Property, Plant and Equipment by Major Asset Class and Accumulated Depreciation | The following table shows the Company’s gross property, plant and equipment by major asset class and accumulated depreciation as of September 30, 2023 and September 24, 2022 (in millions): 2023 2022 Land and buildings $ 23,446 $ 22,126 Machinery, equipment and internal-use software 78,314 81,060 Leasehold improvements 12,839 11,271 Gross property, plant and equipment 114,599 114,457 Accumulated depreciation (70,884) (72,340) Total property, plant and equipment, net $ 43,715 $ 42,117 |
Consolidated Financial Statem_2
Consolidated Financial Statement Details (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Non-Current Assets | Other Non-Current Assets 2023 2022 Deferred tax assets $ 17,852 $ 15,375 Other non-current assets 46,906 39,053 Total other non-current assets $ 64,758 $ 54,428 |
Other Current Liabilities | Other Current Liabilities 2023 2022 Income taxes payable $ 8,819 $ 6,552 Other current liabilities 50,010 54,293 Total other current liabilities $ 58,829 $ 60,845 |
Other Non-Current Liabilities | Other Non-Current Liabilities 2023 2022 Long-term taxes payable $ 15,457 $ 16,657 Other non-current liabilities 34,391 32,485 Total other non-current liabilities $ 49,848 $ 49,142 |
Other Income/(Expense), Net | Other Income/(Expense), Net The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions): 2023 2022 2021 Interest and dividend income $ 3,750 $ 2,825 $ 2,843 Interest expense (3,933) (2,931) (2,645) Other income/(expense), net (382) (228) 60 Total other income/(expense), net $ (565) $ (334) $ 258 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes for 2023, 2022 and 2021, consisted of the following (in millions): 2023 2022 2021 Federal: Current $ 9,445 $ 7,890 $ 8,257 Deferred (3,644) (2,265) (7,176) Total 5,801 5,625 1,081 State: Current 1,570 1,519 1,620 Deferred (49) 84 (338) Total 1,521 1,603 1,282 Foreign: Current 8,750 8,996 9,424 Deferred 669 3,076 2,740 Total 9,419 12,072 12,164 Provision for income taxes $ 16,741 $ 19,300 $ 14,527 |
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 2023, 2022 and 2021) to income before provision for income taxes for 2023, 2022 and 2021, is as follows (dollars in millions): 2023 2022 2021 Computed expected tax $ 23,885 $ 25,012 $ 22,933 State taxes, net of federal effect 1,124 1,518 1,151 Earnings of foreign subsidiaries (5,744) (4,366) (4,715) Research and development credit, net (1,212) (1,153) (1,033) Excess tax benefits from equity awards (1,120) (1,871) (2,137) Foreign-derived intangible income deduction — (296) (1,372) Other (192) 456 (300) Provision for income taxes $ 16,741 $ 19,300 $ 14,527 Effective tax rate 14.7 % 16.2 % 13.3 % |
Significant Components of Deferred Tax Assets and Liabilities | As of September 30, 2023 and September 24, 2022, the significant components of the Company’s deferred tax assets and liabilities were (in millions): 2023 2022 Deferred tax assets: Tax credit carryforwards $ 8,302 $ 6,962 Accrued liabilities and other reserves 6,365 6,515 Capitalized research and development 6,294 1,267 Deferred revenue 4,571 5,742 Unrealized losses 2,447 2,913 Lease liabilities 2,421 2,400 Other 2,343 3,407 Total deferred tax assets 32,743 29,206 Less: Valuation allowance (8,374) (7,530) Total deferred tax assets, net 24,369 21,676 Deferred tax liabilities: Right-of-use assets 2,179 2,163 Depreciation 1,998 1,582 Minimum tax on foreign earnings 1,940 1,983 Unrealized gains 511 942 Other 490 469 Total deferred tax liabilities 7,118 7,139 Net deferred tax assets $ 17,251 $ 14,537 |
Aggregate Changes in Gross Unrecognized Tax Benefits | The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2023, 2022 and 2021, is as follows (in millions): 2023 2022 2021 Beginning balances $ 16,758 $ 15,477 $ 16,475 Increases related to tax positions taken during a prior year 2,044 2,284 816 Decreases related to tax positions taken during a prior year (1,463) (1,982) (1,402) Increases related to tax positions taken during the current year 2,628 1,936 1,607 Decreases related to settlements with taxing authorities (19) (28) (1,838) Decreases related to expiration of the statute of limitations (494) (929) (181) Ending balances $ 19,454 $ 16,758 $ 15,477 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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 30, 2023 and September 24, 2022 (in millions): Lease-Related Assets and Liabilities Financial Statement Line Items 2023 2022 Right-of-use assets: Operating leases Other non-current assets $ 10,661 $ 10,417 Finance leases Property, plant and equipment, net 1,015 952 Total right-of-use assets $ 11,676 $ 11,369 Lease liabilities: Operating leases Other current liabilities $ 1,410 $ 1,534 Other non-current liabilities 10,408 9,936 Finance leases Other current liabilities 165 129 Other non-current liabilities 859 812 Total lease liabilities $ 12,842 $ 12,411 |
Lease Liability Maturities | Lease liability maturities as of September 30, 2023, are as follows (in millions): Operating Finance Total 2024 $ 1,719 $ 196 $ 1,915 2025 1,875 151 2,026 2026 1,732 120 1,852 2027 1,351 52 1,403 2028 1,181 34 1,215 Thereafter 5,983 872 6,855 Total undiscounted liabilities 13,841 1,425 15,266 Less: Imputed interest (2,023) (401) (2,424) Total lease liabilities $ 11,818 $ 1,024 $ 12,842 |
Lease Liability Maturities | Lease liability maturities as of September 30, 2023, are as follows (in millions): Operating Finance Total 2024 $ 1,719 $ 196 $ 1,915 2025 1,875 151 2,026 2026 1,732 120 1,852 2027 1,351 52 1,403 2028 1,181 34 1,215 Thereafter 5,983 872 6,855 Total undiscounted liabilities 13,841 1,425 15,266 Less: Imputed interest (2,023) (401) (2,424) Total lease liabilities $ 11,818 $ 1,024 $ 12,842 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
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 2023, 2022 and 2021 (in millions): 2023 2022 2021 Maturities 90 days or less: Proceeds from/(Repayments of) commercial paper, net $ (1,333) $ 5,264 $ (357) Maturities greater than 90 days: Proceeds from commercial paper — 5,948 7,946 Repayments of commercial paper (2,645) (7,257) (6,567) Proceeds from/(Repayments of) commercial paper, net (2,645) (1,309) 1,379 Total proceeds from/(repayments of) commercial paper, net $ (3,978) $ 3,955 $ 1,022 |
Summary of Term Debt | The following table provides a summary of the Company’s term debt as of September 30, 2023 and September 24, 2022: Maturities (calendar year) 2023 2022 Amount (in millions) Effective Amount (in millions) Effective 2013 – 2022 debt issuances: Fixed-rate 0.000% – 4.650% notes 2024 – 2062 $ 101,322 0.03% – 6.72% $ 111,824 0.03% – 4.78% Third quarter 2023 debt issuance: Fixed-rate 4.000% – 4.850% notes 2026 – 2053 5,250 4.04% – 4.88% — Total term debt principal 106,572 111,824 Unamortized premium/(discount) and issuance costs, net (356) (374) Hedge accounting fair value adjustments (1,113) (1,363) Total term debt 105,103 110,087 Less: Current portion of term debt (9,822) (11,128) Total non-current portion of term debt $ 95,281 $ 98,959 |
Future Principal Payments for Notes | The future principal payments for the Company’s Notes as of September 30, 2023, are as follows (in millions): 2024 $ 9,943 2025 10,775 2026 12,265 2027 9,786 2028 7,800 Thereafter 56,003 Total term debt principal $ 106,572 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Changes in Shares of Common Stock | The following table shows the changes in shares of common stock for 2023, 2022 and 2021 (in thousands): 2023 2022 2021 Common stock outstanding, beginning balances 15,943,425 16,426,786 16,976,763 Common stock repurchased (471,419) (568,589) (656,340) Common stock issued, net of shares withheld for employee taxes 78,055 85,228 106,363 Common stock outstanding, ending balances 15,550,061 15,943,425 16,426,786 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Restricted Stock Unit Activity | A summary of the Company’s RSU activity and related information for 2023, 2022 and 2021, is as follows: Number of RSUs (in thousands) Weighted-Average Aggregate Fair Value (in millions) 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 RSUs granted 88,768 $ 150.87 RSUs vested (101,878) $ 97.31 RSUs canceled (8,144) $ 127.98 Balance as of September 30, 2023 180,247 $ 135.91 $ 30,860 |
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 2023, 2022 and 2021 (in millions): 2023 2022 2021 Share-based compensation expense $ 10,833 $ 9,038 $ 7,906 Income tax benefit related to share-based compensation expense $ (3,421) $ (4,002) $ (4,056) |
Commitments, Contingencies an_2
Commitments, Contingencies and Supply Concentrations (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Payments Under Noncancelable Unconditional Purchase Obligations | Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of September 30, 2023, are as follows (in millions): 2024 $ 4,258 2025 2,674 2026 3,434 2027 1,277 2028 5,878 Thereafter 3,215 Total $ 20,736 |
Segment Information and Geogr_2
Segment Information and Geographic Data (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Information by Reportable Segment | The following table shows information by reportable segment for 2023, 2022 and 2021 (in millions): 2023 2022 2021 Americas: Net sales $ 162,560 $ 169,658 $ 153,306 Operating income $ 60,508 $ 62,683 $ 53,382 Europe: Net sales $ 94,294 $ 95,118 $ 89,307 Operating income $ 36,098 $ 35,233 $ 32,505 Greater China: Net sales $ 72,559 $ 74,200 $ 68,366 Operating income $ 30,328 $ 31,153 $ 28,504 Japan: Net sales $ 24,257 $ 25,977 $ 28,482 Operating income $ 11,888 $ 12,257 $ 12,798 Rest of Asia Pacific: Net sales $ 29,615 $ 29,375 $ 26,356 Operating income $ 12,066 $ 11,569 $ 9,817 |
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 2023, 2022 and 2021 is as follows (in millions): 2023 2022 2021 Segment operating income $ 150,888 $ 152,895 $ 137,006 Research and development expense (29,915) (26,251) (21,914) Other corporate expenses, net (1) (6,672) (7,207) (6,143) Total operating income $ 114,301 $ 119,437 $ 108,949 (1) Includes corporate marketing expenses, certain share-based compensation expenses, various nonrecurring charges, and other separately managed general and administrative costs. |
Net Sales and Long-lived Assets | Net sales for 2023, 2022 and 2021 and long-lived assets as of September 30, 2023 and September 24, 2022 were as follows (in millions): 2023 2022 2021 Net sales: U.S. $ 138,573 $ 147,859 $ 133,803 China (1) 72,559 74,200 68,366 Other countries 172,153 172,269 163,648 Total net sales $ 383,285 $ 394,328 $ 365,817 2023 2022 Long-lived assets: U.S. $ 33,276 $ 31,119 China (1) 5,778 7,260 Other countries 4,661 3,738 Total long-lived assets $ 43,715 $ 42,117 (1) China includes Hong Kong and Taiwan. |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Billions | 12 Months Ended | ||
Sep. 30, 2023 USD ($) performanceObligation | Sep. 24, 2022 USD ($) | Sep. 25, 2021 USD ($) | |
Revenue from Contract with Customer [Abstract] | |||
Performance obligations in arrangements (up to) | performanceObligation | 3 | ||
Revenue recognized that was included in deferred revenue at the beginning of the period | $ 8.2 | $ 7.5 | $ 6.7 |
Total deferred revenue | $ 12.1 | $ 12.4 |
Revenue - Net Sales Disaggregat
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 383,285 | $ 394,328 | $ 365,817 |
iPhone | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 200,583 | 205,489 | 191,973 |
Mac | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 29,357 | 40,177 | 35,190 |
iPad | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 28,300 | 29,292 | 31,862 |
Wearables, Home and Accessories | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | 39,845 | 41,241 | 38,367 |
Services | |||
Disaggregation of Revenue [Line Items] | |||
Net sales | $ 85,200 | $ 78,129 | $ 68,425 |
Revenue - Deferred Revenue, Exp
Revenue - Deferred Revenue, Expected Timing of Realization (Details) | Sep. 30, 2023 |
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 | 67% |
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 | 25% |
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 | 7% |
Deferred revenue, expected timing of realization, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-09-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, expected timing of realization, percentage | 1% |
Deferred revenue, expected timing of realization, period |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Numerator: | |||
Net income | $ 96,995 | $ 99,803 | $ 94,680 |
Denominator: | |||
Weighted-average basic shares outstanding (in shares) | 15,744,231 | 16,215,963 | 16,701,272 |
Effect of dilutive share-based awards (in shares) | 68,316 | 109,856 | 163,647 |
Weighted-average diluted shares (in shares) | 15,812,547 | 16,325,819 | 16,864,919 |
Basic earnings per share (in dollars per share) | $ 6.16 | $ 6.15 | $ 5.67 |
Diluted earnings per share (in dollars per share) | $ 6.13 | $ 6.11 | $ 5.61 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) shares in Millions | 12 Months Ended |
Sep. 30, 2023 shares | |
Restricted stock units | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Restricted stock units excluded from the computation of diluted earnings per share because their effect would have been antidilutive (in shares) | 24 |
Financial Instruments - Cash, C
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Marketable Securities [Line Items] | ||
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost | $ 173,752 | $ 183,061 |
Cash Equivalents and Marketable Securities, Unrealized Gains | 30 | 11 |
Cash Equivalents and Marketable Securities, Unrealized Loss | (11,683) | (13,963) |
Cash, Cash Equivalents and Marketable Securities, Fair Value | 162,099 | 169,109 |
Cash and Cash Equivalents | 29,965 | 23,646 |
Current Marketable Securities | 31,590 | 24,658 |
Non-Current Marketable Securities | 100,544 | 120,805 |
Total marketable securities that were restricted from general use | 13,800 | 12,700 |
Level 1 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 923 | 3,203 |
Marketable Securities, Equity, Unrealized Gains | 12 | 0 |
Marketable Securities, Equity, Unrealized Losses | (26) | (47) |
Marketable Securities, Equity, Fair Value | 909 | 3,156 |
Cash and Cash Equivalents | 481 | 2,929 |
Current Marketable Securities | 428 | 227 |
Non-Current Marketable Securities | 0 | 0 |
Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 144,470 | 161,312 |
Marketable Securities, Debt, Unrealized Gains | 18 | 11 |
Marketable Securities, Debt, Unrealized Losses | (11,657) | (13,916) |
Marketable Securities, Debt, Fair Value | 132,831 | 147,407 |
Cash and Cash Equivalents | 1,125 | 2,171 |
Current Marketable Securities | 31,162 | 24,431 |
Non-Current Marketable Securities | 100,544 | 120,805 |
Cash | ||
Marketable Securities [Line Items] | ||
Cash | 28,359 | 18,546 |
Cash and Cash Equivalents | 28,359 | 18,546 |
Current Marketable Securities | 0 | 0 |
Non-Current Marketable Securities | 0 | 0 |
Money market funds | Level 1 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 481 | 2,929 |
Marketable Securities, Equity, Unrealized Gains | 0 | 0 |
Marketable Securities, Equity, Unrealized Losses | 0 | 0 |
Marketable Securities, Equity, Fair Value | 481 | 2,929 |
Cash and Cash Equivalents | 481 | 2,929 |
Current Marketable Securities | 0 | 0 |
Non-Current Marketable Securities | 0 | 0 |
Mutual funds and equity securities | Level 1 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 442 | |
Marketable Securities, Equity, Unrealized Gains | 12 | |
Marketable Securities, Equity, Unrealized Losses | (26) | |
Marketable Securities, Equity, Fair Value | 428 | |
Cash and Cash Equivalents | 0 | |
Current Marketable Securities | 428 | |
Non-Current Marketable Securities | 0 | |
Mutual funds | Level 1 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 274 | |
Marketable Securities, Equity, Unrealized Gains | 0 | |
Marketable Securities, Equity, Unrealized Losses | (47) | |
Marketable Securities, Equity, Fair Value | 227 | |
Cash and Cash Equivalents | 0 | |
Current Marketable Securities | 227 | |
Non-Current Marketable Securities | 0 | |
U.S. Treasury securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 19,406 | 25,134 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | (1,292) | (1,725) |
Marketable Securities, Debt, Fair Value | 18,114 | 23,409 |
Cash and Cash Equivalents | 35 | 338 |
Current Marketable Securities | 5,468 | 5,091 |
Non-Current Marketable Securities | 12,611 | 17,980 |
U.S. agency securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 5,736 | 5,823 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | (600) | (655) |
Marketable Securities, Debt, Fair Value | 5,136 | 5,168 |
Cash and Cash Equivalents | 36 | 0 |
Current Marketable Securities | 271 | 240 |
Non-Current Marketable Securities | 4,829 | 4,928 |
Non-U.S. government securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 17,533 | 16,948 |
Marketable Securities, Debt, Unrealized Gains | 6 | 2 |
Marketable Securities, Debt, Unrealized Losses | (1,048) | (1,201) |
Marketable Securities, Debt, Fair Value | 16,491 | 15,749 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 11,332 | 8,806 |
Non-Current Marketable Securities | 5,159 | 6,943 |
Certificates of deposit and time deposits | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 1,354 | 2,067 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | 0 | 0 |
Marketable Securities, Debt, Fair Value | 1,354 | 2,067 |
Cash and Cash Equivalents | 1,034 | 1,805 |
Current Marketable Securities | 320 | 262 |
Non-Current Marketable Securities | 0 | 0 |
Commercial paper | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 608 | 718 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | 0 | 0 |
Marketable Securities, Debt, Fair Value | 608 | 718 |
Cash and Cash Equivalents | 0 | 28 |
Current Marketable Securities | 608 | 690 |
Non-Current Marketable Securities | 0 | 0 |
Corporate debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 76,840 | 87,148 |
Marketable Securities, Debt, Unrealized Gains | 6 | 9 |
Marketable Securities, Debt, Unrealized Losses | (5,956) | (7,707) |
Marketable Securities, Debt, Fair Value | 70,890 | 79,450 |
Cash and Cash Equivalents | 20 | 0 |
Current Marketable Securities | 12,627 | 9,023 |
Non-Current Marketable Securities | 58,243 | 70,427 |
Municipal securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 628 | 921 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | (26) | (35) |
Marketable Securities, Debt, Fair Value | 602 | 886 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 192 | 266 |
Non-Current Marketable Securities | 410 | 620 |
Mortgage- and asset-backed securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 22,365 | 22,553 |
Marketable Securities, Debt, Unrealized Gains | 6 | 0 |
Marketable Securities, Debt, Unrealized Losses | (2,735) | (2,593) |
Marketable Securities, Debt, Fair Value | 19,636 | 19,960 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 344 | 53 |
Non-Current Marketable Securities | $ 19,292 | $ 19,907 |
Financial Instruments - Non-Cur
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Fair value of non-current marketable debt securities by contractual maturity | |
Due after 1 year through 5 years | $ 74,427 |
Due after 5 years through 10 years | 9,964 |
Due after 10 years | 16,153 |
Total fair value | $ 100,544 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 Vendor | Sep. 24, 2022 USD ($) Customer 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 | 41% | 44% |
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 | 2 |
Non-trade receivables | Credit concentration risk | Vendor one | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 48% | 54% |
Non-trade receivables | Credit concentration risk | Vendor two | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 23% | 13% |
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 | ||
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 | 19 years |
Financial Instruments - Notiona
Financial Instruments - Notional Amounts Associated with Derivative Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Derivatives designated as accounting hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, notional amount | $ 74,730 | $ 102,670 |
Derivatives designated as accounting hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, notional amount | 19,375 | 20,125 |
Derivatives not designated as accounting hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, notional amount | $ 104,777 | $ 185,381 |
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 | Foreign exchange contracts | Derivatives designated as accounting hedges | |
Derivative assets: | |
Fair value of derivative assets | 4,317 |
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives not designated as accounting hedges | |
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 | Foreign exchange contracts | Derivatives designated as accounting hedges | |
Derivative liabilities: | |
Fair value of derivative liabilities | 2,205 |
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives not designated as accounting hedges | |
Derivative liabilities: | |
Fair value of derivative liabilities | 2,547 |
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 | Interest rate contracts | Derivatives designated as accounting hedges | |
Derivative liabilities: | |
Fair value of derivative liabilities | 1,367 |
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives not designated as accounting hedges | |
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. 30, 2023 | Sep. 24, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying amount of hedged marketable securities | $ 14,433 | $ 13,378 |
Hedged asset, statement of financial position [Extensible Enumeration] | Marketable securities, Marketable securities | Marketable securities, Marketable securities |
Carrying amount of hedged term debt | $ (18,247) | $ (18,739) |
Hedged liability, statement of financial position [Extensible Enumeration] | Term debt, Term debt | Term debt, Term debt |
Property, Plant and Equipment -
Property, Plant and Equipment - Gross Property, Plant and Equipment by Major Asset Class and Accumulated Depreciation (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 114,599 | $ 114,457 |
Accumulated depreciation | (70,884) | (72,340) |
Total property, plant and equipment, net | 43,715 | 42,117 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 23,446 | 22,126 |
Machinery, equipment and internal-use software | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 78,314 | 81,060 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 12,839 | $ 11,271 |
Property, Plant, and Equipment
Property, Plant, and Equipment - Additional Information (Details) - USD ($) $ in Billions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense on property, plant and equipment | $ 8.5 | $ 8.7 | $ 9.5 |
Consolidated Financial Statem_3
Consolidated Financial Statement Details – Other Non-Current Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred tax assets | $ 17,852 | $ 15,375 |
Other non-current assets | 46,906 | 39,053 |
Total other non-current assets | $ 64,758 | $ 54,428 |
Consolidated Financial Statem_4
Consolidated Financial Statement Details – Other Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Income taxes payable | $ 8,819 | $ 6,552 |
Other current liabilities | 50,010 | 54,293 |
Total other current liabilities | $ 58,829 | $ 60,845 |
Consolidated Financial Statem_5
Consolidated Financial Statement Details - Other Non-Current Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Long-term taxes payable | $ 15,457 | $ 16,657 |
Other non-current liabilities | 34,391 | 32,485 |
Total other non-current liabilities | $ 49,848 | $ 49,142 |
Consolidated Financial Statem_6
Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Interest and dividend income | $ 3,750 | $ 2,825 | $ 2,843 |
Interest expense | (3,933) | (2,931) | (2,645) |
Other income/(expense), net | (382) | (228) | 60 |
Total other income/(expense), net | $ (565) | $ (334) | $ 258 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Federal: | |||
Current | $ 9,445 | $ 7,890 | $ 8,257 |
Deferred | (3,644) | (2,265) | (7,176) |
Total | 5,801 | 5,625 | 1,081 |
State: | |||
Current | 1,570 | 1,519 | 1,620 |
Deferred | (49) | 84 | (338) |
Total | 1,521 | 1,603 | 1,282 |
Foreign: | |||
Current | 8,750 | 8,996 | 9,424 |
Deferred | 669 | 3,076 | 2,740 |
Total | 9,419 | 12,072 | 12,164 |
Provision for income taxes | $ 16,741 | $ 19,300 | $ 14,527 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions, € in Billions | 12 Months Ended | |||||
Aug. 30, 2016 EUR (€) Subsidiary | Sep. 30, 2023 USD ($) | Sep. 24, 2022 USD ($) | Sep. 25, 2021 USD ($) | Sep. 30, 2023 EUR (€) | Sep. 26, 2020 USD ($) | |
Income Tax Contingency [Line Items] | ||||||
Foreign pre-tax earnings | $ 72,900 | $ 71,300 | $ 68,700 | |||
U.S. statutory federal income tax rate | 21% | 21% | 21% | |||
Foreign tax credit carryforwards | $ 5,200 | |||||
Research and development tax credit carryforwards | 3,000 | |||||
Gross unrecognized tax benefits | 19,454 | $ 16,758 | $ 15,477 | $ 16,475 | ||
Gross unrecognized tax benefits that would impact effective tax rate, if recognized | 9,500 | $ 8,000 | ||||
Reasonably possible decrease in gross unrecognized tax benefits over next 12 months | $ 4,500 | |||||
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. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Income Tax Disclosure [Abstract] | |||
Computed expected tax | $ 23,885 | $ 25,012 | $ 22,933 |
State taxes, net of federal effect | 1,124 | 1,518 | 1,151 |
Earnings of foreign subsidiaries | (5,744) | (4,366) | (4,715) |
Research and development credit, net | (1,212) | (1,153) | (1,033) |
Excess tax benefits from equity awards | (1,120) | (1,871) | (2,137) |
Foreign-derived intangible income deduction | 0 | (296) | (1,372) |
Other | (192) | 456 | (300) |
Provision for income taxes | $ 16,741 | $ 19,300 | $ 14,527 |
Effective tax rate | 14.70% | 16.20% | 13.30% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Deferred tax assets: | ||
Tax credit carryforwards | $ 8,302 | $ 6,962 |
Accrued liabilities and other reserves | 6,365 | 6,515 |
Capitalized research and development | 6,294 | 1,267 |
Deferred revenue | 4,571 | 5,742 |
Unrealized losses | 2,447 | 2,913 |
Lease liabilities | 2,421 | 2,400 |
Other | 2,343 | 3,407 |
Total deferred tax assets | 32,743 | 29,206 |
Less: Valuation allowance | (8,374) | (7,530) |
Total deferred tax assets, net | 24,369 | 21,676 |
Deferred tax liabilities: | ||
Right-of-use assets | 2,179 | 2,163 |
Depreciation | 1,998 | 1,582 |
Minimum tax on foreign earnings | 1,940 | 1,983 |
Unrealized gains | 511 | 942 |
Other | 490 | 469 |
Total deferred tax liabilities | 7,118 | 7,139 |
Net deferred tax assets | $ 17,251 | $ 14,537 |
Income Taxes - Aggregate Change
Income Taxes - Aggregate Changes in Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balances | $ 16,758 | $ 15,477 | $ 16,475 |
Increases related to tax positions taken during a prior year | 2,044 | 2,284 | 816 |
Decreases related to tax positions taken during a prior year | (1,463) | (1,982) | (1,402) |
Increases related to tax positions taken during the current year | 2,628 | 1,936 | 1,607 |
Decreases related to settlements with taxing authorities | (19) | (28) | (1,838) |
Decreases related to expiration of the statute of limitations | (494) | (929) | (181) |
Ending balances | $ 19,454 | $ 16,758 | $ 15,477 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Typical term of leases (not exceeding) | 10 years | ||
Fixed operating lease costs | $ 2,000 | $ 1,900 | $ 1,700 |
Variable lease costs | 13,900 | 14,900 | 12,900 |
Fixed operating lease payments | 1,900 | 1,800 | 1,400 |
Right-of-use assets obtained in exchange for operating and finance lease liabilities | $ 2,100 | $ 2,800 | $ 3,300 |
Weighted-average remaining lease term | 10 years 7 months 6 days | 10 years 1 month 6 days | |
Weighted-average discount rate | 3% | 2.30% | |
Leases not yet commenced, future payments | $ 544 | ||
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. 30, 2023 | Sep. 24, 2022 |
Lease-Related Assets and Liabilities | ||
Operating lease right-of-use assets | $ 10,661 | $ 10,417 |
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 | $ 1,015 | $ 952 |
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 | $ 11,676 | $ 11,369 |
Operating lease liabilities, current | $ 1,410 | $ 1,534 |
Operating lease, liability, current, statement of financial position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Operating lease liabilities, non-current | $ 10,408 | $ 9,936 |
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Finance lease liabilities, current | $ 165 | $ 129 |
Finance lease, liability, current, statement of financial position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Finance lease liabilities, non-current | $ 859 | $ 812 |
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities |
Total lease liabilities | $ 12,842 | $ 12,411 |
Leases - Lease Liability Maturi
Leases - Lease Liability Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Operating Leases | ||
2024 | $ 1,719 | |
2025 | 1,875 | |
2026 | 1,732 | |
2027 | 1,351 | |
2028 | 1,181 | |
Thereafter | 5,983 | |
Total undiscounted liabilities | 13,841 | |
Less: Imputed interest | (2,023) | |
Total lease liabilities | 11,818 | |
Finance Leases | ||
2024 | 196 | |
2025 | 151 | |
2026 | 120 | |
2027 | 52 | |
2028 | 34 | |
Thereafter | 872 | |
Total undiscounted liabilities | 1,425 | |
Less: Imputed interest | (401) | |
Total lease liabilities | 1,024 | |
Total | ||
2024 | 1,915 | |
2025 | 2,026 | |
2026 | 1,852 | |
2027 | 1,403 | |
2028 | 1,215 | |
Thereafter | 6,855 | |
Total undiscounted liabilities | 15,266 | |
Less: Imputed interest | (2,424) | |
Total lease liabilities | $ 12,842 | $ 12,411 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Debt Instrument [Line Items] | |||
Commercial paper | $ 5,985 | $ 9,982 | |
Interest expense on term debt | 3,700 | 2,800 | $ 2,600 |
Level 2 | |||
Debt Instrument [Line Items] | |||
Fixed-rate notes, aggregate fair value | 90,800 | 98,800 | |
Commercial paper | |||
Debt Instrument [Line Items] | |||
Commercial paper | $ 6,000 | $ 10,000 | |
Commercial paper, general maturity period (less than) | 9 months | 9 months | |
Commercial paper, weighted-average interest rate | 5.28% | 2.31% |
Debt - Summary of Cash Flows As
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Maturities 90 days or less: | |||
Proceeds from/(Repayments of) commercial paper, net | $ (1,333) | $ 5,264 | $ (357) |
Maturities greater than 90 days: | |||
Proceeds from commercial paper | 0 | 5,948 | 7,946 |
Repayments of commercial paper | (2,645) | (7,257) | (6,567) |
Proceeds from/(Repayments of) commercial paper, net | (2,645) | (1,309) | 1,379 |
Total proceeds from/(repayments of) commercial paper, net | $ (3,978) | $ 3,955 | $ 1,022 |
Debt - Summary of Term Debt (De
Debt - Summary of Term Debt (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2023 | Sep. 24, 2022 | |
Debt Instrument [Line Items] | ||
Total term debt principal | $ 106,572 | $ 111,824 |
Unamortized premium/(discount) and issuance costs, net | (356) | (374) |
Hedge accounting fair value adjustments | (1,113) | (1,363) |
Total term debt | 105,103 | 110,087 |
Less: Current portion of term debt | (9,822) | (11,128) |
Total non-current portion of term debt | 95,281 | 98,959 |
2013 – 2022 debt issuances | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Total term debt principal | $ 101,322 | $ 111,824 |
Debt instrument, maturity year (calendar), start | 2024 | |
Debt instrument, maturity year (calendar), end | 2062 | |
2013 – 2022 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 – 2022 debt issuances | Fixed-rate notes | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.65% | |
Debt instrument, effective interest rate | 6.72% | 4.78% |
Third quarter 2023 debt issuance | Fixed-rate notes | ||
Debt Instrument [Line Items] | ||
Total term debt principal | $ 5,250 | $ 0 |
Debt instrument, maturity year (calendar), start | 2026 | |
Debt instrument, maturity year (calendar), end | 2053 | |
Third quarter 2023 debt issuance | Fixed-rate notes | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4% | |
Debt instrument, effective interest rate | 4.04% | |
Third quarter 2023 debt issuance | Fixed-rate notes | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, stated interest rate | 4.85% | |
Debt instrument, effective interest rate | 4.88% |
Debt - Future Principal Payment
Debt - Future Principal Payments for Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 9,943 | |
2025 | 10,775 | |
2026 | 12,265 | |
2027 | 9,786 | |
2028 | 7,800 | |
Thereafter | 56,003 | |
Total term debt principal | $ 106,572 | $ 111,824 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) shares in Millions, $ in Billions | 12 Months Ended |
Sep. 30, 2023 USD ($) shares | |
Stockholders' Equity Note [Abstract] | |
Number of shares repurchased (in shares) | shares | 471 |
Amount of share repurchases, excluding excise tax | $ | $ 76.6 |
Shareholders' Equity - Shares o
Shareholders' Equity - Shares of Common Stock (Details) - shares shares in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward] | |||
Common stock outstanding, beginning balances (in shares) | 15,943,425 | ||
Common stock repurchased (in shares) | (471,000) | ||
Common stock outstanding, ending balances (in shares) | 15,550,061 | 15,943,425 | |
Common stock | |||
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward] | |||
Common stock outstanding, beginning balances (in shares) | 15,943,425 | 16,426,786 | 16,976,763 |
Common stock repurchased (in shares) | (471,419) | (568,589) | (656,340) |
Common stock issued, net of shares withheld for employee taxes (in shares) | 78,055 | 85,228 | 106,363 |
Common stock outstanding, ending balances (in shares) | 15,550,061 | 15,943,425 | 16,426,786 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) shares in Millions, $ in Millions | 12 Months Ended | |||
Sep. 30, 2023 USD ($) shares | Sep. 24, 2022 USD ($) shares | Sep. 25, 2021 USD ($) shares | Mar. 04, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total payments to taxing authorities for employees' tax obligations related to vesting of RSUs | $ 5,431 | $ 6,223 | $ 6,556 | |
Total unrecognized compensation cost related to RSUs | $ 18,600 | |||
Total unrecognized compensation cost related to RSUs, weighted-average recognition period | 2 years 6 months | |||
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of RSUs as of the respective vesting dates | $ 15,900 | $ 18,200 | $ 19,000 | |
Total shares withheld upon vesting of RSUs (in shares) | shares | 37 | 41 | 53 | |
Total payments to taxing authorities for employees' tax obligations related to vesting of RSUs | $ 5,600 | $ 6,400 | $ 6,800 | |
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 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Unit Activity and Related Information (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Number of Restricted Stock Units | |||
Beginning balance (in shares) | 201,501 | 240,427 | 310,778 |
RSUs granted (in shares) | 88,768 | 91,674 | 89,363 |
RSUs vested (in shares) | (101,878) | (115,861) | (145,766) |
RSUs canceled (in shares) | (8,144) | (14,739) | (13,948) |
Ending balance (in shares) | 180,247 | 201,501 | 240,427 |
Weighted-Average Grant Date Fair Value Per RSU | |||
Beginning balance (in dollars per share) | $ 109.48 | $ 75.16 | $ 51.58 |
RSUs granted (in dollars per share) | 150.87 | 150.70 | 116.33 |
RSUs vested (in dollars per share) | 97.31 | 72.12 | 50.71 |
RSUs canceled (in dollars per share) | 127.98 | 99.77 | 68.95 |
Ending balance (in dollars per share) | $ 135.91 | $ 109.48 | $ 75.16 |
Aggregate Fair Value | |||
Aggregate fair value of RSUs | $ 30,860 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 10,833 | $ 9,038 | $ 7,906 |
Income tax benefit related to share-based compensation expense | $ (3,421) | $ (4,002) | $ (4,056) |
Commitments, Contingencies an_3
Commitments, Contingencies and Supply Concentrations - Future Payments Under Unconditional Purchase Obligations (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2024 | $ 4,258 |
2025 | 2,674 |
2026 | 3,434 |
2027 | 1,277 |
2028 | 5,878 |
Thereafter | 3,215 |
Total | $ 20,736 |
Segment Information and Geogr_3
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 383,285 | $ 394,328 | $ 365,817 |
Operating income | 114,301 | 119,437 | 108,949 |
Americas | |||
Segment Reporting Information [Line Items] | |||
Net sales | 162,560 | 169,658 | 153,306 |
Operating income | 60,508 | 62,683 | 53,382 |
Europe | |||
Segment Reporting Information [Line Items] | |||
Net sales | 94,294 | 95,118 | 89,307 |
Operating income | 36,098 | 35,233 | 32,505 |
Greater China | |||
Segment Reporting Information [Line Items] | |||
Net sales | 72,559 | 74,200 | 68,366 |
Operating income | 30,328 | 31,153 | 28,504 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Net sales | 24,257 | 25,977 | 28,482 |
Operating income | 11,888 | 12,257 | 12,798 |
Rest of Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Net sales | 29,615 | 29,375 | 26,356 |
Operating income | $ 12,066 | $ 11,569 | $ 9,817 |
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. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income | $ 114,301 | $ 119,437 | $ 108,949 |
Research and development expense | (29,915) | (26,251) | (21,914) |
Operating segments | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Operating income | 150,888 | 152,895 | 137,006 |
Segment reconciling items | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Research and development expense | (29,915) | (26,251) | (21,914) |
Corporate non-segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Other corporate expenses, net | $ (6,672) | $ (7,207) | $ (6,143) |
Segment Information and Geogr_5
Segment Information and Geographic Data - Net Sales (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 24, 2022 | Sep. 25, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 383,285 | $ 394,328 | $ 365,817 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 138,573 | 147,859 | 133,803 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 72,559 | 74,200 | 68,366 |
Other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 172,153 | $ 172,269 | $ 163,648 |
Segment Information and Geogr_6
Segment Information and Geographic Data - Long-Lived Assets (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Sep. 24, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 43,715 | $ 42,117 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 33,276 | 31,119 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 5,778 | 7,260 |
Other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 4,661 | $ 3,738 |