Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Consolidated
Statements of Operations for 2022 , 2021  and 2020  (in millions):
2022 2021 2020
Share-based compensation expense $ 9,038 $ 7,906 $ 6,829
Income tax benefit related to share-based compensation expense $ (4,002) $ (4,056) $ (2,476)
As of September 24, 2022 , the total unrecognized compensation cost related to outstanding RSUs and stock options was $16.7
billion , which the Company expects to recognize over a weighted-average period of 2.6 years .
Note 10 – Commitments and Contingencies
Concentrations  in the Available Sources of Supply of Materials and Product
Although most components essential to the Company’s business are generally available from multiple sources, certain
components are currently obtained from single or limited sources. The Company also competes for various components with
other participants in the markets for smartphones, personal computers, tablets, wearables and accessories. Therefore, many
components used by the Company, including those that are available from multiple sources, are at times subject to industry-wide
shortage and significant commodity pricing fluctuations.
The Company uses some custom components that are not commonly used by its competitors, and new products introduced by
the Company often utilize custom components available from only one source. When a component or product uses new
technologies, initial capacity constraints may exist until the suppliers’ yields have matured or their manufacturing capacities have
increased. The continued availability of these components at acceptable prices, or at all, may be affected if suppliers decide to
concentrate on the production of common components instead of components customized to meet the Company’s requirements.
Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are located primarily in
Asia, with some Mac computers manufactured in the U.S. and Ireland.
Unconditional Purchase Obligations
The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services
(“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of payments for
supplier arrangements, internet services and content creation. Future payments under noncancelable unconditional purchase
obligations with a remaining term in excess of one year as of September 24, 2022 , are as follows (in millions):
2023 $ 13,488
2024  4,876
2025  1,418
2026  6,780
2027  312
Thereafter  412
Total $ 27,286
Contingencies
The Company is subject

Share-Based Compensation
 table shows expense income tax benefit Consolidated
 Statements Operations 2022 2021 2020
 2022 2021 2020
 Share compensation expense $ 9,038 $ $
 Income tax benefit $ (4,002) (4,056) (2,476)
 September 24, 2022 total unrecognized compensation cost RSUs stock options $16. 7
 billion expects recognize 2. 6 years.
 Note 10 Commitments Contingencies
 Sources Supply Materials Product
 components available multiple sources
 single limited. competes components
 smartphones computers tablets wearables accessories.
 subject
 shortage commodity pricing fluctuations.
 uses custom components new products
 one source.
 capacity constraints exist until suppliers’ yields manufacturing capacities
. availability suppliers
.
 hardware products manufactured outsourcing partners
 Asia some Mac computers U. S. Ireland.
 Unconditional Purchase Obligations
 off–balance commitments future purchase goods services
.obligations
 services content creation. Future payments
 September 24 2022
 2023 13,488
 2024 4,876
 2025 1,418
 2026 6,780
 2027 312
 412 $ 27,286


000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes and the 2031
Notes at our option, at any time in whole or from time to time in part, prior to the applicable Par Call Date at a
redemption price equal to the greater of:
•100% of the principal amount of the Notes to be redeemed; or
•the sum of the present values of the remaining scheduled payments of principal and interest thereon
assuming that the Notes matured on the applicable Par Call Date (not including any portion of such
payments of interest accrued as of the date of redemption), discounted to the date of redemption on an
annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as
defined below), plus 10 basis points in the case of the 0.000% 2025 Notes, plus 15 basis points in the
case of the 0.875% 2025 Notes and the 2031 Notes, and 20 basis points in the case of the 2029 Notes.
“Par Call Date” means (i) with respect to the 0.000% 2025 Notes, August 15, 2025 (three months prior to the
maturity date of the 0.000% 2025 Notes), (ii) with respect to the 0.875% 2025 Notes, February 24, 2025 (three
months prior to the maturity date of the 0.875% 2025 Notes), (iii) with respect to the 1.375% 2029 Notes, February
24, 2029 (three months prior to the maturity date of 1.375% 2029 Notes) and (iv) with respect to the 2031 Notes,
August 15, 2031 (three months prior to the maturity of the 2031 Notes).
7

000% 2025 Notes 0. 875% 2025 1. 375% 2029 2031
 Notes option prior Par Call Date
 redemption price equal
 principal amount Notes
 present values remaining scheduled payments principal interest
 Notes matured Par Call Date
 interest accrued discounted date redemption
 Comparable Government Bond Rate
 plus 10 basis points 0. 000% 2025 Notes 15 points
 0. 875% 2025 Notes 2031 Notes 20 points 2029 Notes.
 Call Date” 0. 000% 2025 Notes August 15, 2025
 maturity. 0. 875% 2025 Notes February 24, 2025
. 1. 375% 2029 Notes February
 24, 2029 maturity. 2031 Notes
 August 15, 2031 (three months prior maturity.


UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 24, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-36743 Apple Inc. (Exact name of Registrant as specified in its charter) California 94-2404110 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) One Apple Park Way Cupertino, California 95014 (Address of principal executive offices) (Zip Code) (408) 996-1010 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, $0.00001 par value per share AAPL The Nasdaq Stock Market LLC 1.000% Notes due 2022 — The Nasdaq Stock Market LLC 1.375% Notes due 2024 — The Nasdaq Stock Market LLC 0.000% Notes due 2025 — The Nasdaq Stock Market LLC 0.875% Notes due 2025 — The Nasdaq Stock Market LLC 1.625% Notes due 2026 — The Nasdaq Stock Market LLC 2.000% Notes due 2027 — The Nasdaq Stock Market LLC 1.375% Notes due 2029 — The Nasdaq Stock Market LLC 3.050% Notes due 2029 — The Nasdaq Stock Market LLC 0.500% Notes due 2031 — The Nasdaq Stock Market LLC 3.600% Notes due 2042 — The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant, as of March 25, 2022, the last business day of the Registrant’s most recently completed second fiscal quarter, was approximately $2,830,067,000,000. Solely for purposes of this disclosure, shares of common stock held by executive officers and directors of the Registrant as of such date have been excluded because such persons may be deemed to be affiliates. This determination of executive officers and directors as affiliates is not necessarily a conclusive determination for any other purposes. 15,908,118,000 shares of common stock were issued and outstanding as of October 14, 2022. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement relating to its 2023 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. Apple Inc. Form 10-K For the Fiscal Year Ended September 24, 2022 TABLE OF CONTENTS Page Part I Item 1. Business 1 Item 1A. Risk Factors 5 Item 1B. Unresolved Staff Comments 17 Item 2. Properties 17 Item 3. Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 Part II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [Reserved] 19 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 26 Item 8. Financial Statements and Supplementary Data 28 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53 Item 9A. Controls and Procedures 53 Item 9B. Other Information 54 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 54 Part III Item 10. Directors, Executive Officers and Corporate Governance 54 Item 11. Executive Compensation 54 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 Item 13. Certain Relationships and Related Transactions, and Director Independence 54 Item 14. Principal Accountant Fees and Services 54 Part IV Item 15. Exhibit and Financial Statement Schedules 55 Item 16. Form 10-K Summary 57 This Annual Report on Form 10-K (“Form 10-K”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Many of the forward-looking statements are located in Part I, Item 1 of this Form 10-K under the heading “Business” and Part II, Item 7 of this Form 10-K under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. For example, statements in this Form 10-K regarding the potential future impact of the COVID-19 pandemic on the Company’s business and results of operations are forward-looking statements. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item

UNITED STATES SECURITIES EXCHANGE COMMISSION Washington D. 20549 FORM 10-K ANNUAL REPORT SECTION 13 15 SECURITIES EXCHANGE ACT 1934 fiscal year September 24 2022 TRANSITION REPORT SECTION 13 15 EXCHANGE 1934 transition period. File Number-36743 Apple Inc. Registrant California 94-2404110 jurisdiction incorporation. Employer Identification. One Apple Park Way Cupertino California 95014 executive offices Code (408) 996-1010 telephone number area code Securities registered Section 12(b) Act Title class Trading symbol exchange Common Stock $0. 00001 share Nasdaq Stock Market LLC. 000% 2022. 375% 2024.% 2025. 875%. 625% 2.% 2027. 375% 2029. 050%. 500% 2031. 600% 2042 Securities Section 12(g) Act Registrant-known seasoned issuer Rule 405 Securities Act.Yes ☒ No ☐ Registrant not required file reports Section 13 or 15(d) Act. Yes No Registrant filed reports Section 13 or 15(d) Securities Exchange Act 1934 preceding 12 months subject to filing requirements past 90 days. Yes No submitted electronically Interactive Data File Rule 405 Regulation S-T (§232. 405 preceding 12 months. Yes No Registrant large accelerated filer non-accelerated filer smaller reporting company emerging growth company. definitions Rule 12b-2 Exchange Act. Large accelerated filer Non-accelerated filer Smaller reporting Emerging growth company not use extended transition period new financial accounting standards Section 13(a) Exchange Act. Registrant filed report assessment internal control financial reporting Section 404(b) Sarbanes-Oxley Act (15 U. S. C. 7262(b)) by registered public accounting firm audit report. Registrant company Rule 12b-2.Yes market value voting non-voting stock non Registrant March 25, 2022 fiscal quarter approximately $2,830,067,000,000. shares common stock executive officers directors excluded. not conclusive. 15,908,118,000 shares common stock issued outstanding October 14, 2022. Registrant’s proxy statement 2023 annual meeting Part III Annual Report Form 10-K. filed U. S. Securities Exchange Commission 120 days after end fiscal year. Apple Inc. Form 10-K Fiscal Year Ended September 24, 2022 TABLE CONTENTS I. Business. Risk Factors. Staff Comments. Properties. Legal Proceedings. Mine Safety Disclosures II. Market Registrant’s Common Equity Stockholder Matters Issuer Purchases Equity Securities 6. Financial Condition Results Operations. Market Risk. Financial Statements Supplementary Data. Accountants Financial Disclosure. Controls Procedures. Other Information. Foreign Jurisdictions III. Directors Executive Officers Corporate Governance.Executive Compensation 54 Item 12. Security Ownership Beneficial Owners Management Stockholder Matters Item 13. Relationships Transactions Director Independence Item 14. Principal Accountant Fees Services Part IV Item 15. Exhibit Financial Statement Schedules Item 16. Form 10-K Summary Annual Report Form 10-K forward-looking statements Private Securities Litigation Reform Act 1995 risks uncertainties. forward-looking statements Part I Item 1 Part II Item 7 “Management’s Discussion Analysis Financial Condition Results Operations. Forward-looking statements expectations future events historical fact. impact COVID-19 pandemic business results forward-looking. identified “future. statements not guarantees future performance results differ. Factors differences Part I Item


Consolidation, Merger and Sale of Assets
The Indentures provide that we may consolidate with or merge with or into any other person, and may sell,
transfer, or lease or convey all or substantially all of our properties and assets to another person; provided that the
following conditions are satisfied:
•we are the continuing entity, or the resulting, surviving or transferee person (the “Successor”) is a
person (if such person is not a corporation, then the Successor will include a corporate co-issuer of the
debt securities) organized and existing under the laws of the United States of America, any state thereof
or the District of Columbia and the Successor (if not us) will expressly assume, by supplemental
indenture, all of our obligations under the debt securities and the applicable Indenture and, for each
security that by its terms provides for conversion, provide for

Consolidation Merger Sale Assets
 Indentures provide consolidate merge person sell
 transfer lease convey properties assets to another person
 conditions satisfied
 continuing entity surviving transferee person “Successor”)
 person not corporation corporate co-issuer
 debt securities organized under laws United States
 District of Columbia Successor assume
 obligations under debt securities Indenture
 security provides conversion


The 2027 Notes
We issued €1,000,000,000 aggregate principal amount of the 2027 Notes on September 17, 2015. The
maturity date of the 2027 Notes is September 17, 2027, and interest at a rate of 2.000% per annum is paid annually
on September 17 of each year, beginning on September 17, 2016, and on the maturity date. As of October 14, 2022 ,
€1,000,000,000  aggregate principal amount of the 2027 Notes was outstanding.
The 1.375% 2029 Notes
We issued €1,250,000,000 aggregate principal amount of the 1.375% 2029 Notes on May 24, 2017. The
maturity date of the 1.375% 2029 Notes is May 24, 2029, and interest at a rate of 1.375% per annum is paid annually
on May 24 of each year,

2027 Notes
 issued €1,000,000,000 September 17, 2015.
 maturity interest 2. 000% per annum paid
 September 17 2016,. October 14, 2022
 €1,000,000,000.
. 375% 2029 Notes
 issued €1,250,000,000. May 24, 2017.
 maturity. May 24 2029 interest 1. 375% annum paid
 May 24


 as of September  24, 2022  and September  25, 2021 , the related
consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years
in the period ended September 24, 2022 , and the related notes and our report dated October 27, 2022  expressed an unqualified
opinion thereon.
Basis for Opinion
Apple Inc.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment
of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on
Internal Control over Financial Reporting. Our responsibility is to express an opinion on Apple Inc.’s internal control over financial
reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent
with respect to Apple Inc. in accordance with the U.S. federal securities laws

September 24, 2022 25, 2021
 consolidated statements operations income shareholders’ equity cash flows three years
 September 24 2022 notes report October 27, 2022 unqualified
 opinion.
 Apple Inc. management internal control financial reporting assessment
 Annual Report
. express opinion Apple. control
 audit. public accounting firm PCAOB independent
 Apple Inc. U. S. federal securities laws


The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of
September 24, 2022  (in millions):
Due after 1 year through 5 years $ 87,031
Due after 5 years through 10 years  16,429
Due after 10 years  17,345
Total fair value $ 120,805
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk.
However, the Company may choose not to hedge certain exposures for a variety of reasons including accounting considerations
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts,
option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally
hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically  for up to
12 months .
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency
exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company
designates these instruments as either cash flow or fair value hedges. As of September 24, 2022 , the maximum length of time
over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency
transactions is 20 years .
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins
from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains
and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into
interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value
hedges.
The notional amounts of the Company’s outstanding derivative instruments as of September 24, 2022  and September 25, 2021
were as follows (in millions):
2022 2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 102,670 $ 76,475
Interest rate contracts $ 20,125 $ 16,875
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 185,381 $ 126,918
Apple Inc

table shows value non-current debt securities maturity
 September 24, 2022
 Due after 1 year 5 years $ 87,031
 5 10 years 16,429
 10 years 17,345
 Total value $ 120,805
 Derivative Instruments Hedging
 Company derivative instruments offset foreign exchange interest rate risk.
 not hedge accounting considerations
 economic cost. no hedges offset
 financial impact foreign exchange interest rates.
 Foreign Exchange Risk
 margins enter forward contracts
 option contracts cash flow hedges.
 hedges foreign currency exposure revenue inventory purchases
 12 months.
 foreign currency–denominated debt securities
 forward contracts cross-currency swaps.
 cash flow fair value hedges. September 24, 2022 maximum
 hedging cash foreign currency
 20 years.
 enter derivative instruments hedges protect margins
 offset exchange gains
 losses remeasurement assets liabilities non-functional currencies.
 Interest Rate Risk
 debt enter
 interest rate swaps options instruments.Company designates cash
 hedges.
 instruments September 24 25 2021
 hedges Foreign exchange contracts $ 102,670 76,475
 Interest rate contracts $ 20,125 16,875
 exchange contracts $ 185,381 126,918


Exhibit 21.1
Subsidiaries of
Apple Inc.*
Jurisdiction
of Incorporation
Apple Asia Limited Hong Kong
Apple Asia LLC Delaware, U.S.
Apple Canada Inc. Canada
Apple Computer Trading (Shanghai) Co., Ltd. China
Apple Distribution International Limited Ireland
Apple India Private Limited India
Apple Insurance Company, Inc. Arizona, U.S.
Apple Japan, Inc. Japan
Apple Korea Limited South Korea
Apple Operations Europe Limited Ireland
Apple Operations International Limited Ireland
Apple Operations Limited Ireland
Apple Operations Mexico, S.A. de C.V. Mexico
Apple Pty Limited Australia
Apple Sales International Limited Ireland
Apple South Asia (Thailand) Limited Thailand
Apple Vietnam Limited Liability Company Vietnam
Braeburn Capital, Inc. Nevada, U.S.
iTunes K.K. Japan
* Pursuant to Item 601(b)(21)(ii

Exhibit 21.
 Subsidiaries
 Apple Inc.
 Jurisdiction
 Incorporation
 Apple Asia Hong Kong
 Delaware.
 Canada.
 Computer Trading (Shanghai. China
 Distribution International
 India
 Insurance Company. Arizona.
 Japan.
 Korea Operations Europe
 Mexico.
 Australia Sales International South Asia
 Vietnam Limited
 Braeburn Capital. Nevada.
. Japan
 Item(b)(21)


governmental agreement entered into in connection with the
implementation of such sections of the Code; or
(10)in the case of any combination of items (1) through (9) above.
The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial
interpretation applicable to the Notes. Except as specifically provided under this heading “—Payment of Additional
Amounts,” the Company will not be required to make any payment for any Tax imposed by any government or a
political subdivision or taxing authority of or in any government or political subdivision. As used under “—Payment of
Additional Amounts” and under “—Redemption for Tax Reasons,” the term “United States” means the United States
6

governmental agreement
 implementation sections Code
 combination items (1) through (9).
 Notes subject to tax fiscal law regulation administrative judicial
 interpretation. Except “—Payment Additional
 Amounts Company required Tax government
 political subdivision taxing authority.
 “—Redemption for Tax Reasons term “United States” means
 6


(4,774) (215) Other 111 (147) (97) Changes in operating assets and liabilities: Accounts receivable, net (1,823) (10,125) 6,917 Inventories 1,484 (2,642) (127) Vendor non-trade receivables (7,520) (3,903) 1,553 Other current and non-current assets (6,499) (8,042) (9,588) Accounts payable 9,448 12,326 (4,062) Deferred revenue 478 1,676 2,081 Other current and non-current liabilities 5,632 5,799 8,916 Cash generated by operating activities 122,151 104,038 80,674 Investing activities: Purchases of marketable securities (76,923) (109,558) (114,938) Proceeds from maturities of marketable securities 29,917 59,023 69,918 Proceeds from sales of marketable securities 37,446 47,460 50,473 Payments for acquisition of property, plant and equipment (10,708) (11,085) (7,309) Payments made in connection with business acquisitions, net (306) (33) (1,524) Other (1,780) (352) (909) Cash used in investing activities (22,354) (14,545) (4,289) Financing activities: Payments for taxes related to net share settlement of equity awards (6,223) (6,556) (3,634) Payments for dividends and dividend equivalents (14,841) (14,467) (14,081) Repurchases of common stock (89,402) (85,971) (72,358) Proceeds from issuance of term debt, net 5,465 20,393 16,091 Repayments of term debt (9,543) (8,750) (12,629) Proceeds from\/(Repayments of) commercial paper, net 3,955 1,022 (963) Other (160) 976 754 Cash used in financing activities (110,749) (93,353) (86,820) Decrease in cash, cash equivalents and restricted cash (10,952) (3,860) (10,435) Cash, cash equivalents and restricted cash, ending balances $ 24,977 $ 35,929 $ 39,789 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 19,573 $ 25,385 $ 9,501 Cash paid for interest $ 2,865 $ 2,687 $ 3,002 See accompanying Notes to Consolidated Financial Statements. Apple Inc. | 2022 Form 10-K | 33 Apple Inc. Notes to Consolidated Financial Statements Note 1 – Summary of Significant Accounting Policies Basis of Presentation and Preparation The consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which will occur in the first quarter of the Company’s fiscal year ending September 30, 2023. The Company’s fiscal years 2022, 2021 and 2020 spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years. Revenue Recognition Net sales consist of revenue from the sale of iPhone, Mac, iPad, Services and other products. The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is generally transferred when the Company has a present right to payment and title and the significant risks and rewards of ownership of products or services are transferred to its customers. For most of the Company’s Products net sales, control transfers when products are shipped. For the Company’s Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable. The Company records reductions to Products net sales related to future product returns, price protection and other customer incentive programs based on the Company’s expectations and historical experience. For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation. The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, iPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price, is the hardware and bundled software delivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud , Siri and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company’s estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, including estimated warranty costs, are recognized at the time of sale. Costs incurred to provide product-related bundled services and unspecified software upgrade rights are recognized as cost of sales as incurred. For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. For these arrangements, the Company does not have a right to bill for the undelivered services. The Company has determined that any unbilled consideration relates entirely to the value of the undelivered services. Accordingly, the Company has not recognized revenue, and does not disclose amounts, related to these undelivered services. ® ® Apple Inc. | 2022 Form 10-K | 34 For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when determining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store and certain digital content sold through the Company’s other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains. The Company records revenue net of taxes collected from customers that are remitted to governmental authorities, with the

Accounts receivable (10,125 Inventories 1,484 (2,642 non-trade receivables (7,520) (3,903) 1,553 assets Accounts payable 9,448 12,326 (4,062) Deferred revenue liabilities 5,799 8,916 Cash 122,151 104,038 80,674 Purchases (76,923) (109,558) (114,938) maturities 29,917 59,023 69,918 sales 37,446 47,460 50,473 property (10,708 (11,085) (7,309) acquisitions (22,354) (14,545) (4,289 (6,223) (6,556) (3,634 dividends (14,841) Repurchases common stock,402) (85,971) (72,358) debt 5,465 16,091 Repayments (9,543) (8,750 (12,629) commercial 3,955,749 (93,353 (86,820) (10,952) (3 24,977 35,929 39,789 taxes 19,573 25,385 interest 2,865 2,687$ 3,002 Notes Consolidated Financial Statements. Apple Inc. 2022 Form 10-K 33 Apple. Notes 1 Summary Accounting Policies consolidated financial statements include accounts Apple Inc. subsidiaries. Intercompany accounts transactions eliminated. preparation. accounting principles requires estimates assumptions. results differ. prior period amounts reclassified current presentation. fiscal year 52- or 53-week ends last Saturday September. additional week first fiscal quarter every five or six years first quarter fiscal year ending September 30, 2023. fiscal years 2022 2021 2020 52 weeks. references years quarters months periods refer fiscal years ended September. Revenue Recognition Net sales iPhone Mac iPad Services products. recognizes revenue control transferred to customers. Control transferred right to payment title risks rewards ownership transferred customers. Products net sales control transfers when shipped. Services net sales delivered. Payment Products Services collected following transfer control delivery.Company records reductions to net sales future returns price protection customer incentive programs based expectations experience. arrangements with multiple performance obligations allocates revenue to based on stand-alone selling prices (“SSPs”). uses observable prices determine SSPs. SSPs established estimates selling prices. process estimating SSPs without observable prices considers factors prices market trends product-specific business objectives estimated cost. three performance obligations in arrangements sale iPhone Mac iPad products. first hardware bundled software delivered. second right receive product-related bundled services iCloud  Siri Maps. third right receive future software upgrades. Company allocates revenue discounts to obligations based on SSPs. observable prices for undelivered performance obligations allocation revenue based on estimated SSPs. Revenue delivered hardware bundled software recognized when control transferred to customer. Revenue product-related bundled services software upgrade rights deferred recognized over estimated period.Cost sales hardware software including warranty costs recognized at sale. Costs product-related services software upgrade rights recognized as cost sales. long-term service arrangements Company performance obligations for services not delivered. right to bill for undelivered services. unbilled consideration relates to value undelivered services. revenue disclose amounts related undelivered services. Apple Inc. 2022 Form 10-K 34 sale third-party products Company control before recognizes revenue based on gross amount billed. considers factors price inventory risk acceptability. third-party applications sold through App Store digital content other stores control before. accounts for sales only commission. records revenue net of taxes remitted to governmental authorities


global notes representing the Floating Rate Notes due 2016, Floating Rate Notes due 2018, 0.45% Notes due 2016, 1.00% Notes due 2018, 2.40% Notes due 2023 and 3.85% Notes due 2043. 8-K 4.1 5\/3\/13 4.4 Officer’s Certificate of the Registrant, dated as of May 6, 2014, including forms of global notes representing the Floating Rate Notes due 2017, Floating Rate Notes due 2019, 1.05% Notes due 2017, 2.10% Notes due 2019, 2.85% Notes due 2021, 3.45% Notes due 2024 and 4.45% Notes due 2044. 8-K 4.1 5\/6\/14 4.5 Officer’s Certificate of the Registrant, dated as of November 10, 2014, including forms of global notes representing the 1.000% Notes due 2022 and 1.625% Notes due 2026. 8-K 4.1 11\/10\/14 4.6 Officer’s Certificate of the Registrant, dated as of February 9, 2015, including forms of global notes representing the Floating Rate Notes due 2020, 1.55% Notes due 2020, 2.15% Notes due 2022, 2.50% Notes due 2025 and 3.45% Notes due 2045. 8-K 4.1 2\/9\/15 4.7 Officer’s Certificate of the Registrant, dated as of May 13, 2015, including forms of global notes representing the Floating Rate Notes due 2017, Floating Rate Notes due 2020, 0.900% Notes due 2017, 2.000% Notes due 2020, 2.700% Notes due 2022, 3.200% Notes due 2025, and 4.375% Notes due 2045. 8-K 4.1 5\/13\/15 4.8 Officer’s Certificate of the Registrant, dated as of July 31, 2015, including forms of global notes representing the 3.05% Notes due 2029 and 3.60% Notes due 2042. 8-K 4.1 7\/31\/15 4.9 Officer’s Certificate of the Registrant, dated as of September 17, 2015, including forms of global notes representing the 1.375% Notes due 2024 and 2.000% Notes due 2027. 8-K 4.1 9\/17\/15 (1) Apple Inc. | 2022 Form 10-K | 55 Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date\/ Period End Date 4.10 Officer’s Certificate of the Registrant, dated as of February 23, 2016, including forms of global notes representing the Floating Rate Notes due 2019, Floating Rate Notes due 2021, 1.300% Notes due 2018, 1.700% Notes due 2019, 2.250% Notes due 2021, 2.850% Notes due 2023, 3.250% Notes due 2026, 4.500% Notes due 2036 and 4.650% Notes due 2046. 8-K 4.1 2\/23\/16 4.11 Supplement No. 1 to the Officer’s Certificate of the Registrant, dated as of March 24, 2016. 8-K 4.1 3\/24\/16 4.12 Officer’s Certificate of the Registrant, dated as of August 4, 2016, including forms of global notes representing the Floating Rate Notes due 2019, 1.100% Notes due 2019, 1.550% Notes due 2021, 2.450% Notes due 2026 and 3.850% Notes due 2046. 8-K 4.1 8\/4\/16 4.13 Officer’s Certificate of the Registrant, dated as of February 9, 2017, including forms of global notes representing the Floating Rate Notes due 2019, Floating Rate Notes due 2020, Floating Rate Notes due 2022, 1.550% Notes due 2019, 1.900% Notes due 2020, 2.500% Notes due 2022, 3.000% Notes due 2024, 3.350% Notes due 2027 and 4.250% Notes due 2047. 8-K4.1 2\/9\/17 4.14 Officer’s Certificate of the Registrant, dated as of May 11, 2017, including forms of global notes representing the Floating Rate Notes due 2020, Floating Rate Notes due 2022, 1.800% Notes due 2020, 2.300% Notes due 2022, 2.850% Notes due 2024 and 3.200% Notes due 2027. 8-K 4.1 5\/11\/17 4.15 Officer’s Certificate of the Registrant, dated as of May 24, 2017, including forms of global notes representing the 0.875% Notes due 2025 and 1.375% Notes due 2029. 8-K 4.1 5\/24\/17 4.16 Officer’s Certificate of the Registrant, dated as of June 20, 2017, including form of global note representing the 3.000% Notes due 2027. 8-K 4.1 6\/20\/17 4.17 Officer’s Certificate of the Registrant, dated as of August 18, 2017, including form of global note representing the 2.513% Notes due 2024. 8-K 4.1 8\/18\/17 4.18 Officer’s Certificate of the Registrant, dated as of September 12, 2017, including forms of global notes representing the 1.500% Notes due 2019, 2.100% Notes due 2022, 2.900% Notes due 2027 and 3.750% Notes due 2047. 8-K 4.1 9\/12\/17 4.19 Officer’s Certificate of the Registrant, dated as of November 13, 2017, including forms of global notes representing the 1.800% Notes due 2019, 2.000% Notes due 2020, 2.400% Notes due 2023, 2.750% Notes due 2025, 3.000% Notes due 2027 and 3.750% Notes due 2047. 8-K 4.1 11\/13\/17 4.20 Indenture, dated as of November 5, 2018, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee. S-3 4.1 11\/5\/18 4.21 Officer’s Certificate of the Registrant, dated as of September 11, 2019, including forms of global notes representing the 1.700% Notes due 2022, 1.800% Notes due 2024, 2.050% Notes due 2026, 2.200% Notes due 2029 and 2.950% Notes due 2049. 8-K 4.1 9\/11\/19 4.22 Officer’s Certificate of the Registrant, dated as of November 15, 2019, including forms of global notes representing the 0.000% Notes due 2025 and 0.500% Notes due 2031. 8-K 4.1 11\/15\/19 4.23 Officer’s Certificate of the Registrant, dated as of May 11, 2020, including forms of global notes representing the 0.750% Notes due 2023, 1.125% Notes due 2025, 1.650% Notes due 2030 and 2.650% Notes due 2050. 8-K 4.1 5\/11\/20 4.24 Officer’s Certificate of the Registrant, dated as of August 20, 2020, including forms of global notes representing the 0.550% Notes due 2025, 1.25% Notes due 2030, 2.400% Notes due 2050 and 2.550% Notes due 2060. 8-K 4.1 8\/20\/20 4.25 Officer’s Certificate of the Registrant, dated as of February 8, 2021, including forms of global notes representing the 0.700% Notes due 2026, 1.200% Notes due 2028, 1.650% Notes due 2031, 2.375% Notes due 2041, 2.650% Notes due 2051 and 2.800% Notes due 2061. 8-K 4.1 2\/8\/21 4.26 Officer’s Certificate of the Registrant, dated as of August 5, 2021, including forms of global notes representing the 1.400% Notes due 2028, 1.700% Notes due 2031, 2.700% Notes due 2051 and 2.850% Notes due 2061. 8-K 4.1 8\/5\/21 4.27 Indenture, dated as of October 28, 2021, between the Registrant and The Bank of New York Mellon Trust Company, N

Floating Rate 2016, 2018. 45%.%. 40% 2023. 85% 2043. Officer’s Certificate Registrant May 6 2014, global notes Floating Rate 2017 2019. 05%. 10%. 85% 2021. 45% 2024 4. 45% 2044. Officer’s Certificate Registrant November 10 2014, global notes 1. 000% 2022. 625% 2026. Officer’s Certificate Registrant February 9 2015, notes Floating Rate 2020. 55% 2. 15% 2022. 50% 2025 3. 45% 2045. Officer’s Certificate Registrant May 13, 2015, Floating Rate 2017 2020. 900%. 000%. 700% 2022 3. 200% 2025 4. 375% 2045. Officer’s Certificate Registrant July 31, 2015, global notes 3. 05% 2029 3. 60% 2042. Officer’s Certificate Registrant September 17, 2015, global notes 1. 375% 2024.Notes 2027. 8-K. Apple Inc. 2022 Form 10-K 55 Incorporated Reference Exhibit Number Filing Date Period. Officer’s Certificate Registrant February 23, 2016, global notes Floating Rate 2019 2021. 300% 2018. 700% 2019. 250% 2021. 850% 2023. 250% 2026. 500% 2036. 650% 2046. Supplement. Officer’s Certificate Registrant March 24 2016. Certificate August 4 2016, Floating Rate 2019. 100%. 550% 2021. 450% 2026 3. 850% 2046. Certificate Registrant February 9 2017 global Floating Rate 2019 2022. 550%. 900% 2020. 500% 2022. 000% 2024. 350% 2027 4. 250% 2047. Officer’s Certificate Registrant May 11 2017 global Floating Rate 2020 2022. 800%. 300%. 850% 2024. 200% 2027.. 15 Certificate Registrant May 24 2017 global notes. 875% 2025. 375% 2029. 16 Certificate June 20 2017 global note 3. 000% 2027. Certificate August 18 2017 global note 2. 513% 2024. 18 Certificate September 12 2017 global notes 1. 500% 2019. 100% 2022. 900% 2027 3. 750% 2047. 19 Certificate November 13, 2017 global notes. 800% 2019 2. 000% 2020 2. 400% 2023. 750% 2025 3. 000% 2027 3. 750% 2047. 11\/13\/17. 20 Indenture November 5 2018 Registrant Bank New York Mellon Trust Company. 21 Officer’s Certificate Registrant September 11 2019 global notes 1. 700% 2022. 800% 2024. 050% 2026. 200% 2029. 950% 2049.Officer’s Certificate Registrant November 15 2019 global notes. 000% 2025. 500% 2031. Certificate May 11 2020 global notes. 750% 2023. 125% 2025. 650% 2030 2. 650% 2050. Certificate August 20 2020 global notes. 550% 2025. 25% 2030. 400% 2050. 550% 2060. Certificate February 8 2021 global notes. 700% 2026. 200% 2028. 650% 2031. 375% 2041 2. 650% 2051 2. 800% 2061. Officer’s Certificate August 5 2021 global notes 1. 400% 2028. 700% 2031 2. 700% 2051 2. 850% 2061. Indenture October 28, 2021 Registrant Bank New York Mellon Trust Company


Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per share amounts)
Years ended
September 24,
2022September 25,
2021September 26,
2020
Total shareholders’ equity, beginning balances $ 63,090 $ 65,339 $ 90,488
Common stock and additional paid-in capital:
Beginning balances  57,365  50,779  45,174
Common stock issued  1,175  1,105  880
Common stock withheld related to net share settlement of equity
awards  (2,971)  (2,627)  (2,250)
Share-based compensation  9,280  8,108  6,975
Ending balances  64,849  57,365  50,779
Retained earnings/(Accumulated deficit):
Beginning

Apple.
 EQUITY equity balances 63,090 65,339 90,488
 stock capital
 balances 57,365 50,779 45,174
 issued 1,175 1,105
 withheld settlement (2,971) compensation 9,280 8,108
 balances 64,849 57,365 50,779
 Retained earnings


 Notes”); (v) 0.875% Notes due 2025
(the “0.875% 2025 Notes”); (vi) 1.625% Notes due 2026 (the “2026 Notes”); (vii) 2.000% Notes due 2027 (the “2027
Notes”); (viii) 1.375% Notes due 2029 (the “1.375% 2029 Notes”); (ix) 3.050% Notes due 2029 (the “3.050% 2029
Notes”); (x) 0.500% Notes due 2031 (the “2031 Notes”); and (xi) 3.600% Notes due 2042 (the “2042 Notes,” and
together with the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the

0. 875% Notes 2025
. 1. 625% Notes 2026 2. 000% Notes 2027
 1. 375% Notes 2029. 3. 050% Notes 2029.
 0. 500% Notes 2031 3. 600% Notes 2042
 2022 2024 Notes 0. 000% 2025 Notes. 875%


A reconciliation of the provision for income taxes  to the amount computed by applying the statutory federal income tax rate ( 21%
in 2022 , 2021  and 2020 ) to income before provision for income taxes for 2022 , 2021  and 2020 , is as follows (dollars in millions):
2022 2021 2020
Computed expected tax $ 25,012 $ 22,933 $ 14,089
State taxes, net of federal effect  1,518  1,151  423
Impacts of the Act  542  —  (582)
Earnings of foreign subsidiaries  (4,366)  (4,715)  (2,534)
Foreign-derived intangible income deduction  (296)  (1,372)  (169)
Research and development credit, net  (1,153)  (1,033)  (728)
Excess tax benefits from equity awards

taxes federal 21%
 tax $ 25,012 22,933 14,089
 State taxes federal 1,518 1,151 423
 Impacts Act 542
 Earnings foreign subsidiaries (4,366) (4,715)
 Foreign income deduction (296)
 Research development credit (1,153) (1,033)
 Excess tax benefits equity awards


) Hedge accounting fair value adjustments (1,363) 1,036 Less: Current portion of term debt (11,128) (9,613) Total non-current portion of term debt $ 98,959 $ 109,106 To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company has entered into interest rate swaps to effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to manage foreign currency risk on certain of its foreign currency– denominated notes, the Company has entered into foreign currency swaps to effectively convert these notes to U.S. dollar–denominated notes. The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if applicable, adjustments related to hedging. The Company recognized $2.8 billion, $2.6 billion and $2.8 billion of interest expense on its term debt for 2022, 2021 and 2020, respectively. Apple Inc. | 2022 Form 10-K | 45 The future principal payments for the Company’s Notes as of September 24, 2022, are as follows (in millions): 2023 $ 11,139 2024 9,910 2025 10,645 2026 11,209 2027 9,631 Thereafter 59,290 Total term debt $ 111,824 As of September 24, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.8 billion and $125.3 billion, respectively. Note 8 – Shareholders’ Equity Share Repurchase Program During 2022, the Company repurchased 569 million shares of its common stock for $90.2 billion under a share repurchase program authorized by the Board of Directors (the “Program”). The Program does not obligate the Company to acquire a minimum amount of shares. Under the Program, shares may be repurchased in privately negotiated and\/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Shares of Common Stock The following table shows the changes in shares of common stock for 2022, 2021 and 2020 (in thousands): 2022 2021 2020 Common stock outstanding, beginning balances 16,426,786 16,976,763 17,772,945 Common stock repurchased (568,589) (656,340) (917,270) Common stock issued, net of shares withheld for employee taxes 85,228 106,363 121,088 Common stock outstanding, ending balances 15,943,425 16,426,786 16,976,763 Note 9 – Benefit Plans 2022 Employee Stock Plan In the second quarter of 2022, shareholders approved the Apple Inc. 2022 Employee Stock Plan (the “2022 Plan”), which provides for broad-based equity grants to employees, including executive officers, and permits the granting of restricted stock units (“RSUs”), stock grants, performance-based awards, stock options and stock appreciation rights. RSUs granted under the 2022 Plan generally vest over four years, based on continued employment, and are settled upon vesting in shares of the Company’s common stock on a one-for-one basis. RSUs granted under the 2022 Plan reduce the number of shares available for grant under the plan by a factor of two times the number of RSUs granted. RSUs canceled and shares withheld to satisfy tax withholding obligations increase the number of shares available for grant under the 2022 Plan utilizing a factor of two times the number of RSUs canceled or shares withheld. All RSUs granted under the 2022 Plan have dividend equivalent rights (“DERs”), which entitle holders of RSUs to the same dividend value per share as holders of common stock. DERs are subject to the same vesting and other terms and conditions as the underlying RSUs. A maximum of approximately 1.3 billion shares were authorized for issuance pursuant to 2022 Plan awards at the time the plan was approved on March 4, 2022. 2014 Employee Stock Plan The Apple Inc. 2014 Employee Stock Plan (the “2014 Plan”) is a shareholder-approved plan that provided for broad-based equity grants to employees, including executive officers. The 2014 Plan permitted the granting of substantially the same types of equity awards with substantially the same terms as the 2022 Plan. The 2014 Plan also permitted the granting of cash bonus awards. In the third quarter of 2022, the Company terminated the authority to grant new awards under the 2014 Plan. Apple Inc. | 2022 Form 10-K | 46 Apple Inc. Non-Employee Director Stock Plan The Apple Inc. Non-Employee Director Stock Plan (the “Director Plan”) is a shareholder-approved plan that (i) permits the Company to grant awards of RSUs or stock options to the Company’s non-employee directors, (ii) provides for automatic initial grants of RSUs upon a non-employee director joining the Board of Directors and automatic annual grants of RSUs at each annual meeting of shareholders, and (iii) permits the Board of Directors to prospectively change the value and relative mixture of stock options and RSUs for the initial and annual award grants and the methodology for determining the number of shares of the Company’s common stock subject to these grants, in each case within the limits set forth in the Director Plan and without further shareholder approval. RSUs granted under the Director Plan reduce the number of shares available for grant under the plan by a factor of two times the number of RSUs granted. The Director Plan expires on November 12, 2027. All RSUs granted under the Director Plan are entitled to DERs, which are subject to the same vesting and other terms and conditions as the underlying RSUs. A maximum of approximately 45 million shares (split-adjusted) were authorized for issuance pursuant to Director Plan awards at the time the plan was last amended on November 9, 2021. Employee Stock Purchase Plan The Employee Stock Purchase Plan (the “Purchase Plan”) is a shareholder-approved plan under which substantially all employees may voluntarily enroll to purchase the Company’s common stock through payroll deductions at a price equal to 85% of the lower of the fair market values of the stock as of the beginning or the end of six-month offering periods. An employee’s payroll deductions under the Purchase Plan are limited to 10% of the employee’s eligible compensation and employees may not purchase more than $25,000 of stock during any calendar year. A maximum of approximately 230 million shares (split-adjusted) were authorized for issuance under the Purchase Plan at the time the plan was last amended and restated on March 10, 2015. 401(k) Plan The Company’s 401(k) Plan is a tax-qualified deferred compensation arrangement under Section 401(k) of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may contribute a portion of their eligible earnings, subject to applicable U.S. Internal Revenue Service and plan limits. The Company matches 50% to 100% of each employee’s contributions, depending on length of service, up to a maximum of 6% of the employee’s eligible earnings. Restricted Stock Units A summary of the Company’s RSU activity and related information for 2022, 2021 and 2020, is as follows: Number of RSUs (in thousands) Weighted-Average Grant Date Fair Value Per RSU Aggregate Fair Value (in millions) Balance as of September 28, 2019 326,068 $ 42.30 RSUs granted 156,800 $ 59.20 RSUs vested (157,743) $ 40.29 RSUs canceled (14,347) $ 48.07 Balance as of September 26, 2020 310,778 $ 51.58 RSUs granted 89,363 $ 116.33 RSUs vested (145,766) $ 50.71 RSUs canceled (13,948) $ 68.95 Balance as of September 25, 2021 240,427 $ 75.16 RSUs granted 91,674 $ 150.70 RSUs vested (115,861) $ 72.12 RSUs canceled (14,739) $ 99.77 Balance as of September 24, 2022 201,501 $ 109.48 $ 30,312 The fair value as of the respective vesting dates of RSUs was $18.2 billion, $19.0 billion and $10.8 billion for 2022, 2021 and 2020, respectively. The majority of RSUs that vested in 2022, 2021 and 2020 were net

Hedge accounting value adjustments (1,363) 1,036 Current term debt (11,128) (9,613) non-current $ 98,959 109,106 interest rate risk.-rate notes swaps floating. foreign currency risk. interest rates include amortization adjustments hedging. recognized $2. 8 billion $2. 6 billion $2. 8 billion interest expense term debt 2022 2021 2020. Apple. Form 10-K future principal payments Notes September 24 2023 $ 11,139 2024 2025 10,645 2026 11,209 2027 59,290 Total term debt $ 111,824 September 24 2022 2021 fair value Notes $98. 8 billion $125. 3 billion. Shareholders’ Equity Share Repurchase Program repurchased 569 million shares common stock $90. 2 billion repurchase program. obligate shares. open market transactions Rule Securities Exchange Act 1934.Shares Common Stock table shows changes 2022 2021 2020 outstanding balances 16,426,786 16,976,763 17,772,945 repurchased (568,589) (656,340) (917,270) issued withheld taxes 85,228 106,363 121,088 balances 15,943,425 16,426,786 16,976,763 Benefit Plans 2022 Employee Stock Plan second quarter 2022 shareholders approved Apple Inc. 2022 Employee Stock Plan equity grants employees restricted stock units stock grants performance-based awards stock options appreciation rights. RSUs vest four years settled vesting common stock. RSUs reduce shares grant two. canceled withheld. RSUs dividend equivalent rights same dividend value share common stock. same vesting terms conditions RSUs. 1. 3 billion shares authorized issuance approved March 4, 2022. 2014 Employee Stock Plan Apple Inc. 2014 shareholder-approved equity grants employees executive officers.2014 Plan permitted same equity awards terms as 2022 Plan. permitted cash bonus awards. third quarter 2022 Company terminated authority grant new awards 2014 Plan. Apple Inc. 2022 Form 10-K 46. Non-Employee Director Stock Plan. shareholder-approved permits grant RSUs stock options non-employee directors provides automatic initial grants non director joining Board annual grants each meeting change value mixture stock options RSUs grants methodology determining shares common stock. RSUs granted reduce shares grant two times. Plan expires November 12, 2027. All RSUs granted entitled to subject same vesting terms conditions underlying RSUs. 45 million shares (split-adjusted authorized for issuance Plan last amended November 9, 2021.Employee Stock Purchase Plan shareholder-approved employees common stock 85% fair market values. payroll deductions 10% compensation more $25,000. 230 million shares authorized March 10, 2015. 401(k) Plan tax-qualified deferred compensation. employees contribute earnings. matches 50% to 100% contributions 6% earnings. Restricted Stock Units RSU activity 2022 2021 2020 RSUs Weighted-Average Grant Date Fair Value Balance September 28, 2019 326,068 $ 42. 30 granted 156,800 $ 59. 20 vested (157,743) $ 40. 29 canceled (14,347) $ 48. September 26, 2020 310,778 $ 51. 58 granted 89,363 $ 116. 33 vested (145,766) $. 71 canceled (13,948) $. Balance September 25, 2021 240,427 $ 75. 16 granted 91,674 $ 150. 70 vested (115,861).RSUs canceled (14,739. Balance September 24 2022 201,501. 30,312 value $18. 2 billion $19. billion $10. 8 billion 2022 2021.


The gross fai r values of  the Company’s derivative  assets and liabilities as of September 24, 2022  were as follows (in millions):
2022
Fair Value of
Derivatives Designated
as Accounting HedgesFair Value of
Derivatives Not Designated
as Accounting HedgesTotal
Fair Value
Derivative assets (1):
Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136
Derivative liabilities (2):
Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752
Interest rate contracts $ 1,367 $ — $ 1,367
(1) Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-
current assets in the Consolidated Balance Sheets.
(2) Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other

values derivative assets liabilities September 24, 2022
 Derivatives Accounting assets
 Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136
 liabilities
 exchange contracts $ 2,205 $ 2,547 $
 Interest rate contracts $ 1,367 1,367
 assets measured Level 2 included
 Consolidated Balance Sheets.
 liabilities measured Level 2


es or unauthorized access to or releases of confidential information, including personal information, could subject
the Company to significant reputational, financial, legal and operational consequences.
The Company’s business requires it to use and store confidential information, including personal information, with respect to the
Company’s customers and employees. The Company devotes significant resources to network and data security, including
through the use of encryption and other security measures intended to protect its systems and data. But these measures cannot
provide absolute security, and losses or unauthorized access to or releases of confidential information occur and could materially
adversely affect the Company’s business, reputation, results of operations and financial condition.
The Company’s business also requires it to share confidential information with suppliers and other third parties. The Company
relies on global suppliers that are also exposed to ransomware and other malicious attacks that can disrupt business operations.
Although the Company takes steps to secure confidential information that is provided to or accessible by third parties working on
the Company’s behalf, such measures are not always effective and losses or unauthorized access to or releases of confidential
information occur. Such incidents and other malicious attacks could materially adversely affect the Company’s business,
reputation, results of operations and financial condition.
Apple Inc. | 2022  Form 10-K | 11

unauthorized access releases confidential information
 Company to reputational financial legal operational consequences.
 business requires confidential information respect
 customers employees. devotes resources to network data security
 encryption security measures.
 provide absolute security losses access releases
 affect business reputation financial condition.
 information with suppliers third parties.
 relies on global suppliers exposed to ransomware malicious attacks.
 confidential information third parties
 measures not always effective losses access releases
 occur. attacks affect business
 reputation financial condition.
 Apple Inc. 2022 Form 10-K 11


the model, the Company estimates with 95% confidence, a maximum one-day loss in fair value of $1.0 billion as of
September 24, 2022 , compared to a maximum one-day loss in fair value of $550 million as of September 25, 2021 . Because the
Company uses foreign currency instruments for hedging purposes, the losses in fair value incurred on those instruments are
generally offset by increases in the fair value of the underlying exposures.
Actual future gains and losses associated with the Company’s investment portfolio, debt and derivative positions may differ
materially from the sensitivity analyses performed as of September  24, 2022  due to the inherent limitations associated with
predicting the timing and amount of changes in interest rates, foreign currency exchange rates and the Company’s actual
exposures and positions.
Apple Inc. | 2022  Form 10-K | 27

 Company estimates 95%-day loss $1. 0 billion
 September 24 2022 loss $550 million September 25, 2021.
 uses foreign currency hedging losses
 offset increases exposures.
 future gains losses investment portfolio debt derivative positions differ
 analyses September 24 2022 limitations
 interest rates currency
 exposures positions.
 Apple Inc. 2022 Form 10-K


Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report.          ☒
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes  ☐     No  ☒
The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant, as of March 25, 2022 , the last business
day of the Registrant’s most recently completed second fiscal quarter, was approximately $2,830,0

Registrant filed report
 control financial reporting Section 404(b Sarbanes-Oxley Act (15 U. S. C. 7262(b) registered accounting
 firm audit report.
 Registrant company Rule 12b-2 Act.
 Yes
 aggregate market value voting non-voting stock non Registrant March 25, 2022
 approximately $2,830,0


 additional week is
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters , which will
occur in the first quarter of the Company’s fiscal year ending September 30, 2023 . The Company’s fiscal years 2022 , 2021  and
2020  spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the
Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years .
Revenue Recognition
Net sales consist of revenue from the sale of iPhone, Mac, iPad, Services and other products. The Company recognizes revenue
at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is
generally transferred when the Company has a present right to payment and title and the significant risks and rewards of

week
 first fiscal quarter five six years realign
 first quarter fiscal year ending September 30, 2023. fiscal years 2022 2021
 2020 52 weeks. references years quarters months periods refer
 fiscal years ended September.
 Revenue Recognition
 Net sales iPhone Mac iPad Services products. Company recognizes revenue
 control transferred customers. Control
 transferred right payment title risks rewards


Note 11 – Segment Information and Geographic Data
The following table shows information by reportable segment for 2022 , 2021  and 2020  (in millions):
2022 2021 2020
Americas:
Net sales $ 169,658 $ 153,306 $ 124,556
Operating income $ 62,683 $ 53,382 $ 37,722
Europe:
Net sales $ 95,118 $ 89,307 $ 68,640
Operating income $ 35,233 $ 32,505 $ 22,170
Greater China:
Net sales $ 74,200 $ 68,366 $ 40,308
Operating income $ 31,153 $ 28,504 $ 15,261
Japan:
Net sales $ 25,977 $ 28,482 $ 21,418
Operating income $ 12,257 $ 12,798 $ 9,279
Rest of Asia Pacific:
Net sales $ 29,375 $ 26

Segment
 table sales 169,658 153,306 124,556
 income 62,683 53,382 37,722
 Europe 95,118 89,307 68,640
 35,233 32,505 22,170
 China
 74,200 68,366 40,308
 31,153 28,504 15,261
 Japan
 25,977 28,482 21,418
 12,257,798 9,279
 29,375


127,877 Total $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. (3) As of September 24, 2022 and September 25, 2021, total marketable securities included $12.7 billion and $17.9 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements. (1) (2) (3) (1) (2) (3) Apple Inc. | 2022 Form 10-K | 38 The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of September 24, 2022 (in millions): Due after 1 year through 5 years $ 87,031 Due after 5 years through 10 years 16,429 Due after 10 years 17,345 Total fair value $ 120,805 Derivative Instruments and Hedging The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. However, the Company may choose not to hedge certain exposures for a variety of reasons including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates. Foreign Exchange Risk To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months. To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of September 24, 2022, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 20 years. The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies. Interest Rate Risk To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges. The notional amounts of the Company’s outstanding derivative instruments as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 102,670 $ 76,475 Interest rate contracts $ 20,125 $ 16,875 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 185,381 $ 126,918 Apple Inc. | 2022 Form 10-K | 39 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 Derivatives Designated as Accounting Hedges Fair Value of Derivatives Not Designated as Accounting Hedges Total Fair Value Derivative assets : Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 Derivative liabilities : Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752 Interest rate contracts $ 1,367 $ — $ 1,367 (1) Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Consolidated Balance Sheets. (2) Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Consolidated Balance Sheets. The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. To mitigate credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted when the net fair values of certain derivatives fluctuate from contractually established thresholds. To further limit credit risk, the Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. As of September 24, 2022, the potential effects of these rights of set-off associated with the Company’s derivative contracts, including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting in a net derivative asset of $412 million. The carrying amounts of the Company’s hedged items in fair value hedges as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 Hedged assets\/(liabilities): Current and non-current marketable securities $ 13,378 $ 15,954 Current and non-current term debt $ (18,739) $ (17,857) Accounts Receivable Trade Receivables The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit- financing arrangements are directly between the third-party financing company and the end customer. As such, the Company generally does not assume any recourse or credit risk sharing related to any of these arrangements. As of September 24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 10%. The Company’s cellular network carriers accounted for 44% and 42% of total trade receivables as of September 24, 2022 and September 25, 2021, respectively. Vendor Non-Trade Receivables The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. As of September 24, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 13%. As of September 25, 2021, the Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 52%, 11% and 11%. (1) (2) Apple Inc. | 2022 Form 10-K | 40 Note 4 – Consolidated Financial Statement Details The following tables show the Company’s consolidated financial statement details as of September 24, 2022 and September 25, 2021 (in millions): Property, Plant and Equipment, Net 2022 2021 Land and buildings $ 22,126 $ 20,041 Machinery, equipment and internal-use software 81,060 78,659 Leasehold improvements 11,271 11,023 Gross property, plant and equipment 114,457 109,723 Accumulated depreciation and amortization (72,340) (70,283) Total property, plant and equipment, net $ 42,117 $ 39,440 Other Non-Current Liabilities 2022 2021 Long-term taxes payable $ 16,657 $ 24,689 Other non-current liabilities 32,485 28,636 Total other non-current liabilities $

127,877 Total $ 189,961 1,753 (1,198) 190,516 34,940 27,699 127,877 Level 1 value estimates quoted prices markets assets. Level 2 estimates inputs. September 24, 2022 September 25, 2021 marketable securities $12. 7 billion $17. 9 billion restricted use State Aid Decision Note 5 agreements. Apple Inc. 2022 Form 10-K  38 table shows fair value non-current marketable debt securities maturity September 24, 2022 Due after 1 year through 5 years $ 87,031 5 years 10 years 16,429 10 years 17,345 Total value $ 120,805 Derivative Instruments Hedging instruments offset foreign exchange interest rate risk. not hedge accounting considerations prohibitive cost. no hedges offset financial impact foreign exchange interest rates. protect forward contracts option contracts cash flow hedges. hedges foreign currency exposure revenue inventory purchases 12 months.foreign debt securities enter forward contracts cross-currency swaps instruments. designates instruments cash flow or fair value hedges. September 24 2022 maximum future 20 years. enter instruments not hedges protect margins offset gains losses assets-functional. Interest Rate Risk debt enter interest rate swaps options instruments. designates instruments cash flow or fair value hedges. outstanding derivative instruments September 24, 2022 September 25, 2021 millions): 2022 2021 hedges Foreign exchange contracts $ 102,670 $ 76,475 Interest rate contracts $ 20,125 $ 16,875 Foreign exchange contracts $ 185,381 $ 126,918 Apple.2022 Form 10-K gross values derivative assets liabilities September 24, 2022 Value Derivatives Accounting Hedges Total assets Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 liabilities Foreign exchange contracts $ 2,205 $ 2,547 $ Interest rate contracts $ 1,367 Derivative assets Level 2 fair value included current non-current assets Consolidated Balance Sheets. liabilities Level 2. derivative assets represent gross credit exposure if counterparties perform. risk enters collateral security arrangements fair values fluctuate. limit credit risk enters master netting arrangements transactions single net amount payable. September 24, 2022 potential effects rights set-off derivative assets liabilities $7. 8 billion net derivative asset $412 million.amounts hedged items September 24, 2022 25, 2021 millions): 2022 2021 Hedged assets marketable securities $ 13,378 $ 15,954 term debt $ (18,739) $ (17,857) Receivable Trade Receivables Company receivables with third cellular carriers wholesalers retailers resellers small businesses education enterprise government customers. collateral collateral third-party credit support limit credit risk. credit risk credit insurance requiring third-party financing loans leases. arrangements. Company recourse credit risk sharing. September 24, 2022 one customer 10% or more trade receivables 10%. cellular network carriers accounted 44% 42% receivables 2021. Vendor Non-Trade Receivables non-trade receivables from manufacturing vendors. purchases. September 24, 2022 two vendors 10% receivables 54% 13%. September 25, 2021 three vendors 10% 52% 11% 11%. Apple Inc.10-K Statement September 24 25 2021 Property Plant Equipment Land buildings 22,126 20,041 Machinery software 81,060 78,659 Leasehold improvements 11,271 property plant equipment 114,457,723 depreciation amortization (72,340) 42,117 39,440 Liabilities taxes 16,657 24,689 liabilities 32,485 28,636


4.10 Officer’s Certificate of the Registrant, dated as of February 23, 2016, including
forms of global notes representing the Floating Rate Notes due 2019, Floating
Rate Notes due 2021, 1.300% Notes due 2018, 1.700% Notes due 2019,
2.250% Notes due 2021, 2.850% Notes due 2023, 3.250% Notes due 2026,
4.500% Notes due 2036 and 4.650% Notes due 2046.8-K 4.1 2/23/16
4.11 Supplement No. 1 to the Officer’s Certificate of the Registrant, dated as of March
24, 2016.8-K 4.1 3/24/16
4.12 Officer’s Certificate of the Registrant, dated as of August 4, 2016, including forms
of global notes representing the Floating Rate Notes due 2019, 1.100

. Officer’s Certificate Registrant February 23, 2016,
 notes 2019
 2021. 300% 2018. 700% 2019
. 250% 2021. 850% 2023. 250% 2026
. 500% 2036. 650% 2046.
. Supplement. 1 Officer’s Certificate March
 24 2016.
. Officer’s Certificate Registrant August 4 2016,
 Floating Rate 2019.


Company Stock Performance
The following graph  shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for
the Company, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U.S. Technology Supersector
Index for the five years ended September 24, 2022 . The graph assumes $100 was invested in each of the Company’s common
stock, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U.S. Technology Supersector Index as of
the market close on September  29, 2017 . Past stock price performance is not necessarily indicative of future stock price
performance .
COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN*Among Apple Inc., the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U.S. Technology Supersector IndexApple Inc.S&P 500 IndexS&P Information Technology IndexDow Jones U.S. Technology Supersector Index9/29/179/29/189/28/199/26/209/25/219/24/22$0$100$200$300$400$500
* $100 invested on September 29, 2017  in stock or index, including reinvestment of dividends. Data points are the last day of
each fiscal year for the Company’s common stock and September 30th for indexes.
Copyright© 2022  Standard & Poor’s, a division of S&P Global. All rights reserved.
Copyright© 2022  S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
September
2017September
2018September
2019September
2020September
2021September
2022
Apple Inc. $ 100 $ 149 $ 146 $ 303 $ 400 $ 411
S&P 500 Index $ 100 $ 118 $ 123 $ 142 $ 184 $ 156
S&P Information Technology Index $ 100 $ 131 $ 143 $ 210 $ 271 $ 217
Dow Jones U.S. Technology Supersector Index $ 100 $ 131 $ 139 $ 208 $ 283 $ 209
Item 6. [Reserved]
Apple Inc. | 2022  Form 10-K | 19

Stock Performance
 graph shareholder return dividend-reinvested
 Company S&P 500 Index S&P Information Technology Index Dow Jones.
 five years September 24 2022. assumes $100 invested
 S&P 500.
 market September 29, 2017. Past not indicative future
.
 COMPARISON 5-YEAR RETURN Apple Inc. S&P 500 Index S&P Information Technology Index.
 $100 invested September 29, 2017 dividends. last day
 fiscal year common stock 30th indexes.
 2022 Standard & Poor’s S&P Global.
 S&P Dow Jones Indices S&P Global.
 Apple Inc. 100 149 146 303 400 411
 S&P 500 Index 118 123 142 184
 S&P Information Technology Index 131 143 210 271 217
 Dow Jones. Technology Supersector Index 131 139 208 283
.
 Apple Inc. 2022 Form 10-K


. Operating income for each segment excludes other income and expense and certain expenses managed outside the reportable segments. Costs excluded from segment operating income include various corporate expenses such as research and development (“R&D”), corporate marketing expenses, certain share-based compensation expenses, income taxes, various nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany transfers between segments for management reporting purposes. Note 2 – Revenue Net sales disaggregated by significant products and services for 2022, 2021 and 2020 were as follows (in millions): 2022 2021 2020 iPhone $ 205,489 $ 191,973 $ 137,781 Mac 40,177 35,190 28,622 iPad 29,292 31,862 23,724 Wearables, Home and Accessories 41,241 38,367 30,620 Services 78,129 68,425 53,768 Total net sales $ 394,328 $ 365,817 $ 274,515 (1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in the sales price of the respective product. (2) Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod mini and accessories. (3) Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products. (4) Includes $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021, $6.7 billion of revenue recognized in 2021 that was included in deferred revenue as of September 26, 2020, and $5.0 billion of revenue recognized in 2020 that was included in deferred revenue as of September 28, 2019. The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 11, “Segment Information and Geographic Data” for 2022, 2021 and 2020, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales in 2022 and 2021. As of September 24, 2022 and September 25, 2021, the Company had total deferred revenue of $12.4 billion and $11.9 billion, respectively. As of September 24, 2022, the Company expects 64% of total deferred revenue to be realized in less than a year, 27% within one-to-two years, 7% within two-to-three years and 2% in greater than three years. (1) (1) (1) (1)(2) (3) (4) Apple Inc. | 2022 Form 10-K | 37 Note 3 – Financial Instruments Cash, Cash Equivalents and Marketable Securities The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of September 24, 2022 and September 25, 2021 (in millions): 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities 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 : 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 $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 2021 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 17,305 $ — $ — $ 17,305 $ 17,305 $ — $ — Level 1 : Money market funds 9,608 — — 9,608 9,608 — — Mutual funds 175 11 (1) 185 — 185 — Subtotal 9,783 11 (1) 9,793 9,608 185 — Level 2 : Equity securities 1,527 — (564) 963 — 963 — U.S. Treasury securities 22,878 102 (77) 22,903 3,596 6,625 12,682 U.S. agency securities 8,949 2 (64) 8,887 1,775 1,930 5,182 Non-U.S. government securities 20,201 211 (101) 20,311 390 3,091 16,830 Certificates of deposit and time deposits 1,300 — — 1,300 490 810 — Commercial paper 2,639 — — 2,639 1,776 863 — Corporate debt securities 83,883 1,242 (267) 84,858 — 12,327 72,531 Municipal securities 967 14 — 981 — 130 851 Mortgage- and asset-backed securities 20,529 171 (124) 20,576 — 775 19,801 Subtotal 162,873 1,742 (1,197) 163,418 8,027 27,514 127,877 Total $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or

. Operating income excludes outside. include marketing share-based compensation income taxes nonrecurring charges administrative costs. intercompany transfers. Net sales products services 2022 2021 2020 iPhone $ 205,489 $ 191,973 $ 137,781 Mac 40,177 35,190 28,622 iPad 29,292 31,862 23,724 Wearables Home Accessories 41,241 38,367 30,620 Services 78,129 68,425 53,768 Total net sales $,328 $ 365,817 $ 274,515 Products software upgrade rights. Wearables Home Accessories AirPods Apple TV Watch Beats HomePod mini accessories. Services advertising AppleCare cloud digital content payment services. deferred value. Includes $7. 5 billion 2022 2021 $6. 7 billion 2021 2020 $5. 0 billion 28, 2019. proportion net sales consistent segment 2022 2021 2020 except Greater China iPhone revenue higher net sales. September 24, 2022 25, 2021 deferred revenue $12. 4 billion $11.billion. September 24 2022 Company expects 64% deferred revenue less year 27% 7% two-three 2% three. Apple. 2022 Form 10-K Note 3 Financial Instruments Cash Equivalents Marketable Securities tables cash equivalents securities September 24 2022 September 25, 2021 Cost Unrealized Gains Losses Cash Equivalents 18,546 Level 1 Money market funds 2,929 Mutual funds 274 Subtotal 3,203 2. Treasury securities 25,134 (1,725) 23,409 5,091 17,980. agency securities 5,168.securities 16,948 15,749 8,806 6,943 Certificates 2,067 Commercial paper 718 690 Corporate debt securities 87,148 79,450 9,023 70,427 Municipal securities 266 620 Mortgage securities 22,553 19,960 19,907 161,312 147,407 2,171 24,431 120,805 183,061 169,109 24 Gains Losses Cash Equivalents Non-Current 17,305 Money funds,608 Mutual funds 9,783,793 Equity securities 1,527 963. Treasury securities 22,878 22,903 3,596 6,625 12,682. securities 8,949,887 1,775 1,930 5,182.securities 20,201 211 (101),311 3,091 16,830 Certificates 1,300 490 Commercial paper 2,639 1,776 863 Corporate debt securities 83,883 1,242 (267) 84,858 12,327 72,531 Municipal securities 851 Mortgage securities 20,529 171 (124) 20,576 775 19,801 162,873 1,742 (1,197) 163,418 8,027 27,514 127,877 189,961 1,753 190,516 34,940 27,699 127,877 Level 1 prices. Level 2


cancelable obligations related to internet services and content creation. As of
September 24, 2022 , the Company had other purchase obligations of $17.8 billion, with $6.8 billion payable within 12 months.
Deemed Repatriation Tax Payable
As of September 24, 2022 , the balance of the deemed repatriation tax payable imposed by the U.S. Tax Cuts and Jobs Act of
2017 (the “Act”) was $22.0 billion , with $5.3 billion  expected to be paid within 12 months.
In addition to its contractual cash requirements, the Company has a capital return program authorized by the Board of Directors .
The Program does not obligate the Company to acquire a minimum amount of shares. As of September  24, 2022 , the
Company’s quarterly cash dividend was $0.23  per share. The Company intends to increase its dividend on an annual

obligations internet services content creation.
 September 24 2022 Company purchase obligations $17. 8 billion $6. 8 billion payable 12 months.
 Repatriation Tax
. Tax Cuts Jobs Act
 2017 $22. billion $5. 3 billion 12 months.
 capital return program Board Directors.
 obligate shares.
 quarterly dividend $0. 23 per share. increase dividend


Item 9B. Other Information
Rule 10b5-1 Trading Plans
During the three months ended September 24, 2022 , Katherine L. Adams, Timothy D. Cook, Luca Maestri, Deirdre O’Brien and
Jeffrey Williams, each an officer for purposes of Section 16 of the Exchange Act, had equity trading plans in place in accordance
with Rule 10b5-1(c)(1) under the Exchange Act. An equity trading plan is a written document that preestablishes the amounts,
prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock,
including sales of shares acquired under the Company’s employee and director equity plans.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
PART III
Item 10. Directors, Executive Officers and Corporate Governance
The information

9B.
 Rule 10b5-1 Trading Plans
 months September 24 2022. Adams Timothy. Cook Luca Maestri Deirdre O’Brien
 Jeffrey Williams 16 Exchange Act equity trading plans
 Rule 10b5-1. equity plan amounts
 prices future purchases sales stock
.
 9C. Foreign Jurisdictions Inspections
.
 10. Directors Officers Corporate Governance


. As a result, the Company’s operations and performance depend
significantly on global and regional economic conditions.
Adverse macroeconomic conditions, including inflation, slower growth or recession, new or increased tariffs and other barriers to
trade, changes to fiscal and monetary policy, tighter credit, higher interest rates, high unemployment and currency fluctuations
can adversely impact consumer confidence and spending and materially adversely affect demand for the Company’s products
and services. In addition, consumer confidence and spending can be materially adversely affected in response to financial
market volatility, negative financial news, conditions in the real estate and mortgage markets, declines in income or asset values,
energy shortages and cost increases, labor and healthcare costs and other economic factors.
In addition to an adverse impact on demand for the Company’s products, uncertainty about, or a decline in, global or regional
economic conditions can have a significant impact on the Company’s suppliers

. operations performance
 on global regional economic conditions.
 Adverse macroeconomic conditions inflation growth tariffs barriers
 trade fiscal monetary policy tighter credit interest rates high unemployment currency fluctuations
 impact consumer confidence spending demand products
 services.
 volatility negative news real estate mortgage markets income
 energy shortages cost increases labor healthcare costs economic factors.
 uncertainty global
 economic conditions suppliers


Apple Inc.
Form 10-K
For the Fiscal Year Ended September 24, 2022
TABLE OF CONTENTS
Page
Part I
Item 1. Business 1
Item 1A. Risk Factors 5
Item 1B. Unresolved Staff Comments 17
Item 2. Properties 17
Item 3. Legal Proceedings 17
Item 4. Mine Safety Disclosures 17
Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities18
Item 6. [Reserved] 19
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 26
Item 8. Financial Statements and Supplementary Data 28
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53
Item 9A. Controls and Procedures 53
Item 9B. Other Information

Apple.
 Form 10-K
 Fiscal Year September 24 2022
 CONTENTS. Business
. Risk Factors
. Unresolved Staff Comments
. Properties
. Legal Proceedings
. Safety Disclosures
. Common Equity Stockholder Matters Purchases Equity
.
. Financial Condition Results Operations
. Market Risk
. Financial Statements Supplementary Data
. Disagreements Accountants Financial Disclosure
. Controls Procedures
.


s culture, reputation and operational flexibility.
The Company believes that its distinctive and inclusive culture is a significant driver of its success. If the C ompany is unable to
nurture its culture, it could materially adversely affect the Company’s ability to recruit and retain the highly skilled employees who
are critical to its success, and could otherwise materially adversely affect the Company’s business, reputation, results of
operations and financial condition.
The Company depends on the performance of carriers, wholesalers, retailers and other resellers.
The Company distributes its products and certain of its services through cellular network carriers, wholesalers, retailers and
resellers, many of which  distribute products and services from competitors. The Company also sells its products and services
and resells third-party products in most of its major markets directly to consumers, small and mid-sized businesses, and
education, enterprise and government customers

culture reputation operational flexibility.
 Company believes distinctive culture success. If
 culture affect recruit retain employees
 success business reputation
 financial condition.
 depends on performance carriers wholesalers retailers resellers.
 distributes products services through carriers wholesalers retailers
 resellers. sells products services
 resells third-party products to consumers small mid businesses
 education enterprise government customers


�s Board of Directors, and the Company’s share repurchase program does not obligate it
to acquire any specific number of shares. If the Company fails to meet expectations related to future growth, profitability,
dividends, share repurchases or other market expectations, the price of the Company’s stock may decline significantly, which
could have a material adverse impact on investor confidence and employee retention.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
The Company’s headquarters are located in Cupertino, California. As of  September 24, 2022 , the Company owned or leased
facilities and land for corporate functions, R&D, data centers, retail and other purposes at locations throughout the U.S. and in
various places outside the U.S. The Company believes its existing facilities and equipment, which are used by all reportable
segments,

Board Directors share repurchase program obligate
 acquire shares. growth profitability
 dividends repurchases price stock decline
 investor confidence employee retention.
 1B. Unresolved Staff Comments
 None.
 2. Properties
 headquarters Cupertino California. September 24, 2022 owned leased
 facilities land corporate functions R&D data centers retail U.
. believes facilities equipment