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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 24, 2022
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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  ☒

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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.

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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

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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 1A of this 
Form 10-K under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking 
statements for any reason, except as required by law.
Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to 
particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated 
quarters, months and periods of those fiscal years. Each of the terms the “Company” and “Apple” as used herein refers 
collectively to Apple Inc. and its wholly owned subsidiaries, unless otherwise stated.
PART I
Item 1. Business
Company Background
The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and 
sells a variety of related services. The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of 
September.
Products
iPhone
iPhone® is the Company’s line of smartphones based on its iOS operating system. The iPhone line includes iPhone 14 Pro, 
iPhone 14, iPhone 13, iPhone SE®, iPhone 12 and iPhone 11.
Mac
Mac® is the Company’s line of personal computers based on its macOS ® operating system. The Mac line includes laptops 
MacBook Air® and MacBook Pro®, as well as desktops iMac®, Mac mini®, Mac Studio™ and Mac Pro ®.
iPad
iPad® is the Company’s line of multipurpose tablets based on its iPadOS ® operating system. The iPad line includes iPad Pro ®, 
iPad Air®, iPad and iPad mini®.
Wearables, Home and Accessories
Wearables, Home and Accessories includes:
• AirPods®, the Company’s wireless headphones, including AirPods, AirPods Pro® and AirPods Max™;
• Apple TV®, the Company’s media streaming and gaming device based on its tvOS ® operating system, including Apple 
TV 4K and Apple TV HD;
• Apple Watch®, the Company’s line of smartwatches based on its watchOS ® operating system, including Apple Watch 
Ultra™ , Apple Watch Series 8 and Apple Watch SE®; and
• Beats® products, HomePod mini® and accessories.
Apple Inc. | 2022 Form 10-K | 1

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Services
Advertising
The Company’s advertising services include various third-party licensing arrangements and the Company’s own advertising 
platforms.
AppleCare
The Company offers a portfolio of fee-based service and support products under the AppleCare ® brand. The offerings provide 
priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement 
services, and in many cases additional coverage for instances of accidental damage and/or theft and loss, depending on the 
country and type of product.
Cloud Services
The Company’s cloud services store and keep customers’ content up-to-date and available across multiple Apple devices and 
Windows personal computers.
Digital Content
The Company operates various platforms, including the App Store ®, that allow customers to discover and download applications 
and digital content, such as books, music, video, games and podcasts.
The Company also offers digital content through subscription-based services, including Apple Arcade ®, a game subscription 
service; Apple Fitness+ SM, a personalized fitness service; Apple Music ®, which offers users a curated listening experience with 
on-demand radio stations; Apple News+ ®, a subscription news and magazine service; and Apple TV+®, which offers exclusive 
original content and live sports.
Payment Services
The Company offers payment services, including Apple Card ®, a co-branded credit card, and Apple Pay ®, a cashless payment 
service.
Markets and Distribution
The Company’s customers are primarily in the consumer, small and mid-sized business, education, enterprise and government 
markets. The Company sells its products 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 through its retail and online stores and its 
direct sales force. The Company also employs a variety of indirect distribution channels, such as third-party cellular network 
carriers, wholesalers, retailers and resellers. During 2022, the Company’s net sales through its direct and indirect distribution 
channels accounted for 38% and 62%, respectively, of total net sales.
Competition
The markets for the Company’s products and services are highly competitive, and are characterized by aggressive price 
competition and resulting downward pressure on gross margins, frequent introduction of new products and services, short 
product life cycles, evolving industry standards, continual improvement in product price and performance characteristics, rapid 
adoption of technological advancements by competitors, and price sensitivity on the part of consumers and businesses. Many of 
the Company’s competitors seek to compete primarily through aggressive pricing and very low cost structures, and by imitating 
the Company’s products and infringing on its intellectual property.
The Company’s ability to compete successfully depends heavily on ensuring the continuing and timely introduction of innovative 
new products, services and technologies to the marketplace. The Company designs and develops nearly the entire solution for 
its products, including the hardware, operating system, numerous software applications and related services. Principal 
competitive factors important to the Company include price, product and service features (including security features), relative 
price and performance, product and service quality and reliability, design innovation, a strong third-party software and 
accessories ecosystem, marketing and distribution capability, service and support, and corporate reputation.
Apple Inc. | 2022 Form 10-K | 2

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The Company is focused on expanding its market opportunities related to smartphones, personal computers, tablets, wearables 
and accessories, and services. The Company faces substantial competition in these markets from companies that have 
significant technical, marketing, distribution and other resources, as well as established hardware, software, and service offerings 
with large customer bases. In addition, some of the Company’s competitors have broader product lines, lower-priced products 
and a larger installed base of active devices. Competition has been particularly intense as competitors have aggressively cut 
prices and lowered product margins. Certain competitors have the resources, experience or cost structures to provide products 
at little or no profit or even at a loss. The Company’s services compete with business models that provide content to users for 
free and use illegitimate means to obtain third-party digital content and applications. The Company faces significant competition 
as competitors imitate the Company’s product features and applications within their products, or collaborate to offer integrated 
solutions that are more competitive than those they currently offer.
Supply of Components
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.
The Company has entered into agreements for the supply of many components; however, there can be no guarantee that the 
Company will be able to extend or renew these agreements on similar terms, or at all.
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.
Research and Development
Because the industries in which the Company competes are characterized by rapid technological advances, the Company’s 
ability to compete successfully depends heavily upon its ability to ensure a continual and timely flow of competitive products, 
services and technologies to the marketplace. The Company continues to develop new technologies to enhance existing 
products and services, and to expand the range of its offerings through research and development (“R&D”), licensing of 
intellectual property and acquisition of third-party businesses and technology.
Intellectual Property
The Company currently holds a broad collection of intellectual property rights relating to certain aspects of its hardware devices, 
accessories, software and services. This includes patents, designs, copyrights, trademarks and other forms of intellectual 
property rights in the U.S. and various foreign countries. Although the Company believes the ownership of such intellectual 
property rights is an important factor in differentiating its business and that its success does depend in part on such ownership, 
the Company relies primarily on the innovative skills, technical competence and marketing abilities of its personnel.
The Company regularly files patent, design, copyright and trademark applications to protect innovations arising from its research, 
development, design and marketing, and is currently pursuing thousands of applications around the world. Over time, the 
Company has accumulated a large portfolio of issued and registered intellectual property rights around the world. No single 
intellectual property right is solely responsible for protecting the Company’s products and services. The Company believes the 
duration of its intellectual property rights is adequate relative to the expected lives of its products and services.
In addition to Company-owned intellectual property, many of the Company’s products and services are designed to include 
intellectual property owned by third parties. It may be necessary in the future to seek or renew licenses relating to various 
aspects of the Company’s products, processes and services. While the Company has generally been able to obtain such 
licenses on commercially reasonable terms in the past, there is no guarantee that such licenses could be obtained in the future 
on reasonable terms or at all.
Apple Inc. | 2022 Form 10-K | 3

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Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in 
part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of 
sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect 
distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an 
older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and 
distributors anticipate a product introduction.
Human Capital
The Company believes it has a talented, motivated and dedicated team, and works to create an inclusive, safe and supportive 
environment for all of its team members. As of September  24, 2022 , the Company had approximately 164,000 full-time 
equivalent employees.
Workplace Practices and Policies
The Company is an equal opportunity employer committed to inclusion and diversity and to providing a workplace free of 
harassment or discrimination.
Compensation and Benefits
The Company believes that compensation should be competitive and equitable, and should enable employees to share in the 
Company’s success. The Company recognizes its people are most likely to thrive when they have the resources to meet their 
needs and the time and support to succeed in their professional and personal lives. In support of this, the Company offers a wide 
variety of benefits for employees around the world and invests in tools and resources that are designed to support employees’ 
individual growth and development.
Inclusion and Diversity
The Company remains committed to its vision to build and sustain a more inclusive workforce that is representative of the 
communities it serves. The Company continues to work to increase diverse representation at every level, foster an inclusive 
culture, and support equitable pay and access to opportunity for all employees.
Engagement
The Company believes that open and honest communication among team members, managers and leaders helps cr eate an 
open, collaborative work environment where everyone can contribute, grow and succeed. Team members are encouraged to 
come to their managers with questions, feedback or concerns, and the Company conducts surveys that gauge employee 
sentiment in areas like career development, manager performance and inclusivity.
Health and Safety
The Company is committed to protecting its team members everywhere it operates. The Company identifies potential workplace 
risks in order to develop measures to mitigate possible hazards. The Company supports employees with general safety, security 
and crisis management training, and by putting specific programs in place for those working in potentially high-hazard 
environments. Additionally, the Company works to protect the safety and security of its team members, visitors and customers 
through its global security team. The Company has also taken additional health and safety measures during the COVID-19 
pandemic.
Available Information
The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 
amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the 
“Exchange Act”), are filed with the U.S. Securities and Exchange Commission (the “SEC”). Such reports and other information 
filed by the Company with the SEC are available free of charge at investor.apple.com/investor-relations/sec-filings/default.aspx 
when such reports are available on the SEC’s website. The Company periodically provides certain information for investors on its 
corporate website, www.apple.com, and its investor relations website, investor.apple.com. This includes press releases and 
other information about financial performance, information on environmental, social and governance matters, and details related 
to the Company’s annual meeting of shareholders. The information contained on the websites referenced in this Form 10-K is not 
incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual 
references only.
Apple Inc. | 2022 Form 10-K | 4

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Item 1A. Risk Factors
The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of 
factors, whether currently known or unknown, including those described below. When any one or more of these risks materialize 
from time to time, the Company’s business, reputation, results of operations, financial condition and stock price can be materially 
and adversely affected.
Because of the following factors, as well as other factors affecting the Company’s results of operations and financial condition, 
past financial performance should not be considered to be a reliable indicator of future performance, and investors should not 
use historical trends to anticipate results or trends in future periods. This discussion of risk factors contains forward-looking 
statements.
This section should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition 
and Results of Operations” and the consolidated financial statements and accompanying notes in Part II, Item 8, “Financial 
Statements and Supplementary Data” of this Form 10-K.
Macroeconomic and Industry Risks
The Company’s operations and performance depend significantly on global and regional economic conditions and 
adverse economic conditions can materially adversely affect the Company’s business, results of operations and financial 
condition.
The Company has international operations with sales outside the U.S. representing a majority of the Company’s total net sales. 
In addition, the Company’s global supply chain is large and complex and a majority of the Company’s supplier facilities, including 
manufacturing and assembly sites, are located outside the U.S. 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, contract manufacturers, logistics providers, 
distributors, cellular network carriers and other channel partners. Potential effects include financial instability; inability to obtain 
credit to finance operations and purchases of the Company’s products; and insolvency.
A downturn in the economic environment can also lead to increased credit and collectibility risk on the Company’s trade 
receivables; the failure of derivative counterparties and other financial institutions; limitations on the Company’s ability to issue 
new debt; reduced liquidity; and declines in the fair value of the Company’s financial instruments. These and other economic 
factors can materially adversely affect the Company’s business, results of operations, financial condition and stock price.
The Company’s business, results of operations, financial condition and stock price have been adversely affected and 
could in the future be materially adversely affected by the COVID-19 pandemic.
COVID-19 has had, and continues to have, a significant impact around the world, prompting governments and businesses to 
take unprecedented measures in response. Such measures have included restrictions on travel and business operations, 
temporary closures of businesses, and quarantine and shelter-in-place orders. The COVID-19 pandemic has at times 
significantly curtailed global economic activity and caused significant volatility and disruption in global financial markets.
The COVID-19 pandemic and the measures taken by many countries in response have adversely affected and could in the 
future materially adversely impact the Company’s business, results of operations, financial condition and stock price. During the 
course of the pandemic, certain of the Company’s component suppliers and manufacturing and logistical service providers have 
experienced disruptions, resulting in supply shortages that affected sales worldwide, and similar disruptions could occur in the 
future. Public safety measures can also adversely impact consumer demand for the Company’s products and services in 
affected areas.
Apple Inc. | 2022 Form 10-K | 5

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The Company continues to monitor the situation and take appropriate actions in accordance with the recommendations and 
requirements of relevant authorities. The extent to which the COVID-19 pandemic may impact the Company’s operational and 
financial performance remains uncertain and will depend on many factors outside the Company’s control, including the timing, 
extent, trajectory and duration of the pandemic, the emergence of new variants, the development, availability, distribution and 
effectiveness of vaccines and treatments, the imposition of protective public safety measures, and the impact of the pandemic on 
the global economy and demand for consumer products and services. Additional future impacts on the Company may include 
material adverse effects on demand for the Company’s products and services, the Company’s supply chain and sales and 
distribution channels, the Company’s ability to execute its strategic plans, and the Company’s profitability and cost structure.
To the extent the COVID-19 pandemic adversely affects the Company’s business, results of operations, financial condition and 
stock price, it may also have the effect of heightening many of the other risks described in this Part I, Item 1A of this Form 10-K.
The Company’s business can be impacted by political events, trade and other international disputes, war, terrorism, 
natural disasters, public health issues, industrial accidents and other business interruptions.
Political events, trade and other international disputes, war, terrorism, natural disasters, public health issues, industrial accidents 
and other business interruptions can harm or disrupt international commerce and the global economy, and could have a material 
adverse effect on the Company and its customers, suppliers, contract manufacturers, logistics providers, distributors, cellular 
network carriers and other channel partners.
The Company has a large, global business with sales outside the U.S. representing a majority of the Company’s total net sales, 
and the Company believes that it generally benefits from growth in international trade. Substantially all of the Company’s 
manufacturing is performed in whole or in part by outsourcing partners located primarily in Asia, including China mainland, India, 
Japan, South Korea, Taiwan and Vietnam. Trade policies and disputes and other international conflicts can result in tariffs, 
sanctions and other measures that restrict international trade, and can materially adversely affect the Company’s business, 
particularly if these measures occur in regions where the Company derives a significant portion of its revenues and/or has 
significant supply chain operations. For example, tensions between the U.S. and China have led to a series of tariffs being 
imposed by the U.S. on imports from China mainland, as well as other business restrictions. Tariffs increase the cost of the 
Company’s products and the components and raw materials that go into making them. These increased costs  can adversely 
impact the gross margin that the Company earns on its products. Tariffs can also make the Company’s products more expensive 
for customers, which could make the Company’s products less competitive and reduce consumer demand. Countries may also 
adopt other measures, such as controls on imports or exports of goods, technology or data, that could adversely impact the 
Company’s operations and supply chain and limit the Company’s ability to offer its products and services as designed. These 
measures can require the Company to take various actions, including changing suppliers, restructuring business relationships, 
and ceasing to offer third-party applications on its platforms. Changing the Company’s operations in accordance with new or 
changed trade restrictions can be expensive, time-consuming and disruptive to the Company’s operations. Such restrictions can 
be announced with little or no advance notice and the Company may not be able to effectively mitigate all adverse impacts from 
such measures. If disputes and conflicts further escalate in the future, actions by governments in response could be significantly 
more severe and restrictive and could materially adversely affect the Company’s business. Political uncertainty surrounding trade 
and other international disputes could also have a negative effect on consumer confidence and spending, which could adversely 
affect the Company’s business.
Many of the Company’s operations and facilities, as well as critical business operations of the Company’s suppliers and contract 
manufacturers, are in locations that are prone to earthquakes and other natural disasters. In addition, such operations and 
facilities are subject to the risk of interruption by fire, power shortages, nuclear power plant accidents and other industrial 
accidents, terrorist attacks and other hostile acts, ransomware and other cybersecurity attacks, labor disputes, public health 
issues, including pandemics such as the COVID-19 pandemic, and other events beyond the Company’s control. Global climate 
change is resulting in certain types of natural disasters occurring more frequently or with more intense effects. Such events can 
make it difficult or impossible for the Company to manufacture and deliver products to its customers, create delays and 
inefficiencies in the Company’s supply and manufacturing chain, and result in slowdowns and outages to the Company’s service 
offerings. Following an interruption to its business, the Company can require substantial recovery time, experience significant 
expenditures to resume operations, and lose significant sales. Because the Company relies on single or limited sources for the 
supply and manufacture of many critical components, a business interruption affecting such sources would exacerbate any 
negative consequences to the Company.
Apple Inc. | 2022 Form 10-K | 6

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The Company’s operations are also subject to the risks of industrial accidents at its suppliers and contract manufacturers. While 
the Company’s suppliers are required to maintain safe working environments and operations, an industrial accident could occur 
and could result in serious injuries or loss of life, disruption to the Company’s business, and harm to the Company’s reputation. 
Major public health issues, including pandemics such as the COVID-19 pandemic, have adversely affected, and could in the 
future materially adversely affect, the Company due to their impact on the global economy and demand for consumer products; 
the imposition of protective public safety measures, such as stringent employee travel restrictions and limitations on freight 
services and the movement of products between regions; and disruptions in the Company’s supply chain and sales and 
distribution channels, resulting in interruptions of the supply of current products and delays in production ramps of new products.
While the Company maintains insurance coverage for certain types of losses, such insurance coverage may be insufficient to 
cover all losses that may arise.
Global markets for the Company’s products and services are highly competitive and subject to rapid technological 
change, and the Company may be unable to compete effectively in these markets.
The Company’s products and services are offered in highly competitive global markets characterized by aggressive price 
competition and resulting downward pressure on gross margins, frequent introduction of new products and services, short 
product life cycles, evolving industry standards, continual improvement in product price and performance characteristics, rapid 
adoption of technological advancements by competitors, and price sensitivity on the part of consumers and businesses.
The Company’s ability to compete successfully depends heavily on ensuring the continuing and timely introduction of innovative 
new products, services and technologies to the marketplace. The Company designs and develops nearly the entire solution for 
its products, including the hardware, operating system, numerous software applications and related services. As a result, the 
Company must make significant investments in R&D. There can be no assurance these investments will achieve expected 
returns, and the Company may not be able to develop and market new products and services successfully.
The Company currently holds a significant number of patents, trademarks and copyrights and has registered, and applied to 
register, additional patents, trademarks and copyrights. In contrast, many of the Company’s competitors seek to compete 
primarily through aggressive pricing and very low cost structures, and by imitating the Company’s products and infringing on 
its  intellectual property. Effective intellectual property protection is not consistently available in every country in which the 
Company operates. If the Company is unable to continue to develop and sell innovative new products with attractive margins or if 
competitors infringe on the Company’s intellectual property, the Company’s ability to maintain a competitive advantage could be 
materially adversely affected.
The Company has a minority market share in the global smartphone, personal computer and tablet markets. The Company faces 
substantial competition in these markets from companies that have significant technical, marketing, distribution and other 
resources, as well as established hardware, software and digital content supplier relationships. In addition, some of the 
Company’s competitors have broader product lines, lower-priced products and a larger installed base of active devices. 
Competition has been particularly intense as competitors have aggressively cut prices and lowered product margins. Certain 
competitors have the resources, experience or cost structures to provide products at little or no profit or even at a loss. Some of 
the markets in which the Company competes have from time to time experienced little to no growth or contracted overall.
Additionally, the Company faces significant competition as competitors imitate the Company’s product features and applications 
within their products or collaborate to offer solutions that are more competitive than those they currently offer. The Company also 
expects competition to intensify as competitors imitate the Company’s approach to providing components seamlessly within their 
offerings or work collaboratively to offer integrated solutions.
The Company’s services also face substantial competition, including from companies that have significant resources and 
experience and have established service offerings with large customer bases. The Company competes with business models 
that provide content to users for free. The Company also competes with illegitimate means to obtain third-party digital content 
and applications.
The Company’s business, results of operations and financial condition depend substantially on the Company’s ability to 
continually improve its products and services to maintain their functional and design advantages. There can be no assurance the 
Company will be able to continue to provide products and services that compete effectively.
Apple Inc. | 2022 Form 10-K | 7

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Business Risks
To remain competitive and stimulate customer demand, the Company must successfully manage frequent introductions 
and transitions of products and services.
Due to the highly volatile and competitive nature of the markets and industries in which the Company competes, the Company 
must continually introduce new products, services and technologies, enhance existing products and services, effectively 
stimulate customer demand for new and upgraded products and services, and successfully manage the transition to these new 
and upgraded products and services. The success of new product and service introductions depends on a number of factors, 
including timely and successful development, market acceptance, the Company’s ability to manage the risks associated with 
production ramp-up issues, the availability of application software for the Company’s products, the effective management of 
purchase commitments and inventory levels in line with anticipated product demand, the availability of products in appropriate 
quantities and at expected costs to meet anticipated demand, and the risk that new products and services may have quality or 
other defects or deficiencies. There can be no assurance the Company will successfully manage future introductions and 
transitions of products and services.
The Company depends on component and product manufacturing and logistical services provided by outsourcing 
partners, many of which are located outside of the U.S.
Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in 
Asia, including China mainland, India, Japan, South Korea, Taiwan and Vietnam, and a significant concentration of this 
manufacturing is currently performed by a small number of outsourcing partners, often in single locations. Changes or additions 
to the Company’s supply chain require considerable time and resources and involve significant risks and uncertainties. The 
Company has also outsourced much of its transportation and logistics management. While these arrangements can lower 
operating costs, they also reduce the Company’s direct control over production and distribution. Such diminished control has 
from time to time and may in the future have an adverse effect on the quality or quantity of products manufactured or services 
provided, or adversely affect the Company’s flexibility to respond to changing conditions. Although arrangements with these 
partners may contain provisions for product defect expense reimbursement, the Company generally remains responsible to the 
consumer for warranty and out-of-warranty service in the event of product defects and experiences unanticipated product defect 
liabilities from time to time. While the Company relies on its partners to adhere to its supplier code of conduct, violations of the 
supplier code of conduct occur from time to time and can materially adversely affect the Company’s business, reputation, results 
of operations and financial condition.
The Company relies on single-source outsourcing partners in the U.S., Asia and Europe to supply and manufacture many 
components, and on outsourcing partners primarily located in Asia, for final assembly of substantially all of the Company’s 
hardware products. Any failure of these partners to perform can have a negative impact on the Company’s cost or supply of 
components or finished goods. In addition, manufacturing or logistics in these locations or transit to final destinations can be 
disrupted for a variety of reasons, including natural and man-made disasters, information technology system failures, commercial 
disputes, armed conflict, economic, business, labor, environmental, public health or political issues, or international trade 
disputes.
The Company has invested in manufacturing process equipment, much of which is held at certain of its outsourcing partners, 
and has made prepayments to certain of its suppliers associated with long-term supply agreements. While these arrangements 
help ensure the supply of components and finished goods, if these outsourcing partners or suppliers experience severe financial 
problems or other disruptions in their business, such continued supply can be reduced or terminated, and the recoverability of 
manufacturing process equipment or prepayments can be negatively impacted.
Future operating results depend upon the Company’s ability to obtain components in sufficient quantities on 
commercially reasonable terms.
Because the Company currently obtains certain components from single or limited sources, the Company is subject to significant 
supply and pricing risks. Many components, including those that are available from multiple sources, are at times subject to 
industry-wide shortages and significant commodity pricing fluctuations that can materially adversely affect the Company’s 
business, results of operations and financial condition. For example, the global semiconductor industry is experiencing high 
demand and shortages of supply, which has adversely affected, and could materially adversely affect, the Company’s ability to 
obtain sufficient quantities of components and products on commercially reasonable terms or at all. While the Company has 
entered into agreements for the supply of many components, there can be no assurance the Company will be able to extend or 
renew these agreements on similar terms, or at all. Component suppliers may suffer from poor financial conditions, which can 
lead to business failure for the supplier or consolidation within a particular industry, further limiting the Company’s ability to obtain 
sufficient quantities of components on commercially reasonable terms or at all. The effects of global or regional economic 
conditions on the Company’s suppliers, described in “ The Company’s operations and performance depend significantly on 
global and regional economic conditions and adverse economic conditions can materially adversely affect the Company’s 
business, results of operations and financial condition ,” above, can also affect the Company’s ability to obtain components . 
Therefore, the Company remains subject to significant risks of supply shortages and price increases that can materially 
adversely affect its business, results of operations and financial condition.
Apple Inc. | 2022 Form 10-K | 8

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The Company’s new products often utilize custom components available from only one source. When a component or product 
uses new technologies, initial capacity constraints may exist until the suppliers’ yields have matured or their manufacturing 
capacities have increased. The continued availability of these components at acceptable prices, or at all, can be affected for any 
number of reasons, including if suppliers decide to concentrate on the production of common components instead of components 
customized to meet the Company’s requirements. When the Company’s supply of components for a new or existing product has 
been delayed or constrained, or when an outsourcing partner has delayed shipments of completed products to the Company, the 
Company’s business, results of operations and financial condition have been adversely affected and future delays or constraints 
could materially adversely affect the Company’s business, results of operations and financial condition. The Company’s business 
and financial performance could also be materially adversely affected depending on the time required to obtain sufficient 
quantities from the source, or to identify and obtain sufficient quantities from an alternative source.
The Company’s products and services may be affected from time to time by design and manufacturing defects that could 
materially adversely affect the Company’s business and result in harm to the Company’s reputation.
The Company offers complex hardware and software products and services that can be affected by design and manufacturing 
defects. Sophisticated operating system software and applications, such as those offered by the Company, often have issues 
that can unexpectedly interfere with the intended operation of hardware or software products. Defects can also exist in 
components and products the Company purchases from third parties. Component defects could make the Company’s products 
unsafe and create a risk of environmental or property damage and personal injury. These risks may increase as the Company’s 
products are introduced into specialized applications, including health. In addition, the Company’s service offerings can have 
quality issues and from time to time experience outages, service slowdowns or errors. As a result, the Company’s services from 
time to time have not performed as anticipated and may not meet customer expectations. There can be no assurance the 
Company will be able to detect and fix all issues and defects in the hardware, software and services it offers. Failure to do so can 
result in widespread technical and performance issues affecting the Company’s products and services. In addition, the Company 
can be exposed to product liability claims, recalls, product replacements or modifications, write-offs of inventory, property, plant 
and equipment, and/or intangible assets, and significant warranty and other expenses, including litigation costs and regulatory 
fines. Quality problems can also adversely affect the experience for users of the Company’s products and services, and result in 
harm to the Company’s reputation, loss of competitive advantage, poor market acceptance, reduced demand for products and 
services, delay in new product and service introductions and lost sales.
The Company is exposed to the risk of write-downs on the value of its inventory and other assets, in addition to purchase 
commitment cancellation risk.
The Company records a write-down for product and component inventories that have become obsolete or exceed anticipated 
demand, or for which cost exceeds net realizable value. The Company also accrues necessary cancellation fee reserves for 
orders of excess products and components. The Company reviews long-lived assets, including capital assets held at its 
suppliers’ facilities and inventory prepayments, for impairment whenever events or circumstances indicate the assets may not be 
recoverable. If the Company determines that an impairment has occurred, it records a write-down equal to the amount by which 
the carrying value of the asset exceeds its fair value. Although the Company believes its inventory, capital assets, inventory 
prepayments and other assets and purchase commitments are currently recoverable, there can be no assurance the Company 
will not incur write-downs, fees, impairments and other charges given the rapid and unpredictable pace of product obsolescence 
in the industries in which the Company competes.
The Company orders components for its products and builds inventory in advance of product announcements and shipments. 
Manufacturing purchase obligations cover the Company’s forecasted component and manufacturing requirements, typically for 
periods up to 150 days. Because the Company’s markets are volatile, competitive and subject to rapid technology and price 
changes, there is a risk the Company will forecast incorrectly and order or produce excess or insufficient amounts of components 
or products, or not fully utilize firm purchase commitments.
The Company relies on access to third-party intellectual property, which may not be available to the Company on 
commercially reasonable terms or at all.
The Company’s products and services are designed to include intellectual property owned by third parties, which requires 
licenses from those third parties. In addition, because of technological changes in the industries in which the Company currently 
competes or in the future may compete, current extensive patent coverage and the rapid rate of issuance of new patents, the 
Company’s products and services can unknowingly infringe existing patents or intellectual property rights of others. From time to 
time, the Company has been notified that it may be infringing certain patents or other intellectual property rights of third parties. 
Based on experience and industry practice, the Company believes licenses to such third-party intellectual property can generally 
be obtained on commercially reasonable terms. However, there can be no assurance the necessary licenses can be obtained on 
commercially reasonable terms or at all. Failure to obtain the right to use third-party intellectual property, or to use such 
intellectual property on commercially reasonable terms, can preclude the Company from selling certain products or services, or 
otherwise have a material adverse impact on the Company’s business, results of operations and financial condition.
Apple Inc. | 2022 Form 10-K | 9

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The Company’s future performance depends in part on support from third-party software developers.
The Company believes decisions by customers to purchase its hardware products depend in part on the availability of third-party 
software applications and services. There can be no assurance third-party developers will continue to develop and maintain 
software applications and services for the Company’s products. If third-party software applications and services cease to be 
developed and maintained for the Company’s products, customers may choose not to buy the Company’s products.
The Company believes the availability of third-party software applications and services for its products depends in part on the 
developers’ perception and analysis of the relative benefits of developing, maintaining and upgrading such software and services 
for the Company’s products compared to competitors’ platforms, such as Android for smartphones and tablets, Windows for 
personal computers and tablets, and PlayStation, Nintendo and Xbox for gaming platforms. This analysis may be based on 
factors such as the market position of the Company and its products, the anticipated revenue that may be generated, expected 
future growth of product sales, and the costs of developing such applications and services.
The Company’s minority market share in the global smartphone, personal computer and tablet markets can make developers 
less inclined to develop or upgrade software for the Company’s products and more inclined to devote their resources to 
developing and upgrading software for competitors’ products with larger market share. When developers focus their efforts on 
these competing platforms, the availability and quality of applications for the Company’s devices can suffer.
The Company relies on the continued availability and development of compelling and innovative software applications for its 
products. The Company’s products and operating systems are subject to rapid technological change, and when third-party 
developers are unable to or choose not to keep up with this pace of change, their applications can fail to take advantage of these 
changes to deliver improved customer experiences and can operate incorrectly and can result in dissatisfied customers.
The Company distributes third-party applications for its products through the App Store. For the vast majority of applications, 
developers keep all of the revenue they generate on the App Store. The Company only retains a commission from sales of 
applications and sales of digital services or goods within an application. From time to time, the Company has made changes to 
its App Store, including actions taken in response to competition, market and legal conditions. The Company may make further 
business changes in the future. New legislative initiatives, such as the European Union (“EU”) Digital Markets Act, could require 
further changes. The Company is also subject to litigation and investigations relating to the App Store, which have resulted in 
changes to the Company’s business practices, and may in the future result in further changes. These changes could include how 
and to what extent the Company charges developers for access to its platforms and manages distribution of apps outside of the 
App Store. This could reduce the volume of sales, and the commission that the Company earns on those sales, would decrease. 
If the rate of the commission that the Company retains on such sales is reduced, or if it is otherwise narrowed in scope or 
eliminated, the Company’s business, results of operations and financial condition could be materially adversely affected.
Failure to obtain or create digital content that appeals to the Company’s customers, or to make such content available 
on commercially reasonable terms, could have a material adverse impact on the Company’s business, results of 
operations and financial condition.
The Company contracts with numerous third parties to offer their digital content to customers. This includes the right to sell, or 
offer subscriptions to, third-party content, as well as the right to incorporate specific content into the Company’s own services. 
The licensing or other distribution arrangements for this content can be for relatively short time periods and do not guarantee the 
continuation or renewal of these arrangements on commercially reasonable terms, or at all. Some third-party content providers 
and distributors currently or in the future may offer competing products and services, and can take actions to make it difficult or 
impossible for the Company to license or otherwise distribute their content. Other content owners, providers or distributors may 
seek to limit the Company’s access to, or increase the cost of, such content. The Company may be unable to continue to offer a 
wide variety of content at commercially reasonable prices with acceptable usage rules.
The Company also produces its own digital content, which can be costly to produce due to intense and increasing competition for 
talent, content and subscribers, and may fail to appeal to the Company’s customers. The COVID-19 pandemic has also caused 
additional restrictions on production and increased costs for digital content.
Some third-party digital content providers require the Company to provide digital rights management and other security solutions. 
If requirements change, the Company may have to develop or license new technology to provide these solutions. There can be 
no assurance the Company will be able to develop or license such solutions at a reasonable cost and in a timely manner.
Apple Inc. | 2022 Form 10-K | 10

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The Company’s success depends largely on the talents and efforts of its team members, the continued service and 
availability of highly skilled employees, including key personnel, and the Company’s ability to nurture its distinctive and 
inclusive culture.
Much of the Company’s future success depends on the talents and efforts of its team members, the continued availability and 
service of key personnel, including its Chief Executive Officer, executive team and other highly skilled employees. Experienced 
personnel in the technology industry are in high demand and competition for their talents is intense, especially in Silicon Valley, 
where most of the Company’s key personnel are located. In addition to intense competition for talent, workforce dynamics are 
constantly evolving. If the Company does not manage changing workforce dynamics effectively, it could materially adversely 
affect the Company’s culture, reputation and operational flexibility.
The Company believes that its distinctive and inclusive culture is a significant driver of its success. If the Company 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 through its retail and online stores and its direct sales force.
Some carriers providing cellular network service for the Company’s products offer financing, installment payment plans or 
subsidies for users’ purchases of the device. There can be no assurance such offers will be continued at all or in the same 
amounts.
The Company has invested and will continue to invest in programs to enhance reseller sales, including staffing selected 
resellers’ stores with Company employees and contractors, and improving product placement displays. These programs can 
require a substantial investment while not assuring return or incremental sales. The financial condition of these resellers could 
weaken, these resellers could stop distributing the Company’s products, or uncertainty regarding demand for some or all of the 
Company’s products could cause resellers to reduce their ordering and marketing of the Company’s products.
The Company’s business and reputation are impacted by information technology system failures and network 
disruptions.
The Company and its global supply chain are exposed to information technology system failures or network disruptions caused 
by natural disasters, accidents, power disruptions, telecommunications failures, acts of terrorism or war, computer viruses, 
physical or electronic break-ins, ransomware or other cybersecurity incidents, or other events or disruptions. System redundancy 
and other continuity measures may be ineffective or inadequate, and the Company’s or its vendors’ business continuity and 
disaster recovery planning may not be sufficient for all eventualities. Such failures or disruptions can adversely impact the 
Company’s business by, among other things, preventing access to the Company’s online services, interfering with customer 
transactions or impeding the manufacturing and shipping of the Company’s products. These events could materially adversely 
affect the Company’s business, reputation, results of operations and financial condition.
Losses 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

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The Company experiences malicious attacks and other attempts to gain unauthorized access to its systems on a regular basis. 
These attacks seek to compromise the confidentiality, integrity or availability of confidential information or disrupt normal 
business operations, and could, among other things, impair the Company’s ability to attract and retain customers for its products 
and services, impact the Company’s stock price , materially damage commercial relationships, and expose the Company to 
litigation or government investigations, which could result in penalties, fines or judgments against the Company. Globally, attacks 
are expected to continue accelerating in both frequency and sophistication with increasing use by actors of tools and techniques 
that are designed to circumvent controls, avoid detection, and remove or obfuscate forensic evidence, all of which hinders the 
Company’s ability to identify, investigate and recover from incidents. In addition, attacks against the Company and its customers 
can escalate during periods of severe diplomatic or armed conflict.
Although malicious attacks perpetrated to gain access to confidential information, including personal information, affect many 
companies across various industries, the Company is at a relatively greater risk of being targeted because of its high profile and 
the value of the confidential information it creates, owns, manages, stores and processes.
The Company has implemented systems and processes intended to secure its information technology systems and prevent 
unauthorized access to or loss of sensitive data, and mitigate the impact of unauthorized access, including through the use of 
encryption and authentication technologies. As with all companies, these security measures may not be sufficient for all 
eventualities and may be vulnerable to hacking, ransomware attacks, employee error, malfeasance, system error, faulty 
password management or other irregularities. For example, third parties can fraudulently induce the Company’s or its vendors’ 
employees or customers into disclosing user names, passwords or other sensitive information, which can, in turn, be used for 
unauthorized access to the Company’s or its vendors’ systems and services. To help protect customers and the Company, the 
Company deploys and makes available technologies like multifactor authentication, monitors its services and systems for 
unusual activity and may freeze accounts under suspicious circumstances, which, among other things, can result in the delay or 
loss of customer orders or impede customer access to the Company’s products and services.
While the Company maintains insurance coverage that is intended to address certain aspects of data security risks, such 
insurance coverage may be insufficient to cover all losses or all types of claims that may arise.
Investment in new business strategies and acquisitions could disrupt the Company’s ongoing business, present risks not 
originally contemplated and materially adversely affect the Company’s business, reputation, results of operations and 
financial condition.
The Company has invested, and in the future may invest, in new business strategies or acquisitions. Such endeavors may 
involve significant risks and uncertainties, including distraction of management from current operations, greater-than-expected 
liabilities and expenses, economic, political, legal and regulatory challenges associated with operating in new businesses, 
regions or countries, inadequate return on capital, potential impairment of tangible and intangible assets, and significant write-
offs. Investment and acquisition transactions are exposed to additional risks, including failing to obtain required regulatory 
approvals on a timely basis or at all, or the imposition of onerous conditions that could delay or prevent the Company from 
completing a transaction or otherwise limit the Company’s ability to fully realize the anticipated benefits of a transaction. These 
new ventures are inherently risky and may not be successful. The failure of any significant investment could materially adversely 
affect the Company’s business, reputation, results of operations and financial condition.
The Company’s retail stores have required and will continue to require a substantial investment and commitment of 
resources and are subject to numerous risks and uncertainties.
The Company’s retail stores have required substantial investment in equipment and leasehold improvements, information 
systems, inventory and personnel. The Company also has entered into substantial lease commitments for retail space. Certain 
stores have been designed and built to serve as high-profile venues to promote brand awareness. Because of their unique 
design elements, locations and size, these stores require substantially more investment than the Company’s more typical retail 
stores. Due to the high cost structure associated with the Company’s retail stores, a decline in sales or the closure or poor 
performance of an individual store or multiple stores, including as a result of protective public safety measures in response to the 
COVID-19 pandemic, could result in significant lease termination costs, write-offs of equipment and leasehold improvements and 
severance costs.
The Company’s retail operations are subject to many factors that pose risks and uncertainties and could adversely impact the 
Company’s business, results of operations and financial condition, including macro-economic factors that could have an adverse 
effect on general retail activity. Other factors include the Company’s ability to: manage costs associated with retail store 
construction and operation; manage relationships with existing retail partners; manage costs associated with fluctuations in the 
value of retail inventory; and obtain and renew leases in quality retail locations at a reasonable cost.
Apple Inc. | 2022 Form 10-K | 12

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Legal and Regulatory Compliance Risks
The Company’s business, results of operations and financial condition could be adversely impacted by unfavorable 
results of legal proceedings or government investigations.
The Company is subject to various claims, legal proceedings and government investigations that have arisen in the ordinary 
course of business and have not yet been fully resolved, and new matters may arise in the future. In addition, agreements 
entered into by the Company sometimes include indemnification provisions which can subject the Company to costs and 
damages in the event of a claim against an indemnified third party. The number of claims, legal proceedings and government 
investigations involving the Company, and the alleged magnitude of such claims, proceedings and government investigations, 
has generally increased over time and may continue to increase.
The Company has faced and continues to face a significant number of patent claims relating to its cellular-enabled products, and 
new claims may arise in the future. For example, technology and other patent-holding companies frequently assert their patents 
and seek royalties and often enter into litigation based on allegations of patent infringement or other violations of intellectual 
property rights. The Company is vigorously defending infringement actions in courts in several U.S. jurisdictions, as well as 
internationally in various countries. The plaintiffs in these actions frequently seek injunctions and substantial damages.
Regardless of the merit of particular claims, defending against litigation or responding to government investigations can be 
expensive, time-consuming and disruptive to the Company’s operations. In recognition of these considerations, the Company 
may enter into agreements or other arrangements to settle litigation and resolve such challenges. There can be no assurance 
such agreements can be obtained on acceptable terms or that litigation will not occur. These agreements can also significantly 
increase the Company’s cost of sales and operating expenses and require the Company to change its business practices and 
limit the Company’s ability to offer certain products and services.
Except as described in Part I, Item 3 of this Form 10-K under the heading “Legal Proceedings” and in Part II, Item 8 of this Form 
10-K in the Notes to Consolidated Financial Statements in Note 10, “Commitments and Contingencies” under the heading 
“Contingencies,” in the opinion of management, there was not at least a reasonable possibility the Company may have incurred a 
material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other 
claims.
The outcome of litigation or government investigations is inherently uncertain. If one or more legal matters were resolved against 
the Company or an indemnified third party in a reporting period for amounts above management’s expectations, the Company’s 
results of operations and financial condition for that reporting period could be materially adversely affected. Further, such an 
outcome can result in significant compensatory, punitive or trebled monetary damages, disgorgement of revenue or profits, 
remedial corporate measures or injunctive relief against the Company, and can require the Company to change its business 
practices and limit the Company’s ability to offer certain products and services, all of which could materially adversely affect the 
Company’s business, reputation, results of operations and financial condition.
While the Company maintains insurance coverage for certain types of claims, such insurance coverage may be insufficient to 
cover all losses or all types of claims that may arise.
The Company is subject to complex and changing laws and regulations worldwide, which exposes the Company to 
potential liabilities, increased costs and other adverse effects on the Company’s business.
The Company’s global operations are subject to complex and changing laws and regulations on subjects, including antitrust; 
privacy, data security and data localization; consumer protection; advertising, sales, billing and e-commerce; financial services 
and technology; product liability; intellectual property ownership and infringement; digital platforms; internet, telecommunications, 
and mobile communications; media, television, film and digital content; availability of third-party software applications and 
services; labor and employment; anticorruption; import, export and trade; foreign exchange controls and cash repatriation 
restrictions; anti–money laundering; foreign ownership and investment; tax; and environmental, health and safety, including 
electronic waste, recycling, and climate change.
Apple Inc. | 2022 Form 10-K | 13

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Compliance with these laws and regulations is onerous and expensive. New and changing laws and regulations can adversely 
affect the Company’s business by increasing the Company’s costs, limiting the Company’s ability to offer a product, service or 
feature to customers, impacting customer demand for the Company’s products and services, and requiring changes to the 
Company’s supply chain and its business. New and changing laws and regulations can also create uncertainty about how such 
laws and regulations will be interpreted and applied. These risks and costs may increase as the Company’s products and 
services are introduced into specialized applications, including health and financial services. The Company has implemented 
policies and procedures designed to ensure compliance with applicable laws and regulations, but there can be no assurance the 
Company’s employees, contractors or agents will not violate such laws and regulations or the Company’s policies and 
procedures. If the Company is found to have violated laws and regulations, it could materially adversely affect the Company’s 
business, reputation, results of operations and financial condition. Regulatory changes and other actions that materially 
adversely affect the Company’s business may be announced with little or no advance notice and the Company may not be able 
to effectively mitigate all adverse impacts from such measures. For example, the Company is subject to changing regulations 
relating to the export and import of its products. Although the Company has programs, policies and procedures in place that are 
designed to satisfy regulatory requirements, there can be no assurance that such policies and procedures will be effective in 
preventing a violation or a claim of a violation. As a result, the Company’s products could be delayed or prohibited from 
importation, either of which could materially adversely affect the Company’s business, reputation, results of operations and 
financial condition.
Expectations relating to environmental, social and governance considerations expose the Company to potential 
liabilities, increased costs, reputational harm, and other adverse effects on the Company’s business. 
Many governments, regulators, investors, employees, customers and other stakeholders are increasingly focused on 
environmental, social and governance  considerations relating to businesses, including climate change and greenhouse gas 
emissions, human and civil rights, and diversity, equity and inclusion. In addition, the Company makes statements about its 
environmental, social and governance goals and initiatives through its environmental, social and governance report, its other 
non-financial reports, information provided on its website, press statements and other communications. Responding to these 
environmental, social and governance considerations and implementation of these goals and initiatives involves risks and 
uncertainties, requires investments , and depends in part on third-party performance or data that is outside the Company’s 
control. The Company cannot guarantee that it will achieve its announced environmental, social and governance goals and 
initiatives. In addition, some stakeholders may disagree with the Company’s goals and initiatives. Any failure, or perceived 
failure, by the Company to achieve its goals, further its initiatives , adhere to its public statements, comply with federal, state or 
international environmental, social and governance laws and regulations, or meet evolving and varied stakeholder expectations 
and standards could result in legal and regulatory proceedings against the Company and materially adversely affect the 
Company’s business, reputation, results of operations, financial condition and stock price.
The technology industry, including, in some instances, the Company, is subject to intense media, political and regulatory 
scrutiny, which exposes the Company to increasing regulation, government investigations, legal actions and penalties. 
From time to time, the Company has made changes to its App Store, including actions taken in response to competition, market 
and legal conditions. The Company may make further business changes in the future. New legislative initiatives, such as the EU 
Digital Markets Act, or similar laws in other jurisdictions, could require further changes. These changes could include how and to 
what extent the Company charges developers for access to its platforms and manages distribution of apps outside of the App 
Store.
The Company is also currently subject to antitrust investigations in various jurisdictions around the world, which can result in 
legal proceedings and claims against the Company that could, individually or in the aggregate, have a materially adverse impact 
on the Company’s business, results of operations and financial condition. For example, the Company is the subject of 
investigations in Europe and other jurisdictions relating to App Store terms and conditions. If such investigations result in adverse 
findings against the Company, the Company could be exposed to significant fines and may be required to make changes to its 
App Store business, all of which could materially adversely affect the Company’s business, results of operations and financial 
condition. The Company is also subject to litigation relating to the App Store, which has resulted in changes to the Company’s 
business practices, and may in the future result in further changes.
Further, the Company has commercial relationships with other companies in the technology industry that are or may become 
subject to investigations and litigation that, if resolved against those other companies, could materially adversely affect the 
Company’s commercial relationships with those business partners and materially adversely affect the Company’s business, 
results of operations and financial condition. For example, the Company earns revenue from licensing arrangements with other 
companies to offer their search services on the Company’s platforms and apps, and certain of these arrangements are currently 
subject to government investigations and legal proceedings.
Apple Inc. | 2022 Form 10-K | 14

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There can be no assurance the Company’s business will not be materially adversely affected, individually or in the aggregate, by 
the outcomes of such investigations, litigation or changes to laws and regulations in the future. Changes to the Company’s 
business practices to comply with new laws and regulations or in connection with other legal proceedings could negatively 
impact the reputation of the Company’s products for privacy and security and otherwise adversely affect the experience for users 
of the Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor 
market acceptance, reduced demand for products and services, and lost sales.
The Company’s business is subject to a variety of U.S. and international laws, rules, policies and other obligations 
regarding data protection.
The Company is subject to federal, state and international laws relating to the collection, use, retention, security and transfer of 
various types of personal information. In many cases, these laws apply not only to third-party transactions, but also restrict 
transfers of personal information among the Company and its international subsidiaries. Several jurisdictions have passed laws 
in this area, and additional jurisdictions are considering imposing additional restrictions or have laws that are pending. These 
laws continue to develop and may be inconsistent from jurisdiction to jurisdiction. Complying with emerging and changing 
requirements causes the Company to incur substantial costs and has required and may in the future require the Company to 
change its business practices. Noncompliance could result in significant penalties or legal liability.
The Company makes statements about its use and disclosure of personal information through its privacy policy, information 
provided on its website, press statements and other privacy notices provided to customers. Any failure by the Company to 
comply with these public statements or with other federal, state or international privacy or data protection laws and regulations 
could result in inquiries or proceedings against the Company by governmental entities or others. In addition to reputational 
impacts, penalties could include ongoing audit requirements and significant legal liability.
In addition to the risks generally relating to the collection, use, retention, security and transfer of personal information, the 
Company is also subject to specific obligations relating to information considered sensitive under applicable laws, such as health 
data, financial data and biometric data. Health data and financial data are subject to additional privacy, security and breach 
notification requirements, and the Company is subject to audit by governmental authorities regarding the Company’s compliance 
with these obligations. If the Company fails to adequately comply with these rules and requirements, or if health data or financial 
data is handled in a manner not permitted by law or under the Company’s agreements with healthcare or financial institutions, 
the Company can be subject to litigation or government investigations, and can be liable for associated investigatory expenses, 
and can also incur significant fees or fines.
Payment card data is also subject to additional requirements. Under payment card rules and obligations, if cardholder 
information is potentially compromised, the Company can be liable for associated investigatory expenses and can also incur 
significant fees or fines if the Company fails to follow payment card industry data security standards. The Company could also 
experience a significant increase in payment card transaction costs or lose the ability to process payment cards if it fails to follow 
payment card industry data security standards, which could materially adversely affect the Company’s business, reputation, 
results of operations and financial condition.
Financial Risks
The Company expects its quarterly net sales and results of operations to fluctuate.
The Company’s profit margins vary across its products, services, geographic segments and distribution channels. For example, 
the gross margins on the Company’s products and services vary significantly and can change over time. The Company’s gross 
margins are subject to volatility and downward pressure due to a variety of factors, including: continued industry-wide global 
product pricing pressures and product pricing actions that the Company may take in response to such pressures; increased 
competition; the Company’s ability to effectively stimulate demand for certain of its products and services; compressed product 
life cycles; supply shortages; potential increases in the cost of components, outside manufacturing services, and developing, 
acquiring and delivering content for the Company’s services; the Company’s ability to manage product quality and warranty costs 
effectively; shifts in the mix of products and services, or in the geographic, currency or channel mix, including to the extent that 
regulatory changes require the Company to modify its product and service offerings; fluctuations in foreign exchange rates; 
inflation and other macroeconomic pressures; and the introduction of new products or services, including new products or 
services with higher cost structures. These and other factors could have a materially adverse impact on the Company’s results of 
operations and financial condition.
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in 
part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of 
sales and operating expenses. Further, the Company generates a significant portion of its net sales from a single product and a 
decline in demand for that product could significantly impact quarterly net sales. The Company could also be subject to 
unexpected developments, such as lower-than-anticipated demand for the Company’s products or services, issues with new 
product or service introductions, information technology system failures or network disruptions, or failure of one of the 
Company’s logistics, components supply, or manufacturing partners.
Apple Inc. | 2022 Form 10-K | 15

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The Company’s financial performance is subject to risks associated with changes in the value of the U.S. dollar relative 
to local currencies.
The Company’s primary exposure to movements in foreign currency exchange rates relates to non–U.S. dollar–denominated 
sales, cost of sales and operating expenses worldwide. Gross margins on the Company’s products in foreign countries and on 
products that include components obtained from foreign suppliers could be materially adversely affected by foreign currency 
exchange rate fluctuations.
The weakening of foreign currencies relative to the U.S. dollar adversely affects the U.S. dollar value of the Company’s foreign 
currency–denominated sales and earnings, and generally leads the Company to raise international pricing, potentially reducing 
demand for the Company’s products. In some circumstances, for competitive or other reasons, the Company may decide not to 
raise international pricing to offset the U.S. dollar’s strengthening, which would adversely affect the U.S. dollar value of the gross 
margins the Company earns on foreign currency–denominated sales.
Conversely, a strengthening of foreign currencies relative to the U.S. dollar, while generally beneficial to the Company’s foreign 
currency–denominated sales and earnings, could cause the Company to reduce international pricing and incur losses on its 
foreign currency derivative instruments, thereby limiting the benefit. Additionally, strengthening of foreign currencies may 
increase the Company’s cost of product components denominated in those currencies, thus adversely affecting gross margins.
The Company uses derivative instruments, such as foreign currency forward and option contracts, to hedge certain exposures to 
fluctuations in foreign currency exchange rates. The use of such hedging activities may not be effective to offset any, or more 
than a portion, of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the 
hedges are in place.
The Company is exposed to credit risk and fluctuations in the values of its investment portfolio.
The Company’s investments can be negatively affected by changes in liquidity, credit deterioration, financial results, market and 
economic conditions, political risk, sovereign risk, interest rate fluctuations or other factors. As a result, the value and liquidity of 
the Company’s cash, cash equivalents, and marketable and non-marketable securities may fluctuate substantially. Therefore, 
although the Company has not realized any significant losses on its cash, cash equivalents, and marketable and non-marketable 
securities, future fluctuations in their value could result in significant losses and could have a material adverse impact on the 
Company’s results of operations and financial condition.
The Company is exposed to credit risk on its trade accounts receivable, vendor non-trade receivables and prepayments 
related to long-term supply agreements, and this risk is heightened during periods when economic conditions worsen.
The Company distributes its products and certain of its services through third-party cellular network carriers, wholesalers, 
retailers and resellers. The Company also sells its products and services directly to small and mid-sized businesses and 
education, enterprise and government customers. A substantial majority of the Company’s outstanding trade receivables are not 
covered by collateral, third-party bank support or financing arrangements, or credit insurance, and a significant portion of the 
Company’s trade receivables can be concentrated within cellular network carriers or other resellers. The Company’s exposure to 
credit and collectibility risk on its trade receivables is higher in certain international markets and its ability to mitigate such risks 
may be limited. The Company also has unsecured vendor non-trade receivables resulting from purchases of components by 
outsourcing partners and other vendors that manufacture subassemblies or assemble final products for the Company. In 
addition, the Company has made prepayments associated with long-term supply agreements to secure supply of inventory 
components. As of September  24, 2022, the Company’s vendor non-trade receivables and prepayments related to long-term 
supply agreements were concentrated among a few individual vendors located primarily in Asia. While the Company has 
procedures to monitor and limit exposure to credit risk on its trade and vendor non-trade receivables, as well as long-term 
prepayments, there can be no assurance such procedures will effectively limit its credit risk and avoid losses.
The Company is subject to changes in tax rates, the adoption of new U.S. or international tax legislation and exposure to 
additional tax liabilities.
The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland, where a number of the 
Company’s subsidiaries are organized. Due to economic and political conditions, tax laws and tax rates for income taxes and 
other non-income taxes in various jurisdictions may be subject to significant change. The Company’s effective tax rates are 
affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax 
assets and liabilities, the introduction of new taxes, or changes in tax laws or their interpretation, including in the U.S. and 
Ireland. The application of tax laws may be uncertain, require significant judgment and be subject to differing interpretations.
Apple Inc. | 2022 Form 10-K | 16

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The Company is also subject to the examination of its tax returns and other tax matters by the U.S. Internal Revenue Service 
and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome 
resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the 
outcome of these examinations. If the Company’s effective tax rates were to increase, particularly in the U.S. or Ireland, or if the 
ultimate determination of the Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s 
business, results of operations and financial condition could be materially adversely affected.
General Risks
The price of the Company’s stock is subject to volatility.
The Company’s stock has experienced substantial price volatility in the past and may continue to do so in the future. Additionally, 
the Company, the technology industry and the stock market as a whole have, from time to time, experienced extreme stock price 
and volume fluctuations that have affected stock prices in ways that may have been unrelated to these companies’ operating 
performance. Price volatility may cause the average price at which the Company repurchases its stock in a given period to 
exceed the stock’s price at a given point in time. The Company believes the price of its stock should reflect expectations of future 
growth and profitability. The Company also believes the price of its stock should reflect expectations that its cash dividend will 
continue at current levels or grow, and that its current share repurchase program will be fully consummated. Future dividends are 
subject to declaration by the Company’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, are in good operating condition and are suitable for the conduct of its business.
Item 3. Legal Proceedings
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “Northern California 
District Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law 
based upon the Company’s operation of its App Store. The Company filed a counterclaim for breach of contract. On September 
10, 2021, the Northern California District Court ruled in favor of the Company with respect to nine out of the ten counts included 
in Epic’s claim, and in favor of the Company with respect to the Company’s claims for breach of contract. The Northern California 
District Court found that certain provisions of the Company’s App Store Review Guidelines violate California’s unfair competition 
law and issued an injunction. Epic appealed the decision. The Company filed a cross-appeal and has been granted a stay 
pending the appeal.
Other Legal Proceedings
The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the 
ordinary course of business. The Company settled certain matters during the fourth quarter of 2022 that did not individually or in 
the aggregate have a material impact on the Company’s financial condition or operating results. The outcome of litigation is 
inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above 
management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially 
adversely affected.
Item 4. Mine Safety Disclosures
Not applicable.
Apple Inc. | 2022 Form 10-K | 17

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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities
The Company’s common stock is traded on The Nasdaq Stock Market LLC under the symbol AAPL.
Holders
As of October 14, 2022, there were 23,838 shareholders of record.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September  24, 2022 was as follows (in millions, except number of 
shares, which are reflected in thousands, and per share amounts):
Periods
Total Number
of Shares 
Purchased
Average 
Price
Paid Per 
Share
Total Number 
of Shares
Purchased as 
Part of Publicly
Announced 
Plans or 
Programs
Approximate 
Dollar Value of
Shares That May 
Yet Be Purchased
Under the Plans 
or Programs (1)
June 26, 2022 to July 30, 2022:
Open market and privately negotiated purchases  41,690 $ 145.91  41,690 
July 31, 2022 to August 27, 2022:
Open market and privately negotiated purchases  54,669 $ 168.29  54,669 
August 28, 2022 to September 24, 2022:
Open market and privately negotiated purchases  63,813 $ 155.59  63,813 
Total  160,172 $ 60,665 
(1) As of September 24, 2022 , the Company was authorized by the Board of Directors to purchase up to $405 billion of the 
Company’s common stock under a share repurchase program most recently announced on April 28, 2022 (the “Program”), 
of which $344.3 billion had been utilized . 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 Exchange Act.
Apple Inc. | 2022 Form 10-K | 18

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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 Index
Apple Inc.S&P 500 Index
S&P Information Technology IndexDow Jones U.S. Technology Supersector Index
9/29/179/29/189/28/199/26/209/25/219/24/22
$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 
2017
September 
2018
September 
2019
September 
2020
September 
2021
September 
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

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes 
included in Part II, Item 8 of this Form 10-K. This section of this Form 10-K generally discusses 2022 and 2021 items and year-
to-year comparisons between 2022 and 2021. Discussions of 2020 items and year-to-year comparisons between 2021 and 
2020 are not included in this Form 10-K, and can be found in “Management’s Discussion and Analysis of Financial Condition 
and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended 
September 25, 2021.
Fiscal Year Highlights
Fiscal 2022 Highlights
Total net sales increased 8% or $28.5 billion during 2022 compared to 2021, driven primarily by higher net sales of iPhone, 
Services and Mac. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on all 
Products and Services net sales during 2022.
The Company announces new product, service and software offerings at various times during the year. Significant 
announcements during fiscal 2022 included the following:
First Quarter 2022:
• Updated MacBook Pro 14” and MacBook Pro 16”, powered by the Apple M1 Pro or M1 Max chip; and
• Third generation of AirPods.
Second Quarter 2022:
• Updated iPhone SE with 5G technology;
• All-new Mac Studio, powered by the Apple M1 Max or M1 Ultra chip;
• All-new Studio Display™; and
• Updated iPad Air with 5G technology, powered by the Apple M1 chip.
Third Quarter 2022:
• Updated MacBook Air and MacBook Pro 13”, both powered by the Apple M2 chip;
• iOS 16, macOS Ventura, iPadOS 16 and watchOS 9, updates to the Company’s operating systems; and
• Apple Pay Later, a buy now, pay later service.
Fourth Quarter 2022:
• iPhone 14, iPhone 14 Plus, iPhone 14 Pro and iPhone 14 Pro Max;
• Second generation of AirPods Pro; and
• Apple Watch Series 8, updated Apple Watch SE and all-new Apple Watch Ultra.
In April 2022, the Company announced an increase to its Program authorization from $315 billion to $405 billion and raised its 
quarterly dividend from $0.22 to $0.23 per share beginning in May 2022. During 2022, the Company repurchased $90.2 billion of 
its common stock and paid dividends and dividend equivalents of $14.8 billion.
COVID-19
The COVID-19 pandemic has had, and continues to have, a significant impact around the world, prompting governments and 
businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of 
businesses, and quarantine and shelter-in-place orders. The COVID-19 pandemic has at times significantly curtailed global 
economic activity and caused significant volatility and disruption in global financial markets. The COVID-19 pandemic and the 
measures taken by many countries in response have affected and could in the future materially impact the Company’s business, 
results of operations and financial condition.
Certain of the Company’s outsourcing partners, component suppliers and logistical service providers have experienced 
disruptions during the COVID-19 pandemic, resulting in supply shortages. Similar disruptions could occur in the future.
Apple Inc. | 2022 Form 10-K | 20

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Products and Services Performance
The following table shows net sales by category for 2022, 2021 and 2020 (dollars in millions):
2022 Change 2021 Change 2020
Net sales by category:
iPhone (1) $ 205,489  7 % $ 191,973  39 % $ 137,781 
Mac (1)  40,177  14 %  35,190  23 %  28,622 
iPad (1)  29,292  (8) %  31,862  34 %  23,724 
Wearables, Home and Accessories (1)(2)  41,241  7 %  38,367  25 %  30,620 
Services (3)  78,129  14 %  68,425  27 %  53,768 
Total net sales $ 394,328  8 % $ 365,817  33 % $ 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.
iPhone
iPhone net sales increased during 2022 compared to 2021 due primarily to higher net sales from the Company’s new iPhone 
models released since the beginning of the fourth quarter of 2021.
Mac
Mac net sales increased during 2022 compared to 2021 due primarily to higher net sales of laptops.
iPad
iPad net sales decreased during 2022 compared to 2021 due primarily to lower net sales of iPad Pro.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales increased during 2022 compared to 2021 due primarily to higher net sales of Apple 
Watch and AirPods.
Services
Services net sales increased during 2022 compared to 2021 due primarily to higher net sales from advertising, cloud services 
and the App Store.
Apple Inc. | 2022 Form 10-K | 21

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Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the 
Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe 
includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong 
and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable 
segments. Although the reportable segments provide similar hardware and software products and similar services, each one is 
managed separately to better align with the location of the Company’s customers and distribution partners and the unique market 
dynamics of each geographic region. Further information regarding the Company’s reportable segments can be found in Part II, 
Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 11, “Segment Information and Geographic 
Data.”
The following table shows net sales by reportable segment for 2022, 2021 and 2020 (dollars in millions):
2022 Change 2021 Change 2020
Net sales by reportable segment:
Americas $ 169,658  11 % $ 153,306  23 % $ 124,556 
Europe  95,118  7 %  89,307  30 %  68,640 
Greater China  74,200  9 %  68,366  70 %  40,308 
Japan  25,977  (9) %  28,482  33 %  21,418 
Rest of Asia Pacific  29,375  11 %  26,356  35 %  19,593 
Total net sales $ 394,328  8 % $ 365,817  33 % $ 274,515 
Americas
Americas net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Services and Mac.
Europe
Europe net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The 
weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales 
during 2022.
Greater China
Greater China net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone and Services. The 
strength of the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during 2022.
Japan
Japan net sales decreased during 2022 compared to 2021 due to the weakness of the yen relative to the U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during 2022 compared to 2021 due primarily to higher net sales of iPhone, Mac and 
Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of 
Asia Pacific net sales during 2022.
Apple Inc. | 2022 Form 10-K | 22

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Gross Margin
Products and Services gross margin and gross margin percentage for 2022, 2021 and 2020 were as follows (dollars in millions):
2022 2021 2020
Gross margin:
Products $ 114,728 $ 105,126 $ 69,461 
Services  56,054  47,710  35,495 
Total gross margin $ 170,782 $ 152,836 $ 104,956 
Gross margin percentage:
Products  36.3%  35.3%  31.5% 
Services  71.7%  69.7%  66.0% 
Total gross margin percentage  43.3%  41.8%  38.2% 
Products Gross Margin
Products gross margin increased during 2022 compared to 2021 due primarily to a different Products mix and higher Products 
volume, partially offset by the weakness in foreign currencies relative to the U.S. dollar.
Products gross margin percentage increased during 2022 compared to 2021 due primarily to a different Products mix, partially 
offset by the weakness in foreign currencies relative to the U.S. dollar.
Services Gross Margin
Services gross margin increased during 2022 compared to 2021 due primarily to higher Services net sales, partially offset by the 
weakness in foreign currencies relative to the U.S. dollar.
Services gross margin percentage increased during 2022 compared to 2021 due primarily to improved leverage and a different 
Services mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of this Form 10-K 
under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and 
downward pressure.
Operating Expenses
Operating expenses for 2022, 2021 and 2020 were as follows (dollars in millions):
2022 Change 2021 Change 2020
Research and development $ 26,251  20 % $ 21,914  17 % $ 18,752 
Percentage of total net sales  7%  6%  7% 
Selling, general and administrative $ 25,094  14 % $ 21,973  10 % $ 19,916 
Percentage of total net sales  6%  6%  7% 
Total operating expenses $ 51,345  17 % $ 43,887  13 % $ 38,668 
Percentage of total net sales  13%  12%  14% 
Research and Development
The year-over-year growth in R&D expense in 2022 was driven primarily by increases in headcount-related expenses and 
engineering program costs.
Selling, General and Administrative
The year-over-year growth in selling, general and administrative expense in 2022 was driven primarily by increases in 
headcount-related expenses, advertising and professional services.
Apple Inc. | 2022 Form 10-K | 23

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Other Income/(Expense), Net
Other income/(expense), net (“OI&E”) for 2022, 2021 and 2020 was as follows (dollars in millions):
2022 Change 2021 Change 2020
Interest and dividend income $ 2,825 $ 2,843 $ 3,763 
Interest expense  (2,931)  (2,645)  (2,873) 
Other income/(expense), net  (228)  60  (87) 
Total other income/(expense), net $ (334)  (229) % $ 258  (68) % $ 803 
The decrease in OI&E during 2022 compared to 2021 was due primarily to higher realized losses on debt securities, unfavorable 
fair value adjustments on equity securities and higher interest expense, partially offset by higher foreign exchange gains.
Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for 2022, 2021 and 2020 were as follows 
(dollars in millions):
2022 2021 2020
Provision for income taxes $ 19,300 $ 14,527 $ 9,680 
Effective tax rate  16.2%  13.3%  14.4% 
Statutory federal income tax rate  21%  21%  21% 
The Company’s effective tax rate for 2022 was lower than the statutory federal income tax rate due primarily to a lower effective 
tax rate on foreign earnings, tax benefits from share-based compensation and the impact of the U.S. federal R&D credit, partially 
offset by state income taxes. The Company’s effective tax rate for 2021 was lower than the statutory federal income tax rate due 
primarily to a lower effective tax rate on foreign earnings, tax benefits from share-based compensation and foreign-derived 
intangible income deductions.
The Company’s effective tax rate for 2022 was higher compared to 2021 due primarily to a higher effective tax rate on foreign 
earnings, including the impact to U.S. foreign tax credits as a result of regulatory guidance issued by the U.S. Department of the 
Treasury in 2022, and lower tax benefits from foreign-derived intangible income deductions and share-based compensation.
Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, which totaled $156.4 billion 
as of September  24, 2022, along with cash generated by ongoing operations and continued access to debt markets, will be 
sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond.
The Company’s material cash requirements include the following contractual obligations.
Debt
As of September  24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate principal 
amount of $111.8 billion  (collectively the “Notes”), with $11.1 billion  payable within 12 months. Future interest payments 
associated with the Notes total $41.3 billion, with $2.9 billion payable within 12 months.
The Company also issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper 
program. As of September 24, 2022, the Company had $10.0 billion of Commercial Paper outstanding, all of which was payable 
within 12 months.
Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and 
retail space . As of September  24, 2022, the Company had fixed lease payment obligations of $15.3 billion , with $2.0 billion  
payable within 12 months.
Apple Inc. | 2022 Form 10-K | 24

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Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform 
final assembly and testing of finished products. The Company also obtains individual components for its products from a wide 
variety of individual suppliers. Outsourcing partners acquire components and build product based on demand information 
supplied by the Company, which typically covers periods up to 150 days . As of September  24, 2022 , the Company had 
manufacturing purchase obligations of $71.1 billion, with $68.4 billion payable within 12 months. The Company’s manufacturing 
purchase obligations are primarily noncancelable.
Other Purchase Obligations
The Company’s other purchase obligations primarily consist of noncancelable obligations to acquire capital assets, including 
assets related to product manufacturing, and noncancelable 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 basis, 
subject to declaration by the Board of Directors.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles 
(“GAAP”) and the Company’s discussion and analysis of its financial condition and operating results require the Company’s 
management to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Summary of Significant 
Accounting Policies” of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K describes the 
significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. 
Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under 
the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Uncertain Tax Positions
The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. The evaluation of the Company’s 
uncertain tax positions involves significant judgment in the interpretation and application of GAAP and complex domestic and 
international tax laws, including the Act and matters related to the allocation of international taxation rights between countries. 
Although management believes the Company’s reserves are reasonable, no assurance can be given that the final outcome of 
these uncertainties will not be different from that which is reflected in the Company’s reserves. Reserves are adjusted 
considering changing facts and circumstances, such as the closing of a tax examination. Resolution of these uncertainties in a 
manner inconsistent with management’s expectations could have a material impact on the Company’s financial condition and 
operating results.
Legal and Other Contingencies
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, the outcomes of 
which are inherently uncertain. The Company records a liability when it is probable that a loss has been incurred and the amount 
is reasonably estimable, the determination of which requires significant judgment. Resolution of legal matters in a manner 
inconsistent with management’s expectations could have a material impact on the Company’s financial condition and operating 
results.
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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate and Foreign Currency Risk Management
The Company regularly reviews its foreign exchange forward and option positions and interest rate swaps, both on a stand-alone 
basis and in conjunction with its underlying foreign currency and interest rate exposures. Given the effective horizons of the 
Company’s risk management activities and the anticipatory nature of the exposures, there can be no assurance these positions 
will offset more than a portion of the financial impact resulting from movements in either foreign exchange or interest rates. 
Further, the recognition of the gains and losses related to these instruments may not coincide with the timing of gains and losses 
related to the underlying economic exposures and, therefore, may adversely affect the Company’s financial condition and 
operating results.
Interest Rate Risk
The Company’s exposure to changes in interest rates relates primarily to the Company’s investment portfolio and outstanding 
debt. While the Company is exposed to global interest rate fluctuations, it is most affected by fluctuations in U.S. interest rates. 
Changes in U.S. interest rates affect the interest earned on the Company’s cash, cash equivalents and marketable securities and 
the fair value of those securities, as well as costs associated with hedging and interest paid on the Company’s debt.
The Company’s investment policy and strategy are focused on the preservation of capital and supporting the Company’s liquidity 
requirements. The Company uses a combination of internal and external management to execute its investment strategy and 
achieve its investment objectives. The Company typically invests in highly rated securities, with the primary objective of 
minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment 
grade and limits the amount of credit exposure to any one issuer. To provide a meaningful assessment of the interest rate risk 
associated with the Company’s investment portfolio, the Company performed a sensitivity analysis to determine the impact a 
change in interest rates would have on the value of the investment portfolio assuming a 100 basis point parallel shift in the yield 
curve. Based on investment positions as of September  24, 2022 and September  25, 2021, a hypothetical 100 basis point 
increase in interest rates across all maturities would result in a $4.0 billion and $4.1 billion incremental decline in the fair market 
value of the portfolio, respectively. Such losses would only be realized if the Company sold the investments prior to maturity.
As of September 24, 2022 , the Company had outstanding fixed-rate notes and as of September 25, 2021 , the Company had 
outstanding floating- and fixed-rate notes  with varying maturities for an aggregate carrying amount of $110.1 billion and $118.7 
billion, respectively. The Company has entered, and in the future may enter, into interest rate swaps to manage interest rate risk 
on its outstanding term debt. Interest rate swaps allow the Company to effectively convert fixed-rate payments into floating-rate 
payments or floating-rate payments into fixed-rate payments. Gains and losses on term debt are generally offset by the 
corresponding losses and gains on the related hedging instrument. A 100 basis point increase in market interest rates would 
cause interest expense on the Company’s debt as of September 24, 2022 and September 25, 2021 to increase by $201 million 
and $186 million on an annualized basis, respectively.
Foreign Currency Risk
In general, the Company is a net receiver of currencies other than the U.S. dollar. Accordingly, changes in exchange rates, and 
in particular a strengthening of the U.S. dollar, will negatively affect the Company’s net sales and gross margins as expressed in 
U.S. dollars. There is a risk that the Company will have to adjust local currency pricing due to competitive pressures when there 
has been significant volatility in foreign currency exchange rates.
The Company may enter into foreign currency forward and option contracts with financial institutions to protect against foreign 
exchange risks associated with certain existing assets and liabilities, certain firmly committed transactions, forecasted future 
cash flows and net investments in foreign subsidiaries. In addition, the Company has entered, and in the future may enter, into 
foreign currency contracts to partially offset the foreign currency exchange gains and losses on its foreign currency–denominated 
debt issuances. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue 
and inventory purchases, typically for up to 12 months. However, the Company may choose not to hedge certain foreign 
exchange exposures for a variety of reasons, including accounting considerations or the prohibitive economic cost of hedging 
particular exposures.
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To provide an assessment of the foreign currency risk associated with certain of the Company’s foreign currency derivative 
positions, the Company performed a sensitivity analysis using a value-at-risk (“VAR”) model to assess the potential impact of 
fluctuations in exchange rates. The VAR model consisted of using a Monte Carlo simulation to generate thousands of random 
market price paths assuming normal market conditions. The VAR is the maximum expected loss in fair value, for a given 
confidence interval, to the Company’s foreign currency derivative positions due to adverse movements in rates. The VAR model 
is not intended to represent actual losses but is used as a risk estimation and management tool. Forecasted transactions, firm 
commitments and assets and liabilities denominated in foreign currencies were excluded from the model. Based on the results of 
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.
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Item 8. Financial Statements and Supplementary Data
Index to Consolidated Financial Statements Page
Consolidated Statements of Operations for the years ended September 24, 2022, September 25, 2021 and 
September 26, 2020 29
Consolidated Statements of Comprehensive Income for the years ended September 24, 2022, September 25, 
2021 and September 26, 2020 30
Consolidated Balance Sheets as of September 24, 2022 and September 25, 2021 31
Consolidated Statements of Shareholders’ Equity for the years ended September 24, 2022, September 25, 2021 
and September 26, 2020 32
Consolidated Statements of Cash Flows for the years ended September 24, 2022, September 25, 2021 and 
September 26, 2020 33
Notes to Consolidated Financial Statements 34
Reports of Independent Registered Public Accounting Firm 50
All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts 
sufficient to require submission of the schedule, or because the information required is included in the consolidated financial 
statements and accompanying notes.
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Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
Years ended
September 24,
2022
September 25,
2021
September 26,
2020
Net sales:
   Products $ 316,199 $ 297,392 $ 220,747 
   Services  78,129  68,425  53,768 
Total net sales  394,328  365,817  274,515 
Cost of sales:
   Products  201,471  192,266  151,286 
   Services  22,075  20,715  18,273 
Total cost of sales  223,546  212,981  169,559 
Gross margin  170,782  152,836  104,956 
Operating expenses:
Research and development  26,251  21,914  18,752 
Selling, general and administrative  25,094  21,973  19,916 
Total operating expenses  51,345  43,887  38,668 
Operating income  119,437  108,949  66,288 
Other income/(expense), net  (334)  258  803 
Income before provision for income taxes  119,103  109,207  67,091 
Provision for income taxes  19,300  14,527  9,680 
Net income $ 99,803 $ 94,680 $ 57,411 
Earnings per share:
Basic $ 6.15 $ 5.67 $ 3.31 
Diluted $ 6.11 $ 5.61 $ 3.28 
Shares used in computing earnings per share:
Basic  16,215,963  16,701,272  17,352,119 
Diluted  16,325,819  16,864,919  17,528,214 
See accompanying Notes to Consolidated Financial Statements.
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Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Years ended
September 24,
2022
September 25,
2021
September 26,
2020
Net income $ 99,803 $ 94,680 $ 57,411 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (1,511)  501  88 
Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivative instruments  3,212  32  79 
Adjustment for net (gains)/losses realized and included in net 
income  (1,074)  1,003  (1,264) 
Total change in unrealized gains/losses on derivative 
instruments  2,138  1,035  (1,185) 
Change in unrealized gains/losses on marketable debt securities, net of 
tax:
Change in fair value of marketable debt securities  (12,104)  (694)  1,202 
Adjustment for net (gains)/losses realized and included in net 
income  205  (273)  (63) 
Total change in unrealized gains/losses on marketable debt 
securities  (11,899)  (967)  1,139 
Total other comprehensive income/(loss)  (11,272)  569  42 
Total comprehensive income $ 88,531 $ 95,249 $ 57,453 
See accompanying Notes to Consolidated Financial Statements.
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Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
September 24,
2022
September 25,
2021
ASSETS:
Current assets:
Cash and cash equivalents $ 23,646 $ 34,940 
Marketable securities  24,658  27,699 
Accounts receivable, net  28,184  26,278 
Inventories  4,946  6,580 
Vendor non-trade receivables  32,748  25,228 
Other current assets  21,223  14,111 
Total current assets  135,405  134,836 
Non-current assets:
Marketable securities  120,805  127,877 
Property, plant and equipment, net  42,117  39,440 
Other non-current assets  54,428  48,849 
Total non-current assets  217,350  216,166 
Total assets $ 352,755 $ 351,002 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 64,115 $ 54,763 
Other current liabilities  60,845  47,493 
Deferred revenue  7,912  7,612 
Commercial paper  9,982  6,000 
Term debt  11,128  9,613 
Total current liabilities  153,982  125,481 
Non-current liabilities:
Term debt  98,959  109,106 
Other non-current liabilities  49,142  53,325 
Total non-current liabilities  148,101  162,431 
Total liabilities  302,083  287,912 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 15,943,425 and 16,426,786 shares issued and outstanding, respectively  64,849  57,365 
Retained earnings/(Accumulated deficit)  (3,068)  5,562 
Accumulated other comprehensive income/(loss)  (11,109)  163 
Total shareholders’ equity  50,672  63,090 
Total liabilities and shareholders’ equity $ 352,755 $ 351,002 
See accompanying Notes to Consolidated Financial Statements.
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Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per share amounts)
Years ended
September 24,
2022
September 25,
2021
September 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 balances  5,562  14,966  45,898 
Net income  99,803  94,680  57,411 
Dividends and dividend equivalents declared  (14,793)  (14,431)  (14,087) 
Common stock withheld related to net share settlement of equity 
awards  (3,454)  (4,151)  (1,604) 
Common stock repurchased  (90,186)  (85,502)  (72,516) 
Cumulative effect of change in accounting principle  —  —  (136) 
Ending balances  (3,068)  5,562  14,966 
Accumulated other comprehensive income/(loss):
Beginning balances  163  (406)  (584) 
Other comprehensive income/(loss)  (11,272)  569  42 
Cumulative effect of change in accounting principle  —  —  136 
Ending balances  (11,109)  163  (406) 
Total shareholders’ equity, ending balances $ 50,672 $ 63,090 $ 65,339 
Dividends and dividend equivalents declared per share or RSU $ 0.90 $ 0.85 $ 0.795 
See accompanying Notes to Consolidated Financial Statements.
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Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended
September 24,
2022
September 25,
2021
September 26,
2020
Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789 $ 50,224 
Operating activities:
Net income  99,803  94,680  57,411 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  11,104  11,284  11,056 
Share-based compensation expense  9,038  7,906  6,829 
Deferred income tax expense/(benefit)  895  (4,774)  (215) 
Other  111  (147)  (97) 
Changes in operating assets and liabilities:
Accounts receivable, net  (1,823)  (10,125)  6,917 
Inventories  1,484  (2,642)  (127) 
Vendor non-trade receivables  (7,520)  (3,903)  1,553 
Other current and non-current assets  (6,499)  (8,042)  (9,588) 
Accounts payable  9,448  12,326  (4,062) 
Deferred revenue  478  1,676  2,081 
Other current and non-current liabilities  5,632  5,799  8,916 
Cash generated by operating activities  122,151  104,038  80,674 
Investing activities:
Purchases of marketable securities  (76,923)  (109,558)  (114,938) 
Proceeds from maturities of marketable securities  29,917  59,023  69,918 
Proceeds from sales of marketable securities  37,446  47,460  50,473 
Payments for acquisition of property, plant and equipment  (10,708)  (11,085)  (7,309) 
Payments made in connection with business acquisitions, net  (306)  (33)  (1,524) 
Other  (1,780)  (352)  (909) 
Cash used in investing activities  (22,354)  (14,545)  (4,289) 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (6,223)  (6,556)  (3,634) 
Payments for dividends and dividend equivalents  (14,841)  (14,467)  (14,081) 
Repurchases of common stock  (89,402)  (85,971)  (72,358) 
Proceeds from issuance of term debt, net  5,465  20,393  16,091 
Repayments of term debt  (9,543)  (8,750)  (12,629) 
Proceeds from/(Repayments of) commercial paper, net  3,955  1,022  (963) 
Other  (160)  976  754 
Cash used in financing activities  (110,749)  (93,353)  (86,820) 
Decrease in cash, cash equivalents and restricted cash  (10,952)  (3,860)  (10,435) 
Cash, cash equivalents and restricted cash, ending balances $ 24,977 $ 35,929 $ 39,789 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 19,573 $ 25,385 $ 9,501 
Cash paid for interest $ 2,865 $ 2,687 $ 3,002 
See accompanying Notes to Consolidated Financial Statements.
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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.
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For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the 
Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when 
determining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, 
retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party 
applications sold through the App Store and certain digital content sold through the Company’s other digital content stores, the 
Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such 
sales on a net basis by recognizing in Services net sales only the commission it retains.
The Company records revenue net of taxes collected from customers that are remitted to governmental authorities, with the 
collected taxes recorded within other current liabilities until remitted to the relevant government authority.
Share-Based Compensation
The Company generally measures share-based compensation based on the closing price of the Company’s common stock on 
the date of grant, and recognizes expense on a straight-line basis for its estimate of equity awards that will ultimately vest. 
Further information regarding share-based compensation can be found in Note 9, “Benefit Plans.”
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for 2022, 2021 and 2020 (net income in 
millions and shares in thousands):
2022 2021 2020
Numerator:
Net income $ 99,803 $ 94,680 $ 57,411 
Denominator:
Weighted-average basic shares outstanding  16,215,963  16,701,272  17,352,119 
Effect of dilutive securities  109,856  163,647  176,095 
Weighted-average diluted shares  16,325,819  16,864,919  17,528,214 
Basic earnings per share $ 6.15 $ 5.67 $ 3.31 
Diluted earnings per share $ 6.11 $ 5.61 $ 3.28 
The Company applies the treasury stock method to determine the dilutive effect of potentially dilutive securities.
Cash Equivalents and Marketable Securities
All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents.
The Company’s i nvestments in marketable debt securities have been classified and accounted for as available-for-sale. The 
Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying 
contractual maturity date.
The Company’s investments in marketable equity securities are classified based on the nature of the securities and their 
availability for use in current operations.
The cost of securities sold is determined using the specific identification method.
Inventories
Inventories are measured using the first-in, first-out method.
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Restricted Marketable Securities
The Company considers marketable securities to be restricted when withdrawal or general use is legally restricted. The 
Company reports restricted marketable securities as current or non-current marketable securities in the Consolidated Balance 
Sheets based on the classification of the underlying securities.
Property, Plant and Equipment
Depreciation on property, plant and equipment is recognized on a straight-line basis over the estimated useful lives of the assets, 
which for buildings is the shorter of 40 years or the remaining life of the building; between one and five years for machinery and 
equipment, including manufacturing equipment; and the shorter of the lease term or useful life for leasehold improvements. 
Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful lives of the 
assets, which range from five to seven years. Depreciation and amortization expense on property, plant and equipment was $8.7 
billion, $9.5 billion and $9.7 billion during 2022, 2021 and 2020, respectively.
Derivative Instruments and Hedging
All derivative instruments are recorded in the Consolidated Balance Sheets at fair value. The accounting treatment for derivative 
gains and losses is based on intended use and hedge designation.
Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred 
in accumulated other comprehensive income/(loss) (“AOCI”) and subsequently reclassified into earnings when the hedged 
transaction affects earnings, and in the same line item in the Consolidated Statements of Operations. For options designated as 
cash flow hedges, the Company excludes time value from the assessment of hedge effectiveness and recognizes it on a 
straight-line basis over the life of the hedge in the Consolidated Statements of Operations line item to which the hedge relates. 
Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in other 
comprehensive income/(loss) (“OCI”).
Gains and losses arising from amounts that are included in the assessment of fair value hedge effectiveness are recognized in 
the Consolidated Statements of Operations line item to which the hedge relates along with offsetting losses and gains related to 
the change in value of the hedged item. For foreign exchange forward contracts designated as fair value hedges, the Company 
excludes the forward carry component from the assessment of hedge effectiveness and recognizes it in other income/(expense), 
net (“OI&E”) on a straight-line basis over the life of the hedge. Changes in the fair value of amounts excluded from the 
assessment of hedge effectiveness are recognized in OCI.
Gains and losses arising from changes in the fair values of derivative instruments that are not designated as accounting hedges 
are recognized in the Consolidated Statements of Operations line items to which the derivative instruments relate.
The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets. The 
Company classifies cash flows related to derivative instruments as operating activities in the Consolidated Statements of Cash 
Flows.
Fair Value Measurements
The fair values of the Company’s money market funds and certain marketable equity securities are based on quoted prices in 
active markets for identical assets. The valuation techniques used to measure the fair value of the Company’s debt instruments 
and all other financial instruments, which generally have counterparties with high credit ratings, are based on quoted market 
prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.
Income Taxes
The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings 
created by the U.S. Tax Cuts and Jobs Act of 2017 (the “Act”).
Leases
The Company combines and accounts for lease and nonlease components as a single lease component for leases of corporate, 
data center and retail facilities. The discount rates related to the Company’s lease liabilities are generally based on estimates of 
the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.
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Segment Reporting
The Company reports segment information based on the “management” approach. The management approach designates the 
internal reporting used by management for making decisions and assessing performance as the source of the Company’s 
reportable segments.
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the 
Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe 
includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong 
and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable 
segments. Although the reportable segments provide similar hardware and software products and similar services, each one is 
managed separately to better align with the location of the Company’s customers and distribution partners and the unique market 
dynamics of each geographic region. The accounting policies of the various segments are the same as those described  
elsewhere in this Note 1, “Summary of Significant Accounting Policies.”
The Company evaluates the performance of its reportable segments based on net sales and operating income. Net sales for 
geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in 
those geographic locations. Operating income for each segment includes net sales to third parties, related cost of sales and 
operating expenses directly attributable to the segment. Advertising expenses are generally included in the geographic segment 
in which the expenditures are incurred. Operating income for each segment excludes other income and expense and certain 
expenses managed outside the reportable segments. Costs excluded from segment operating income include various corporate 
expenses such as research and development  (“R&D”),  corporate marketing expenses, certain share-based compensation 
expenses, income taxes, various nonrecurring charges and other separately managed general and administrative costs. The 
Company does not include intercompany transfers between segments for management reporting purposes.
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 (1) $ 205,489 $ 191,973 $ 137,781 
Mac (1)  40,177  35,190  28,622 
iPad (1)  29,292  31,862  23,724 
Wearables, Home and Accessories (1)(2)  41,241  38,367  30,620 
Services (3)  78,129  68,425  53,768 
Total net sales (4) $ 394,328 $ 365,817 $ 274,515 
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod 
mini and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
(4) Includes $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021, $6.7 
billion of revenue recognized in 2021 that was included in deferred revenue as of September 26, 2020 , and $5.0 billion of 
revenue recognized in 2020 that was included in deferred revenue as of September 28, 2019.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 11, “Segment Information and Geographic Data” for 2022, 2021 and 2020, except in Greater China, where iPhone 
revenue represented a moderately higher proportion of net sales in 2022 and 2021.
As of September 24, 2022 and September 25, 2021, the Company had total deferred revenue of $12.4 billion and $11.9 billion, 
respectively. As of September 24, 2022, the Company expects 64% of total deferred revenue to be realized in less than a year, 
27% within one-to-two years, 7% within two-to-three years and 2% in greater than three years.
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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 (1):
Money market funds  2,929  —  —  2,929  2,929  —  — 
Mutual funds  274  —  (47)  227  —  227  — 
Subtotal  3,203  —  (47)  3,156  2,929  227  — 
Level 2 (2):
U.S. Treasury securities  25,134  —  (1,725)  23,409  338  5,091  17,980 
U.S. agency securities  5,823  —  (655)  5,168  —  240  4,928 
Non-U.S. government securities  16,948  2  (1,201)  15,749  —  8,806  6,943 
Certificates of deposit and time deposits  2,067  —  —  2,067  1,805  262  — 
Commercial paper  718  —  —  718  28  690  — 
Corporate debt securities  87,148  9  (7,707)  79,450  —  9,023  70,427 
Municipal securities  921  —  (35)  886  —  266  620 
Mortgage- and asset-backed securities  22,553  —  (2,593)  19,960  —  53  19,907 
Subtotal  161,312  11  (13,916)  147,407  2,171  24,431  120,805 
Total (3) $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 
2021
Adjusted
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 (1):
Money market funds  9,608  —  —  9,608  9,608  —  — 
Mutual funds  175  11  (1)  185  —  185  — 
Subtotal  9,783  11  (1)  9,793  9,608  185  — 
Level 2 (2):
Equity securities  1,527  —  (564)  963  —  963  — 
U.S. Treasury securities  22,878  102  (77)  22,903  3,596  6,625  12,682 
U.S. agency securities  8,949  2  (64)  8,887  1,775  1,930  5,182 
Non-U.S. government securities  20,201  211  (101)  20,311  390  3,091  16,830 
Certificates of deposit and time deposits  1,300  —  —  1,300  490  810  — 
Commercial paper  2,639  —  —  2,639  1,776  863  — 
Corporate debt securities  83,883  1,242  (267)  84,858  —  12,327  72,531 
Municipal securities  967  14  —  981  —  130  851 
Mortgage- and asset-backed securities  20,529  171  (124)  20,576  —  775  19,801 
Subtotal  162,873  1,742  (1,197)  163,418  8,027  27,514  127,877 
Total (3) $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 
(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets 
and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable 
or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3) As of September  24, 2022 and September  25, 2021, total marketable securities included $12.7 billion  and $17.9 billion , 
respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and 
other agreements.
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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 
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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 (1):
Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 
Derivative liabilities (2):
Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752 
Interest rate contracts $ 1,367 $ — $ 1,367 
(1) Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-
current assets in the Consolidated Balance Sheets.
(2) Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-
current liabilities in the Consolidated Balance Sheets.
The derivative assets above represent the Company’s gross credit exposure  if all counterparties failed to perform. To mitigate 
credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted 
when the net fair values of certain derivatives fluctuate from contractually established thresholds. To further limit credit risk, the 
Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative 
contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. 
As of September 24, 2022 , the potential effects of these rights of set-off associated with the Company’s derivative contracts, 
including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting 
in a net derivative asset of $412 million.
The carrying amounts of the  Company’s hedged items in fair value hedges as of September 24, 2022 and September 25, 2021 
were as follows (in millions):
2022 2021
Hedged assets/(liabilities):
Current and non-current marketable securities $ 13,378 $ 15,954 
Current and non-current term debt $ (18,739) $ (17,857) 
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, 
resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does 
not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain 
instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit 
insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit-
financing arrangements are directly between the third-party financing company and the end customer. As such, the Company 
generally does not assume any recourse or credit risk sharing related to any of these arrangements.
As of  September  24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which 
accounted for 10%. The Company’s cellular network carriers accounted for 44% and 42% of total trade receivables as of 
September 24, 2022 and September 25, 2021, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. As of September 24, 2022, the Company had two vendors that individually represented 10% 
or more of total vendor non-trade receivables, which accounted for 54% and 13%. As of September 25, 2021, the Company had 
three vendors that individually represented 10% or more of total vendor n on-trade receivables, which accounted for 52%, 11% 
and 11%.
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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 $ 49,142 $ 53,325 
Other Income/(Expense), Net
The following table shows the detail of OI&E for 2022, 2021 and 2020 (in millions):
2022 2021 2020
Interest and dividend income $ 2,825 $ 2,843 $ 3,763 
Interest expense  (2,931)  (2,645)  (2,873) 
Other income/(expense), net  (228)  60  (87) 
Total other income/(expense), net $ (334) $ 258 $ 803 
Note 5 – Income Taxes
Provision for Income Taxes and Effective Tax Rate
The provision for income taxes for 2022, 2021 and 2020, consisted of the following (in millions):
2022 2021 2020
Federal:
Current $ 7,890 $ 8,257 $ 6,306 
Deferred  (2,265)  (7,176)  (3,619) 
Total  5,625  1,081  2,687 
State:
Current  1,519  1,620  455 
Deferred  84  (338)  21 
Total  1,603  1,282  476 
Foreign:
Current  8,996  9,424  3,134 
Deferred  3,076  2,740  3,383 
Total  12,072  12,164  6,517 
Provision for income taxes $ 19,300 $ 14,527 $ 9,680 
The foreign provision for income taxes is based on foreign pretax earnings of $71.3 billion, $68.7 billion and $38.1 billion in 2022, 
2021 and 2020, respectively.
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A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate ( 21% 
in 2022, 2021 and 2020) to income before provision for income taxes for 2022, 2021 and 2020, is as follows (dollars in millions):
2022 2021 2020
Computed expected tax $ 25,012 $ 22,933 $ 14,089 
State taxes, net of federal effect  1,518  1,151  423 
Impacts of the Act  542  —  (582) 
Earnings of foreign subsidiaries  (4,366)  (4,715)  (2,534) 
Foreign-derived intangible income deduction  (296)  (1,372)  (169) 
Research and development credit, net  (1,153)  (1,033)  (728) 
Excess tax benefits from equity awards  (1,871)  (2,137)  (930) 
Other  (86)  (300)  111 
Provision for income taxes $ 19,300 $ 14,527 $ 9,680 
Effective tax rate  16.2%  13.3%  14.4% 
Deferred Tax Assets and Liabilities
As of September  24, 2022 and September  25, 2021, the significant components of the Company’s deferred tax assets and 
liabilities were (in millions):
2022 2021
Deferred tax assets:
Amortization and depreciation $ 1,496 $ 5,575 
Accrued liabilities and other reserves  6,515  5,895 
Lease liabilities  2,400  2,406 
Deferred revenue  5,742  5,399 
Unrealized losses  2,913  53 
Tax credit carryforwards  6,962  4,262 
Other  1,596  1,639 
Total deferred tax assets  27,624  25,229 
Less: Valuation allowance  (7,530)  (4,903) 
Total deferred tax assets, net  20,094  20,326 
Deferred tax liabilities:
Minimum tax on foreign earnings  1,983  4,318 
Right-of-use assets  2,163  2,167 
Unrealized gains  942  203 
Other  469  565 
Total deferred tax liabilities  5,557  7,253 
Net deferred tax assets $ 14,537 $ 13,073 
As of September  24, 2022 , the Company had $4.4  billion in foreign tax credit carryforwards in Ireland and $2.5  billion in 
California R&D credit carryforwards, both of which can be carried forward indefinitely. A valuation allowance has been recorded 
for the credit carryforwards and a portion of other temporary differences.
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Uncertain Tax Positions
As of September  24, 2022, the total amount of gross unrecognized tax benefits was $16.8 billion , of which $8.0 billion , if 
recognized, would impact the Company’s effective tax rate. As of September 25, 2021, the total amount of gross unrecognized 
tax benefits was $15.5 billion, of which $6.6 billion, if recognized, would have impacted the Company’s effective tax rate.
The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2022, 2021 
and 2020, is as follows (in millions):
2022 2021 2020
Beginning balances $ 15,477 $ 16,475 $ 15,619 
Increases related to tax positions taken during a prior year  2,284  816  454 
Decreases related to tax positions taken during a prior year  (1,982)  (1,402)  (791) 
Increases related to tax positions taken during the current year  1,936  1,607  1,347 
Decreases related to settlements with taxing authorities  (28)  (1,838)  (85) 
Decreases related to expiration of the statute of limitations  (929)  (181)  (69) 
Ending balances $ 16,758 $ 15,477 $ 16,475 
The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction and many state and foreign 
jurisdictions. Tax years after 2017 for the U.S. federal jurisdiction, and after 2014 in certain major foreign jurisdictions, remain 
subject to examination. Although the timing of resolution and/or closure of examinations is not certain, the Company believes it is 
reasonably possible that its gross unrecognized tax benefits could decrease in the next 12 months by as much as $4.8 billion.
European Commission State Aid Decision
On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by 
providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the 
Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the 
Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated 
the application of the tax opinions from that date forward. The recovery amount was calculated to be €13.1 billion, plus interest of 
€1.2 billion . The Company and Ireland appealed the State Aid Decision to the General Court of the Court of Justice of the 
European Union (the “General Court”). On July 15, 2020, the General Court annulled the State Aid Decision. On September 25, 
2020, the European Commission appealed the General Court’s decision to the European Court of Justice. The Company 
believes that any incremental Irish corporate income taxes potentially due related to the State Aid Decision would be creditable 
against U.S. taxes, subject to any foreign tax credit limitations in the Act.
On an annual basis, the Company may request approval from the Irish Minister for Finance to reduce the recovery amount for 
certain taxes paid to other countries. As of September  24, 2022, the adjusted recovery amount was €12.7 billion , excluding 
interest. The adjusted recovery amount plus interest is funded into escrow, where it will remain restricted from general use 
pending the conclusion of all legal proceedings. Refer to the Cash, Cash Equivalents and Marketable Securities section of Note 
3, “Financial Instruments” for more information.
Note 6 – Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and 
retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, 
some of which are reasonably certain of exercise.
Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based 
on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating 
leases were $1.9 billion, $1.7 billion and $1.5 billion for 2022, 2021 and 2020, respectively. Lease costs associated with variable 
payments on the Company’s leases were $14.9 billion, $12.9 billion and $9.3 billion for 2022, 2021 and 2020, respectively.
The Company made $1.8 billion, $1.4 billion and $1.5 billion of fixed cash payments related to operating leases in 2022, 2021 
and 2020, respectively. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were 
$2.8 billion for 2022, $3.3 billion for 2021 and $10.5 billion for 2020, including the impact of adopting the Financial Accounting 
Standards Board’s Accounting Standards Update No. 2016-02, Leases (Topic 842) in the first quarter of 2020.
Apple Inc. | 2022 Form 10-K | 43

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The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of 
September 24, 2022 and September 25, 2021 (in millions):
Lease-Related Assets and Liabilities Financial Statement Line Items 2022 2021
Right-of-use assets:
Operating leases Other non-current assets $ 10,417 $ 10,087 
Finance leases Property, plant and equipment, net  952  861 
Total right-of-use assets $ 11,369 $ 10,948 
Lease liabilities:
Operating leases Other current liabilities $ 1,534 $ 1,449 
Other non-current liabilities  9,936  9,506 
Finance leases Other current liabilities  129  79 
Other non-current liabilities  812  769 
Total lease liabilities $ 12,411 $ 11,803 
Lease liability maturities as of September 24, 2022, are as follows (in millions):
Operating
Leases
Finance
Leases Total
2023 $ 1,758 $ 155 $ 1,913 
2024  1,742  130  1,872 
2025  1,677  81  1,758 
2026  1,382  48  1,430 
2027  1,143  34  1,177 
Thereafter  5,080  906  5,986 
Total undiscounted liabilities  12,782  1,354  14,136 
Less: Imputed interest  (1,312)  (413)  (1,725) 
Total lease liabilities $ 11,470 $ 941 $ 12,411 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September  24, 2022  and 
September 25, 2021 was 10.1 years and 10.8 years, respectively. The discount rate related to the Company’s lease liabilities as 
of September 24, 2022 and September 25, 2021 was 2.3% and 2.0%, respectively.
As of September  24, 2022, the Company had $1.2 billion of  future paymen ts under additional leases, primarily for corporate 
facilities and retail space, that had not yet commenced. These leases will commence between 2023 and 2026, with lease terms 
ranging from less than 1 year to 21 years.
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Note 7 – Debt
Commercial Paper and Repurchase Agreements
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. 
The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and 
share repurchases. As of September  24, 2022 and September  25, 2021, the Company had $10.0 billion  and $6.0 billion  of 
Commercial Paper outstanding, respectively, with maturities generally less than nine months. The weighted-average interest rate 
of the Company’s Commercial Paper was 2.31% and 0.06% as of September 24, 2022 and September 25, 2021, respectively. 
The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for 
2022, 2021 and 2020 (in millions):
2022 2021 2020
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net $ 5,264 $ (357) $ 100 
Maturities greater than 90 days:
Proceeds from commercial paper  5,948  7,946  6,185 
Repayments of commercial paper  (7,257)  (6,567)  (7,248) 
Proceeds from/(Repayments of) commercial paper, net  (1,309)  1,379  (1,063) 
Total proceeds from/(repayments of) commercial paper, net $ 3,955 $ 1,022 $ (963) 
In 2020, the Company entered into agreements to sell certain of its marketable securities with a promise to repurchase the 
securities at a specified time and amount (“Repos”). Due to the Company’s continuing involvement with the marketable 
securities, the Company accounted for its Repos as collateralized borrowings. The Company entered into $5.2 billion of Repos 
during 2020, all of which had been settled as of September 26, 2020.
Term Debt
The Company has outstanding fixed-rate notes with varying maturities (collectively the “Notes”). The Notes are senior unsecured 
obligations and interest is payable in arrears. The following table provides a summary of the Company’s term debt as of 
September 24, 2022 and September 25, 2021:
Maturities
(calendar year)
2022 2021
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2021 debt issuances:
Floating-rate notes  $ — $ 1,750 0.48% – 0.63%
Fixed-rate 0.000% – 4.650% notes 2022 – 2061  106,324 0.03% – 4.78%  116,313 0.03% – 4.78%
Fourth quarter 2022 debt issuance:
Fixed-rate 3.250% – 4.100% notes 2029 – 2062  5,500 3.27% – 4.12%  — 
Total term debt  111,824  118,063 
Unamortized premium/(discount) and issuance 
costs, net  (374)  (380) 
Hedge accounting fair value adjustments  (1,363)  1,036 
Less: Current portion of term debt  (11,128)  (9,613) 
Total non-current portion of term debt $ 98,959 $ 109,106 
To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company has entered into interest 
rate swaps to effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to 
manage foreign currency risk on certain of its foreign currency–denominated notes, the Company has entered into foreign 
currency swaps to effectively convert these notes to U.S. dollar–denominated notes.
The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if 
applicable, adjustments related to hedging. The Company recognized $2.8 billion, $2.6 billion and $2.8 billion of interest expense 
on its term debt for 2022, 2021 and 2020, respectively.
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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

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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 share settled such that the Company 
withheld shares with a value equivalent to the employees’ obligation for the applicable income and other employment taxes, and 
remitted the cash to the appropriate taxing authorities. The total shares withheld were approximately 41 million, 53 million and 56 
million for 2022, 2021 and 2020, respectively, and were based on the value of the RSUs on their respective vesting dates as 
determined by the Company’s closing stock price. Total payments to taxing authorities for employees’ tax obligations were $6.4 
billion, $6.8 billion and $3.9 billion in 2022, 2021 and 2020, respectively.
Apple Inc. | 2022 Form 10-K | 47

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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 to various legal proceedings and claims that have arisen in the ordinary course of business and that 
have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at 
least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, 
concerning loss contingencies for asserted legal and other claims.
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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 $ 26,356 $ 19,593 
Operating income $ 11,569 $ 9,817 $ 6,808 
A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2022, 2021 and 
2020 is as follows (in millions):
2022 2021 2020
Segment operating income $ 152,895 $ 137,006 $ 91,240 
Research and development expense  (26,251)  (21,914)  (18,752) 
Other corporate expenses, net  (7,207)  (6,143)  (6,200) 
Total operating income $ 119,437 $ 108,949 $ 66,288 
The U.S. and China were the only countries that accounted for more than 10% of the Company’s net sales in 2022, 2021 and 
2020. Net sales for 2022, 2021 and 2020 and long-lived assets as of September 24, 2022  and September 25, 2021  were as 
follows (in millions):
2022 2021 2020
Net sales:
U.S. $ 147,859 $ 133,803 $ 109,197 
China (1)  74,200  68,366  40,308 
Other countries  172,269  163,648  125,010 
Total net sales $ 394,328 $ 365,817 $ 274,515 
2022 2021
Long-lived assets:
U.S. $ 31,119 $ 28,203 
China (1)  7,260  7,521 
Other countries  3,738  3,716 
Total long-lived assets $ 42,117 $ 39,440 
(1) China includes Hong Kong and Taiwan.  Long-lived assets located in China consist primarily of assets related to product 
manufacturing, retail stores and related infrastructure.
Apple Inc. | 2022 Form 10-K | 49

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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Apple Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Apple Inc. as of September 24, 2022  and September 25, 
2021, the related consolidated statements of 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 (collectively referred to as the “financial 
statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Apple Inc. at 
September 24, 2022 and September 25, 2021, and the results of its operations and its cash flows for each of the three years in 
the period ended September 24, 2022, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (the 
“PCAOB”), Apple Inc.’s internal control over financial reporting as of September  24, 2022, based on criteria established in  
Internal Control – Integrated Framework  issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(2013 framework) and our report dated October 27, 2022 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of Apple Inc.’s management. Our responsibility is to express an opinion on 
Apple Inc.’s financial statements based on our audits. 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 and the applicable rules 
and regulations of the U.S. Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to 
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included 
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included 
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall 
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was 
communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are 
material to the financial statements and (2)  involved our especially challenging, subjective, or complex judgments. The 
communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, 
and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on 
the account or disclosure to which it relates.
Uncertain Tax Positions
Description of the Matter As discussed in Note 5 to the financial statements, Apple Inc. is subject to taxation and files 
income tax returns in the U.S. federal jurisdiction and many state and foreign jurisdictions. 
As of September 24, 2022, the total amount of gross unrecognized tax benefits was $16.8 
billion, of which $8.0 billion, if recognized, would impact Apple Inc.’s effective tax rate. In 
accounting for uncertain tax positions, Apple Inc. uses significant judgment in the 
interpretation and application of complex domestic and international tax laws.
Auditing management’s evaluation of whether an uncertain tax position is more likely than 
not to be sustained and the measurement of the benefit of various tax positions can be 
complex, involves significant judgment, and is based on interpretations of tax laws and legal 
rulings.
Apple Inc. | 2022 Form 10-K | 50

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How We Addressed the
Matter in Our Audit
We tested controls relating to the evaluation of uncertain tax positions, including controls 
over management’s assessment as to whether tax positions are more likely than not to be 
sustained, management’s process to measure the benefit of its tax positions, and the 
development of the related disclosures.
To evaluate Apple Inc.’s assessment of which tax positions are more likely than not to be 
sustained, our audit procedures included, among others, reading and evaluating 
management’s assumptions and analysis, and, as applicable, Apple Inc.’s communications 
with taxing authorities, that detailed the basis and technical merits of the uncertain tax 
positions. We involved our tax subject matter resources in assessing the technical merits of 
certain of Apple Inc.’s tax positions based on our knowledge of relevant tax laws and 
experience with related taxing authorities. For certain tax positions, we also received 
external legal counsel confirmation letters and discussed the matters with external advisors 
and Apple Inc. tax personnel. In addition, we evaluated Apple Inc.’s disclosure in relation to 
these matters included in Note 5 to the financial statements.
/s/ Ernst & Young LLP
We have served as Apple Inc.’s auditor since 2009.
San Jose, California
October 27, 2022
Apple Inc. | 2022 Form 10-K | 51

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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Apple Inc.
Opinion on Internal Control Over Financial Reporting
We have audited Apple Inc.’s internal control over financial reporting as of September 24, 2022, based on criteria established in 
Internal Control – Integrated Framework  issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(2013 framework) (the “COSO criteria”). In our opinion, Apple Inc. maintained, in all material respects, effective internal control 
over financial reporting as of September 24, 2022, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (the 
“PCAOB”), the consolidated balance sheets of Apple Inc. 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 and the applicable rules and regulations of the U.S. 
Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all 
material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, 
and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a 
reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. 
generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and 
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions 
and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to 
permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts 
and expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
San Jose, California
October 27, 2022
Apple Inc. | 2022 Form 10-K | 52

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal 
executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined 
in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of September  24, 2022 to provide reasonable 
assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is 
(i)  recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and 
(ii)  accumulated and communicated to the Company’s management, including its principal executive officer and principal 
financial officer, as appropriate to allow timely decisions regarding required disclosure.
Inherent Limitations over Internal Controls
The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted 
accounting principles (“GAAP”). The Company’s internal control over financial reporting includes those policies and procedures 
that: 
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the Company’s assets;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial 
statements in accordance with GAAP, and that the Company’s receipts and expenditures are being made only in 
accordance with authorizations of the Company’s management and directors; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the Company’s assets that could have a material effect on the financial statements.
Management, including the Company’s Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s 
internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can 
provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a 
control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative 
to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute 
assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of 
controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in 
business conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management’s Annual Report on Internal Control over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting 
(as defined in Rule 13a-15(f) under the Exchange Act). Management conducted an assessment of the effectiveness of the 
Company’s internal control over financial reporting based on the criteria set forth in Internal Control – Integrated Framework 
issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on the Company’s 
assessment, management has concluded that its internal control over financial reporting was effective as of September 24, 2022 
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in 
accordance with GAAP. The Company’s independent registered public accounting firm, Ernst & Young LLP, has issued an audit 
report on the Company’s internal control over financial reporting, which appears in Part II, Item 8 of this Form 10-K.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the fourth quarter of 2022, which were 
identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the 
Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over 
financial reporting.
Apple Inc. | 2022 Form 10-K | 53

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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 required by this Item will be included in the Company’s definitive proxy statement to be filed with the SEC within 
120 days after September 24, 2022 , in connection with the solicitation of proxies for the Company’s 2023 annual meeting of 
shareholders (the “2023 Proxy Statement”), and is incorporated herein by reference.
Item 11. Executive Compensation
The information required by this Item will be included in the 2023 Proxy Statement, and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this Item will be included in the 2023 Proxy Statement, and is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by this Item will be included in the 2023 Proxy Statement, and is incorporated herein by reference.
Item 14. Principal Accountant Fees and Services
The information required by this Item will be included in the 2023 Proxy Statement, and is incorporated herein by reference.
Apple Inc. | 2022 Form 10-K | 54

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PART IV
Item 15. Exhibit and Financial Statement Schedules
(a) Documents filed as part of this report
(1) All financial statements
Index to Consolidated Financial Statements Page
Consolidated Statements of Operations for the years ended September 24, 2022, September 25, 2021 and 
September 26, 2020 29
Consolidated Statements of Comprehensive Income for the years ended September 24, 2022, September 25, 
2021 and September 26, 2020 30
Consolidated Balance Sheets as of September 24, 2022 and September 25, 2021 31
Consolidated Statements of Shareholders’ Equity for the years ended September 24, 2022, September 25, 2021 
and September 26, 2020 32
Consolidated Statements of Cash Flows for the years ended September 24, 2022, September 25, 2021 and 
September 26, 2020 33
Notes to Consolidated Financial Statements 34
Reports of Independent Registered Public Accounting Firm* 50
* Ernst & Young LLP, PCAOB Firm ID No. 00042.
(2) Financial Statement Schedules
All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts 
sufficient to require submission of the schedule, or because the information required is included in the consolidated financial 
statements and accompanying notes included in this Form 10-K.
(3) Exhibits required by Item 601 of Regulation S-K (1)
3.1 Restated Articles of Incorporation of the Registrant filed on August 3, 2020. 8-K 3.1 8/7/20
3.2 Amended and Restated Bylaws of the Registrant effective as of August 17, 2022. 8-K 3.2 8/19/22
4.1** Description of Securities of the Registrant.
4.2 Indenture, dated as of April 29, 2013, between the Registrant and The Bank of 
New York Mellon Trust Company, N.A., as Trustee.
S-3 4.1 4/29/13
4.3 Officer’s Certificate of the Registrant, dated as of May 3, 2013, including forms of 
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
Incorporated by Reference
Exhibit 
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
Apple Inc. | 2022 Form 10-K | 55

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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-K 4.1 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.A., as Trustee.
S-3 4.1 10/29/21
4.28 Officer’s Certificate of the Registrant, dated as of August 8, 2022, including forms 
of global notes representing the 3.250% Notes due 2029, 3.350% Notes due 
2032, 3.950% Notes due 2052 and 4.100% Notes due 2062.
8-K 4.1 8/8/22
Incorporated by Reference
Exhibit 
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
Apple Inc. | 2022 Form 10-K | 56

--- Page 60 ---

4.29* Apple Inc. Deferred Compensation Plan. S-8 4.1 8/23/18
10.1* Employee Stock Purchase Plan, as amended and restated as of March 10, 2015. 8-K 10.1 3/13/15
10.2* Form of Indemnification Agreement between the Registrant and each director 
and executive officer of the Registrant.
10-Q 10.2 6/27/09
10.3* Apple Inc. Non-Employee Director Stock Plan, as amended November 9, 2021. 10-Q 10.1 12/25/21
10.4* 2014 Employee Stock Plan, as amended and restated as of October 1, 2017. 10-K 10.8 9/30/17
10.5* Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock 
Plan effective as of September 26, 2017.
10-K 10.20 9/30/17
10.6* Form of Restricted Stock Unit Award Agreement under Non-Employee Director 
Stock Plan effective as of February 13, 2018.
10-Q 10.2 3/31/18
10.7* Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock 
Plan effective as of August 21, 2018.
10-K 10.17 9/29/18
10.8* Form of Performance Award Agreement under 2014 Employee Stock Plan 
effective as of August 21, 2018.
10-K 10.18 9/29/18
10.9* Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock 
Plan effective as of September 29, 2019.
10-K 10.15 9/28/19
10.10* Form of Performance Award Agreement under 2014 Employee Stock Plan 
effective as of September 29, 2019.
10-K 10.16 9/28/19
10.11* Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock 
Plan effective as of August 18, 2020.
10-K 10.16 9/26/20
10.12* Form of Performance Award Agreement under 2014 Employee Stock Plan 
effective as of August 18, 2020.
10-K 10.17 9/26/20
10.13* Form of CEO Restricted Stock Unit Award Agreement under 2014 Employee 
Stock Plan effective as of September 27, 2020.
10-Q 10.1 12/26/20
10.14* Form of CEO Performance Award Agreement under 2014 Employee Stock Plan 
effective as of September 27, 2020.
10-Q 10.2 12/26/20
10.15* 2022 Employee Stock Plan. 8-K 10.1 3/4/22
10.16* Form of Restricted Stock Unit Award Agreement under 2022 Employee Stock 
Plan effective as of March 4, 2022.
8-K 10.2 3/4/22
10.17* Form of Performance Award Agreement under 2022 Employee Stock Plan 
effective as of March 4, 2022.
8-K 10.3 3/4/22
10.18* Apple Inc. Executive Cash Incentive Plan. 8-K 10.1 8/19/22
21.1** Subsidiaries of the Registrant.
23.1** Consent of Independent Registered Public Accounting Firm.
24.1** Power of Attorney (included on the Signatures page of this Annual Report on 
Form 10-K).
31.1** Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
31.2** Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
32.1*** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
101** Inline XBRL Document Set for the consolidated financial statements and 
accompanying notes in Part II, Item 8, “Financial Statements and 
Supplementary Data” of this Annual Report on Form 10-K.
104** Inline XBRL for the cover page of this Annual Report on Form 10-K, included in 
the Exhibit 101 Inline XBRL Document Set.
Incorporated by Reference
Exhibit 
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
* Indicates management contract or compensatory plan or arrangement.
** Filed herewith.
*** Furnished herewith.
(1) Certain instruments defining the rights of holders of long-term debt securities of the Registrant are omitted pursuant to Item 
601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such 
instruments.
Item 16. Form 10-K Summary
None.
Apple Inc. | 2022 Form 10-K | 57

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this 
report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 27, 2022 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Power of Attorney
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints 
Timothy D. Cook and Luca Maestri, jointly and severally, his or her attorneys-in-fact, each with the power of substitution, for him 
or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits 
thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and 
confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons 
on behalf of the Registrant and in the capacities and on the dates indicated:
Name Title Date
/s/    Timothy D. Cook
Chief Executive Officer and Director
(Principal Executive Officer) October 27, 2022
TIMOTHY D. COOK
/s/    Luca Maestri
Senior Vice President, Chief Financial Officer
(Principal Financial Officer) October 27, 2022
LUCA MAESTRI
/s/    Chris Kondo
Senior Director of Corporate Accounting
(Principal Accounting Officer) October 27, 2022
CHRIS KONDO
/s/    James A. Bell Director October 27, 2022
JAMES A. BELL
/s/    Al Gore Director October 27, 2022
AL GORE
/s/    Alex Gorsky Director October 27, 2022
ALEX GORSKY
/s/    Andrea Jung Director October 27, 2022
ANDREA JUNG
/s/    Arthur D. Levinson Director and Chair of the Board October 27, 2022
ARTHUR D. LEVINSON
/s/    Monica Lozano Director October 27, 2022
MONICA LOZANO
/s/    Ronald D. Sugar Director October 27, 2022
RONALD D. SUGAR
/s/    Susan L. Wagner Director October 27, 2022
SUSAN L. WAGNER
Apple Inc. | 2022 Form 10-K | 58

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DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
As of September 24, 2022, Apple Inc. (“Apple” or the “Company”) had eleven classes of securities registered 
under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) Common Stock, 
$0.00001 par value per share (“Common Stock”); (ii) 1.000% Notes due 2022 (the “2022 Notes”); (iii) 1.375% Notes 
due 2024 (the “2024 Notes”); (iv) 0.000% Notes due 2025 (the “0.000% 2025 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 2026 Notes, the 
2027 Notes, the 1.375% 2029 Notes, the 3.050% 2029 Notes, and the 2031 Notes, the “Notes”). Each of the 
Company’s securities registered under Section 12 of the Exchange Act are listed on The Nasdaq Stock Market LLC.
DESCRIPTION OF COMMON STOCK
The following is a description of the rights of Common Stock and related provisions of the Company’s 
Restated Articles of Incorporation (the “Articles”) and Amended and Restated Bylaws (the “Bylaws”) and applicable 
California law. This description is qualified in its entirety by, and should be read in conjunction with, the Articles, 
Bylaws and applicable California law.
Authorized Capital Stock
The Company’s authorized capital stock consists of 50,400,000,000 shares of Common Stock.
Common Stock
Fully Paid and Nonassessable
All of the outstanding shares of the Company’s Common Stock are fully paid and nonassessable.
Voting Rights
The holders of shares of Common Stock are entitled to one vote per share on all matters to be voted on by 
such holders. Holders of shares of Common Stock are not entitled to cumulative voting rights.
Except as described below or as required by law, all matters to be voted on by shareholders must be 
approved by the affirmative vote of (i) a majority of the shares present or represented by proxy and voting and (ii) a 
majority of the shares required to constitute a quorum.
In an election of directors where the number of nominees exceeds the number of directors to be elected, the 
candidates receiving the highest number of affirmative votes of the shares entitled to be voted for them up to the 
number of directors to be elected by such shares will be elected.
The Company’s entire Board of Directors or any individual director may be removed without cause by an 
affirmative vote of a majority of the outstanding shares entitled to vote, subject to the provisions of the Company’s 
Bylaws.
Vacancies created by the removal of a director must be filled only by approval of the shareholders, or by the 
unanimous written consent of all shares entitled to vote. The shareholders may elect a director at any time to fill a 
vacancy not filled by the directors, but any such election by written consent, other than to fill a vacancy created by 
removal, requires the consent of a majority of the outstanding shares entitled to vote thereon.
An amendment of the Bylaws or the Articles may be adopted by the vote of the majority of the outstanding 
shares entitled to vote. Any amendment of the Bylaws specifying or changing a fixed number of directors or the 
maximum or minimum number or changing from a fixed to a variable board or vice versa may only be adopted by the 
shareholders; provided, however, that an amendment of the Bylaws or the Articles reducing the fixed number or the 
minimum number of directors to less than five cannot be adopted if the votes cast against its adoption are equal to 
more than 16 2/3% of the outstanding shares entitled to vote.
Exhibit 4.1

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Any shareholders’ meeting may be adjourned from time to time by the vote of a majority of the shares 
present in person or represented by proxy.
Dividends
The holders of shares of Common Stock are entitled to receive such dividends, if any, as may be declared 
from time to time by the Company’s Board of Directors in its discretion from funds legally available therefor.
Right to Receive Liquidation Distributions
Upon liquidation, dissolution or winding-up, the holders of shares of Common Stock are entitled to receive 
pro rata all assets remaining available for distribution to holders of such shares.
No Preemptive or Similar Rights
Common Stock has no preemptive or other subscription rights, and there are no conversion rights or 
redemption or sinking fund provisions with respect to such shares of Common Stock.
Anti-Takeover Provisions of the Articles, Bylaws and California Law
Provisions of the Articles and Bylaws may delay or discourage transactions involving an actual or potential 
change in control of the Company or change in its management, including transactions in which shareholders might 
otherwise receive a premium for their shares, or transactions that its shareholders might otherwise deem to be in their 
best interests. Among other things, the Articles and Bylaws:
• provide that, except for a vacancy caused by the removal of a director as provided in the Bylaws, a 
vacancy on the Company’s Board of Directors may be filled by a person selected by a majority of the 
remaining directors then in office, whether or not less than a quorum, or by a sole remaining director;
• provide that shareholders seeking to present proposals before a meeting of shareholders or to nominate 
candidates for election as directors at a meeting of shareholders must provide notice in writing in a 
timely manner, and also specify requirements as to the form and content of a shareholder’s notice, 
including with respect to a shareholder’s notice under Rule 14a-19 of the Exchange Act;
• provide that a shareholder, or group of up to 20 shareholders, that has owned continuously for at least 
three years shares of Common Stock representing an aggregate of at least 3% of the Company’s 
outstanding shares of Common Stock, may nominate and include in the Company’s proxy materials 
director nominees constituting up to 20% of the Company’s Board of Directors, provided that the 
shareholder(s) and nominee(s) satisfy the requirements in the Bylaws;
• do not provide for cumulative voting rights for the election of directors; and
• provide that special meetings of the shareholders may only be called by (i) the Board of Directors, the 
Chair of the Board of Directors or the Chief Executive Officer or (ii) one or more holders of shares 
entitled to cast not less than ten percent (10%) of the votes on the record date established pursuant to 
the Company’s Bylaws, provided that the shareholder(s) satisfy requirements in the Bylaws.
In addition, as a California corporation, the Company is subject to the provisions of Section 1203 of the 
California General Corporation Law, which requires it to provide a fairness opinion to its shareholders in connection 
with their consideration of any proposed “interested party” reorganization transaction.
Listing
The Company’s Common Stock is listed on The Nasdaq Stock Market LLC under the trading symbol 
“AAPL.”
2

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DESCRIPTION OF DEBT SECURITIES
The following description of the Notes is a summary and does not purport to be complete. This description is 
qualified in its entirety by reference, as applicable, to the Indenture, dated as of April 29, 2013, between Apple Inc. 
and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2013 Indenture”) and the Indenture, dated 
as of November 5, 2018, between Apple Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (the 
“2018 Indenture,” and together with the 2013 Indenture, the “Indentures”). References in this section to the 
“Company,” “us,” “we” and “our” are solely to Apple Inc. and not to any of its subsidiaries, unless the context requires 
otherwise.
The Notes
Each of the Notes were issued under the applicable Indenture, which provides that debt securities may be 
issued under such Indenture from time to time in one or more series. The Indentures and the Notes are governed by, 
and construed in accordance with, the laws of the State of New York. The Indentures do not limit the amount of debt 
securities that we may issue thereunder. We may, without the consent of the holders of the debt securities of any 
series, issue additional debt securities ranking equally with, and otherwise similar in all respects to, the debt securities 
of the series (except for the date of issuance, the date interest begins to accrue and, in certain circumstances, the 
first interest payment date) so that those additional debt securities will be consolidated and form a single series with 
the debt securities of the series previously offered and sold; provided, however, that any additional debt securities will 
have a separate ISIN number unless certain conditions are met.
The 2022 Notes
We issued €1,400,000,000 aggregate principal amount of the 2022 Notes on November 10, 2014. The 
maturity date of the 2022 Notes is November 10, 2022, and interest at a rate of 1.000% per annum is paid annually 
on November 10 of each year, beginning on November 10, 2015, and on the maturity date. As of October 14, 2022, 
€1,400,000,000 aggregate principal amount of the 2022 Notes was outstanding.
The 2024 Notes
We issued €1,000,000,000 aggregate principal amount of the 2024 Notes on September 17, 2015. The 
maturity date of the 2024 Notes is January 17, 2024, and interest at a rate of 1.375% per annum is paid annually on 
January 17 of each year, beginning on January 17, 2016, and on the maturity date. As of October 14, 2022, 
€1,000,000,000 aggregate principal amount of the 2024 Notes was outstanding.
The 0.000% 2025 Notes
We issued €1,000,000,000 aggregate principal amount of the 0.000% 2025 Notes on November 15, 2019. 
The maturity date of the 0.000% 2025 Notes is November 15, 2025, and interest at a rate of 0.000% per annum is 
paid annually on November 15 of each year, beginning on November 15, 2020, and on the maturity date. As of 
October 14, 2022, €1,000,000,000 aggregate principal amount of the 0.000% 2025 Notes was outstanding.
The 0.875% 2025 Notes
We issued €1,250,000,000 aggregate principal amount of the 0.875% 2025 Notes on May 24, 2017. The 
maturity date of the 0.875% 2025 Notes is May 24, 2025, and interest at a rate of 0.875% per annum is paid annually 
on May 24 of each year, beginning on May 24, 2018, and on the maturity date. As of October 14, 2022, 
€1,250,000,000 aggregate principal amount of the 0.875% 2025 Notes was outstanding.
The 2026 Notes
We issued €1,400,000,000 aggregate principal amount of the 2026 Notes on November 10, 2014. The 
maturity date of the 2026 Notes is November 10, 2026, and interest at a rate of 1.625% per annum is paid annually 
on November 10 of each year, beginning on November 10, 2015, and on the maturity date. As of October 14, 2022, 
€1,400,000,000 aggregate principal amount of the 2026 Notes was outstanding.
3

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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, beginning on May 24, 2018, and on the maturity date. As of October 14, 2022, 
€1,250,000,000 aggregate principal amount of the 1.375% 2029 Notes was outstanding.
The 3.050% 2029 Notes
We issued £750,000,000 aggregate principal amount of the 3.050% 2029 Notes on July 31, 2015. The 
maturity date of the 3.050% 2029 Notes is July 31, 2029, and interest at a rate of 3.050% per annum is paid semi-
annually on January 31 and July 31 of each year, beginning on January 31, 2016, and on the maturity date. As of 
October 14, 2022, £750,000,000 aggregate principal amount of the 3.050% 2029 Notes was outstanding.
The 2031 Notes
We issued €1,000,000,000 aggregate principal amount of the 2031 Notes on November 15, 2019. The 
maturity date of the 2031 Notes is November 15, 2031, and interest at a rate of 0.500% per annum is paid annually 
on November 15 of each year, beginning on November 15, 2020, and on the maturity date. As of October 14, 2022, 
€1,000,000,000 aggregate principal amount of the 2031 Notes was outstanding.
The 2042 Notes
We issued £500,000,000 aggregate principal amount of the 2042 Notes on July 31, 2015. The maturity date 
of the 2042 Notes is July 31, 2042, and interest at a rate of 3.600% per annum is paid semi-annually on January 31 
and July 31 of each year, beginning on January 31, 2016, and on the maturity date. As of October 14, 2022, 
£500,000,000 aggregate principal amount of the 2042 Notes was outstanding.
Ranking
The Notes are our senior unsecured indebtedness and rank equally with each other and with all of our other 
senior unsecured and unsubordinated indebtedness from time to time outstanding. However, the Notes are 
structurally subordinated to any indebtedness and preferred stock, if any, of our subsidiaries and are effectively 
subordinated to any secured indebtedness to the extent of the value of the assets securing such indebtedness. 
Claims of the creditors of our subsidiaries generally have priority with respect to the assets and earnings of such 
subsidiaries over the claims of our creditors, including holders of the Notes. Accordingly, the Notes are effectively 
subordinated to creditors, including trade creditors and preferred stockholders, if any, of our subsidiaries. The 
Indentures do not restrict our ability or that of our subsidiaries to incur additional indebtedness.
Payment on the Notes
All payments of principal of, the redemption price (if any), and interest and additional amounts (if any) on the 
2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 
1.375% 2029 Notes and the 2031 Notes are payable in euro, provided that, if the euro is unavailable to the Company 
due to the imposition of exchange controls or other circumstances beyond the Company’s control, or if the euro is no 
longer being used by the then member states of the European Monetary Union that have adopted the euro as their 
currency or for the settlement of transactions by public institutions of or within the international banking community, 
then all payments in respect of the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 
2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes will be made in U.S. dollars, until the euro 
is again available to the Company or so used. The amount payable on any date in euro will be converted into U.S. 
dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business 
Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of 
conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or 
prior to the second Business Day prior to the relevant payment date. Any payment in respect of the 2022 Notes, the 
4

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2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 
Notes and the 2031 Notes so made in U.S. dollars will not constitute an event of default under such Notes or the 
applicable Indenture.
With respect to the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 
Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes, “Business Day” means any day, other than a 
Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New York or London are 
authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated 
Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open.
All payments of principal of, the redemption price (if any), and interest and additional amounts (if any) on the 
3.050% 2029 Notes and the 2042 Notes are payable in pounds sterling, or, if the United Kingdom adopts euro as its 
lawful currency, in euro. If pounds sterling or, in the event the Notes are redenominated into euro, euro is unavailable 
to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or, 
in the event the notes are redenominated into euro, the euro is no longer being used by the then member states of 
the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by 
public institutions of or within the international banking community, then all payments in respect of the 3.050% 2029 
Notes and the 2042 Notes will be made in U.S. dollars until the pound sterling or euro, as the case may be, is again 
available to the Company or so used. The amount payable on any date in pounds sterling or, in the event such Notes 
are redenominated into euro, euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal 
Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the 
event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. 
dollar/pounds sterling or, in the event the Notes are redenominated into euro, the most recent U.S. dollar/euro 
exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant 
payment date. Any payment in respect of the 3.050% 2029 Notes and the 2042 Notes so made in U.S. dollars will not 
constitute an event of default under such Notes or the 2013 Indenture.
With respect to the 3.050% 2029 Notes and the 2042 Notes, “Business Day” means any day which is not a 
day on which banking institutions in The City of New York or London or the relevant place of payment are authorized 
or required by law, regulation or executive order to close.
Payment of Additional Amounts
The terms of the Notes state that all payments of principal and interest in respect of the Notes will be made 
free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, 
assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United 
States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction 
is required by law.
All of the Notes also contain a covenant substantially similar to the following:
The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on the 
Notes such additional amounts (“Additional Amounts”) as are necessary in order that the net payment by the 
Company or the paying agent of the Company for the applicable Notes (“Paying Agent”) of the principal of and 
interest on the Notes to a holder who is not a United States person (as defined below), after withholding or deduction 
for any present or future tax, assessment or other governmental charge (“Tax”) imposed by the United States or a 
taxing authority in the United States, will not be less than the amount provided in the Notes to be then due and 
payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply:
(1) to any Tax that is imposed by reason of the holder (or the beneficial owner for whose benefit such 
holder holds the Notes), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the 
holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust 
administered by a fiduciary holder, being considered as:
(a) being or having been engaged in a trade or business in the United States or having or having had a 
permanent establishment in the United States;
(b) having a current or former connection with the United States (other than a connection arising solely 
as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any 
rights hereunder), including being or having been a citizen or resident of the United States;
5

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(c) being or having been a personal holding company, a passive foreign investment company or a 
controlled foreign corporation for U.S. federal income tax purposes or a corporation that has 
accumulated earnings to avoid U.S. federal income tax;
(d) being or having been a “10-percent shareholder” of the Company as defined in Section 871(h)(3) of 
the Internal Revenue Code of 1986, as amended (the “Code”);
(e) being a controlled foreign corporation that is related to the Company within the meaning of Section 
864(d)(4) of the Code; or
(f) being a bank receiving payments on an extension of credit made pursuant to a loan agreement 
entered into in the ordinary course of its trade or business;
(2) to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a 
fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with 
respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or 
member of the partnership or limited liability company would not have been entitled to the payment of 
an additional amount had the beneficiary, settlor, beneficial owner or member received directly its 
beneficial or distributive share of the payment;
(3) to any Tax that would not have been imposed but for the failure of the holder or any other person to 
comply with certification, identification or information reporting requirements concerning the nationality, 
residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if 
compliance is required by statute, by regulation of the United States or any taxing authority therein or by 
an applicable income tax treaty to which the United States is a party as a precondition to exemption 
from such Tax (including, but not limited to, the requirement to provide Internal Revenue Service Forms 
W-8BEN, W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and any 
documentation requirement under an applicable income tax treaty);
(4) to any Tax that is imposed otherwise than by withholding by the Company or a Paying Agent from the 
payment;
(5) to any Tax that would not have been imposed but for a change in law, regulation, or administrative or 
judicial interpretation that becomes effective more than 10 days after the payment becomes due or is 
duly provided for, whichever occurs later;
(6) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property or 
similar Tax;
(7) to any Tax required to be withheld by any paying agent from any payment of principal of or interest on 
any Note, if such payment can be made without such withholding by at least one other paying agent;
(8) to any Tax that would not have been imposed but for the presentation by the holder of any Note, where 
presentation is required, for payment on a date more than 30 days after the date on which payment 
became due and payable or the date on which payment thereof is duly provided for, whichever occurs 
later;
(9) to any Tax imposed under Sections 1471 through 1474 of the Code (or any amended or successor 
provisions), any current or future regulations or official interpretations thereof, any agreement entered 
into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices 
adopted pursuant to any intergovernmental 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 
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of America (including the states and the District of Columbia and any political subdivision thereof), and the term 
“United States person” means any individual who is a citizen or resident of the United States for U.S. federal income 
tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, 
any state of the United States or the District of Columbia (other than a partnership that is not treated as a United 
States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to U.S. 
federal income taxation regardless of its source.
Redemption for Tax Reasons
If, as a result of any change in, or amendment to, or, in the case of the 0.000% 2025 Notes and the 2031 
Notes, introduction of, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any 
political subdivision or taxing authority of or in the United States), or any change in, or amendments to, an official 
position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is 
announced or becomes effective on or after the date of the applicable prospectus supplement, we become, or based 
upon a written opinion of independent counsel selected by us, will become obligated to pay additional amounts as 
described above under the heading “Payments of Additional Amounts” with respect to a series of the Notes, then we 
may at our option redeem, in whole, but not in part, in the case of the 2022 Notes, the 2024 Notes, the 2026 Notes, 
the 2027 Notes, the 3.050% 2029 Notes and the 2042 Notes, the Notes of such series on not less than 30 nor more 
than 60 days’ prior notice,  in the case of the 0.875% 2025 Notes and the 1.375% 2029 Notes, the Notes of such 
series on not less than 15 nor more than 60 days’ notice, and in the case of the 0.000% 2025 Notes and the 2031 
Notes, the Notes of such series on not less than 10 nor more than 60 days’ prior notice, in each case at a redemption 
price equal to 100% of their principal amount, together with interest accrued but unpaid on those Notes to (and, in the 
case of the 0.000% 2025 Notes and the 2031 Notes, but not including) the date fixed for redemption.
Optional Redemption
We may redeem the 2022 Notes, the 2024 Notes, the 2026 Notes, the 2027 Notes, the 3.050% 2029 Notes 
and the 2042 Notes at our option, at any time in whole or from time to time in part, 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 
(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 5 basis points in the case of the 2022 
Notes, plus 10 basis points in the case of the 2026 Notes, plus 15 basis points in the case of the 2024 
Notes, the 3.050% 2029 Notes and the 2042 Notes and plus 20 basis points in the case of the 2027 
Notes.
We may redeem the 0.000% 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).
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If any of the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes or the 2031 Notes are 
redeemed on or after the applicable Par Call Date, the redemption price for such Notes will equal 100% of the 
principal amount of the Notes being redeemed. 
In each case upon redemption of the Notes, we will pay accrued and unpaid interest on the principal amount 
being redeemed to, but excluding, the date of redemption.
Installments of interest on Notes being redeemed that are due and payable on interest payment dates falling 
on or prior to a redemption date shall be payable on the interest payment date to the holders as of the close of 
business on the relevant regular record date according to the Notes and the applicable Indenture.
“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation 
for the 2022 Notes, the 2024 Notes, the 2026 Notes and the 2027 Notes, at the discretion of an independent 
investment bank selected by us, a German government bond whose maturity is closest to the maturity of the Notes 
being redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in 
issue, such other German government bond as such independent investment bank may, with the advice of three 
brokers of, and/or market makers in, German government bonds selected by us, determine to be appropriate for 
determining the Comparable Government Bond Rate.
“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation 
for the 3.050% 2029 Notes and the 2042 Notes, at the discretion of an independent investment bank selected by us, 
a United Kingdom government bond whose maturity is closest to the maturity of the Notes being redeemed, or if such 
independent investment bank in its discretion determines that such similar bond is not in issue, such other United 
Kingdom government bond as such independent investment bank may, with the advice of three brokers of, and/or 
market makers in, United Kingdom government bonds selected by us, determine to be appropriate for determining the 
Comparable Government Bond Rate. 
“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation 
for the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes and the 2031 Notes, at the discretion of 
an independent investment bank selected by us, a German government bond whose maturity is closest to the 
applicable Par Call Date of the Notes being redeemed, or if such independent investment bank in its discretion 
determines that such similar bond is not in issue, such other German government bond as such independent 
investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds 
selected by us, determine to be appropriate for determining the Comparable Government Bond Rate.
“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three 
decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes, if they were 
to be purchased at such price on the third business day prior to the date fixed for redemption, would be equal to the 
gross redemption yield on such business day of the Comparable Government Bond on the basis of the middle market 
price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as 
determined by an independent investment bank selected by us.
Covenants
The Indentures set forth limited covenants that apply to the Notes. However, these covenants do not, among 
other things:
• limit the amount of indebtedness or lease obligations that may be incurred by us and our subsidiaries;
• limit our ability or that of our subsidiaries to issue, assume or guarantee debt secured by liens; or
• restrict us from paying dividends or making distributions on our capital stock or purchasing or redeeming 
our capital stock.
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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 the right to convert such security in 
accordance with its terms; 
• immediately after giving effect to such transaction, no default or event of default under the applicable 
Indenture has occurred and is continuing; and 
• in the case of the 2013 Indenture, the trustee receives from us an officers’ certificate and an opinion of 
counsel that the transaction and such supplemental indenture, as the case may be, complies with the 
applicable provisions of the 2013 Indenture.
If we consolidate or merge with or into any other person or sell, transfer, lease or convey all or substantially 
all of our properties and assets in accordance with the Indentures, the Successor will be substituted for us in the 
Indentures, with the same effect as if it had been an original party to the Indentures. As a result, the Successor may 
exercise our rights and powers under the Indentures, and we will be released from all our liabilities and obligations 
under the Indentures and under the debt securities.
For purposes of this covenant, “person” means any individual, corporation, partnership, limited liability 
company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any 
agency or political subdivision thereof or any other entity.
Events of Default
Each of the following events are defined in the Indentures as an “event of default” (whatever the reason for 
such event of default and whether or not it will be voluntary or involuntary or be effected by operation of law or 
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or 
governmental body) with respect to the debt securities of any series:
(1) default in the payment of any installment of interest on any debt securities of such series for 30 days 
after becoming due;
(2) default in the payment of principal of or premium, if any, on any debt securities of such series when it 
becomes due and payable at its stated maturity, upon optional redemption, upon declaration or 
otherwise;
(3) default in the performance, or breach, of any covenant or agreement of ours in the applicable Indenture 
with respect to the debt securities of such series (other than a covenant or agreement, a default in the 
performance of which or a breach of which is elsewhere in the applicable Indenture specifically dealt 
with or that has expressly been included in the applicable Indenture solely for the benefit of a series of 
debt securities other than such series), which continues for a period of 90 days after written notice to us 
by the trustee or to us and the trustee by the holders of, in the case of the 2013 Indenture, at least 25% 
in aggregate principal amount of the outstanding debt securities of that series, and in the case of the 
2018 Indenture, at least 33% in aggregate principal amount of the outstanding debt securities of that 
series;
(4) we, pursuant to or within the meaning of the Bankruptcy Law:
• commence a voluntary case or proceeding;
• consent to the entry of an order for relief against us in an involuntary case or proceeding;
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• consent to the appointment of a custodian of us or for all or substantially all of our property;
• make a general assignment for the benefit of our creditors;
• file a petition in bankruptcy or answer or consent seeking reorganization or relief;
• consent to the filing of such petition or the appointment of or taking possession by a custodian; or
• take any comparable action under any foreign laws relating to insolvency;
(5) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
• is for relief against us in an involuntary case, or adjudicates us insolvent or bankrupt;
• appoints a custodian of us or for all or substantially all of our property; or
• orders the winding-up or liquidation of us (or any similar relief is granted under any foreign laws);
and the order or decree remains unstayed and in effect for 90 days (or, in the case of the 2018 
Indenture, 90 consecutive days); or
(6) any other event of default provided with respect to debt securities of such series occurs.
“Bankruptcy Law” means Title 11, United States Code or any similar federal or state or foreign law for the 
relief of debtors. “Custodian” means any custodian, receiver, trustee, assignee, liquidator or other similar official 
under any Bankruptcy Law.
If an event of default with respect to debt securities of any series (other than an event of default relating to 
certain events of bankruptcy, insolvency, or reorganization of us) occurs and is continuing, the trustee by notice to us, 
or the holders of, in the case of the 2013 Indenture, at least 25% in aggregate principal amount of the outstanding 
debt securities of such series, and in the case of the 2018 Indenture, at least 33% in aggregate principal amount of 
the outstanding debt securities of such series, by notice to us and the trustee, may, and the trustee at the request of 
these holders will, declare the principal of and premium, if any, and accrued and unpaid interest on all the debt 
securities of such series to be due and payable. Upon such a declaration, such principal, premium and accrued and 
unpaid interest will be due and payable immediately. If an event of default relating to certain events of bankruptcy, 
insolvency, or reorganization of us occurs and is continuing, the principal of and premium, if any, and accrued and 
unpaid interest on the debt securities of such series will become and be immediately due and payable without any 
declaration or other act on the part of the trustee or any holders.
The holders of not less than a majority in aggregate principal amount of the outstanding debt securities of 
any series may rescind a declaration of acceleration and its consequences, if we have deposited certain sums with 
the trustee and all events of default with respect to the debt securities of such series, other than the non-payment of 
the principal or interest which have become due solely by such acceleration, have been cured or waived, as provided 
in the Indentures.
An event of default for a particular series of debt securities does not necessarily constitute an event of 
default for any other series of debt securities issued under the Indentures.
We are required to furnish the trustee annually within 120 days after the end of our fiscal year a statement 
by one of our officers to the effect that, to the best knowledge of such officer, we are not in default in the fulfillment of 
any of our obligations under the applicable Indenture or, if there has been a default in the fulfillment of any such 
obligation, specifying each such default and the nature and status thereof.
No holder of any debt securities of any series will have any right to institute any judicial or other proceeding 
with respect to the applicable Indenture, or for the appointment of a receiver or trustee, or for any other remedy 
unless:
(1) an event of default has occurred and is continuing and such holder has given the trustee prior written 
notice of such continuing event of default with respect to the debt securities of such series;
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(2) in the case of the 2013 Indenture, the holders of not less than 25% of the aggregate principal amount of 
the outstanding debt securities of such series, and in the case of the 2018 Indenture, the holders of not 
less than 33% of the aggregate principal amount of the outstanding debt securities of such series have 
requested the trustee to institute proceedings in respect of such event of default;
(3) the trustee has been offered indemnity reasonably satisfactory to it against its costs, expenses and 
liabilities in complying with such request;
(4) the trustee has failed to institute proceedings 60 days after the receipt of such notice, request and offer 
of indemnity; and
(5) no direction inconsistent with such written request has been given for 60 days by the holders of a 
majority in aggregate principal amount of the outstanding debt securities of such series.
The holders of a majority in aggregate principal amount of outstanding debt securities of a series will have 
the right, subject to certain limitations, to direct the time, method and place of conducting any proceeding for any 
remedy available to the trustee with respect to the debt securities of that series or exercising any trust or power 
conferred to the trustee, and to waive certain defaults. Each of the Indentures provides that if an event of default 
occurs and is continuing, the trustee will exercise such of its rights and powers under such Indenture, and use the 
same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in 
the conduct of such person’s own affairs. Subject to such provisions, the trustee will be under no obligation to 
exercise any of its rights or powers under the applicable Indenture at the request of any of the holders of the debt 
securities of a series unless they will have offered to the trustee security or indemnity satisfactory to the trustee 
against the costs, expenses and liabilities which might be incurred by it in compliance with such request.
Notwithstanding the foregoing, the holder of any debt security will have an absolute and unconditional right 
to receive payment of the principal of and premium, if any, and interest on that debt security on or after the due dates 
expressed in that debt security and to institute suit for the enforcement of payment.
Modification and Waivers
Modification and amendments of the Indentures and the Notes may be made by us and the trustee with the 
consent of the holders of not less than a majority in aggregate principal amount of the outstanding series of Notes 
affected thereby; provided, however, that no such modification or amendment may, without the consent of the holder 
of each outstanding Note of that series affected thereby:
• change the stated maturity of the principal of, or installment of interest on, any Note;
• reduce the principal amount of any Note or reduce the amount of the principal of any Note which would 
be due and payable upon a declaration of acceleration of the maturity thereof or reduce the rate of 
interest on any Note;
• reduce any premium payable on the redemption of any Note or change the date on which any Note may 
or must be redeemed (in the case of the 2018 Indenture, it being understood that a change to any 
notice requirement with respect to such date shall not be deemed to be a change of such date);
• change the coin or currency in which the principal of, premium, if any, or interest on any Note is 
payable;
• impair the right of any holder to institute suit for the enforcement of any payment on or after the stated 
maturity of any Note (or, in the case of redemption, on or after the redemption date);
• reduce the percentage in principal amount of the outstanding Notes, the consent of whose holders is 
required in order to take certain actions;
• reduce the requirements for quorum or voting by holders of Notes in the applicable Indenture or the 
Note;
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• modify any of the provisions in the applicable Indenture regarding the waiver of past defaults and the 
waiver of certain covenants by the holders of Notes except to increase any percentage vote required or 
to provide that certain other provisions of the applicable Indenture cannot be modified or waived without 
the consent of the holder of each Notes affected thereby;
• make any change that adversely affects the right to convert or exchange any debt security or decreases 
the conversion or exchange rate or increases the conversion price of any convertible or exchangeable 
debt security, unless such decrease or increase is permitted by the terms of the debt securities; or
• modify any of the above provisions.
We and the trustee may, without the consent of any holders, modify or amend the terms of the Indentures 
and any series of Notes with respect to the following:
• to add to our covenants for the benefit of holders of all or any series of the Notes or to surrender any 
right or power conferred upon us;
• to evidence the succession of another person to, and the assumption by the successor of our 
covenants, agreements and obligations under, the applicable Indenture pursuant to the covenant 
described above under the caption “Covenants—Consolidation, Merger and Sale of Assets”;
• to add any additional events of default for the benefit of holders of all or any series of the Notes;
• to add one or more guarantees, and in the case of the 2018 Indenture, co-obligors, for the benefit of 
holders of the Notes;
• to secure the Notes pursuant to the covenants of the Indenture;
• to add or appoint a successor or separate trustee or other agent;
• to provide for the issuance of additional debt securities of any series;
• to establish the form or terms of the debt securities of any series as permitted by the Indenture;
• to comply with the rules of any applicable securities depository;
• to provide for uncertificated Notes in addition to or in place of certificated Notes;
• in the case of the 2013 Indenture, to add to, change or eliminate any of the provisions of the 2013 
Indenture in respect of one or more series of debt securities; provided that any such addition, change or 
elimination (a) shall neither (1) apply to any debt security of any series created prior to the execution of 
such supplemental indenture and entitled to the benefit of such provision nor (2) modify the rights of the 
holder of any such debt security with respect to such provision or (b) shall become effective only when 
there is no debt security described in clause (a)(1) outstanding;
• in the case of the 2018 Indenture, to add to, change or eliminate any of the provisions of the 2018 
Indenture in respect of one or more series of debt securities; provided that any such addition, change or 
elimination shall become effective only when there is no outstanding security of any series created prior 
to the execution of such supplemental indenture that is entitled to the benefit of such provision and as to 
which such supplemental indenture would apply;
• to cure any ambiguity, omission, defect or inconsistency;
• to change any other provision; provided that the change does not adversely affect the interests of the 
holders of debt securities of, in the case of the 2013 Indenture any series, and in the case of the 2018 
Indenture, any outstanding series, in any material respect;
• to supplement any of the provisions of the applicable Indenture to such extent as shall be necessary to 
permit or facilitate the defeasance and discharge of any series of Notes pursuant to the Indenture; 
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provided that any such action shall not adversely affect the interests of the holders of Notes of such 
series or any other series of debt securities in any material respect;
• to comply with the rules or regulations of any securities exchange or automated quotation system on 
which any of the Notes may be listed or traded; and
• to add to, change or eliminate any of the provisions of the applicable Indenture as shall be necessary or 
desirable in accordance with any amendments to the Trust Indenture Act of 1939, as amended, and in 
the case of the 2013 Indenture, provided that such action does not adversely affect the rights or 
interests of any holder of debt securities in any material respect.
The holders of at least a majority in aggregate principal amount of the outstanding Notes of any series may, 
on behalf of the holders of all Notes of that series, waive compliance by us with certain restrictive provisions of the 
Indentures. The holders of not less than a majority in aggregate principal amount of the outstanding Notes of a series 
may, on behalf of the holders of all Notes of that series, waive any past default and its consequences under the 
applicable Indenture with respect to the Notes of that series, except a default (1) in the payment of principal or 
premium, if any, or interest on Notes of that series or (2) in respect of a covenant or provision of the applicable 
Indenture that cannot be modified or amended without the consent of the holder of each Note of that series. Upon any 
such waiver, such default will cease to exist, and any event of default arising therefrom will be deemed to have been 
cured, for every purpose of the Indenture; however, no such waiver will extend to any subsequent or other default or 
event of default or impair any rights consequent thereon.
Discharge, Defeasance and Covenant Defeasance
We may discharge certain obligations to holders of the Notes of a series that have not already been 
delivered to the trustee for cancellation and that either have become due and payable or will become due and 
payable within one year (or scheduled for redemption within one year) by depositing with the trustee, in trust, funds in 
U.S. dollars in an amount sufficient to pay the entire indebtedness including, but not limited to, the principal and 
premium, if any, and interest to the date of such deposit (if due and payable) or to the maturity thereof or the 
redemption date of the Notes of that series, as the case may be. We may direct the trustee to invest such funds in 
U.S. Treasury securities with a maturity of one year or less or in a money market fund that invests solely in short-term 
U.S. Treasury securities.
The Indentures provide that we may elect either (1) to defease and be discharged from any and all 
obligations with respect to the Notes of a series (except for, among other things, obligations to register the transfer or 
exchange of the Notes, to replace temporary or mutilated, destroyed, lost or stolen Notes, to maintain an office or 
agency with respect to the Notes and to hold moneys for payment in trust) (“legal defeasance”) or (2) to be released 
from our obligations to comply with the restrictive covenants under the applicable Indenture, and any omission to 
comply with such obligations will not constitute a default or an event of default with respect to the Notes of a series 
and clauses (3) and (6) under the caption “Events of Default” above will no longer be applied (“covenant 
defeasance”). Legal defeasance or covenant defeasance, as the case may be, will be conditioned upon, among other 
things, the irrevocable deposit by us with the trustee, in trust, of an amount in U.S. dollars, or U.S. government 
obligations (as such term is modified below), or both, applicable to the Notes of that series which through the 
scheduled payment of principal and interest in accordance with their terms will provide money in an amount sufficient 
to pay the principal or premium, if any, and interest on the Notes on the scheduled due dates therefor.
If we effect covenant defeasance with respect to the Notes of any series, the amount in U.S. dollars, or U.S. 
government obligations (as such term is modified below), or both, on deposit with the trustee will be sufficient, in the 
opinion of a nationally recognized firm of independent accountants, to pay amounts due on the Notes of that series at 
the time of the stated maturity but may not be sufficient to pay amounts due on the Notes of that series at the time of 
the acceleration resulting from such event of default. However, we would remain liable to make payment of such 
amounts due at the time of acceleration.
With respect to the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 
Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes, the term “U.S. government obligations” shall 
instead mean (x) any security that is (i) a direct obligation of the German government or (ii) an obligation of a person 
controlled or supervised by and acting as an agency or instrumentality of the German government the payment of 
which is fully and unconditionally guaranteed by the German government or the central bank of the German 
government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) 
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certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations 
described in clause (x)(i) or (x)(ii) above or in any specific principal or interest payments due in respect thereof. 
With respect to the 3.050% 2029 Notes and the 2042 Notes, the term “U.S. government obligations” shall 
instead mean (x) any security that is (i) a direct obligation of the United Kingdom government or (ii) an obligation of a 
person controlled or supervised by and acting as an agency or instrumentality of the United Kingdom government the 
payment of which is fully and unconditionally guaranteed by the United Kingdom government or the central bank of 
the United Kingdom government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the 
issuer thereof, and (y) certificates, depositary receipts or other instruments which evidence a direct ownership interest 
in obligations described in clause (x)(i) or (x)(ii) above or in any specific principal or interest payments due in respect 
thereof. 
We will be required to deliver to the trustee an opinion of counsel that the deposit and related defeasance 
will not cause the holders and beneficial owners of the Notes of that series to recognize income, gain or loss for 
federal income tax purposes. If we elect legal defeasance, that opinion of counsel must be based upon a ruling from 
the U.S. Internal Revenue Service or a change in law to that effect.
We may exercise our legal defeasance option notwithstanding our prior exercise of our covenant 
defeasance option.
Book-Entry and Settlement
The Notes were issued in book-entry form and are represented by global notes deposited with, or on behalf 
of, a common depositary on behalf of Euroclear and Clearstream, and are registered in the name of the common 
depositary or its nominee. Except as described herein, certificated notes will not be issued in exchange for beneficial 
interests in the global notes.
Certificated Notes
Subject to certain conditions, the Notes represented by the global notes are exchangeable for certificated 
notes in definitive form of like tenor, in minimum denominations of €100,000 principal amount and integral multiples of 
€1,000 in excess thereof in the case of the 2022 Notes, the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 
Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes, and in minimum denominations 
of £100,000 principal amount and integral multiples of £1,000 in excess thereof in the case of the 3.050% 2029 Notes 
and the 2042 Notes, if: 
1. the common depositary notifies us that it is unwilling or unable to continue as depositary or if the 
common depositary ceases to be eligible under the applicable Indenture and we do not appoint a 
successor depository within 90 days;
2. we determine that the Notes will no longer be represented by global securities and execute and deliver 
to the trustee an order to that effect; or
3. an event of default with respect to the Notes will have occurred and be continuing. 
Any Note that is exchangeable as above is exchangeable for certificated notes issuable in authorized 
denominations and registered in such names as the common depositary shall direct. Subject to the foregoing, a 
global note is not exchangeable, except for a global note of the same aggregate denomination to be registered in the 
name of the common depositary or its nominee. 
The Trustee for the Notes
The Bank of New York Mellon Trust Company, N.A. is the trustee under the Indentures. We have 
commercial deposits and custodial arrangements with The Bank of New York Mellon Trust Company, N.A. and its 
affiliates (“BNYM”). We may enter into similar or other banking relationships with BNYM in the future in the normal 
course of business. In addition, BNYM acts as trustee and as paying agent with respect to other debt securities 
issued by us, and may do so for future issuances of debt securities by us as well.
14

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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) of Regulation S-K, the names of other subsidiaries of Apple Inc. are omitted because, 
considered in the aggregate, they would not constitute a significant subsidiary as of the end of the year covered by this report.

--- Page 77 ---

Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the following Registration Statements:
(1) Registration Statement (Form S-3 ASR No. 333-260578) of Apple Inc.,
(2) Registration Statement (Form S-8 No. 333-264555) pertaining to Apple Inc. Deferred Compensation Plan,
(3) Registration Statement (Form S-8 No. 333-165214) pertaining to Apple Inc. 2003 Employee Stock Plan, Apple Inc. 2014 
Employee Stock Plan and Apple Inc. 2022 Employee Stock Plan,
(4) Registration Statement (Form S-8 No. 333-195509) pertaining to Apple Inc. 2003 Employee Stock Plan, Apple Inc. 2014 
Employee Stock Plan and Apple Inc. 2022 Employee Stock Plan,
(5) Registration Statement (Form S-8 No. 333-226986) pertaining to Apple Inc. Deferred Compensation Plan,
(6) Registration Statement (Form S-8 No. 333-203698) pertaining to Apple Inc. Employee Stock Purchase Plan,
(7) Registration Statement (Form S-8 No. 333-193709) pertaining to Topsy Labs, Inc. 2007 Stock Plan, and
(8) Registration Statement (Form S-8 No. 333-60455) pertaining to Apple Inc. Non-Employee Director Stock Plan;
of our reports dated October 27, 2022 with respect to the consolidated financial statements of Apple Inc., and the effectiveness 
of internal control over financial reporting of Apple Inc., included in this Annual Report on Form 10-K for the year ended 
September 24, 2022.
/s/ Ernst & Young LLP
San Jose, California
October 27, 2022

--- Page 78 ---

Exhibit 31.1
CERTIFICATION
I, Timothy D. Cook, certify that:
1. I have reviewed this annual report on Form 10-K of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: October 27, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

--- Page 79 ---

Exhibit 31.2
CERTIFICATION
I, Luca Maestri, certify that:
1. I have reviewed this annual report on Form 10-K of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: October 27, 2022
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer

--- Page 80 ---

Exhibit 32.1
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Timothy D. Cook, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Annual Report of Apple Inc. on Form 10-K for the fiscal year ended September 24, 2022 
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information 
contained in such Form 10-K fairly presents in all material respects the financial condition and results of operations of Apple Inc. 
at the dates and for the periods indicated.
Date: October 27, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer
I, Luca Maestri, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Annual Report of Apple Inc. on Form 10-K for the fiscal year ended September 24, 2022 
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information 
contained in such Form 10-K fairly presents in all material respects the financial condition and results of operations of Apple Inc. 
at the dates and for the periods indicated.
Date: October 27, 2022
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
A signed original of this written statement required by Section 906 has been provided to Apple Inc. and will be retained by Apple 
Inc. and furnished to the Securities and Exchange Commission or its staff upon request.