Apple 2014 Annual Report Download - page 28

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In April 2014, the Company increased its share repurchase authorization to $90 billion and the quarterly dividend was raised to
$0.47 per common share, resulting in an overall increase in its capital return program from $100 billion to over $130 billion.
During 2014, the Company utilized $45 billion to repurchase its common stock and paid dividends and dividend equivalents of
$11.1 billion. The current share repurchase program is expected to be completed by the end of December 2015. The
Company also issued $12.0 billion of long-term debt during 2014 with varying maturities through 2044 and launched a
commercial paper program, with $6.3 billion outstanding as of September 27, 2014.
Fiscal 2013 Highlights
Net sales rose 9% or $14.4 billion during 2013 compared to 2012. This resulted from growth in net sales of iPhone; iTunes,
Software and Services; and iPad. Growth in 2013 reflected strong sales of iPhone 5, strong continuing sales of iPhone 4 and
4s, the introduction of iPhone 5c and 5s, strong performance of the iPad mini and fourth generation iPad, and continued
growth in the Company’s online sales of apps, digital content and services. Growth in these areas was partially offset by
declines in net sales of Mac and iPod. All of the Company’s operating segments experienced increased net sales in 2013, with
net sales growth being particularly strong in the Americas, Greater China and Japan operating segments. Growth in total net
sales was higher during the first half of 2013, rising $12.6 billion or 14.7% over the same period in 2012. First half growth in
2013 was driven by iPhone and iPad introductions at or near the beginning of 2013.
During the first quarter of 2013, the Company introduced the fourth generation iPad and iPad mini, a new MacBook Pro with
Retina display, a new iPod touch, a new iMac, and expanded the rollout of iPhone 5 which began in September 2012. In June
2013 at its Worldwide Developer Conference, the Company announced iOS 7 and OS X Mavericks, announced iTunes Radio,
introduced a significant upgrade to MacBook Air, and provided a preview of all new Mac Pro desktops that were introduced
during 2014. In September 2013, the Company introduced iPhone 5s and iPhone 5c, released iOS 7, launched iTunes Radio,
and announced that beginning in September 2013 iPhoto, iMovie and iWork Apps for iOS would be available as free
downloads with all new iPhone, iPad and iPod touch devices (“iOS devices”).
In April 2013, the Company announced a significant increase to its program to return capital to shareholders by raising the total
amount it expected to utilize for the program through December 2015 to $100 billion. This included increasing its share
repurchase authorization to $60 billion and raising its quarterly dividend to $0.44 per common share beginning in May 2013.
During 2013, the Company utilized $23.0 billion to repurchase common shares and paid dividends of $10.5 billion or $1.64 per
common share. In conjunction with its capital return program, in May 2013 the Company issued $17.0 billion of long-term debt
with varying maturities through 2043.
Apple Inc. | 2014 Form 10-K | 26