Apple 2014 Annual Report Download - page 39

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The increase to the Company’s share repurchase program authorization resulted in a total capital return program of over $130
billion. The Company expects to complete the capital return program by the end of December 2015 by paying dividends and
dividend equivalents, repurchasing shares and remitting withheld taxes related to net share settlement of restricted stock units.
To assist in funding its capital return program, the Company expects to access the debt markets, both domestically and
internationally.
The following table presents the Company’s dividends, dividend equivalents, share repurchases and net share settlement
activity from the start of the capital return program in August 2012 through September 2014 (in millions):
Dividends and
Dividend
Equivalents Paid Accelerated Share
Repurchases
Open Market
Share
Repurchases
Taxes Related
to Settlement of
Equity Awards Total
2014 $ 11,126 $ 21,000 $ 24,000 $ 1,158 $ 57,284
2013 10,564 13,950 9,000 1,082 34,596
2012 2,488 0 0 56 2,544
Total $ 24,178 $ 34,950 $ 33,000 $ 2,296 $ 94,424
Off-Balance Sheet Arrangements and Contractual Obligations
The Company has not entered into any transactions with unconsolidated entities whereby the Company has financial
guarantees, subordinated retained interests, derivative instruments, or other contingent arrangements that expose the
Company to material continuing risks, contingent liabilities, or any other obligation under a variable interest in an
unconsolidated entity that provides financing, liquidity, market risk, or credit risk support to the Company, or engages in
leasing, hedging, or R&D services with the Company.
The following table presents certain payments due by the Company under contractual obligations with minimum firm
commitments as of September 27, 2014, and excludes amounts already recorded on the Consolidated Balance Sheet, except
for long-term debt (in millions):
Payments Due in
Less Than 1 Year Payments Due in
1-3 Years Payments Due in
4-5 Years Payments Due in
More Than 5 Years Total
Long-term debt $ 0 $ 5,000 $ 9,000 $ 15,000 $ 29,000
Operating leases 662 1,321 1,127 1,877 4,987
Purchase commitments 24,529 0 0 0 24,529
Other obligations 2,056 1,276 19 0 3,351
Total $ 27,247 $ 7,597 $ 10,146 $ 16,877 $ 61,867
Operating Leases
The Company’s major facility leases are typically for terms not exceeding 10 years and generally contain multi-year renewal
options. Leases for retail space are for terms ranging from five to 20 years, the majority of which are for 10 years, and often
contain multi-year renewal options. As of September 27, 2014, the Company’s total future minimum lease payments under
noncancelable operating leases were $5.0 billion, of which $3.6 billion related to leases for retail space.
Apple Inc. | 2014 Form 10-K | 37