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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
(Mark One)
ÈANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 26, 2015
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.)
1 Infinite Loop
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:
Common Stock, $0.00001 par value per share
1.000% Notes due 2022
1.625% Notes due 2026
3.05% Notes due 2029
3.60% Notes due 2042
1.375% Notes due 2024
2.000% Notes due 2027
The NASDAQ Stock Market LLC
New York Stock Exchange LLC
New York Stock Exchange LLC
New York Stock Exchange LLC
New York Stock Exchange LLC
New York Stock Exchange LLC
New York Stock Exchange LLC
(Title of class) (Name of exchange on which registered)
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 ÈNo
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 È
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 ÈNo
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted 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 and post such files).
Yes ÈNo
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and
will not be contained, to the best of the Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. È
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ÈAccelerated filer
Non-accelerated filer (Do not check if a smaller reporting company) Smaller reporting company
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes No È
The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant, as of March 27, 2015, the last business day of
the Registrant’s most recently completed second fiscal quarter, was approximately $709,923,000,000. 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.
5,575,331,000 shares of common stock were issued and outstanding as of October 9, 2015.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive proxy statement relating to its 2016 annual meeting of shareholders (the “2016 Proxy Statement”) are
incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2016 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.

Table of contents

  • Page 1
    ... 2016 annual meeting of shareholders (the "2016 Proxy Statement") are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2016 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year...

  • Page 2
    ...-K For the Fiscal Year Ended September 26, 2015 TABLE OF CONTENTS Page Part I Item 1. Business 1 8 18 18 18 18 Part II Item 5. Item 6. Item 7. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Selected Financial Data Management's Discussion...

  • Page 3
    ... a variety of third-party Apple compatible products, including application software and various accessories through its online and retail stores. The Company sells to consumers, small and mid-sized businesses and education, enterprise and government customers. The Company's fiscal year is the 52 or...

  • Page 4
    ... similar hardware and software products and similar services, they are 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 operating...

  • Page 5
    ...or download activity and a subscription-based internet streaming service that also provides unlimited access to the Apple Music library. In September 2015, the Company announced the Apple TV App Store, which provides customers access to apps and games specifically for the new Apple TV. iCloud iCloud...

  • Page 6
    ... debug apps; and tools to simplify the design and development of user interfaces. All developers also have access to extensive technical documentation and sample code. Markets and Distribution The Company's customers are primarily in the consumer, small and mid-sized business, education, enterprise...

  • Page 7
    ...of products, services and programs to address the needs of education customers. The Company also supports mobile learning and real-time distribution of, and access to, education related materials through iTunes U, a platform that allows students and teachers to share and distribute educational media...

  • Page 8
    ... patents or other intellectual property rights of third parties. Foreign and Domestic Operations and Geographic Data During 2015, the Company's domestic and international net sales accounted for 35% and 65%, respectively, of total net sales. Information regarding financial data by geographic segment...

  • Page 9
    ... net sales or financial performance. Warranty The Company offers a limited parts and labor warranty on most of its hardware products. The basic warranty period is typically one year from the date of purchase by the original end-user. The Company also offers a 90-day basic warranty for its service...

  • Page 10
    ... timely introduction of innovative new products, services and technologies to the marketplace. The Company believes it is unique in that it designs and develops nearly the entire solution for its products, including the hardware, operating system, numerous software applications and related services...

  • Page 11
    ...third-party products in most of its major markets directly to education, enterprise and government customers and consumers and small and midsized businesses through its online and retail stores. Carriers providing cellular network service for iPhone typically subsidize users' purchases of the device...

  • Page 12
    ... to enhance reseller sales, including staffing selected resellers' stores with Company employees and contractors, and improving product placement displays. These programs could require a substantial investment while providing no assurance of return or incremental revenue. The financial condition of...

  • Page 13
    ...or economic, business, labor, environmental, public health, or political issues. 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...

  • Page 14
    ... 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 is no assurance that third-party developers will continue to...

  • Page 15
    ..., billing, e-commerce, promotions, quality of services, telecommunications, mobile communications and media, television, intellectual property ownership and infringement, tax, import and export requirements, anti-corruption, foreign exchange controls and cash repatriation restrictions, data privacy...

  • Page 16
    ... and operational consequences. The Company's business requires it to use and store customer, employee and business partner personally identifiable information ("PII"). This may include, among other information, names, addresses, phone numbers, email addresses, contact preferences, tax identification...

  • Page 17
    ... products to its customers, including channel partners, or to receive components from its suppliers, and create delays and inefficiencies in the Company's supply chain. Should major public health issues, including pandemics, arise, the Company could be adversely affected by more stringent employee...

  • Page 18
    ... its quarterly revenue and operating results to fluctuate. The Company's profit margins vary across its products and distribution channels. The Company's software, accessories, and service and support contracts generally have higher gross margins than certain of the Company's other products. Gross...

  • Page 19
    ..., and its 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...

  • Page 20
    ... space and customer support call center. In addition, the Company owned facilities and land for R&D and corporate functions in San Jose, California and Cupertino, California, including land that is being developed for the Company's second corporate campus. The Company also owned data centers in...

  • Page 21
    ... The Company paid a total of $11.4 billion and $11.0 billion in dividends during 2015 and 2014, respectively, and expects to pay quarterly dividends of $0.52 per common share each quarter, subject to declaration by the Board of Directors. The Company also plans to increase its dividend on an annual...

  • Page 22
    ... of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1) Periods Total Number of Shares Purchased Average Price Paid Per Share June 28, 2015 to August 1, 2015: May 2015 ASR Open market and privately negotiated purchases...

  • Page 23
    ...26/15 S&P Information Technology * $100 invested on 9/25/10 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© 2015 S&P, a division of McGraw Hill Financial. All rights...

  • Page 24
    ... the comparability of the information presented below (in millions, except number of shares, which are reflected in thousands, and per share amounts). 2015 2014 2013 2012 2011 Net sales Net income Earnings per share: Basic Diluted Cash dividends declared per share Shares used in computing earnings...

  • Page 25
    ...-party Apple compatible products, including application software and various accessories through its online and retail stores. The Company sells to consumers, small and mid-sized businesses and education, enterprise and government customers. Fiscal 2015 Highlights Net sales rose 28% or $50.9 billion...

  • Page 26
    ... $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 Company also issued $12.0 billion of long-term debt during 2014, with varying maturities through 2044, and launched a commercial paper program...

  • Page 27
    ...of MacBook Air, MacBook Pro and Mac Pro. Mac net sales and unit sales increased in all of the Company's operating segments. Mac ASPs decreased during 2014 compared to 2013 primarily due to price reductions on certain Mac models and a shift in mix towards Mac portable systems. Apple Inc. | 2015 Form...

  • Page 28
    ...the Company's reportable operating 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." Americas The following table presents Americas net sales information for 2015, 2014 and 2013 (dollars...

  • Page 29
    ... demand for the Company's entry-priced iPhones and the addition of a significant new carrier in the second quarter of 2014. Japan The following table presents Japan net sales information for 2015, 2014 and 2013 (dollars in millions): 2015 Change 2014 Change 2013 Net sales Percentage of total...

  • Page 30
    ..., its financial condition and operating results, including gross margins, could be significantly affected by fluctuations in exchange rates. Operating Expenses Operating expenses for 2015, 2014 and 2013 are as follows (dollars in millions): 2015 Change 2014 Change 2013 Research and development...

  • Page 31
    ... exchange contracts and higher interest income. The weighted-average interest rate earned by the Company on its cash, cash equivalents and marketable securities was 1.49%, 1.11% and 1.03% in 2015, 2014 and 2013, respectively. Provision for Income Taxes Provision for income taxes and effective tax...

  • Page 32
    ... financial information and statistics as of and for the years ended September 26, 2015, September 27, 2014 and September 28, 2013 (in millions): 2015 2014 2013 Cash, cash equivalents and marketable securities Property, plant and equipment, net Commercial paper Total term debt Working capital...

  • Page 33
    ... process equipment; data centers; corporate facilities and infrastructure, including information systems hardware, software and enhancements; and retail store facilities. Debt In 2014, the Board of Directors authorized the Company to issue unsecured short-term promissory notes ("Commercial Paper...

  • Page 34
    ... of end-users of its operating system or application software for infringement of third-party intellectual property rights. The Company did not record a liability for infringement costs related to indemnification as of September 26, 2015 or September 27, 2014. Apple Inc. | 2015 Form 10...

  • Page 35
    ... accounting policies and related disclosures with the Audit and Finance Committee of the Company's Board of Directors. Revenue Recognition Net sales consist primarily of revenue from the sale of hardware, software, digital content and applications, accessories, and service and support contracts...

  • Page 36
    ...value. The Company performs a detailed review of inventory that considers multiple factors including demand forecasts, product life cycle status, product development plans, current sales levels and component cost trends. The Company also reviews its manufacturing-related capital assets and inventory...

  • Page 37
    ...amounts as necessary. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liabilities would be required and could materially affect the Company's financial condition and operating results. Income Taxes The Company records a tax provision for the...

  • Page 38
    ...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 preservation of capital and supporting the Company's liquidity requirements. The Company uses a combination of internal and external management to execute its...

  • Page 39
    ... and management tool. The model assumes normal market conditions. 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...

  • Page 40
    ..., 2013 Consolidated Statements of Cash Flows for the years ended September 26, 2015, September 27, 2014, and September 28, 2013 Notes to Consolidated Financial Statements Selected Quarterly Financial Information (Unaudited) Reports of Ernst & Young LLP, Independent Registered Public Accounting Firm...

  • Page 41
    CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Years ended September 27, 2014 September 26, 2015 September 28, 2013 Net sales Cost of sales Gross margin Operating expenses: Research and development Selling, ...

  • Page 42
    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions) Years ended September 27, 2014 September 26, 2015 September 28, 2013 Net income Other comprehensive income/(loss): Change in foreign currency translation, net of tax effects of $201, $50 and $35, respectively Change in unrealized gains...

  • Page 43
    ... and par value) September 26, 2015 September 27, 2014 ASSETS: Current assets: Cash and cash equivalents Short-term marketable securities Accounts receivable, less allowances of $82 and $86, respectively Inventories Deferred tax assets Vendor non-trade receivables Other current assets Total current...

  • Page 44
    ... of common stock Share-based compensation Common stock issued, net of shares withheld for employee taxes Tax benefit from equity awards, including transfer pricing adjustments Balances as of September 27, 2014 Net income Other comprehensive income/(loss) Dividends and dividend equivalents declared...

  • Page 45
    ...acquisition of property, plant and equipment Payments for acquisition of intangible assets Other Cash used in investing activities Financing activities: Proceeds from issuance of common stock Excess tax benefits from equity awards Taxes paid related to net share settlement of equity awards Dividends...

  • Page 46
    ... the Company's fiscal years ended in September and the associated quarters, months and periods of those fiscal years. Revenue Recognition Net sales consist primarily of revenue from the sale of hardware, software, digital content and applications, accessories, and service and support contracts. The...

  • Page 47
    ... Store for the purchase of digital content and software. The Company records deferred revenue upon the sale of the card, which is relieved upon redemption of the card by the customer. Revenue from AppleCare service and support contracts is deferred and recognized over the service coverage periods...

  • Page 48
    ... Advertising expense was $1.8 billion, $1.2 billion and $1.1 billion for 2015, 2014 and 2013, respectively. Share-based Compensation The Company recognizes expense related to share-based payment transactions in which it receives employee services in exchange for (a) equity instruments of the Company...

  • Page 49
    ... for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the classifications at each balance sheet date. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument...

  • Page 50
    ... underlying building; between one to five years for machinery and equipment, including product tooling and manufacturing process equipment; and the shorter of lease terms or ten years for leasehold improvements. The Company capitalizes eligible costs to acquire or develop internal-use software that...

  • Page 51
    ... at exchange rates in effect at the end of each period, and inventories, property and nonmonetary assets and liabilities at historical rates. Note 2 - Financial Instruments Cash, Cash Equivalents and Marketable Securities The following tables show the Company's cash and available-for-sale securities...

  • Page 52
    ... currency exposure associated with revenue and inventory purchases, typically for up to 12 months. To help protect the net investment in a foreign operation from adverse changes in foreign currency exchange rates, the Company may enter into foreign currency forward and option contracts to offset...

  • Page 53
    ... as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates. The Company records all derivatives in the Consolidated Balance Sheets at fair value. The Company's accounting treatment for these derivative instruments is based...

  • Page 54
    ... value hedges on OCI and the Consolidated Statements of Operations for 2015, 2014 and 2013 (in millions): 2015 2014 2013 Gains/(Losses) recognized in OCI - effective portion: Cash flow hedges: Foreign exchange contracts Interest rate contracts Total Net investment hedges: Foreign exchange contracts...

  • Page 55
    ... vendor non-trade receivables as of September 27, 2014. Note 3 - Consolidated Financial Statement Details The following tables show the Company's consolidated financial statement details as of September 26, 2015 and September 27, 2014 (in millions): Property, Plant and Equipment, Net 2015 2014 Land...

  • Page 56
    ...1,156 On July 31, 2014, the Company completed the acquisitions of Beats Music, LLC, which offers a subscription streaming music service, and Beats Electronics, LLC, which makes Beats® headphones, speakers and audio software (collectively, "Beats"). The total purchase price consideration for these...

  • Page 57
    ... 1,878 11,212 The foreign provision for income taxes is based on foreign pre-tax earnings of $47.6 billion, $33.6 billion and $30.5 billion in 2015, 2014 and 2013, respectively. The Company's consolidated financial statements provide for any related tax liability on undistributed earnings that the...

  • Page 58
    ... the Company's deferred tax assets and liabilities were (in millions): 2015 2014 Deferred tax assets: Accrued liabilities and other reserves Basis of capital assets and investments Deferred revenue Deferred cost sharing Share-based compensation Unrealized losses Other Total deferred tax assets, net...

  • Page 59
    ... from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of September 26, 2015 and September 27, 2014, the Company had $8.5 billion and $6.3 billion of Commercial Paper outstanding, respectively, with a weighted-average interest rate of 0.14...

  • Page 60
    ... summary of the Company's term debt as of September 26, 2015 and September 27, 2014: 2015 Maturities 2013 debt issuance of $17.0 billion: Floating-rate notes Fixed-rate 0.45% - 3.85% notes 2014 debt issuance of $12.0 billion: Floating-rate notes Fixed-rate 1.05% - 4.45% notes First quarter 2015 euro...

  • Page 61
    ... fixed-rate notes issued in the second quarter of 2015 and maturing in 2020 and 2022, the Company entered into interest rate swaps with an aggregate notional amount of $2.5 billion. To manage interest rate risk on the U.S. dollar-denominated fixed-rate notes issued in the third quarter of 2015 and...

  • Page 62
    ... quarter of 2015, the Company's Board of Directors increased the share repurchase authorization to $140 billion of the Company's common stock, of which $104 billion had been utilized as of September 26, 2015. The Company's share repurchase program does not obligate it to acquire any specific number...

  • Page 63
    ...the Consolidated Statements of Operations, and the associated financial statement line item, for 2015 and 2014 (in millions): Comprehensive Income Components Financial Statement Line Item 2015 2014 Unrealized (gains)/losses on derivative instruments: Foreign exchange contracts Revenue Cost of sales...

  • Page 64
    ... the Exchange Act. An equity trading plan is a written document that pre-establishes 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 shares acquired pursuant to the Company's employee and director...

  • Page 65
    ... Company's closing stock price. Total payments for the employees' tax obligations to taxing authorities were $1.6 billion, $1.2 billion and $1.1 billion in 2015, 2014 and 2013, respectively, and are reflected as a financing activity within the Consolidated Statements of Cash Flows. These net-share...

  • Page 66
    ...operating system or application software for infringement of third-party intellectual property rights. The Company did not record a liability for infringement costs related to indemnification as of September 26, 2015 or September 27, 2014. In September 2015, the Company introduced the iPhone Upgrade...

  • Page 67
    ... if its outsourcing partners were unable to meet their production commitments. The Company's purchase commitments typically cover its requirements for periods up to 150 days. Other Off-Balance Sheet Commitments Operating Leases The Company leases various equipment and facilities, including retail...

  • Page 68
    ...each reportable operating segment provides similar hardware and software products and similar services, they are 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...

  • Page 69
    ... $ 12,022 8,722 3,040 $ 9,108 9,477 2,917 $ 23,784 $ 21,502 China includes Hong Kong. Long-lived assets located in China consist primarily of product tooling and manufacturing process equipment and assets related to retail stores and related infrastructure. Apple Inc. | 2015 Form 10-K | 67

  • Page 70
    ...Store, Apple Music, AppleCare, Apple Pay, licensing and other services. Includes sales of Apple TV, Apple Watch, Beats products, iPod and Apple-branded and third-party accessories. (3) Note 12 - Selected Quarterly Financial Information (Unaudited) The following tables show a summary of the Company...

  • Page 71
    ... LLP, Independent Registered Public Accounting Firm The Board of Directors and Shareholders of Apple Inc. We have audited the accompanying consolidated balance sheets of Apple Inc. as of September 26, 2015 and September 27, 2014, and the related consolidated statements of operations, comprehensive...

  • Page 72
    ... standards of the Public Company Accounting Oversight Board (United States), the 2015 consolidated financial statements of Apple Inc. and our report dated October 28, 2015 expressed an unqualified opinion thereon. /s/ Ernst & Young LLP San Jose, California October 28, 2015 Apple Inc. | 2015 Form 10...

  • Page 73
    ... 26, 2015 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...

  • Page 74
    ... Owners and Management" and "Equity Compensation Plan Information" in the Company's 2016 Proxy Statement to be filed with the SEC within 120 days after September 26, 2015 and is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence The...

  • Page 75
    ...28, 2013 Consolidated Statements of Cash Flows for the years ended September 26, 2015, September 27, 2014 and September 28, 2013 Notes to Consolidated Financial Statements Selected Quarterly Financial Information (Unaudited) Reports of Ernst & Young LLP, Independent Registered Public Accounting Firm...

  • Page 76
    ... 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 28, 2015 Apple Inc. By: /s/ Luca Maestri Luca Maestri Senior Vice President, Chief Financial...

  • Page 77
    ...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. Employee Stock Purchase Plan, as amended and restated as of March 10, 2015. Form of Indemnification Agreement between the Registrant and each director and...

  • Page 78
    ... & Young LLP, Independent Registered Public Accounting Firm. Power of Attorney (included on the Signatures page of this Annual Report on Form 10-K). Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer. Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer. Section 1350...

  • Page 79
    Exhibit 12.1 Apple Inc. Computation of Ratio of Earnings to Fixed Charges (In millions, except ratios) Years ended September 28, 2013 September 26, 2015 September 27, 2014 September 29, 2012 September 24, 2011 Earnings: Earnings before provision for income taxes Add: Fixed Charges Total ...

  • Page 80
    ...Apple Inc.* Jurisdiction of Incorporation Apple Sales International Apple Operations International Apple Operations Europe Braeburn Capital...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 81
    ...-125148) pertaining to Employee Stock Purchase Plan and 2003 Employee Stock Plan, and (12) Registration Statement (Form S-8 No. 333-60455) pertaining to 1997 Director Stock Option Plan; of our reports dated October 28, 2015 with respect to the consolidated financial statements of Apple Inc., and the...

  • Page 82
    ... 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 28, 2015 By: /s/ Timothy D. Cook...

  • Page 83
    ...'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 28, 2015 By: /s/ Luca Maestri...

  • Page 84
    ...that the Annual Report of Apple Inc. on Form 10-K for the fiscal year ended September 26, 2015 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...