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

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

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

the 3.05% Notes due 2029 and 3.60% Notes due 2042. 8-K 4.1 7\/31\/15 4.9 Officer’s Certificate of the Registrant, dated as of September 17, 2015, including forms of global notes representing the 1.375% Notes due 2024 and 2.000% Notes due 2027. 8-K 4.1 9\/17\/15 (1) Apple Inc. | 2022 Form 10-K | 55 Incorporated by Reference Exhibit Number Exhibit Description Form Exhibit Filing Date\/ Period End Date 4.10 Officer’s Certificate of the Registrant, dated as of February 23, 2016, including forms of global notes

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

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 2020, 2.500% Notes due 2022, 3.000% Notes due 2024, 3.350% Notes due 2027 and 4.250% Notes due 2047. 8-K4.1 2\/9\/17 4.14 Officer’s Certificate of the Registrant, dated as of May 11, 2017, including forms of global notes representing the Floating Rate Notes due 2020, Floating Rate Notes due 2022, 1.800% Notes due 2020, 2.300% Notes due 2022, 2.850% Notes due 2024 and 3.200% Notes due 2027. 8-K 4.1 5\/11\/17 4.15 Officer’s Certificate of the Registrant, dated as of May 24, 2017, including forms of

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,

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

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

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,

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

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

global notes representing Floating Rate Notes due 2016, Rate Notes due 2018, 0. 45% Notes 2016, 1. 00% 2018, 2. 40% 2023 3. 85% Notes due 2043. 8-K 4. 1 5\/3\/13 4. 4 Officer’s Certificate of Registrant May 6, 2014, global notes Floating Rate Notes due 2017, Floating Rate Notes due 2019, 1. 05% 2017, 2. 10% 2019, 2. 85% 2021, 3. 45% Notes due 2024 4. 45% Notes due 2044. 8-K 4. 1 5\/6\/14 4. 5 Officer’s Certificate of Registrant November 10, 2014, global notes 1. 000% Notes due 2022 and 1. 625% Notes due

1. 000% Notes due 2022 and 1. 625% Notes due 2026. 8-K 4. 1 11\/10\/14 4. 6 Officer’s Certificate of Registrant, February 9, 2015, global notes Floating Rate Notes due 2020, 1. 55% Notes due 2020, 2. 15% Notes 2022, 2. 50% Notes due 2025 3. 45% Notes due 2045. 8-K 4. 1 2\/9\/15 4. 7 Officer’s Certificate of Registrant May 13, 2015, global notes Floating Rate Notes due 2017, Floating Rate Notes due 2020, 0. 900% Notes 2017, 2. 000% 2020, 2. 700% Notes due 2022, 3. 200% Notes due 2025, 4. 375% Notes due

2022, 3. 200% Notes due 2025, 4. 375% Notes due 2045. 8-K 4. 1 5\/13\/15 4. 8 Officer’s Certificate of Registrant July 31, 2015, global notes representing 3. 05% Notes due 2029 and 3. 60% Notes due 2042. 8-K 4. 1 7\/31\/15 4. 9 Officer’s Certificate of Registrant, September 17, 2015, forms global notes representing 1. 375% Notes due 2024 and 2.000% Notes due 2027. 8-K 4. 1 9\/17\/15 (1) Apple Inc. | 2022 Form 10-K| 55 Incorporated by Reference Exhibit Number Description Form Exhibit Filing Date\/ Period

Description Form Exhibit Filing Date\/ Period End Date 4. 10 Officer’s Certificate of Registrant February 23, 2016, global notes Floating Rate Notes due 2019, Notes 2021, 1. 300% Notes due 2018, 1. 700% 2019, 2. 250% 2021, 2. 850% 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 Officer’s Certificate of Registrant March 24, 2016. 8-K 4. 1 3\/24\/16 4. 12 Officer’s Certificate of Registrant August 4, 2016, global notes Floating

Registrant August 4, 2016, global notes 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 Registrant February 9, 2017, global notes Floating Rate Notes due 2019, 2020, Rate Notes 2022, 1. 550% Notes due 2019, 1. 900% 2020, 2. 500% Notes 2022, 3. 000% Notes 2024, 3. 350% Notes due 2027 and 4. 250% Notes due 2047. 8-K4. 1 2\/9\/17 4. 14 Officer’s Certificate of Registrant May 11,

4. 14 Officer’s Certificate of Registrant May 11, 2017, global notes Floating Rate Notes due 2020, Notes 2022, 1. 800% Notes 2020, 2. 300% 2022, 2. 850% Notes 2024 and 3. 200% Notes due 2027.8-K 4. 1 5\/11\/17 4. 15 Officer’s Certificate of Registrant May 24, 2017 global notes representing 0. 875% Notes due 2025 1. 375% Notes due 2029. 8-K 4. 1 5\/24\/17 4. 16 Officer’s Certificate Registrant June 20, 2017 form global note 3. 000% Notes due 2027. 8-K 4. 1 6\/20\/17 4. 17 Officer’s Certificate Registrant,

6\/20\/17 4. 17 Officer’s Certificate Registrant, August 18, 2017 form global note 2. 513% Notes due 2024. 8-K 4. 1 8\/18\/17 4. 18 Officer’s Certificate Registrant September 12, 2017 forms global notes 1. 500% Notes due 2019, 2. 100% Notes due 2022, 2. 900% Notes due 2027 3. 750% Notes due 2047. 8-K 4. 1 9\/12\/17 4. 19 Officer’s Certificate Registrant November 13, 2017 forms global notes 1. 800% Notes due 2019, 2. 000% due 2020, 2. 400% due 2023, 2. 750% Notes due 2025, 3. 000% Notes due 2027 3. 750%

Notes due 2025, 3. 000% Notes due 2027 3. 750% Notes due 2047. 8-K 4. 1 11\/13\/17 4. 20 Indenture November 5, 2018, between Registrant and Bank of New York Mellon Trust Company, N. A., as Trustee. S-3 4. 1 11\/5\/18 4. 21 Officer’s Certificate of Registrant September 11, 2019 forms global notes 1. 700% Notes due 2022, 1. 800% Notes due 2024, 2. 050% Notes due 2026, 2. 200% Notes due 2029 2. 950% Notes due 2049. 8-K 4. 1 9\/11\/19 4.22 Officer’s Certificate of Registrant November 15, 2019 global notes

of Registrant November 15, 2019 global notes representing 0. 000% Notes due 2025 and 0. 500% Notes due 2031. 8-K 4. 1 11\/15\/19 4. 23 Officer’s Certificate Registrant May 11, 2020 global notes representing 0. 750% Notes due 2023, 1. 125% due 2025, 1. 650% due 2030 2. 650% Notes due 2050. 8-K 4. 1 5\/11\/20 4. 24 Officer’s Certificate Registrant August 20, 2020 global notes 0. 550% Notes due 2025, 1. 25% Notes due 2030, 2. 400% Notes due 2050 2. 550% Notes due 2060. 8-K 4. 1 8\/20\/20 4. 25 Officer’s

due 2060. 8-K 4. 1 8\/20\/20 4. 25 Officer’s Certificate Registrant February 8, 2021, global notes 0. 700% Notes due 2026, 1. 200% due 2028, 1. 650% 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 Registrant August 5, 2021 global notes representing 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 October 28, 2021, between Registrant and

October 28, 2021, between Registrant and Bank of New York Mellon Trust Company, N


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

awards  (2,971)  (2,627)  (2,250)
Share-based compensation  9,280  8,108  6,975
Ending balances  64,849  57,365  50,779
Retained earnings/(Accumulated deficit):
Beginning

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


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

Notes”); (v) 0. 875% Notes due 2025
 “0. 875% 2025 Notes”); (vi) 1. 625% Notes due 2026 “2026 Notes”); (vii) 2. 000% Notes due 2027 “2027
 Notes”); (viii) 1. 375% Notes due 2029. 375% 2029 (ix) 3. 050% Notes due 2029. 050% 2029
 (x) 0. 500% Notes due 2031 “2031 Notes”); (xi) 3. 600% Notes due 2042 “2042 Notes
 with 2022 Notes 2024 Notes 0. 000% 2025 Notes 0. 875% 2025 Notes


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

reconciliation provision income taxes to applying statutory federal income tax rate ( 21%
 2022  2021 2020 ) income before provision 2022 2020 (dollars in millions):
 2022 2021 2020
 Computed expected tax $ 25,012 $ 22,933 $ 14,089
 State taxes net federal effect 1,518 1,151 423
 Impacts 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


) 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

of its foreign currency– denominated notes, the Company has entered into foreign currency swaps to effectively convert these notes to U.S. dollar–denominated notes. The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if applicable, adjustments related to hedging. The Company recognized $2.8 billion, $2.6 billion and $2.8 billion of interest expense on its term debt for 2022, 2021 and 2020, respectively. Apple Inc. | 2022 Form 10-K | 45

respectively. Apple Inc. | 2022 Form 10-K | 45 The future principal payments for the Company’s Notes as of September 24, 2022, are as follows (in millions): 2023 $ 11,139 2024 9,910 2025 10,645 2026 11,209 2027 9,631 Thereafter 59,290 Total term debt $ 111,824 As of September 24, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.8 billion and $125.3 billion, respectively. Note 8 – Shareholders’ Equity Share Repurchase Program During 2022, the Company

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

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

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

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

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

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. |

new awards under the 2014 Plan. Apple Inc. | 2022 Form 10-K | 46 Apple Inc. Non-Employee Director Stock Plan The Apple Inc. Non-Employee Director Stock Plan (the “Director Plan”) is a shareholder-approved plan that (i) permits the Company to grant awards of RSUs or stock options to the Company’s non-employee directors, (ii) provides for automatic initial grants of RSUs upon a non-employee director joining the Board of Directors and automatic annual grants of RSUs at each annual meeting of shareholders, and

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

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

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

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)

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

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

$ 75.16 RSUs granted 91,674 $ 150.70 RSUs vested (115,861) $ 72.12 RSUs canceled (14,739) $ 99.77 Balance as of September 24, 2022 201,501 $ 109.48 $ 30,312 The fair value as of the respective vesting dates of RSUs was $18.2 billion, $19.0 billion and $10.8 billion for 2022, 2021 and 2020, respectively. The majority of RSUs that vested in 2022, 2021 and 2020 were net

Hedge accounting fair value adjustments (1,363) 1,036 Less: Current portion term debt (11,128) (9,613) Total non-current portion term debt $ 98,959 $ 109,106 manage interest rate risk on U. S. dollar–denominated fixed-rate notes Company entered interest rate swaps to convert fixed interest rates to floating interest rates notes. manage foreign currency risk on foreign currency– denominated notes Company entered foreign currency swaps to convert notes to U. S. dollar–denominated notes. effective interest

S. dollar–denominated notes. effective interest rates for Notes include interest, amortization of discount or premium adjustments related to hedging. Company recognized $2. 8 billion, $2. 6 billion $2. 8 billion interest expense on term debt for 2022, 2021 2020. Apple Inc. | 2022 Form 10-K | 45 future principal payments for Company’s Notes as of September 24, 2022 (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

term debt $ 111,824 As of September 24, 2022 and September 25, 2021 fair value of Company’s Notes Level 2 inputs, was $98. 8 billion and $125. 3 billion, respectively. Note 8 – Shareholders’ Equity Share Repurchase Program During 2022 Company repurchased 569 million shares common stock for $90. 2 billion under share repurchase program authorized by Board of Directors “Program”). Program does not obligate Company to acquire minimum amount of shares. Program shares may be repurchased in privately negotiated

shares may be repurchased in privately negotiated open market transactions including under plans complying with Rule 10b5-1 under Securities Exchange Act of 1934, as amended.Shares Common Stock table shows changes in shares common stock for 2022, 2021 2020 (in thousands): 2022 2021 2020 Common stock outstanding, beginning balances 16,426,786 16,976,763 17,772,945 stock repurchased (568,589) (656,340) (917,270) stock issued, net of shares withheld for employee taxes 85,228 106,363 121,088 stock outstanding,

taxes 85,228 106,363 121,088 stock outstanding, ending balances 15,943,425 16,426,786 16,976,763 Note 9 – Benefit Plans 2022 Employee Stock Plan second quarter of 2022 shareholders approved Apple Inc. 2022 Employee Stock Plan “2022 Plan”), provides for broad-based equity grants to employees including executive officers permits granting restricted stock units (“RSUs”), stock grants performance-based awards stock options stock appreciation rights. RSUs granted 2022 Plan vest over four years based on

granted 2022 Plan vest over four years based on continued employment settled upon vesting in shares Company’s common stock one-for-one basis. RSUs granted under 2022 Plan reduce number shares available for grant plan by factor of two times number RSUs granted. RSUs canceled shares withheld to satisfy tax withholding obligations increase number shares available for grant 2022 Plan factor two times RSUs canceled or shares withheld. All RSUs granted Plan have dividend equivalent rights (“DERs”), entitle

have dividend equivalent rights (“DERs”), entitle holders RSUs to same dividend value per share as holders common stock. DERs subject to same vesting other terms conditions as underlying RSUs. maximum of approximately 1. 3 billion shares authorized for issuance 2022 Plan awards at plan approved on March 4, 2022. 2014 Employee Stock Plan Apple Inc. 2014 Employee Stock Plan “2014 Plan”) is shareholder-approved plan provided for broad-based equity grants to employees including executive officers.2014 Plan

employees including executive officers.2014 Plan permitted same types equity awards with same terms as 2022 Plan. 2014 Plan also permitted cash bonus awards. In third quarter of 2022 Company terminated authority to grant new awards under 2014 Plan. Apple Inc. | 2022 Form 10-K | 46 Apple Inc. Non-Employee Director Stock Plan Apple Inc. Non-Employee Director Stock Plan (the “Director Plan”) is shareholder-approved plan permits Company to grant awards of RSUs or stock options to non-employee directors,

RSUs or stock options to non-employee directors, provides for automatic initial grants of RSUs upon non-employee director joining Board of Directors and automatic annual grants of RSUs at each annual meeting of shareholders, permits Board of Directors to prospectively change value and relative mixture of stock options and RSUs for initial and annual award grants and methodology for determining number of shares of Company’s common stock subject to these grants, within limits in Director Plan without further

within limits in Director Plan without further shareholder approval. RSUs granted under Director Plan reduce number of shares available for grant under plan by factor of two times number of RSUs granted. Director Plan expires on November 12, 2027. All RSUs granted under Director Plan are entitled to DERs, subject to same vesting and other terms and conditions as underlying RSUs. maximum of approximately 45 million shares (split-adjusted) were authorized for issuance pursuant to Director Plan awards at time

issuance pursuant to Director Plan awards at time plan last amended on November 9, 2021.Employee Stock Purchase Plan is shareholder-approved plan all employees may voluntarily enroll to purchase Company’s common stock through payroll deductions at price equal to 85% of lower fair market values of stock of six-month offering periods. employee’s payroll deductions limited to 10% of employee’s eligible compensation not purchase more than $25,000 of stock during any calendar year. maximum of approximately 230

any calendar year. maximum of approximately 230 million shares (split-adjusted) authorized for issuance Plan last amended and restated on March 10, 2015. 401(k) Plan Company’s 401(k) Plan is tax-qualified deferred compensation arrangement under Section 401(k) of Internal Revenue Code. participating U. S. employees may contribute portion of eligible earnings subject to U. S. Internal Revenue Service and plan limits. Company matches 50% to 100% of employee’s contributions depending on length of service, up

contributions depending on length of service, up to maximum of 6% of employee’s eligible earnings. Restricted Stock Units summary of Company’s RSU activity information for 2022, 2021 2020 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

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 September 24, 2022 201,501 $ 109. 48 $ 30,312 fair value vesting dates RSUs was $18. 2 billion, $19. 0 billion $10. 8 billion for 2022, 2021 2020. majority RSUs vested in 2022, 2021 2020 were net


The gross fai r values of  the Company’s derivative  assets and liabilities as of September 24, 2022  were as follows (in millions):
2022
Fair Value of
Derivatives Designated
as Accounting HedgesFair Value of
Derivatives Not Designated
as Accounting HedgesTotal
Fair Value
Derivative assets (1):
Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136
Derivative liabilities (2):
Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752
Interest rate contracts $ 1,367 $ — $ 1,367

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

gross values Company’s derivative assets liabilities as of September 24, 2022 (in millions):
 2022
 Fair Value
 Derivatives Designated
 Accounting HedgesFair Value
 Derivatives Not Designated
 Accounting HedgesTotal
 Fair Value
 Derivative assets (1):
 Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136
 Derivative liabilities (2):
 Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752
 Interest rate contracts $ 1,367 $ — $ 1,367

Interest rate contracts $ 1,367 $ — $ 1,367
 (1) Derivative assets measured Level 2 fair value inputs included in other current assets non-
 current assets Consolidated Balance Sheets.
 (2) Derivative liabilities measured Level 2 fair value inputs included current liabilities


es or unauthorized access to or releases of confidential information, including personal information, could subject
the Company to significant reputational, financial, legal and operational consequences.
The Company’s business requires it to use and store confidential information, including personal information, with respect to the
Company’s customers and employees. The Company devotes significant resources to network and data security, including

through the use of encryption and other security measures intended to protect its systems and data. But these measures cannot
provide absolute security, and losses or unauthorized access to or releases of confidential information occur and could materially
adversely affect the Company’s business, reputation, results of operations and financial condition.
The Company’s business also requires it to share confidential information with suppliers and other third parties. The Company

relies on global suppliers that are also exposed to ransomware and other malicious attacks that can disrupt business operations.
Although the Company takes steps to secure confidential information that is provided to or accessible by third parties working on
the Company’s behalf, such measures are not always effective and losses or unauthorized access to or releases of confidential
information occur. Such incidents and other malicious attacks could materially adversely affect the Company’s business,

reputation, results of operations and financial condition.
Apple Inc. | 2022  Form 10-K | 11

unauthorized access to releases of confidential information including personal information, could subject
 Company to significant reputational, financial legal operational consequences.
 Company’s business requires to use store confidential information, including personal information, with respect to
 Company’s customers employees. Company devotes resources to network data security, including
 through use encryption other security measures to protect systems data. these measures cannot

provide absolute security, losses or unauthorized access to releases of confidential information occur could materially
 adversely affect Company’s business, reputation results of operations financial condition.
 Company’s business requires to share confidential information with suppliers third parties. Company
 relies on global suppliers exposed to ransomware other malicious attacks can disrupt business operations.

Company takes steps to secure confidential information provided to accessible by third parties working on
 Company’s behalf, such measures not always effective losses or unauthorized access to or releases of confidential
 information occur. Such incidents other malicious attacks could materially adversely affect Company’s business,
 reputation results of operations financial condition.
 Apple Inc. | 2022 Form 10-K| 11


the model, the Company estimates with 95% confidence, a maximum one-day loss in fair value of $1.0 billion as of
September 24, 2022 , compared to a maximum one-day loss in fair value of $550 million as of September 25, 2021 . Because the
Company uses foreign currency instruments for hedging purposes, the losses in fair value incurred on those instruments are
generally offset by increases in the fair value of the underlying exposures.

Actual future gains and losses associated with the Company’s investment portfolio, debt and derivative positions may differ
materially from the sensitivity analyses performed as of September  24, 2022  due to the inherent limitations associated with
predicting the timing and amount of changes in interest rates, foreign currency exchange rates and the Company’s actual
exposures and positions.
Apple Inc. | 2022  Form 10-K | 27

model Company estimates with 95% confidence maximum one-day loss fair value of $1. 0 billion as of
 September 24, 2022 , compared to maximum one-day loss fair value $550 million as of September 25, 2021.
 Company uses foreign currency instruments for hedging losses fair value incurred instruments
 generally offset by increases fair value of underlying exposures.
 Actual future gains losses Company’s investment portfolio, debt derivative positions may differ

materially from sensitivity analyses performed as of September 24, 2022 due to inherent limitations with
 predicting timing amount of changes in interest rates, foreign currency exchange rates Company’s actual
 exposures positions.
 Apple Inc. | 2022 Form 10-K | 27


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  ☒

Yes  ☐     No  ☒
The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant, as of March 25, 2022 , the last business
day of the Registrant’s most recently completed second fiscal quarter, was approximately $2,830,0

Indicate check mark Registrant filed report on attestation to management’s assessment effectiveness
 internal control over financial reporting under Section 404(b) Sarbanes-Oxley Act (15 U. S. C. 7262(b)) by registered public accounting
 firm prepared or issued audit report. ☒
 Indicate check mark Registrant is shell company (as defined in Rule 12b-2 of Act).
 Yes ☐ No ☒
 aggregate market value of voting and non-voting stock held by non-affiliates Registrant, as of March 25, 2022 , last business

day of Registrant’s recently completed second fiscal quarter, was approximately $2,830,0


additional week is
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters , which will
occur in the first quarter of the Company’s fiscal year ending September 30, 2023 . The Company’s fiscal years 2022 , 2021  and
2020  spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the

Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years .
Revenue Recognition
Net sales consist of revenue from the sale of iPhone, Mac, iPad, Services and other products. The Company recognizes revenue
at the amount to which it expects to be entitled when control of the products or services is transferred to its customers. Control is

generally transferred when the Company has a present right to payment and title and the significant risks and rewards of

additional week
 included in first fiscal quarter every five or six years to realign Company’s fiscal quarters with calendar quarters ,
 occur in first quarter of Company’s fiscal year ending September 30, 2023. Company’s fiscal years 2022, 2021
 2020 spanned 52 weeks each. Unless otherwise stated references to particular years, quarters, months periods refer to
 Company’s fiscal years ended in September associated quarters months periods of fiscal years.
 Revenue Recognition

Revenue Recognition
 Net sales consist of revenue from sale of iPhone, Mac, iPad, Services other products. Company recognizes revenue
 at amount expects to entitled when control of products or services transferred to customers. Control
 generally transferred when Company has present right to payment title significant risks rewards of


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

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

Note 11 Segment Information Geographic Data
 table shows reportable segment 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
 Asia Pacific
 Net sales $ 29,375 $ 26


127,877 Total $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for

can be corroborated by observable market data for substantially the full term of the assets or liabilities. (3) As of September 24, 2022 and September 25, 2021, total marketable securities included $12.7 billion and $17.9 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements. (1) (2) (3) (1) (2) (3) Apple Inc. | 2022 Form 10-K | 38 The following table shows the fair value of the Company’s non-current marketable

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

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

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

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

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

as either cash flow or fair value hedges. The notional amounts of the Company’s outstanding derivative instruments as of September 24, 2022 and September 25, 2021 were as follows (in millions): 2022 2021 Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 102,670 $ 76,475 Interest rate contracts $ 20,125 $ 16,875 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 185,381 $ 126,918 Apple Inc. | 2022 Form 10-K | 39 The gross fair values

Inc. | 2022 Form 10-K | 39 The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions): 2022 Fair Value of Derivatives Designated as Accounting Hedges Fair Value of Derivatives Not Designated as Accounting Hedges Total Fair Value Derivative assets : Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 Derivative liabilities : Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752 Interest rate contracts $ 1,367 $ — $ 1,367 (1) Derivative assets

$ 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

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

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

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

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

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,

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

more of total vendor non-trade receivables, which accounted for 54% and 13%. As of September 25, 2021, the Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 52%, 11% and 11%. (1) (2) Apple Inc. | 2022 Form 10-K | 40 Note 4 – Consolidated Financial Statement Details The following tables show the Company’s consolidated financial statement details as of September 24, 2022 and September 25, 2021 (in millions): Property, Plant and

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 32,485 28,636 Total other non-current liabilities $

127,877 Total $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 (1) Level 1 fair value estimates based on quoted prices in active markets for identical assets liabilities. (2) Level 2 fair value estimates based on observable inputs other than quoted prices active markets, quoted prices similar assets in inactive markets or other inputs observable or corroborated by observable market data for full term assets liabilities. (3) As of September 24, 2022 and September 25, 2021 total marketable

24, 2022 and September 25, 2021 total marketable securities included $12. 7 billion and $17. 9 billion restricted from general use related to State Aid Decision (refer Note 5, “Income Taxes”) other agreements. (1) (2) (3) Apple Inc. | 2022 Form 10-K | 38 table shows fair value of 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

10 years 16,429 Due after 10 years 17,345 Total fair value $ 120,805 Derivative Instruments and Hedging Company may use derivative instruments to partially offset business exposure to foreign exchange interest rate risk. may choose not to hedge certain exposures for reasons including accounting considerations or prohibitive economic cost hedging. no assurance hedges will offset portion financial impact from movements in foreign exchange or interest rates. Foreign Exchange Risk To protect gross margins from

Exchange Risk To protect gross margins from fluctuations foreign currency exchange rates Company may enter into forward contracts option contracts other instruments designate instruments as cash flow hedges. Company generally hedges portions of forecasted foreign currency exposure associated with revenue inventory purchases for up to 12 months.protect Company’s foreign currency–denominated term debt marketable securities from fluctuations exchange rates, Company may enter into forward contracts

rates, Company may enter into forward contracts cross-currency swaps other instruments. Company designates these instruments as cash flow or fair value hedges. As of September 24, 2022 maximum time Company hedging exposure to variability future cash flows for term debt–related foreign currency transactions is 20 years. Company may enter derivative instruments not as accounting hedges to protect gross margins from fluctuations foreign currency exchange rates offset foreign currency exchange gains and losses

offset foreign currency exchange gains and losses by remeasurement of assets liabilities denominated in non-functional currencies. Interest Rate Risk To protect Company’s term debt marketable securities from fluctuations interest rates Company may enter into interest rate swaps options other instruments. Company designates these instruments as cash flow or fair value hedges. notional amounts of Company’s outstanding derivative instruments as of September 24, 2022 and September 25, 2021 were (in millions):

2022 and September 25, 2021 were (in millions): 2022 2021 Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 102,670 $ 76,475 Interest rate contracts $ 20,125 $ 16,875 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 185,381 $ 126,918 Apple Inc. 2022 Form 10-K | 39 gross fair values of Company’s derivative assets and liabilities as of September 24, 2022 were (in millions): 2022 Fair Value of Derivatives Designated as Accounting

Value of Derivatives Designated as Accounting Hedges Fair Value of Derivatives Not Designated as Accounting Hedges Total Fair Value Derivative assets : Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 Derivative liabilities : Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752 Interest rate contracts $ 1,367 $ — $ 1,367 (1) Derivative assets measured using Level 2 fair value inputs included in other current assets non-current assets in Consolidated Balance Sheets. (2) Derivative liabilities measured using

Sheets. (2) Derivative liabilities measured using Level 2 fair value inputs included in other current liabilities non-current liabilities in Consolidated Balance Sheets. derivative assets represent Company’s gross credit exposure if all counterparties failed to perform. To mitigate credit risk Company enters into collateral security arrangements for collateral received or posted when net fair values of derivatives fluctuate from contractually established thresholds. To limit credit risk Company enters

thresholds. To limit credit risk Company enters master netting arrangements with counterparties to derivative contracts settle transactions with single net amount payable by one party to other. As of September 24, 2022 potential effects of rights of set-off derivative contracts including effects collateral, reduction to derivative assets and derivative liabilities of $7. 8 billion in net derivative asset of $412 million.carrying amounts of Company’s hedged items in fair value hedges as of September 24,

items in fair value hedges as of September 24, 2022 and September 25, 2021 were (in millions): 2022 2021 Hedged assets(liabilities): Current and non-current marketable securities $ 13,378 $ 15,954 Current-current term debt $ (18,739) $ (17,857) Accounts Receivable Trade Receivables Company has trade receivables outstanding with third-party cellular network carriers, wholesalers retailers resellers small mid-sized businesses education, enterprise government customers. Company require collateral from

customers. Company require collateral from customers; will require collateral or third-party credit support in certain instances to limit credit risk. Company attempts to limit credit risk trade receivables with credit insurance for customers or by requiring third-party financing, loans leases to support credit exposure. credit- financing arrangements are directly between third-party financing company and end customer. Company does not assume recourse or credit risk sharing related to arrangements. As of

risk sharing related to arrangements. As of September 24, 2022, Company had one customer represented 10% or more of total trade receivables, accounted for 10%. Company’s cellular network carriers accounted for 44% and 42% of total trade receivables as of September 24, 2022 and September 25, 2021,. Vendor Non-Trade Receivables Company has non-trade receivables from manufacturing vendors resulting from sale of components to vendors final products. Company purchases components directly from suppliers. As of

components directly from suppliers. As of September 24, 2022, Company had two vendors represented 10% or more of total vendor non-trade receivables, accounted for 54% and 13%. As of September 25, 2021, Company had three vendors represented 10% or more of total vendor non-trade receivables, accounted for 52%, 11% and 11%. (1) (2) Apple Inc.2022 Form 10-K 40 Note 4 Consolidated Financial Statement Details tables show consolidated financial statement details September 24 2022 September 25, 2021 millions):

September 24 2022 September 25, 2021 millions): Property Plant Equipment Net 2022 2021 Land buildings $ 22,126 $ 20,041 Machinery equipment software 81,060 78,659 Leasehold improvements 11,271 11,023 Gross property plant equipment 114,457 109,723 Accumulated depreciation amortization (72,340) (70,283) Total property plant equipment net $ 42,117 $ 39,440 Non-Current Liabilities 2022 2021 Long-term taxes $ 16,657 $ 24,689 Other non liabilities 32,485 28,636 Total liabilities


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

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

4. 10 Officer’s Certificate of Registrant February 23, 2016, including
 forms global notes Floating Rate Notes due 2019,
 Rate Notes due 2021, 1. 300% Notes due 2018, 1. 700% due 2019,
 2. 250% 2021, 2. 850% 2023, 3. 250% due 2026,
 4. 500% due 2036 and 4. 650% Notes due 2046. 8-K 4. 1 2/23/16
 4. 11 Supplement No. 1 to Officer’s Certificate of Registrant March
 24, 2016. 8-K 4. 1 3/24/16
 4. 12 Officer’s Certificate Registrant August 4, 2016, including forms

global notes Floating Rate Notes due 2019, 1. 100


Company Stock Performance
The following graph  shows a comparison of cumulative total shareholder return, calculated on a dividend-reinvested basis, for
the Company, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U.S. Technology Supersector
Index for the five years ended September 24, 2022 . The graph assumes $100 was invested in each of the Company’s common
stock, the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U.S. Technology Supersector Index as of

the market close on September  29, 2017 . Past stock price performance is not necessarily indicative of future stock price
performance .
COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN*Among Apple Inc., the S&P 500 Index, the S&P Information Technology Index and the Dow Jones U.S. Technology Supersector IndexApple Inc.S&P 500 IndexS&P Information Technology IndexDow Jones U.S. Technology Supersector Index9/29/179/29/189/28/199/26/209/25/219/24/22$0$100$200$300$400$500

* $100 invested on September 29, 2017  in stock or index, including reinvestment of dividends. Data points are the last day of
each fiscal year for the Company’s common stock and September 30th for indexes.
Copyright© 2022  Standard & Poor’s, a division of S&P Global. All rights reserved.
Copyright© 2022  S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved.
September
2017September
2018September
2019September
2020September
2021September
2022

2019September
2020September
2021September
2022
Apple Inc. $ 100 $ 149 $ 146 $ 303 $ 400 $ 411
S&P 500 Index $ 100 $ 118 $ 123 $ 142 $ 184 $ 156
S&P Information Technology Index $ 100 $ 131 $ 143 $ 210 $ 271 $ 217
Dow Jones U.S. Technology Supersector Index $ 100 $ 131 $ 139 $ 208 $ 283 $ 209
Item 6. [Reserved]
Apple Inc. | 2022  Form 10-K | 19

Company Stock Performance
 graph shows comparison cumulative total shareholder return dividend-reinvested basis
 Company S&P 500 Index S&P Information Technology Index Dow Jones U. S. Technology Supersector
 Index five years ended September 24, 2022. graph assumes $100 invested in Company’s common
 stock S&P 500 Index S&P Information Technology Index Dow Jones U. S. Technology Supersector Index
 market close September 29, 2017. Past stock price performance not indicative of future stock price

performance.
 COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN Apple Inc. S&P 500 Index S&P Information Technology Index Dow Jones U. S. Technology Supersector IndexApple Inc. S&P 500 IndexS&P Information Technology IndexDow Jones. Supersector Index9/29/179/29/189/28/199/26/209/25/219/24/22$0$100$200$300$400$500
 $100 invested September 29, 2017 stock or index including reinvestment dividends. Data points last day
 each fiscal year for Company’s common stock September 30th for indexes.

Copyright© 2022 Standard & Poor’s division S&P Global. rights reserved.
 Copyright© 2022 S&P Dow Jones Indices LLC division S&P Global. rights reserved.
 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


. 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

intercompany transfers between segments for management reporting purposes. Note 2 – Revenue Net sales disaggregated by significant products and services for 2022, 2021 and 2020 were as follows (in millions): 2022 2021 2020 iPhone $ 205,489 $ 191,973 $ 137,781 Mac 40,177 35,190 28,622 iPad 29,292 31,862 23,724 Wearables, Home and Accessories 41,241 38,367 30,620 Services 78,129 68,425 53,768 Total net sales $ 394,328 $ 365,817 $ 274,515 (1) Products net sales include amortization of the deferred value of

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

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

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

expects 64% of total deferred revenue to be realized in less than a year, 27% within one-to-two years, 7% within two-to-three years and 2% in greater than three years. (1) (1) (1) (1)(2) (3) (4) Apple Inc. | 2022 Form 10-K | 37 Note 3 – Financial Instruments Cash, Cash Equivalents and Marketable Securities The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of September 24, 2022 and September 25, 2021 (in millions): 2022 Adjusted

September 25, 2021 (in millions): 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 18,546 $ — $ — $ 18,546 $ 18,546 $ — $ — Level 1 : Money market funds 2,929 — — 2,929 2,929 — — Mutual funds 274 — (47) 227 — 227 — Subtotal 3,203 — (47) 3,156 2,929 227 — Level 2 : U.S. Treasury securities 25,134 — (1,725) 23,409 338 5,091 17,980 U.S. agency securities 5,823 — (655) 5,168 — 240 4,928 Non-U.S.

5,823 — (655) 5,168 — 240 4,928 Non-U.S. government securities 16,948 2 (1,201) 15,749 — 8,806 6,943 Certificates of deposit and time deposits 2,067 — — 2,067 1,805 262 — Commercial paper 718 — — 718 28 690 — Corporate debt securities 87,148 9 (7,707) 79,450 — 9,023 70,427 Municipal securities 921 — (35) 886 — 266 620 Mortgage- and asset-backed securities 22,553 — (2,593) 19,960 — 53 19,907 Subtotal 161,312 11 (13,916) 147,407 2,171 24,431 120,805 Total $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658

$ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 2021 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash and Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 17,305 $ — $ — $ 17,305 $ 17,305 $ — $ — Level 1 : Money market funds 9,608 — — 9,608 9,608 — — Mutual funds 175 11 (1) 185 — 185 — Subtotal 9,783 11 (1) 9,793 9,608 185 — Level 2 : Equity securities 1,527 — (564) 963 — 963 — U.S. Treasury securities 22,878 102 (77) 22,903 3,596 6,625 12,682

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)

— 775 19,801 Subtotal 162,873 1,742 (1,197) 163,418 8,027 27,514 127,877 Total $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are

in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or

. Operating income for each segment excludes other income expense expenses managed outside reportable segments. Costs excluded include corporate expenses research and development (“R&D”), corporate marketing expenses share-based compensation expenses income taxes nonrecurring charges separately managed general administrative costs. Company include intercompany transfers between segments for management reporting. Note 2 – Revenue Net sales disaggregated by products services for 2022, 2021 2020 were (in

by products services for 2022, 2021 2020 were (in millions): 2022 2021 2020 iPhone $ 205,489 $ 191,973 $ 137,781 Mac 40,177 35,190 28,622 iPad 29,292 31,862 23,724 Wearables, Home and Accessories 41,241 38,367 30,620 Services 78,129 68,425 53,768 Total net sales $ 394,328 $ 365,817 $ 274,515 (1) Products net sales include amortization of deferred value of unspecified software upgrade rights bundled in sales price product. (2) Wearables, Home and Accessories sales include sales AirPods Apple TV Apple Watch

sales include sales AirPods Apple TV Apple Watch Beats products HomePod mini accessories. Services net sales include sales from advertising AppleCare cloud digital content payment other services. Services net sales include amortization of deferred value of services bundled in sales price certain products. (4) Includes $7. 5 billion revenue recognized in 2022 included in deferred revenue as of September 25, 2021, $6. 7 billion revenue in 2021 in deferred revenue as of September 26, 2020 $5. 0 billion

revenue as of September 26, 2020 $5. 0 billion revenue 2020 included in deferred revenue as of September 28, 2019. Company’s proportion of net sales by disaggregated revenue source consistent for each reportable segment in Note 11 for 2022, 2021 2020 except in Greater China, where iPhone revenue represented higher proportion of net sales in 2022 2021. As of September 24, 2022 September 25, 2021 Company had total deferred revenue of $12. 4 billion and $11.9 billion. September 24, 2022 Company expects 64%

billion. September 24, 2022 Company expects 64% total deferred revenue realized less than year 27% one-to-two years 7% two-to-three years 2% greater than three years. (1) (3) (4) Apple Inc. | 2022 Form 10-K | 37 Note 3 – Financial Instruments Cash Cash Equivalents Marketable Securities tables show Company’s cash cash equivalents marketable securities by significant investment category September 24, 2022 September 25, 2021 (in millions): 2022 Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Cash

Gains Unrealized Losses Fair Value Cash Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $ 18,546 $ — Level 1 : Money market funds 2,929 — — 2,929 Mutual funds 274 — (47) 227 — 227 — Subtotal 3,203 — (47) 3,156 2,929 227 — Level 2 : U. S. Treasury securities 25,134 — (1,725) 23,409 338 5,091 17,980 U. S. agency securities 5,823 — (655) 5,168 — 240 4,928 Non-U. S.government securities 16,948 2 (1,201) 15,749 — 8,806 6,943 Certificates deposit time deposits 2,067 1,805

Certificates deposit time deposits 2,067 1,805 262 Commercial paper 718 28 690 Corporate debt securities 87,148 9 (7,707) 79,450 — 9,023 70,427 Municipal securities 921 — (35) — 266 620 Mortgage-backed securities 22,553 — (2,593) 19,960 — 53 19,907 Subtotal 161,312 11 (13,916) 147,407 2,171 24,431 120,805 Total $ 183,061 11 (13,963) 169,109 $ 23,646 $ 24,658 $ 120,805 2021 Adjusted Cost Unrealized Gains Losses Value Cash Equivalents Current Marketable Securities Non-Current Marketable Securities Cash $

Non-Current Marketable Securities Cash $ 17,305 $ Level 1 Money market funds 9,608 Mutual funds 175 11 (1) 185 — 185 Subtotal 9,783 11 (1) 9,793 9,608 185 Level 2 Equity securities 1,527 — (564) 963 — 963 U. S. Treasury securities 22,878 102 (77) 22,903 3,596 6,625 12,682 U. agency securities 8,949 2 (64) 8,887 1,775 1,930 5,182 Non-U.government securities 20,201 211 (101) 20,311 390 3,091 16,830 Certificates of deposit time deposits 1,300 — — 1,300 490 810 — Commercial paper 2,639 — — 2,639 1,776 863 —

— 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- asset-backed securities 20,529 171 (124) 20,576 — 775 19,801 Subtotal 162,873 1,742 (1,197) 163,418 8,027 27,514 127,877 Total $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 Level 1 fair value estimates based quoted prices active markets identical assets liabilities. (2) Level 2 estimates based observable inputs other

Level 2 estimates based observable inputs other than quoted prices quoted prices identical similar assets inactive markets other inputs observable corroborated by observable market data full term assets


cancelable obligations related to internet services and content creation. As of
September 24, 2022 , the Company had other purchase obligations of $17.8 billion, with $6.8 billion payable within 12 months.
Deemed Repatriation Tax Payable
As of September 24, 2022 , the balance of the deemed repatriation tax payable imposed by the U.S. Tax Cuts and Jobs Act of
2017 (the “Act”) was $22.0 billion , with $5.3 billion  expected to be paid within 12 months.

In addition to its contractual cash requirements, the Company has a capital return program authorized by the Board of Directors .
The Program does not obligate the Company to acquire a minimum amount of shares. As of September  24, 2022 , the
Company’s quarterly cash dividend was $0.23  per share. The Company intends to increase its dividend on an annual

cancelable obligations related to internet services content creation. As of
 September 24, 2022  Company had other purchase obligations of $17. 8 billion $6. 8 billion payable within 12 months.
 Deemed Repatriation Tax Payable
 As of September 24, 2022 balance of deemed repatriation tax payable by U. S. Tax Cuts and Jobs Act of
 2017 “Act”) was $22. 0 billion  $5. 3 billion expected paid within 12 months.

addition contractual cash requirements Company has capital return program authorized by Board of Directors.
 Program obligate Company to acquire minimum shares. As of September 24, 2022
 Company’s quarterly cash dividend was $0. 23 per share. Company intends to increase dividend annual


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

Item 9B. Other Information
 Rule 10b5-1 Trading Plans
 During three months ended September 24, 2022, Katherine L. Adams, Timothy D. Cook, Luca Maestri, Deirdre O’Brien
 Jeffrey Williams, each officer for Section 16 Exchange Act, had equity trading plans in place accordance
 with Rule 10b5-1(c)(1) under Exchange Act. equity trading plan is written document preestablishes amounts
 prices dates (or formula) of future purchases sales of Company’s stock,

including sales of shares acquired under Company’s employee director equity plans.
 Item 9C. Disclosure Regarding Foreign Jurisdictions Prevent Inspections
 Not applicable.
 PART III
 Item 10. Directors, Executive Officers Corporate Governance
 information


. 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

. result, Company’s operations performance depend
 significantly on global regional economic conditions.
 Adverse macroeconomic conditions, including inflation slower growth recession new increased tariffs barriers to
 trade changes to fiscal monetary policy tighter credit higher interest rates high unemployment currency fluctuations
 can adversely impact consumer confidence spending materially adversely affect demand for Company’s products

services. In consumer confidence spending can be materially adversely affected in response to financial
 market volatility negative financial news conditions in real estate mortgage markets declines in income or asset values
 energy shortages cost increases labor healthcare costs other economic factors.
 In to adverse impact on demand for Company’s products, uncertainty about, or decline in, global regional
 economic conditions can significant impact on Company’s suppliers


Apple Inc.
Form 10-K
For the Fiscal Year Ended September 24, 2022
TABLE OF CONTENTS
Page
Part I
Item 1. Business 1
Item 1A. Risk Factors 5
Item 1B. Unresolved Staff Comments 17
Item 2. Properties 17
Item 3. Legal Proceedings 17
Item 4. Mine Safety Disclosures 17
Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity
Securities18
Item 6. [Reserved] 19
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 26
Item 8. Financial Statements and Supplementary Data 28
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 53
Item 9A. Controls and Procedures 53
Item 9B. Other Information

Apple Inc.
 Form 10-K
 Fiscal Year Ended September 24 2022
 TABLE CONTENTS
 Page
 Part I
 Item 1. Business 1
 1A. Risk Factors 5
 1B. Unresolved Staff Comments 17
 2. Properties 17
 3. Legal Proceedings 17
 4. Mine Safety Disclosures 17
 Part II
 Item 5. Market Registrant’s Common Equity Related Stockholder Matters Issuer Purchases Equity
 Securities18
 Item 6. [Reserved] 19
 7. Management’s Discussion Analysis Financial Condition Results Operations 20

7A. Quantitative Qualitative Disclosures Market Risk 26
 8. Financial Statements Supplementary Data 28
 9. Changes Disagreements Accountants Accounting Financial Disclosure 53
 9A. Controls Procedures 53
 9B. Other Information


s culture, reputation and operational flexibility.
The Company believes that its distinctive and inclusive culture is a significant driver of its success. If the C ompany is unable to
nurture its culture, it could materially adversely affect the Company’s ability to recruit and retain the highly skilled employees who
are critical to its success, and could otherwise materially adversely affect the Company’s business, reputation, results of
operations and financial condition.

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

s culture, reputation operational flexibility.
 The Company believes its distinctive inclusive culture is significant driver of its success. If C ompany is unable to
 nurture its culture, it could adversely affect Company’s ability to recruit and retain highly skilled employees
 critical to its success, could adversely affect Company’s business, reputation results of
 operations financial condition.
 Company depends on performance of carriers, wholesalers retailers other resellers.

Company distributes its products and services through cellular network carriers, wholesalers retailers
 resellers, many distribute products and services from competitors. Company also sells its products and services
 and resells third-party products in most major markets directly to consumers small mid-sized businesses
 education, enterprise government customers


�s Board of Directors, and the Company’s share repurchase program does not obligate it
to acquire any specific number of shares. If the Company fails to meet expectations related to future growth, profitability,
dividends, share repurchases or other market expectations, the price of the Company’s stock may decline significantly, which
could have a material adverse impact on investor confidence and employee retention.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties

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,

s Board of Directors Company’s share repurchase program not obligate
 to acquire specific number of shares. If Company fails to meet expectations future growth profitability
 dividends share repurchases other market expectations, price Company’s stock may decline significantly
 could adverse impact on investor confidence employee retention.
 Item 1B. Unresolved Staff Comments
 None.
 Item 2. Properties

None.
 Item 2. Properties
 Company’s headquarters located in Cupertino, California. As of September 24, 2022, Company owned or leased
 facilities land for corporate functions, R&D data centers retail other purposes at locations throughout U. S. and in
 various places outside U. S. Company believes its existing facilities equipment used by all reportable
 segments,


How We Addressed the
Matter in Our AuditWe 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

Addressed
 Matter in AuditWe tested controls relating to evaluation of uncertain tax positions including controls
 over management’s assessment tax positions more likely than not to be
 sustained, management’s process to measure benefit of tax positions
 development of related disclosures.
 To evaluate Apple Inc. ’s assessment of tax positions more likely not to be
 sustained audit procedures included reading evaluating
 management’s assumptions analysis Apple Inc. ’s communications

with taxing authorities detailed basis technical merits of uncertain tax
 positions. involved tax subject matter resources in assessing technical merits of
 certain Apple Inc. ’s tax positions based on knowledge of relevant tax laws
 experience with related taxing authorities. For certain tax positions received
 external legal counsel confirmation letters discussed matters with external advisors
 Apple Inc. tax personnel. evaluated Apple Inc. ’s disclosure in relation to

these matters included in Note 5 to financial statements.
 /s/ Ernst & Young LLP
 served as Apple Inc. ’s auditor since 2009.
 San Jose, California
 October 27, 2022
 Apple Inc. | 2022 Form 10-K | 51


ase 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

Total deferred tax liabilities  5,557  7,253
Net deferred tax assets $ 14,537 $

liabilities 2,400 2,406
 Deferred revenue 5,742 5,399
 Unrealized losses 2,913 53
 Tax credit carryforwards 4,262
 1,596 1,639
 deferred tax assets 27,624 25,229
 Valuation allowance (7,530) (4,903)
 assets net 20,094 20,326
 Minimum tax foreign earnings 1,983 4,318
 Right-of-use assets 2,163 2,167
 Unrealized gains 942 203
 469 565
 deferred tax liabilities 5,557 7,253
 Net assets 14,537


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

Exhibit 31. 2
 CERTIFICATION
 I, Luca Maestri, certify:
 1. I reviewed this annual report on Form 10-K of Apple Inc. ;
 2. Based knowledge, this report not contain untrue statement of material fact or omit to state material fact
 necessary to make statements made, in circumstances statements made, not
 misleading with respect to period covered by this report;
 3. Based knowledge, financial statements, other financial information included in this report, present in all

material respects financial condition, results of operations cash flows of Registrant of for periods
 presented in report;
 4. Registrant’s other certifying officer(s) and I responsible for establishing maintaining disclosure controls and
 procedures (as defined in Exchange Act


Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
September 24,
2022September 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:

Non-current assets:
Marketable securities  120,805  127,877
Property, plant and equipment, net  42,117  39,440
Other non-current assets  54,428

Apple Inc.
 CONSOLIDATED BALANCE
 millions except thousands value
 September 24,
 2022September 25,
 2021
 Current assets
 Cash equivalents $ 23,646 $ 34,940
 Marketable securities 24,658 27,699
 Accounts receivable net 28,184 26,278
 Inventories 6,580
 Vendor non-trade receivables 32,748 25,228
 Other current assets 21,223 14,111
 Total assets 135,405 134,836
 Non-current assets
 Marketable securities 120,805 127,877
 Property plant equipment net 42,117 39,440
 Other non assets 54,428


2031 Notes).
7

2031 Notes.


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

Company’s new products often utilize custom components available from only one source. When component or product
 uses new technologies, initial capacity constraints may exist until suppliers’ yields matured or manufacturing
 capacities increased. continued availability of these components at acceptable prices, or, can be affected for
 reasons, including if suppliers concentrate on production of common components instead of components

customized to meet Company’s requirements. When Company’s supply of components for new or existing product
 delayed or constrained, or outsourcing partner delayed shipments of completed products Company,
 Company’s business, results of operations and financial condition adversely affected and future delays or constraints
 could adversely affect Company’s business, results operations financial condition. Company’s business
 and financial performance could also


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

Note 7 – Debt
 Commercial Paper Repurchase Agreements
 Company issues unsecured short-term promissory notes (“Commercial Paper”) commercial paper program.
 Company uses net proceeds from commercial paper program for general corporate purposes including dividends
 share repurchases. As of September 24, 2022 September 25, 2021 , Company had $10. 0 billion $6. 0 billion of
 Commercial Paper outstanding maturities less than nine months. weighted-average interest rate

Commercial Paper was 2. 31% and 0. 06% as of September 24, 2022 September 25, 2021.
 table provides summary of cash flows with issuance maturities of Commercial Paper for
 2022 , 2021 2020 (in millions


Total lease liabilities $ 12,411 $ 11,803
Lease liability maturities as of September 24, 2022 , are as follows (in millions):
Operating
LeasesFinance
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

Total lease liabilities 12,411 $ 11,803
 maturities September 24, 2022
 Operating
 LeasesFinance
 Leases
 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
 5,080 906 5,986
 undiscounted liabilities 12,782 1,354 14,136
 Imputed interest (1,312) (413) (1,725)
 lease liabilities 11,470 $ 941 $ 12,411
 weighted-average


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.

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

example
 gross margins on Company’s products and services vary significantly can change over time. Company’s gross
 margins subject to volatility downward pressure due to factors, including: continued industry-wide global
 product pricing pressures and product pricing actions Company in response to; increased
 competition; Company’s ability to stimulate demand for certain products services; compressed product

life cycles; supply shortages; potential increases in cost of components, outside manufacturing services, developing,
 acquiring delivering content for Company’s services; Company’s ability to manage product quality and warranty costs
 effectively; shifts in mix of products and services, in geographic, currency or channel mix, including
 regulatory changes require Company to modify product service offerings; fluctuations in foreign exchange rates;

inflation other macroeconomic pressures; introduction of new products or services, including new products
 services with higher cost structures. These other factors could have adverse impact on Company’s results of
 operations and financial condition.
 Company historically experienced higher net sales in first quarter compared to other quarters in fiscal year due in
 to seasonal holiday demand. new product and service introductions can impact net sales, cost of

sales operating expenses. Company generates significant portion of net sales from a single product
 decline in demand for that product could impact quarterly net sales. Company could be subject to
 unexpected developments, lower-than-anticipated demand for products or services, issues with new
 product or service introductions, information technology system failures or network disruptions, failure of
 Company’s logistics, components supply, or manufacturing partners.
 Apple Inc. | 2022 Form 10-K| 15


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’

A company’s internal control over financial reporting is process designed to reasonable assurance regarding
 reliability of financial reporting preparation of financial statements for external purposes in accordance with U. S.
 generally accepted accounting principles. company’s internal control over financial reporting includes policies
 procedures (1) pertain to maintenance of records accurately reflect transactions

dispositions of assets company; (2) provide assurance that transactions are recorded as necessary to
 permit preparation of financial statements in accordance with U. S. accepted accounting principles, receipts
 expenditures of company made only in accordance with authorizations of management and directors of
 company; (3) provide reasonable assurance regarding prevention or detection of unauthorized acquisition, use, or
 disposition of company’