Apple - Annual Report. All financial statement schedules have been omitted, since the required information is not applicable or is not present. The Company. sells its products worldwide through its retail stores, online stores and direct sales force, as well as through third- party cellular network carriers, wholesalers, retailers and value- added resellers.

In addition, the Company sells a variety of. Apple- compatible products, including application software and various accessories through its online and retail stores. The Company sells to consumers, small and mid- sized businesses and education, enterprise and government customers. Intercompany accounts and transactions have. In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation.

The preparation of these. U. S. Actual results could differ materially from those estimates. The Company’s fiscal years 2. September 2. 6, 2. September 2. 7, 2. September 2. 8, 2. An additional week is included in the first fiscal.

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Fiscal years 2. 01. 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. The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is probable.

Product is considered delivered to the customer once. For most of the Company’s product sales, these criteria are met at the time the product is shipped. For online sales to individuals, for some sales to. U. S., and for certain other sales, the Company defers revenue until the customer receives the product because the Company retains a portion of the risk of loss on these sales during transit.

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For payment terms in excess of. Company’s standard payment terms, revenue is recognized as payments become due unless the Company has positive evidence that the sales price is fixed or determinable, such as a successful history of collection, without concession, on. The Company recognizes revenue from the sale of hardware products, software bundled with hardware that is essential to the functionality of the hardware and third- party digital content sold on the i.

Tunes Store in accordance. The Company recognizes revenue in accordance with industry specific software accounting guidance for the following types of sales transactions: (i) standalone sales of software products. For third- party applications sold through the App Store and Mac App Store and certain digital content sold through the i. Tunes Store, the Company does. Therefore, the Company accounts for such sales on a net basis by recognizing in net sales only the commission it retains from each sale.

The portion of. the gross amount billed to customers that is remitted by the Company to third- party app developers and certain digital content owners is not reflected in the Company’s Consolidated Statements of Operations. This includes amounts that have been deferred for unspecified and specified software upgrade rights and non- software services that are attached to hardware and software products. The Company sells gift cards redeemable at. Tunes Store, App Store, Mac App Store and i. Books Store for the purchase of digital content and software. The Company records deferred revenue upon the sale of the card, which is.

Revenue from Apple. Care service and support contracts is deferred and recognized over the service coverage periods.

Apple. Care service and support contracts typically include extended phone. Company’s standard limited warranty. For transactions involving price protection, the Company recognizes revenue net of the estimated amount to be refunded. For. the Company’s other customer incentive programs, the estimated cost of these programs is recognized at the later of the date at which the Company has sold the product or the date at which the program is offered.

The Company also records. Company’s historical experience. Revenue is recorded net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded.

In such circumstances, the Company uses. VSOE”), (ii) third- party evidence of selling price (“TPE”) and. ESP”). VSOE generally exists only when the Company sells the deliverable separately and is the price actually charged by the Company for that deliverable. ESPs reflect the Company’s best. For multi- element arrangements accounted for in accordance with industry specific software accounting guidance, the Company allocates. VSOE of each element, and if VSOE does not exist revenue is recognized when elements lacking VSOE are delivered. The Company has identified up to three deliverables regularly included in arrangements involving.

The first deliverable, which represents the substantial portion of the allocated sales price, is the hardware and software essential to the functionality of the hardware device delivered at the time of sale. The second. deliverable is the embedded right included with qualifying devices to receive on a when- and- if- available basis, future unspecified software upgrades relating to the product’s essential software. The third deliverable is the non- software. The Company allocates revenue between these deliverables using the relative selling price method. Because the Company has neither VSOE nor TPE for these deliverables, the allocation of revenue is based. Company’s ESPs. Revenue allocated to the delivered hardware and the related essential software is recognized at the time of sale provided the other conditions for revenue recognition have been met.

Revenue allocated to the embedded. Cost of sales related to. Costs incurred to provide non- software services are recognized as cost of sales as incurred, and engineering and sales and. The Company. assesses the adequacy of its accrued warranty liabilities and adjusts the amounts as necessary based on actual experience and changes in future estimates.

Development costs of computer software to be sold, leased, or otherwise marketed are subject to capitalization beginning when a product’s technological feasibility has been established and. In most instances, the Company’s products are released soon after technological feasibility has been established and as a result software development costs were expensed as. Advertising expense was $1. Share- based compensation cost for restricted stock and restricted stock units (“RSUs”) is measured based on the closing fair market value of the Company’s common stock on the. The Company recognizes share- based compensation cost over the award’s requisite service period on a straight- line basis for time- based RSUs and on a graded basis for RSUs that are contingent on the achievement of performance.

The Company recognizes a benefit from share- based compensation in the Consolidated Statements of Shareholders’ Equity if an excess tax benefit is realized. In addition, the Company recognizes the indirect effects of share- based. R& D tax credits, foreign tax credits and domestic manufacturing deductions in the Consolidated Statements of Operations. Further information regarding share- based compensation can be found in Note 9, “Benefit Plans.”. The provision for income taxes is computed.

Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets and liabilities are expected to be. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 5.

See Note 5, “Income Taxes” for additional information.