Apple 10-K 2017.pdf-Apple Inc. | 2017 Fo...
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Apple_10-K_2017.pdf-Apple Inc. | 2017 Form 10-K
Page 1
Apple Inc. | 2017 Form 10-K | 39
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
Years ended
September 30,
2017
September 24,
2016
September 26,
2015
Net sales
$
229,234
$
215,639
$
233,715
Cost of sales
141,048
131,376
140,089
Gross margin
88,186
84,263
93,626
Operating expenses:
Research and development
11,581
10,045
8,067
Selling, general and administrative
15,261
14,194
14,329
Total operating expenses
26,842
24,239
22,396
Operating income
61,344
60,024
71,230
Other income/(expense), net
2,745
1,348
1,285
Income before provision for income taxes
64,089
61,372
72,515
Provision for income taxes
15,738
15,685
19,121
Net income
$
48,351
$
45,687
$
53,394
Earnings per share:
Basic
$
9.27
$
8.35
$
9.28
Diluted
$
9.21
$
8.31
$
9.22
Shares used in computing earnings per share:
Basic
5,217,242
5,470,820
5,753,421
Diluted
5,251,692
5,500,281
5,793,069
Cash dividends declared per share
$
2.40
$
2.18
$
1.98
See accompanying Notes to Consolidated Financial Statements.


Page 2
Apple Inc. | 2017 Form 10-K | 41
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
September 30,
2017
September 24,
2016
ASSETS:
Current assets:
Cash and cash equivalents
$
20,289
$
20,484
Short-term marketable securities
53,892
46,671
Accounts receivable, less allowances of $58 and $53, respectively
17,874
15,754
Inventories
4,855
2,132
Vendor non-trade receivables
17,799
13,545
Other current assets
13,936
8,283
Total current assets
128,645
106,869
Long-term marketable securities
194,714
170,430
Property, plant and equipment, net
33,783
27,010
Goodwill
5,717
5,414
Acquired intangible assets, net
2,298
3,206
Other non-current assets
10,162
8,757
Total assets
$
375,319
$
321,686
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$
49,049
$
37,294
Accrued expenses
25,744
22,027
Deferred revenue
7,548
8,080
Commercial paper
11,977
8,105
Current portion of long-term debt
6,496
3,500
Total current liabilities
100,814
79,006
Deferred revenue, non-current
2,836
2,930
Long-term debt
97,207
75,427
Other non-current liabilities
40,415
36,074
Total liabilities
241,272
193,437
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares
authorized; 5,126,201 and 5,336,166 shares issued and outstanding, respectively
35,867
31,251
Retained earnings
98,330
96,364
Accumulated other comprehensive income/(loss)
(150)
634
Total shareholders’ equity
134,047
128,249
Total liabilities and shareholders’ equity
$
375,319
$
321,686
See accompanying Notes to Consolidated Financial Statements.


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