APPLE INC., 10-Q filed on 1/28/2022
Quarterly Report
v3.21.4
Cover Page - shares
shares in Thousands
 3 Months Ended
Dec. 25, 2021
Jan. 14, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 25, 2021  
Document Transition Report false  
Entity File Number 001-36743  
Entity Registrant Name Apple Inc.  
Entity Incorporation, State or Country Code CA  
Entity Tax Identification Number 94-2404110  
Entity Address, Address Line One One Apple Park Way  
Entity Address, City or Town Cupertino  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95014  
City Area Code 408  
Local Phone Number 996-1010  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   16,319,441
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000320193  
Current Fiscal Year End Date --09-24  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.00001 par value per share  
Trading Symbol AAPL  
Security Exchange Name NASDAQ  
1.000% Notes due 2022    
Entity Information [Line Items]    
Title of 12(b) Security 1.000% Notes due 2022  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2024    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2024  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.000% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.000% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.875% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.875% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.625% Notes due 2026    
Entity Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2026  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
2.000% Notes due 2027    
Entity Information [Line Items]    
Title of 12(b) Security 2.000% Notes due 2027  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.050% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 3.050% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.500% Notes due 2031    
Entity Information [Line Items]    
Title of 12(b) Security 0.500% Notes due 2031  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.600% Notes due 2042    
Entity Information [Line Items]    
Title of 12(b) Security 3.600% Notes due 2042  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
v3.21.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Net sales $ 123,945 $ 111,439
Cost of sales 69,702 67,111
Gross margin 54,243 44,328
Operating expenses:    
Research and development 6,306 5,163
Selling, general and administrative 6,449 5,631
Total operating expenses 12,755 10,794
Operating income 41,488 33,534
Other income/(expense), net (247) 45
Income before provision for income taxes 41,241 33,579
Provision for income taxes 6,611 4,824
Net income $ 34,630 $ 28,755
Earnings Per Share [Abstract]    
Basic (in dollars per share) $ 2.11 $ 1.70
Diluted (in dollars per share) $ 2.10 $ 1.68
Shares used in computing earnings per share:    
Basic (in shares) 16,391,724 16,935,119
Diluted (in shares) 16,519,291 17,113,688
Products    
Net sales $ 104,429 $ 95,678
Cost of sales 64,309 62,130
Services    
Net sales 19,516 15,761
Cost of sales $ 5,393 $ 4,981
v3.21.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Statement of Comprehensive Income [Abstract]    
Net income $ 34,630 $ 28,755
Other comprehensive income/(loss):    
Change in foreign currency translation, net of tax (360) 549
Change in unrealized gains/losses on derivative instruments, net of tax:    
Change in fair value of derivative instruments 362 (304)
Adjustment for net (gains)/losses realized and included in net income 93 (183)
Total change in unrealized gains/losses on derivative instruments 455 (487)
Change in unrealized gains/losses on marketable debt securities, net of tax:    
Change in fair value of marketable debt securities (1,176) 628
Adjustment for net (gains)/losses realized and included in net income (9) (105)
Total change in unrealized gains/losses on marketable debt securities (1,185) 523
Total other comprehensive income/(loss) (1,090) 585
Total comprehensive income $ 33,540 $ 29,340
v3.21.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Dec. 25, 2021
Sep. 25, 2021
Current assets:    
Cash and cash equivalents $ 37,119 $ 34,940
Marketable securities 26,794 27,699
Accounts receivable, net 30,213 26,278
Inventories 5,876 6,580
Vendor non-trade receivables 35,040 25,228
Other current assets 18,112 14,111
Total current assets 153,154 134,836
Non-current assets:    
Marketable securities 138,683 127,877
Property, plant and equipment, net 39,245 39,440
Other non-current assets 50,109 48,849
Total non-current assets 228,037 216,166
Total assets 381,191 351,002
Current liabilities:    
Accounts payable 74,362 54,763
Other current liabilities 49,167 47,493
Deferred revenue 7,876 7,612
Commercial paper 5,000 6,000
Term debt 11,169 9,613
Total current liabilities 147,574 125,481
Non-current liabilities:    
Term debt 106,629 109,106
Other non-current liabilities 55,056 53,325
Total non-current liabilities 161,685 162,431
Total liabilities 309,259 287,912
Commitments and contingencies
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,340,851 and 16,426,786 shares issued and outstanding, respectively 58,424 57,365
Retained earnings 14,435 5,562
Accumulated other comprehensive income/(loss) (927) 163
Total shareholders’ equity 71,932 63,090
Total liabilities and shareholders’ equity $ 381,191 $ 351,002
v3.21.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Dec. 25, 2021
Sep. 25, 2021
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 50,400,000,000 50,400,000,000
Common stock, shares issued (in shares) 16,340,851,000 16,426,786,000
Common stock, shares outstanding (in shares) 16,340,851,000 16,426,786,000
v3.21.4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Common stock and additional paid-in capital
Retained earnings
Accumulated other comprehensive income/(loss)
Beginning balances at Sep. 26, 2020 $ 65,339 $ 50,779 $ 14,966 $ (406)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock withheld related to net share settlement of equity awards   (1,101) (1,873)  
Share-based compensation   2,066    
Net income 28,755   28,755  
Dividends and dividend equivalents declared     (3,547)  
Common stock repurchased     (24,000)  
Other comprehensive income/(loss) 585     585
Ending balances at Dec. 26, 2020 $ 66,224 51,744 14,301 179
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.205      
Beginning balances at Sep. 25, 2021 $ 63,090 57,365 5,562 163
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock withheld related to net share settlement of equity awards   (1,263) (1,730)  
Share-based compensation   2,322    
Net income 34,630   34,630  
Dividends and dividend equivalents declared     (3,665)  
Common stock repurchased (20,400)   (20,362)  
Other comprehensive income/(loss) (1,090)     (1,090)
Ending balances at Dec. 25, 2021 $ 71,932 $ 58,424 $ 14,435 $ (927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.22      
v3.21.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Statement of Cash Flows [Abstract]    
Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789
Operating activities:    
Net income 34,630 28,755
Adjustments to reconcile net income to cash generated by operating activities:    
Depreciation and amortization 2,697 2,666
Share-based compensation expense 2,265 2,020
Deferred income tax expense/(benefit) 682 (58)
Other 167 25
Changes in operating assets and liabilities:    
Accounts receivable, net (3,934) (10,945)
Inventories 681 (950)
Vendor non-trade receivables (9,812) (10,194)
Other current and non-current assets (4,921) (3,526)
Accounts payable 19,813 21,670
Deferred revenue 462 1,341
Other current and non-current liabilities 4,236 7,959
Cash generated by operating activities 46,966 38,763
Investing activities:    
Purchases of marketable securities (34,913) (39,800)
Proceeds from maturities of marketable securities 11,309 25,177
Proceeds from sales of marketable securities 10,675 9,344
Payments for acquisition of property, plant and equipment (2,803) (3,500)
Other (374) 195
Cash used in investing activities (16,106) (8,584)
Financing activities:    
Payments for taxes related to net share settlement of equity awards (2,888) (2,861)
Payments for dividends and dividend equivalents (3,732) (3,613)
Repurchases of common stock (20,478) (24,775)
Repayments of term debt 0 (1,000)
Proceeds from/(Repayments of) commercial paper, net (1,000) 22
Other (61) (22)
Cash used in financing activities (28,159) (32,249)
Increase/(Decrease) in cash, cash equivalents and restricted cash 2,701 (2,070)
Cash, cash equivalents and restricted cash, ending balances 38,630 37,719
Supplemental cash flow disclosure:    
Cash paid for income taxes, net 5,235 1,787
Cash paid for interest $ 531 $ 619
v3.21.4
Summary of Significant Accounting Policies
 3 Months Ended
Dec. 25, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 25, 2021 (the “2021 Form 10-K”).
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The Company’s fiscal years 2022 and 2021 span 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.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three months ended December 25, 2021 and December 26, 2020 (net income in millions and shares in thousands):
Three Months Ended
December 25,
2021		December 26,
2020
Numerator:
Net income$34,630 $28,755 
Denominator:
Weighted-average basic shares outstanding16,391,724 16,935,119 
Effect of dilutive securities127,567 178,569 
Weighted-average diluted shares16,519,291 17,113,688 
Basic earnings per share$2.11 $1.70 
Diluted earnings per share$2.10 $1.68 
v3.21.4
Revenue
 3 Months Ended
Dec. 25, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Net sales disaggregated by significant products and services for the three months ended December 25, 2021 and December 26, 2020 were as follows (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
iPhone® (1)
$71,628 $65,597 
Mac® (1)
10,852 8,675 
iPad® (1)
7,248 8,435 
Wearables, Home and Accessories (1)(2)
14,701 12,971 
Services (3)
19,516 15,761 
Total net sales (4)
$123,945 $111,439 
(1)Products net sales 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®, iPod touch® 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 the sales price of certain products.
(4)Includes $3.0 billion of revenue recognized in the three months ended December 25, 2021 that was included in deferred revenue as of September 25, 2021 and $2.5 billion of revenue recognized in the three months ended December 26, 2020 that was included in deferred revenue as of September 26, 2020.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 9, “Segment Information and Geographic Data” for the three months ended December 25, 2021 and December 26, 2020, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of December 25, 2021 and September 25, 2021, the Company had total deferred revenue of $12.4 billion and $11.9 billion, respectively. As of December 25, 2021, the Company expects 64% of total deferred revenue to be realized in less than a year, 27% within one-to-two years, 8% within two-to-three years and 1% in greater than three years.
v3.21.4
Financial Instruments
 3 Months Ended
Dec. 25, 2021
Investments, All Other Investments [Abstract]  
Financial Instruments 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 December 25, 2021 and September 25, 2021 (in millions):
December 25, 2021
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$17,992 $— $— $17,992 $17,992 $— $— 
Level 1 (1):
Money market funds11,356 — — 11,356 11,356 — — 
Mutual funds215 16 (2)229 — 229 — 
Subtotal11,571 16 (2)11,585 11,356 229 — 
Level 2 (2):
Equity securities1,527 — (850)677 — 677 — 
U.S. Treasury securities29,221 64 (171)29,114 3,247 5,775 20,092 
U.S. agency securities7,934 1 (116)7,819 1,066 1,581 5,172 
Non-U.S. government securities18,983 160 (177)18,966 200 3,279 15,487 
Certificates of deposit and time deposits
3,648 — — 3,648 2,527 1,121 — 
Commercial paper2,261 — — 2,261 702 1,559 — 
Corporate debt securities88,617 718 (754)88,581 29 11,665 76,887 
Municipal securities993 10 (1)1,002 — 150 852 
Mortgage- and asset-backed securities
21,072 102 (223)20,951 — 758 20,193 
Subtotal174,256 1,055 (2,292)173,019 7,771 26,565 138,683 
Total (3)
$203,819 $1,071 $(2,294)$202,596 $37,119 $26,794 $138,683 
September 25, 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 (1):
Money market funds9,608 — — 9,608 9,608 — — 
Mutual funds175 11 (1)185 — 185 — 
Subtotal9,783 11 (1)9,793 9,608 185 — 
Level 2 (2):
Equity securities1,527 — (564)963 — 963 — 
U.S. Treasury securities22,878 102 (77)22,903 3,596 6,625 12,682 
U.S. agency securities8,949 2 (64)8,887 1,775 1,930 5,182 
Non-U.S. government securities20,201 211 (101)20,311 390 3,091 16,830 
Certificates of deposit and time deposits
1,300 — — 1,300 490 810 — 
Commercial paper2,639 — — 2,639 1,776 863 — 
Corporate debt securities83,883 1,242 (267)84,858 — 12,327 72,531 
Municipal securities967 14 — 981 — 130 851 
Mortgage- and asset-backed securities
20,529 171 (124)20,576 — 775 19,801 
Subtotal162,873 1,742 (1,197)163,418 8,027 27,514 127,877 
Total (3)
$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 substantially the full term of the assets or liabilities.
(3)As of December 25, 2021 and September 25, 2021, total marketable securities included $16.8 billion and $17.9 billion, respectively, that was restricted from general use, related to the European Commission decision finding that Ireland granted state aid to the Company, and other agreements.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of December 25, 2021 (in millions):
Due after 1 year through 5 years$93,206 
Due after 5 years through 10 years25,183 
Due after 10 years20,294 
Total fair value$138,683 
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 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 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 designates these instruments as either cash flow or fair value hedges. As of December 25, 2021, the Company’s hedged term debt– and marketable securities–related foreign currency transactions are expected to be recognized within 21 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 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 notional amounts of the Company’s outstanding derivative instruments as of December 25, 2021 and September 25, 2021 were as follows (in millions):
December 25, 2021September 25, 2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$77,009 $76,475 
Interest rate contracts$16,875 $16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$176,268 $126,918 
The gross fair values of the Company’s derivative assets and liabilities were not material as of December 25, 2021 and September 25, 2021.
The gains and losses recognized in other comprehensive income and amounts reclassified from accumulated other comprehensive income to net income for the Company’s derivative instruments designated as cash flow hedges were not material in the three months ended December 25, 2021 and December 26, 2020.
The carrying amounts of the Company’s hedged items in fair value hedges as of December 25, 2021 and September 25, 2021 were as follows (in millions):
December 25, 2021September 25, 2021
Hedged assets/(liabilities):
Current and non-current marketable securities$15,322 $15,954 
Current and non-current term debt$(17,444)$(17,857)
The gains and losses on the Company’s derivative instruments designated as fair value hedges and the related hedged item adjustments were not material in the three months ended December 25, 2021 and December 26, 2020.
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 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 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.
The Company’s cellular network carriers accounted for 45% and 42% of total trade receivables as of December 25, 2021 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 December 25, 2021, the Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54%, 13% and 12%. 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%.
v3.21.4
Condensed Consolidated Financial Statement Details
 3 Months Ended
Dec. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Financial Statement Details Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of December 25, 2021 and September 25, 2021 (in millions):
Property, Plant and Equipment, Net
December 25,
2021		September 25,
2021
Gross property, plant and equipment$107,699 $109,723 
Accumulated depreciation and amortization(68,454)(70,283)
Total property, plant and equipment, net$39,245 $39,440 
Other Non-Current Liabilities
December 25,
2021		September 25,
2021
Long-term taxes payable$24,689 $24,689 
Other non-current liabilities30,367 28,636 
Total other non-current liabilities$55,056 $53,325 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Interest and dividend income$650 $747 
Interest expense(694)(638)
Other expense, net(203)(64)
Total other income/(expense), net$(247)$45 
v3.21.4
Debt
 3 Months Ended
Dec. 25, 2021
Debt Disclosure [Abstract]  
Debt Debt
Commercial Paper
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 December 25, 2021 and September 25, 2021, the Company had $5.0 billion and $6.0 billion of Commercial Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Maturities 90 days or less:
Proceeds from commercial paper, net$1,339 $1,439 
Maturities greater than 90 days:
Proceeds from commercial paper1,191 780 
Repayments of commercial paper(3,530)(2,197)
Repayments of commercial paper, net(2,339)(1,417)
Total proceeds from/(repayments of) commercial paper, net$(1,000)$22 
Term Debt
As of December 25, 2021 and September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate carrying amount of $117.8 billion and $118.7 billion, respectively (collectively the “Notes”). As of December 25, 2021 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $123.5 billion and $125.3 billion, respectively.
v3.21.4
Shareholders' Equity
 3 Months Ended
Dec. 25, 2021
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
As of December 25, 2021, the Company was authorized to purchase up to $315 billion of the Company’s common stock under a share repurchase program (the “Program”). During the three months ended December 25, 2021, the Company repurchased 124 million shares of its common stock for $20.4 billion, including 30 million shares initially delivered under accelerated share repurchase agreements (“ASRs”) entered into in November 2021, bringing the total utilization under the Program to $274.5 billion as of December 25, 2021. The Program does not obligate the Company to acquire any specific number 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.
Under the terms of the Company’s ASRs, two financial institutions committed to deliver shares of the Company’s common stock during the purchase periods in exchange for up-front payments totaling $6.0 billion. The total number of shares ultimately delivered under the ASRs, and therefore the average repurchase price paid per share, is determined based on the volume-weighted average price of the Company’s common stock during the ASRs’ purchase periods, which end in the second quarter of 2022. The shares received are retired in the periods they are delivered, and the up-front payments are accounted for as a reduction to retained earnings in the Company’s Condensed Consolidated Statement of Shareholders’ Equity in the period the payments are made.
v3.21.4
Benefit Plans
 3 Months Ended
Dec. 25, 2021
Share-based Payment Arrangement [Abstract]  
Benefit Plans Benefit Plans
Restricted Stock Units
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the three months ended December 25, 2021 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 25, 2021240,427 $75.16 
RSUs granted67,645 $147.33 
RSUs vested(56,649)$61.75 
RSUs canceled(4,886)$93.21 
Balance as of December 25, 2021246,537 $97.69 $43,460 
The fair value as of the respective vesting dates of RSUs was $8.5 billion for the three months ended both December 25, 2021 and December 26, 2020.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Share-based compensation expense$2,265 $2,020 
Income tax benefit related to share-based compensation expense
$(1,536)$(1,624)
As of December 25, 2021, the total unrecognized compensation cost related to outstanding RSUs and stock options was $20.6 billion, which the Company expects to recognize over a weighted-average period of 3.0 years.
v3.21.4
Commitments and Contingencies
 3 Months Ended
Dec. 25, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Accrued Warranty
The following table shows changes in the Company’s accrued warranties and related costs for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Beginning accrued warranty and related costs$3,364 $3,354 
Cost of warranty claims(672)(723)
Accruals for product warranty838 1,493 
Ending accrued warranty and related costs$3,530 $4,124 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.
v3.21.4
Segment Information and Geographic Data
 3 Months Ended
Dec. 25, 2021
Segment Reporting [Abstract]  
Segment Information and Geographic Data Segment Information and Geographic Data
The following table shows information by reportable segment for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Americas:
Net sales$51,496 $46,310 
Operating income$19,585 $15,785 
Europe:
Net sales$29,749 $27,306 
Operating income$11,545 $9,589 
Greater China:
Net sales$25,783 $21,313 
Operating income$11,183 $8,530 
Japan:
Net sales$7,107 $8,285 
Operating income$3,349 $3,503 
Rest of Asia Pacific:
Net sales$9,810 $8,225 
Operating income$3,995 $2,953 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three months ended December 25, 2021 and December 26, 2020 is as follows (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Segment operating income$49,657 $40,360 
Research and development expense(6,306)(5,163)
Other corporate expenses, net(1,863)(1,663)
Total operating income$41,488 $33,534 
v3.21.4
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Dec. 25, 2021
Accounting Policies [Abstract]  
Basis of Presentation and Preparation
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 25, 2021 (the “2021 Form 10-K”).
Fiscal Period The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The Company’s fiscal years 2022 and 2021 span 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.
Fair Value Measurements Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.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 substantially the full term of the assets or liabilities.
v3.21.4
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Dec. 25, 2021
Accounting Policies [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three months ended December 25, 2021 and December 26, 2020 (net income in millions and shares in thousands):
Three Months Ended
December 25,
2021		December 26,
2020
Numerator:
Net income$34,630 $28,755 
Denominator:
Weighted-average basic shares outstanding16,391,724 16,935,119 
Effect of dilutive securities127,567 178,569 
Weighted-average diluted shares16,519,291 17,113,688 
Basic earnings per share$2.11 $1.70 
Diluted earnings per share$2.10 $1.68 
v3.21.4
Revenue (Tables)
 3 Months Ended
Dec. 25, 2021
Revenue from Contract with Customer [Abstract]  
Net Sales Disaggregated by Significant Products and Services
Net sales disaggregated by significant products and services for the three months ended December 25, 2021 and December 26, 2020 were as follows (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
iPhone® (1)
$71,628 $65,597 
Mac® (1)
10,852 8,675 
iPad® (1)
7,248 8,435 
Wearables, Home and Accessories (1)(2)
14,701 12,971 
Services (3)
19,516 15,761 
Total net sales (4)
$123,945 $111,439 
(1)Products net sales 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®, iPod touch® 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 the sales price of certain products.
(4)Includes $3.0 billion of revenue recognized in the three months ended December 25, 2021 that was included in deferred revenue as of September 25, 2021 and $2.5 billion of revenue recognized in the three months ended December 26, 2020 that was included in deferred revenue as of September 26, 2020.
v3.21.4
Financial Instruments (Tables)
 3 Months Ended
Dec. 25, 2021
Investments, All Other Investments [Abstract]  
Cash, Cash Equivalents and Marketable Securities by Significant Investment Category
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of December 25, 2021 and September 25, 2021 (in millions):
December 25, 2021
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$17,992 $— $— $17,992 $17,992 $— $— 
Level 1 (1):
Money market funds11,356 — — 11,356 11,356 — — 
Mutual funds215 16 (2)229 — 229 — 
Subtotal11,571 16 (2)11,585 11,356 229 — 
Level 2 (2):
Equity securities1,527 — (850)677 — 677 — 
U.S. Treasury securities29,221 64 (171)29,114 3,247 5,775 20,092 
U.S. agency securities7,934 1 (116)7,819 1,066 1,581 5,172 
Non-U.S. government securities18,983 160 (177)18,966 200 3,279 15,487 
Certificates of deposit and time deposits
3,648 — — 3,648 2,527 1,121 — 
Commercial paper2,261 — — 2,261 702 1,559 — 
Corporate debt securities88,617 718 (754)88,581 29 11,665 76,887 
Municipal securities993 10 (1)1,002 — 150 852 
Mortgage- and asset-backed securities
21,072 102 (223)20,951 — 758 20,193 
Subtotal174,256 1,055 (2,292)173,019 7,771 26,565 138,683 
Total (3)
$203,819 $1,071 $(2,294)$202,596 $37,119 $26,794 $138,683 
September 25, 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 (1):
Money market funds9,608 — — 9,608 9,608 — — 
Mutual funds175 11 (1)185 — 185 — 
Subtotal9,783 11 (1)9,793 9,608 185 — 
Level 2 (2):
Equity securities1,527 — (564)963 — 963 — 
U.S. Treasury securities22,878 102 (77)22,903 3,596 6,625 12,682 
U.S. agency securities8,949 2 (64)8,887 1,775 1,930 5,182 
Non-U.S. government securities20,201 211 (101)20,311 390 3,091 16,830 
Certificates of deposit and time deposits
1,300 — — 1,300 490 810 — 
Commercial paper2,639 — — 2,639 1,776 863 — 
Corporate debt securities83,883 1,242 (267)84,858 — 12,327 72,531 
Municipal securities967 14 — 981 — 130 851 
Mortgage- and asset-backed securities
20,529 171 (124)20,576 — 775 19,801 
Subtotal162,873 1,742 (1,197)163,418 8,027 27,514 127,877 
Total (3)
$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 substantially the full term of the assets or liabilities.
(3)As of December 25, 2021 and September 25, 2021, total marketable securities included $16.8 billion and $17.9 billion, respectively, that was restricted from general use, related to the European Commission decision finding that Ireland granted state aid to the Company, and other agreements.
Non-Current Marketable Debt Securities by Contractual Maturity
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of December 25, 2021 (in millions):
Due after 1 year through 5 years$93,206 
Due after 5 years through 10 years25,183 
Due after 10 years20,294 
Total fair value$138,683 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of December 25, 2021 and September 25, 2021 were as follows (in millions):
December 25, 2021September 25, 2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$77,009 $76,475 
Interest rate contracts$16,875 $16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$176,268 $126,918 
Carrying Amounts of Hedged Items in Fair Value Hedges
The carrying amounts of the Company’s hedged items in fair value hedges as of December 25, 2021 and September 25, 2021 were as follows (in millions):
December 25, 2021September 25, 2021
Hedged assets/(liabilities):
Current and non-current marketable securities$15,322 $15,954 
Current and non-current term debt$(17,444)$(17,857)
v3.21.4
Condensed Consolidated Financial Statement Details (Tables)
 3 Months Ended
Dec. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
December 25,
2021		September 25,
2021
Gross property, plant and equipment$107,699 $109,723 
Accumulated depreciation and amortization(68,454)(70,283)
Total property, plant and equipment, net$39,245 $39,440 
Other Non-Current Liabilities
Other Non-Current Liabilities
December 25,
2021		September 25,
2021
Long-term taxes payable$24,689 $24,689 
Other non-current liabilities30,367 28,636 
Total other non-current liabilities$55,056 $53,325 
Other Income/(Expense), Net
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Interest and dividend income$650 $747 
Interest expense(694)(638)
Other expense, net(203)(64)
Total other income/(expense), net$(247)$45 
v3.21.4
Debt (Tables)
 3 Months Ended
Dec. 25, 2021
Debt Disclosure [Abstract]  
Summary of Cash Flows Associated with Issuance and Maturities of Commercial Paper The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Maturities 90 days or less:
Proceeds from commercial paper, net$1,339 $1,439 
Maturities greater than 90 days:
Proceeds from commercial paper1,191 780 
Repayments of commercial paper(3,530)(2,197)
Repayments of commercial paper, net(2,339)(1,417)
Total proceeds from/(repayments of) commercial paper, net$(1,000)$22 
v3.21.4
Benefit Plans (Tables)
 3 Months Ended
Dec. 25, 2021
Share-based Payment Arrangement [Abstract]  
Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the three months ended December 25, 2021 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 25, 2021240,427 $75.16 
RSUs granted67,645 $147.33 
RSUs vested(56,649)$61.75 
RSUs canceled(4,886)$93.21 
Balance as of December 25, 2021246,537 $97.69 $43,460 
Summary of Share-Based Compensation Expense and the Related Income Tax Benefit
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Share-based compensation expense$2,265 $2,020 
Income tax benefit related to share-based compensation expense
$(1,536)$(1,624)
v3.21.4
Commitments and Contingencies (Tables)
 3 Months Ended
Dec. 25, 2021
Commitments and Contingencies Disclosure [Abstract]  
Changes in Accrued Warranties and Related Costs
The following table shows changes in the Company’s accrued warranties and related costs for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Beginning accrued warranty and related costs$3,364 $3,354 
Cost of warranty claims(672)(723)
Accruals for product warranty838 1,493 
Ending accrued warranty and related costs$3,530 $4,124 
v3.21.4
Segment Information and Geographic Data (Tables)
 3 Months Ended
Dec. 25, 2021
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Americas:
Net sales$51,496 $46,310 
Operating income$19,585 $15,785 
Europe:
Net sales$29,749 $27,306 
Operating income$11,545 $9,589 
Greater China:
Net sales$25,783 $21,313 
Operating income$11,183 $8,530 
Japan:
Net sales$7,107 $8,285 
Operating income$3,349 $3,503 
Rest of Asia Pacific:
Net sales$9,810 $8,225 
Operating income$3,995 $2,953 
Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three months ended December 25, 2021 and December 26, 2020 is as follows (in millions):
Three Months Ended
December 25,
2021		December 26,
2020
Segment operating income$49,657 $40,360 
Research and development expense(6,306)(5,163)
Other corporate expenses, net(1,863)(1,663)
Total operating income$41,488 $33,534 
v3.21.4
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Numerator:    
Net income $ 34,630 $ 28,755
Denominator:    
Weighted-average basic shares outstanding (in shares) 16,391,724 16,935,119
Effect of dilutive securities (in shares) 127,567 178,569
Weighted-average diluted shares (in shares) 16,519,291 17,113,688
Basic earnings per share (in dollars per share) $ 2.11 $ 1.70
Diluted earnings per share (in dollars per share) $ 2.10 $ 1.68
v3.21.4
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Disaggregation of Revenue [Line Items]    
Net sales $ 123,945 $ 111,439
Revenue recognized that was included in deferred revenue at the beginning of the period 3,000 2,500
iPhone    
Disaggregation of Revenue [Line Items]    
Net sales 71,628 65,597
Mac    
Disaggregation of Revenue [Line Items]    
Net sales 10,852 8,675
iPad    
Disaggregation of Revenue [Line Items]    
Net sales 7,248 8,435
Wearables, Home and Accessories    
Disaggregation of Revenue [Line Items]    
Net sales 14,701 12,971
Services    
Disaggregation of Revenue [Line Items]    
Net sales $ 19,516 $ 15,761
v3.21.4
Revenue - Additional Information (Details) - USD ($)
$ in Billions
Dec. 25, 2021
Sep. 25, 2021
Revenue from Contract with Customer [Abstract]    
Total deferred revenue $ 12.4 $ 11.9
v3.21.4
Revenue - Deferred Revenue, Expected Timing of Realization (Details)
Dec. 25, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-26  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 64.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 27.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-12-31  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 8.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 1.00%
Deferred revenue, expected timing of realization, period
v3.21.4
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Dec. 25, 2021
Sep. 25, 2021
Debt Securities, Available-for-sale [Line Items]    
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost $ 203,819 $ 189,961
Cash Equivalents and Marketable Securities, Unrealized Gains 1,071 1,753
Cash Equivalents and Marketable Securities, Unrealized Losses 2,294 1,198
Cash, Cash Equivalents and Marketable Securities, Fair Value 202,596 190,516
Cash and Cash Equivalents 37,119 34,940
Current Marketable Securities 26,794 27,699
Non-Current Marketable Securities 138,683 127,877
Total marketable securities that were restricted from general use 16,800 17,900
Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 11,571 9,783
Marketable Securities, Equity, Unrealized Gains 16 11
Marketable Securities, Equity, Unrealized Losses (2) (1)
Marketable Securities, Equity, Fair Value 11,585 9,793
Cash and Cash Equivalents 11,356 9,608
Current Marketable Securities 229 185
Non-Current Marketable Securities 0 0
Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 174,256 162,873
Marketable Securities, Debt, Unrealized Gains 1,055 1,742
Marketable Securities, Debt, Unrealized Losses (2,292) (1,197)
Marketable Securities, Debt, Fair Value 173,019 163,418
Cash and Cash Equivalents 7,771 8,027
Current Marketable Securities 26,565 27,514
Non-Current Marketable Securities 138,683 127,877
Cash    
Debt Securities, Available-for-sale [Line Items]    
Cash 17,992 17,305
Cash and Cash Equivalents 17,992 17,305
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Money market funds | Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 11,356 9,608
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 11,356 9,608
Cash and Cash Equivalents 11,356 9,608
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Mutual funds | Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 215 175
Marketable Securities, Equity, Unrealized Gains 16 11
Marketable Securities, Equity, Unrealized Losses (2) (1)
Marketable Securities, Equity, Fair Value 229 185
Cash and Cash Equivalents 0 0
Current Marketable Securities 229 185
Non-Current Marketable Securities 0 0
Equity securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 1,527 1,527
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses (850) (564)
Marketable Securities, Equity, Fair Value 677 963
Cash and Cash Equivalents 0 0
Current Marketable Securities 677 963
Non-Current Marketable Securities 0 0
U.S. Treasury securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 29,221 22,878
Marketable Securities, Debt, Unrealized Gains 64 102
Marketable Securities, Debt, Unrealized Losses (171) (77)
Marketable Securities, Debt, Fair Value 29,114 22,903
Cash and Cash Equivalents 3,247 3,596
Current Marketable Securities 5,775 6,625
Non-Current Marketable Securities 20,092 12,682
U.S. agency securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 7,934 8,949
Marketable Securities, Debt, Unrealized Gains 1 2
Marketable Securities, Debt, Unrealized Losses (116) (64)
Marketable Securities, Debt, Fair Value 7,819 8,887
Cash and Cash Equivalents 1,066 1,775
Current Marketable Securities 1,581 1,930
Non-Current Marketable Securities 5,172 5,182
Non-U.S. government securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 18,983 20,201
Marketable Securities, Debt, Unrealized Gains 160 211
Marketable Securities, Debt, Unrealized Losses (177) (101)
Marketable Securities, Debt, Fair Value 18,966 20,311
Cash and Cash Equivalents 200 390
Current Marketable Securities 3,279 3,091
Non-Current Marketable Securities 15,487 16,830
Certificates of deposit and time deposits | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 3,648 1,300
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 3,648 1,300
Cash and Cash Equivalents 2,527 490
Current Marketable Securities 1,121 810
Non-Current Marketable Securities 0 0
Commercial paper | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 2,261 2,639
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 2,261 2,639
Cash and Cash Equivalents 702 1,776
Current Marketable Securities 1,559 863
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 88,617 83,883
Marketable Securities, Debt, Unrealized Gains 718 1,242
Marketable Securities, Debt, Unrealized Losses (754) (267)
Marketable Securities, Debt, Fair Value 88,581 84,858
Cash and Cash Equivalents 29 0
Current Marketable Securities 11,665 12,327
Non-Current Marketable Securities 76,887 72,531
Municipal securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 993 967
Marketable Securities, Debt, Unrealized Gains 10 14
Marketable Securities, Debt, Unrealized Losses (1) 0
Marketable Securities, Debt, Fair Value 1,002 981
Cash and Cash Equivalents 0 0
Current Marketable Securities 150 130
Non-Current Marketable Securities 852 851
Mortgage- and asset-backed securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 21,072 20,529
Marketable Securities, Debt, Unrealized Gains 102 171
Marketable Securities, Debt, Unrealized Losses (223) (124)
Marketable Securities, Debt, Fair Value 20,951 20,576
Cash and Cash Equivalents 0 0
Current Marketable Securities 758 775
Non-Current Marketable Securities $ 20,193 $ 19,801
v3.21.4
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details)
$ in Millions
Dec. 25, 2021
USD ($)
Fair value of non-current marketable debt securities by contractual maturity  
Due after 1 year through 5 years $ 93,206
Due after 5 years through 10 years 25,183
Due after 10 years 20,294
Total fair value $ 138,683
v3.21.4
Financial Instruments - Additional Information (Details) - Vendor
 3 Months Ended 12 Months Ended
Dec. 25, 2021
Sep. 25, 2021
Trade receivables | Credit concentration risk | Cellular network carriers    
Financial Instruments [Line Items]    
Concentration risk, percentage 45.00% 42.00%
Non-trade receivables | Credit concentration risk    
Financial Instruments [Line Items]    
Number of vendors that individually represented 10% or more of total vendor non-trade receivables 3 3
Non-trade receivables | Credit concentration risk | Vendor one    
Financial Instruments [Line Items]    
Concentration risk, percentage 54.00% 52.00%
Non-trade receivables | Credit concentration risk | Vendor two    
Financial Instruments [Line Items]    
Concentration risk, percentage 13.00% 11.00%
Non-trade receivables | Credit concentration risk | Vendor three    
Financial Instruments [Line Items]    
Concentration risk, percentage 12.00% 11.00%
Hedges of foreign currency exposure associated with revenue and inventory purchases    
Financial Instruments [Line Items]    
Hedged foreign currency transactions, expected recognition period 12 months  
Hedges of foreign currency exposure associated with term debt and marketable securities    
Financial Instruments [Line Items]    
Hedged foreign currency transactions, expected recognition period 21 years  
v3.21.4
Financial Instruments - Notional Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 25, 2021
Sep. 25, 2021
Derivative instruments designated as accounting hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivatives, notional amount $ 77,009 $ 76,475
Derivative instruments designated as accounting hedges | Interest rate contracts    
Derivative [Line Items]    
Derivatives, notional amount 16,875 16,875
Derivatives instruments not designated as accounting hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivatives, notional amount $ 176,268 $ 126,918
v3.21.4
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
Dec. 25, 2021
Sep. 25, 2021
Current and non-current marketable securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of hedged marketable securities $ 15,322 $ 15,954
Current and non-current term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of hedged term debt $ (17,444) $ (17,857)
v3.21.4
Condensed Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 25, 2021
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Gross property, plant and equipment $ 107,699 $ 109,723
Accumulated depreciation and amortization (68,454) (70,283)
Total property, plant and equipment, net $ 39,245 $ 39,440
v3.21.4
Condensed Consolidated Financial Statement Details - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 25, 2021
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Long-term taxes payable $ 24,689 $ 24,689
Other non-current liabilities 30,367 28,636
Total other non-current liabilities $ 55,056 $ 53,325
v3.21.4
Condensed Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Interest and dividend income $ 650 $ 747
Interest expense (694) (638)
Other expense, net (203) (64)
Total other income/(expense), net $ (247) $ 45
v3.21.4
Debt - Additional Information (Details) - USD ($)
$ in Millions
Dec. 25, 2021
Sep. 25, 2021
Debt Instrument [Line Items]    
Commercial paper $ 5,000 $ 6,000
Floating- and fixed-rate notes, aggregate carrying amount 117,800 118,700
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper 5,000 6,000
Level 2    
Debt Instrument [Line Items]    
Floating- and fixed-rate notes, aggregate fair value $ 123,500 $ 125,300
v3.21.4
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Maturities 90 days or less:    
Proceeds from commercial paper, net $ 1,339 $ 1,439
Maturities greater than 90 days:    
Proceeds from commercial paper 1,191 780
Repayments of commercial paper (3,530) (2,197)
Repayments of commercial paper, net (2,339) (1,417)
Total proceeds from/(repayments of) commercial paper, net $ (1,000) $ 22
v3.21.4
Shareholders' Equity - Additional Information (Details)
shares in Millions
 3 Months Ended
Dec. 25, 2021
USD ($)
shares
Share Repurchase Program [Line Items]  
Amount authorized for repurchase of common stock (up to) $ 315,000,000,000
Number of shares repurchased (in shares) | shares 124
Amount of share repurchases $ 20,400,000,000
Share repurchase program, amount utilized $ 274,500,000,000
November 2021 accelerated share repurchase agreements  
Share Repurchase Program [Line Items]  
Number of shares repurchased (in shares) | shares 30
Amount of share repurchases $ 6,000,000,000
v3.21.4
Benefit Plans - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total unrecognized compensation cost related to RSUs and stock options $ 20.6  
Total unrecognized compensation cost related to RSUs and stock options, weighted-average recognition period 3 years  
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Fair value of RSUs as of the respective vesting dates $ 8.5 $ 8.5
v3.21.4
Benefit Plans - Restricted Stock Units Activity and Related Information (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Dec. 25, 2021
USD ($)
$ / shares
shares
Number of Restricted Stock Units  
Beginning balance (in shares) | shares 240,427
RSUs granted (in shares) | shares 67,645
RSUs vested (in shares) | shares (56,649)
RSUs canceled (in shares) | shares (4,886)
Ending balance (in shares) | shares 246,537
Weighted-Average Grant Date Fair Value Per RSU  
Beginning balance (in dollars per share) | $ / shares $ 75.16
RSUs granted (in dollars per share) | $ / shares 147.33
RSUs vested (in dollars per share) | $ / shares 61.75
RSUs canceled (in dollars per share) | $ / shares 93.21
Ending balance (in dollars per share) | $ / shares $ 97.69
Aggregate Fair Value  
Aggregate fair value of RSUs | $ $ 43,460
v3.21.4
Benefit Plans - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Share-based Payment Arrangement [Abstract]    
Share-based compensation expense $ 2,265 $ 2,020
Income tax benefit related to share-based compensation expense $ (1,536) $ (1,624)
v3.21.4
Commitments and Contingencies - Changes in Accrued Warranties and Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Changes in Accrued Warranties and Related Costs [Roll Forward]    
Beginning accrued warranty and related costs $ 3,364 $ 3,354
Cost of warranty claims (672) (723)
Accruals for product warranty 838 1,493
Ending accrued warranty and related costs $ 3,530 $ 4,124
v3.21.4
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Segment Reporting Information [Line Items]    
Net sales $ 123,945 $ 111,439
Operating income 41,488 33,534
Americas    
Segment Reporting Information [Line Items]    
Net sales 51,496 46,310
Operating income 19,585 15,785
Europe    
Segment Reporting Information [Line Items]    
Net sales 29,749 27,306
Operating income 11,545 9,589
Greater China    
Segment Reporting Information [Line Items]    
Net sales 25,783 21,313
Operating income 11,183 8,530
Japan    
Segment Reporting Information [Line Items]    
Net sales 7,107 8,285
Operating income 3,349 3,503
Rest of Asia Pacific    
Segment Reporting Information [Line Items]    
Net sales 9,810 8,225
Operating income $ 3,995 $ 2,953
v3.21.4
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income $ 41,488 $ 33,534
Research and development expense (6,306) (5,163)
Operating segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income 49,657 40,360
Segment reconciling items    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Research and development expense (6,306) (5,163)
Corporate non-segment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Other corporate expenses, net $ (1,863) $ (1,663)