APPLE INC., 10-Q filed on 7/28/2021
Quarterly Report
v3.21.2
Cover Page - shares
shares in Thousands
 9 Months Ended
Jun. 26, 2021
Jul. 16, 2021
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 26, 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)   16,530,166
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000320193  
Current Fiscal Year End Date --09-25  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.00001 par value per share  
Trading Symbol AAPL  
Security Exchange Name NASDAQ  
1.000% Notes due 2022    
Entity Information [Line Items]    
Title of 12(b) Security 1.000% Notes due 2022  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2024    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2024  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.000% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.000% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.875% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.875% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.625% Notes due 2026    
Entity Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2026  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
2.000% Notes due 2027    
Entity Information [Line Items]    
Title of 12(b) Security 2.000% Notes due 2027  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.050% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 3.050% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.500% Notes due 2031    
Entity Information [Line Items]    
Title of 12(b) Security 0.500% Notes due 2031  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.600% Notes due 2042    
Entity Information [Line Items]    
Title of 12(b) Security 3.600% Notes due 2042  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Net sales $ 81,434 $ 59,685 $ 282,457 $ 209,817
Cost of sales 46,179 37,005 164,795 129,550
Gross margin 35,255 22,680 117,662 80,267
Operating expenses:        
Research and development 5,717 4,758 16,142 13,774
Selling, general and administrative 5,412 4,831 16,357 14,980
Total operating expenses 11,129 9,589 32,499 28,754
Operating income 24,126 13,091 85,163 51,513
Other income/(expense), net 243 46 796 677
Income before provision for income taxes 24,369 13,137 85,959 52,190
Provision for income taxes 2,625 1,884 11,830 7,452
Net income $ 21,744 $ 11,253 $ 74,129 $ 44,738
Earnings per share:        
Basic (in dollars per share) $ 1.31 $ 0.65 $ 4.42 $ 2.56
Diluted (in dollars per share) $ 1.30 $ 0.65 $ 4.38 $ 2.54
Shares used in computing earnings per share:        
Basic (in shares) 16,629,371 17,250,291 16,772,656 17,450,284
Diluted (in shares) 16,781,735 17,419,154 16,941,527 17,618,778
Products        
Net sales $ 63,948 $ 46,529 $ 232,309 $ 170,598
Cost of sales 40,899 32,693 149,476 116,089
Services        
Net sales 17,486 13,156 50,148 39,219
Cost of sales $ 5,280 $ 4,312 $ 15,319 $ 13,461
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Statement of Comprehensive Income [Abstract]        
Net income $ 21,744 $ 11,253 $ 74,129 $ 44,738
Other comprehensive income/(loss):        
Change in foreign currency translation, net of tax 188 194 659 (170)
Change in unrealized gains/losses on derivative instruments, net of tax:        
Change in fair value of derivatives (24) 78 4 46
Adjustment for net (gains)/losses realized and included in net income 17 (1,120) 593 (884)
Total change in unrealized gains/losses on derivative instruments (7) (1,042) 597 (838)
Change in unrealized gains/losses on marketable debt securities, net of tax:        
Change in fair value of marketable debt securities 217 3,098 (558) 898
Adjustment for net (gains)/losses realized and included in net income (54) (11) (234) 8
Total change in unrealized gains/losses on marketable debt securities 163 3,087 (792) 906
Total other comprehensive income/(loss) 344 2,239 464 (102)
Total comprehensive income $ 22,088 $ 13,492 $ 74,593 $ 44,636
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Jun. 26, 2021
Sep. 26, 2020
Current assets:    
Cash and cash equivalents $ 34,050 $ 38,016
Marketable securities 27,646 52,927
Accounts receivable, net 17,475 16,120
Inventories 5,178 4,061
Vendor non-trade receivables 16,433 21,325
Other current assets 13,641 11,264
Total current assets 114,423 143,713
Non-current assets:    
Marketable securities 131,948 100,887
Property, plant and equipment, net 38,615 36,766
Other non-current assets 44,854 42,522
Total non-current assets 215,417 180,175
Total assets 329,840 323,888
Current liabilities:    
Accounts payable 40,409 42,296
Other current liabilities 43,625 42,684
Deferred revenue 7,681 6,643
Commercial paper 8,000 4,996
Term debt 8,039 8,773
Total current liabilities 107,754 105,392
Non-current liabilities:    
Term debt 105,752 98,667
Other non-current liabilities 52,054 54,490
Total non-current liabilities 157,806 153,157
Total liabilities 265,560 258,549
Commitments and contingencies
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,556,942 and 16,976,763 shares issued and outstanding, respectively 54,989 50,779
Retained earnings 9,233 14,966
Accumulated other comprehensive income/(loss) 58 (406)
Total shareholders’ equity 64,280 65,339
Total liabilities and shareholders’ equity $ 329,840 $ 323,888
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Jun. 26, 2021
Sep. 26, 2020
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) 16,556,942,000 16,976,763,000
Common stock, shares outstanding (in shares) 16,556,942,000 16,976,763,000
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Common stock and additional paid-in capital
Retained earnings
Retained earnings
Cumulative effect of change in accounting principle
Accumulated other comprehensive income/(loss)
Accumulated other comprehensive income/(loss)
Cumulative effect of change in accounting principle
Beginning balances at Sep. 28, 2019 $ 90,488 $ 45,174 $ 45,898 $ (136) $ (584) $ 136
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issued   430        
Common stock withheld related to net share settlement of equity awards   (2,123) (1,320)      
Share-based compensation   5,215        
Net income 44,738   44,738      
Dividends and dividend equivalents declared     (10,528)      
Common stock repurchased     (54,516)      
Other comprehensive income/(loss) (102)       (102)  
Ending balances at Jun. 27, 2020 $ 72,282 48,696 24,136   (550)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.59          
Beginning balances at Mar. 28, 2020 $ 78,425 48,032 33,182 0 (2,789) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issued   0        
Common stock withheld related to net share settlement of equity awards   (1,071) (688)      
Share-based compensation   1,735        
Net income 11,253   11,253      
Dividends and dividend equivalents declared     (3,611)      
Common stock repurchased     (16,000)      
Other comprehensive income/(loss) 2,239       2,239  
Ending balances at Jun. 27, 2020 $ 72,282 48,696 24,136   (550)  
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. 26, 2020 $ 65,339 50,779 14,966 0 (406) 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issued   561        
Common stock withheld related to net share settlement of equity awards   (2,460) (3,606)      
Share-based compensation   6,109        
Net income 74,129   74,129      
Dividends and dividend equivalents declared     (10,755)      
Common stock repurchased (65,500)   (65,501)      
Other comprehensive income/(loss) 464       464  
Ending balances at Jun. 26, 2021 $ 64,280 54,989 9,233   58  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.63          
Beginning balances at Mar. 27, 2021 $ 69,178 54,203 15,261 $ 0 (286) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Common stock issued   0        
Common stock withheld related to net share settlement of equity awards   (1,224) (1,559)      
Share-based compensation   2,010        
Net income 21,744   21,744      
Dividends and dividend equivalents declared     (3,713)      
Common stock repurchased     (22,500)      
Other comprehensive income/(loss) 344       344  
Ending balances at Jun. 26, 2021 $ 64,280 $ 54,989 $ 9,233   $ 58  
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.22          
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Statement of Cash Flows [Abstract]    
Cash, cash equivalents and restricted cash, beginning balances $ 39,789 $ 50,224
Operating activities:    
Net income 74,129 44,738
Adjustments to reconcile net income to cash generated by operating activities:    
Depreciation and amortization 8,295 8,354
Share-based compensation expense 5,961 5,105
Deferred income tax expense/(benefit) (737) 182
Other (689) (94)
Changes in operating assets and liabilities:    
Accounts receivable, net (1,316) 5,149
Inventories (1,213) 10
Vendor non-trade receivables 4,892 8,685
Other current and non-current assets (5,899) (6,760)
Accounts payable (1,786) (10,787)
Deferred revenue 1,738 1,649
Other current and non-current liabilities 463 3,867
Cash generated by operating activities 83,838 60,098
Investing activities:    
Purchases of marketable securities (94,052) (96,606)
Proceeds from maturities of marketable securities 49,880 54,865
Proceeds from sales of marketable securities 36,745 39,760
Payments for acquisition of property, plant and equipment (7,862) (5,525)
Payments made in connection with business acquisitions, net (13) (1,473)
Other (78) (841)
Cash used in investing activities (15,380) (9,820)
Financing activities:    
Proceeds from issuance of common stock 561 430
Payments for taxes related to net share settlement of equity awards (5,855) (3,234)
Payments for dividends and dividend equivalents (10,827) (10,570)
Repurchases of common stock (66,223) (55,171)
Proceeds from issuance of term debt, net 13,923 10,635
Repayments of term debt (7,500) (12,629)
Proceeds from commercial paper, net 3,022 31
Proceeds from repurchase agreements 0 5,165
Other (72) (120)
Cash used in financing activities (72,971) (65,463)
Decrease in cash, cash equivalents and restricted cash (4,513) (15,185)
Cash, cash equivalents and restricted cash, ending balances 35,276 35,039
Supplemental cash flow disclosure:    
Cash paid for income taxes, net 18,536 8,410
Cash paid for interest $ 1,870 $ 2,275
v3.21.2
Summary of Significant Accounting Policies
 9 Months Ended
Jun. 26, 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 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 26, 2020 (the “2020 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 2021 and 2020 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.
Common Stock Split
On August 28, 2020, the Company effected a four-for-one stock split to shareholders of record as of August 24, 2020. All share, restricted stock unit (“RSU”) and per share or per RSU information has been retroactively adjusted to reflect the stock split.
Recently Adopted Accounting Pronouncements
Financial Instruments – Credit Losses
At the beginning of the first quarter of 2021, the Company adopted the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which modifies the measurement of expected credit losses on certain financial instruments. The Company adopted ASU 2016-13 utilizing the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (net income in millions and shares in thousands):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Numerator:
Net income$21,744 $11,253 $74,129 $44,738 
Denominator:
Weighted-average basic shares outstanding16,629,371 17,250,291 16,772,656 17,450,284 
Effect of dilutive securities152,364 168,863 168,871 168,494 
Weighted-average diluted shares16,781,735 17,419,154 16,941,527 17,618,778 
Basic earnings per share$1.31 $0.65 $4.42 $2.56 
Diluted earnings per share$1.30 $0.65 $4.38 $2.54 
v3.21.2
Revenue Recognition
 9 Months Ended
Jun. 26, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Recognition 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 ownership of products or services are transferred to its customers. For most of the Company’s Products net sales, control transfers when products are shipped. For the Company’s Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable.
The Company records reductions to Products net sales related to future product returns, price protection and other customer incentive programs based on the Company’s expectations and historical experience.
For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation.
The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, iPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price, is the hardware and bundled software delivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud®, Siri® and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company’s estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, including estimated warranty costs, are recognized at the time of sale. Costs incurred to provide product-related bundled services and unspecified software upgrade rights are recognized as cost of sales as incurred.
For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. For these arrangements, the Company does not have a right to bill for the undelivered services. The Company has determined that any unbilled consideration relates entirely to the value of the undelivered services. Accordingly, the Company has not recognized revenue, and has elected not to disclose amounts, related to these undelivered services.
For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when determining whether it obtains control of third-party products including, but not limited to, evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store® and certain digital content sold through the Company’s other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains.
The Company has elected to record revenue net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority.
Deferred Revenue
As of June 26, 2021 and September 26, 2020, the Company had total deferred revenue of $12.0 billion and $10.2 billion, respectively. As of June 26, 2021, the Company expects 64% of total deferred revenue to be realized in less than a year, 26% within one-to-two years, 8% within two-to-three years and 2% in greater than three years.
Disaggregated Revenue
Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 were as follows (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
iPhone (1)
$39,570 $26,418 $153,105 $111,337 
Mac (1)
8,235 7,079 26,012 19,590 
iPad (1)
7,368 6,582 23,610 16,927 
Wearables, Home and Accessories (1)(2)
8,775 6,450 29,582 22,744 
Services (3)
17,486 13,156 50,148 39,219 
Total net sales (4)
$81,434 $59,685 $282,457 $209,817 
(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®, iPod touch® and Apple-branded and third-party accessories.
(3)Services net sales include sales from the Company’s advertising, AppleCare®, digital content and other services. Services net sales also include amortization of the deferred value of Maps, Siri, and free iCloud storage and Apple TV+SM services, which are bundled in the sales price of certain products.
(4)Includes $3.0 billion of revenue recognized in the three months ended June 26, 2021 that was included in deferred revenue as of March 27, 2021, $2.1 billion of revenue recognized in the three months ended June 27, 2020 that was included in deferred revenue as of March 28, 2020, $5.5 billion of revenue recognized in the nine months ended June 26, 2021 that was included in deferred revenue as of September 26, 2020, and $4.0 billion of revenue recognized in the nine months ended June 27, 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 consistent for each reportable segment in Note 11, “Segment Information and Geographic Data” for the three- and nine-month periods ended June 26, 2021 and June 27, 2020.
v3.21.2
Financial Instruments
 9 Months Ended
Jun. 26, 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 June 26, 2021 and September 26, 2020 (in millions):
June 26, 2021
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$14,853 $— $— $14,853 $14,853 $— $— 
Level 1 (1):
Money market funds9,568 — — 9,568 9,568 — — 
Mutual funds159 8 — 167 — 167 — 
Subtotal9,727 8 — 9,735 9,568 167 — 
Level 2 (2):
U.S. Treasury securities22,582 133 (112)22,603 1,602 8,083 12,918 
U.S. agency securities7,542 3 (69)7,476 410 1,781 5,285 
Non-U.S. government securities20,007 252 (92)20,167 118 3,537 16,512 
Certificates of deposit and time deposits
7,099 — — 7,099 6,362 466 271 
Commercial paper2,056 — — 2,056 1,137 919 — 
Corporate debt securities85,221 1,444 (276)86,389 — 11,903 74,486 
Municipal securities984 15 — 999 — 128 871 
Mortgage- and asset-backed securities
22,233 191 (157)22,267 — 662 21,605 
Subtotal167,724 2,038 (706)169,056 9,629 27,479 131,948 
Total (3)
$192,304 $2,046 $(706)$193,644 $34,050 $27,646 $131,948 
September 26, 2020
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$17,773 $— $— $17,773 $17,773 $— $— 
Level 1 (1): Money market funds
2,171 — — 2,171 2,171 — — 
Level 2 (2):
U.S. Treasury securities28,439 331 — 28,770 8,580 11,972 8,218 
U.S. agency securities8,604 8 — 8,612 2,009 3,078 3,525 
Non-U.S. government securities19,361 275 (186)19,450 255 3,329 15,866 
Certificates of deposit and time deposits
10,399 — — 10,399 4,043 6,246 110 
Commercial paper11,226 — — 11,226 3,185 8,041 — 
Corporate debt securities76,937 1,834 (175)78,596 — 19,687 58,909 
Municipal securities1,001 22 — 1,023 — 139 884 
Mortgage- and asset-backed securities
13,520 314 (24)13,810 — 435 13,375 
Subtotal169,487 2,784 (385)171,886 18,072 52,927 100,887 
Total (3)
$189,431 $2,784 $(385)$191,830 $38,016 $52,927 $100,887 
(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 June 26, 2021 and September 26, 2020, total marketable securities included $18.9 billion and $18.6 billion, respectively, that was restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements.
The Company may sell certain of its marketable debt securities prior to their stated maturities for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation. The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of June 26, 2021 (in millions):
Due after 1 year through 5 years$83,577 
Due after 5 years through 10 years26,324 
Due after 10 years22,047 
Total fair value$131,948 
The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.
Non-Marketable Securities
The Company holds non-marketable equity securities of certain privately held companies without readily determinable fair values. As of both June 26, 2021 and September 26, 2020, the Company’s non-marketable equity securities had a carrying value of $2.8 billion.
Restricted Cash
A reconciliation of the Company’s cash and cash equivalents in the Condensed Consolidated Balance Sheets to cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows as of June 26, 2021 and September 26, 2020 is as follows (in millions):
June 26,
2021		September 26,
2020
Cash and cash equivalents$34,050 $38,016 
Restricted cash1,226 1,773 
Cash, cash equivalents and restricted cash$35,276 $39,789 
The Company’s restricted cash primarily consisted of cash to support the Company’s iPhone Upgrade Program. Substantially all of the Company’s restricted cash was included in other non-current assets in the Condensed Consolidated Balance Sheets.
Derivative Financial Instruments
The Company may use derivatives to partially offset its business exposure to foreign currency and interest rate risk on expected future cash flows, net investments in certain foreign subsidiaries, and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, 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 currency exchange or interest rates.
To protect gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s subsidiaries whose functional currency is the U.S. dollar may hedge a portion of forecasted foreign currency revenue, and subsidiaries whose functional currency is not the U.S. dollar may hedge a portion of forecasted inventory purchases not denominated in the subsidiaries’ functional currencies. The Company may enter into forward contracts, option contracts or other instruments to manage this risk 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 net investment in a foreign operation from fluctuations in foreign currency exchange rates, the Company may enter into foreign currency forward and option contracts to offset a portion of the changes in the carrying amounts of these investments due to fluctuations in foreign currency exchange rates. In addition, the Company may use non-derivative financial instruments, such as its foreign currency–denominated debt, as hedges of its net investments in certain foreign subsidiaries. In both of these cases, the Company designates these instruments as net investment hedges.
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. These instruments may offset a portion of the foreign currency remeasurement gains or losses, or changes in fair value. The Company may designate these instruments as either cash flow or fair value hedges. As of June 26, 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 non-designated foreign currency contracts 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.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. These instruments may offset a portion of the changes in interest income or expense, or changes in fair value. The Company designates these instruments as either cash flow or fair value hedges. As of June 26, 2021, the Company’s hedged interest rate transactions are expected to be recognized within six years.
Cash Flow Hedges
Cash flow hedge amounts that are included in the assessment of hedge effectiveness are deferred in accumulated other comprehensive income/(loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of net sales in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of inventory purchases are recognized as a component of cost of sales in the same period as the related costs are recognized. Deferred gains and losses associated with cash flow hedges of interest income or expense are recognized in other income/(expense), net (“OI&E”) in the same period as the related income or expense is recognized. For options designated as cash flow hedges, the time value is excluded from the assessment of hedge effectiveness and recognized in the financial statement line item to which the hedge relates on a straight-line basis over the life of the hedge. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in other comprehensive income/(loss) (“OCI”).
Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into OI&E in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are reflected in OI&E unless they are re-designated as hedges of other transactions.
Net Investment Hedges
Net investment hedge amounts that are included in the assessment of hedge effectiveness are recorded in OCI as a part of the cumulative translation adjustment. For foreign exchange forward contracts designated as net investment hedges, the forward carry component is excluded from the assessment of hedge effectiveness and recognized in OCI on a straight-line basis over the life of the hedge. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in OCI.
Fair Value Hedges
Fair value hedge gains and losses related to amounts that are included in the assessment of hedge effectiveness are recognized in earnings along with a corresponding loss or gain related to the change in value of the hedged item in the same line in the Condensed Consolidated Statements of Operations. For foreign exchange forward contracts designated as fair value hedges, the forward carry component is excluded from the assessment of hedge effectiveness and recognized in OI&E on a straight-line basis over the life of the hedge. Amounts excluded from the effectiveness assessment of fair value hedges and recognized in OI&E were gains of $57 million and $199 million for the three- and nine-month periods ended June 26, 2021, respectively, and were gains of $119 million and $373 million for the three- and nine-month periods ended June 27, 2020, respectively. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in OCI.
Non-Designated Derivatives
Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.
The Company records all derivatives in the Condensed Consolidated Balance Sheets at fair value. The Company’s accounting treatment for these derivative instruments is based on its hedge designation. The following tables show the Company’s derivative instruments at gross fair value as of June 26, 2021 and September 26, 2020 (in millions):
June 26, 2021
Fair Value of
Derivatives Designated
as Hedge Instruments		Fair Value of
Derivatives Not Designated
as Hedge Instruments		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$700 $510 $1,210 
Interest rate contracts$891 $— $891 
Derivative liabilities (2):
Foreign exchange contracts$918 $601 $1,519 
September 26, 2020
Fair Value of
Derivatives Designated
as Hedge Instruments		Fair Value of
Derivatives Not Designated
as Hedge Instruments		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$749 $303 $1,052 
Interest rate contracts$1,557 $— $1,557 
Derivative liabilities (2):
Foreign exchange contracts$1,561 $485 $2,046 
(1)The fair value of derivative assets is measured using Level 2 fair value inputs and is included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets.
(2)The fair value of derivative liabilities is measured using Level 2 fair value inputs and is included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets.
The Company classifies cash flows related to derivative financial instruments as operating activities in its Condensed Consolidated Statements of Cash Flows.
The following table shows the pre-tax gains and losses of the Company’s derivative and non-derivative instruments designated as cash flow and net investment hedges in OCI and the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Gains/(Losses) recognized in OCI – included in effectiveness assessment:
Cash flow hedges:
Foreign exchange contracts$(87)$366 $60 $175 
Interest rate contracts— (6)93 (72)
Total$(87)$360 $153 $103 
Net investment hedges:
Foreign currency debt$— $(20)$— $15 
Gains/(Losses) reclassified from AOCI into net income – included in effectiveness assessment:
Cash flow hedges:
Foreign exchange contracts$9 $1,389 $(562)$1,063 
Interest rate contracts(1)(3)(6)(6)
Total$8 $1,386 $(568)$1,057 
Amounts excluded from the effectiveness assessment of the Company’s hedges and recognized in OCI were a gain of $63 million and a loss of $34 million for the three- and nine-month periods ended June 26, 2021, respectively, and were losses of $220 million and $51 million for the three- and nine-month periods ended June 27, 2020, respectively.
The following tables show information about the Company’s derivative instruments designated as fair value hedges and the related hedged items for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 and as of June 26, 2021 and September 26, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Gains/(Losses) on derivative instruments (1):
Foreign exchange contracts$(130)$(675)$(313)$(422)
Interest rate contracts(32)57 (650)1,185 
Total$(162)$(618)$(963)$763 
Gains/(Losses) related to hedged items (1):
Marketable securities$130 $675 $313 $422 
Fixed-rate debt32 (57)650 (1,185)
Total$162 $618 $963 $(763)
June 26,
2021		September 26,
2020
Carrying amounts of hedged assets/(liabilities):
Marketable securities (2)
$16,254 $16,270 
Fixed-rate debt (3)
$(18,384)$(21,033)
Cumulative hedging adjustments included in the carrying amounts of hedged items:
Marketable securities carrying amount increases/(decreases)$538 $493 
Fixed-rate debt carrying amount (increases)/decreases$(891)$(1,541)
(1)Gains and losses related to fair value hedges are included in OI&E in the Condensed Consolidated Statements of Operations.
(2)The carrying amounts of marketable securities that are designated as hedged items in fair value hedges are included in current marketable securities and non-current marketable securities in the Condensed Consolidated Balance Sheets
(3)The carrying amounts of fixed-rate debt instruments that are designated as hedged items in fair value hedges are included in current term debt and non-current term debt in the Condensed Consolidated Balance Sheets.
The following table shows the notional amounts of the Company’s outstanding derivative instruments and credit risk amounts associated with outstanding or unsettled derivative instruments as of June 26, 2021 and September 26, 2020 (in millions):
June 26, 2021September 26, 2020
Notional
Amount		Credit Risk
Amount		Notional
Amount		Credit Risk
Amount
Instruments designated as accounting hedges:
Foreign exchange contracts$53,914 $700 $57,410 $749 
Interest rate contracts$17,500 $891 $20,700 $1,557 
Instruments not designated as accounting hedges:
Foreign exchange contracts$95,910 $510 $88,636 $303 
The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The credit risk amounts represent the Company’s gross exposure to potential accounting loss on derivative instruments that are outstanding or unsettled if all counterparties failed to perform according to the terms of the contract, based on then-current currency or interest rates at each respective date. The Company’s exposure to credit loss and market risk will vary over time as currency and interest rates change. Although the table above reflects the notional and credit risk amounts of the Company’s derivative instruments, it does not reflect the gains or losses associated with the exposures and transactions that the instruments are intended to hedge. The amounts ultimately realized upon settlement of these financial instruments, together with the gains and losses on the underlying exposures, will depend on actual market conditions during the remaining life of the instruments.
The Company generally enters into master netting arrangements, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. To further limit credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain financial instruments fluctuates from contractually established thresholds. The Company presents its derivative assets and derivative liabilities at their gross fair values in its Condensed Consolidated Balance Sheets. As of June 26, 2021 and September 26, 2020, the net cash collateral received by the Company related to derivative instruments under its collateral security arrangements was $576 million and $875 million, respectively. The Company includes gross collateral posted and received in other current assets and other current liabilities in the Condensed Consolidated Balance Sheets, respectively.
Under master netting arrangements with the respective counterparties to the Company’s derivative contracts, the Company is allowed to net settle transactions with a single net amount payable by one party to the other. As of June 26, 2021 and September 26, 2020, 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 $2.2 billion and $2.8 billion, respectively, resulting in a net derivative asset of $6 million and a net derivative liability of $312 million, respectively.
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.
As of both June 26, 2021 and September 26, 2020, the Company had no customers that individually represented 10% or more of total trade receivables. The Company’s cellular network carriers accounted for 36% of total trade receivables as of June 26, 2021.
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 sub-assemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. As of June 26, 2021, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 56% and 13%. As of September 26, 2020, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 57% and 11%.
v3.21.2
Condensed Consolidated Financial Statement Details
 9 Months Ended
Jun. 26, 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 June 26, 2021 and September 26, 2020 (in millions):
Property, Plant and Equipment, Net
June 26,
2021		September 26,
2020
Land and buildings$19,149 $17,952 
Machinery, equipment and internal-use software78,981 75,291 
Leasehold improvements10,727 10,283 
Gross property, plant and equipment108,857 103,526 
Accumulated depreciation and amortization(70,242)(66,760)
Total property, plant and equipment, net$38,615 $36,766 
Other Non-Current Liabilities
June 26,
2021		September 26,
2020
Long-term taxes payable$24,923 $28,170 
Other non-current liabilities27,131 26,320 
Total other non-current liabilities$52,054 $54,490 
Other Income/(Expense), Net
The following table shows the detail of OI&E for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Interest and dividend income$719 $901 $2,184 $2,995 
Interest expense(665)(697)(1,973)(2,239)
Other income/(expense), net189 (158)585 (79)
Total other income/(expense), net$243 $46 $796 $677 
v3.21.2
Income Taxes
 9 Months Ended
Jun. 26, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Uncertain Tax Positions
As of June 26, 2021, the total amount of gross unrecognized tax benefits was $16.8 billion, of which $7.6 billion, if recognized, would impact the Company’s effective tax rate. The Company had accrued $1.6 billion of gross interest and penalties related to income tax matters as of June 26, 2021.
The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction and many state and foreign jurisdictions. Tax years after 2015 for the U.S. federal jurisdiction, and after 2014 in certain major foreign jurisdictions, remain subject to examination. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax examinations cannot be predicted with certainty. If any issues addressed in the Company’s tax examinations are resolved in a manner inconsistent with its expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. Although the timing of resolution and/or closure of examinations is not certain, the Company believes it is reasonably possible that its gross unrecognized tax benefits could decrease in the next 12 months by as much as $2.4 billion.
European Commission State Aid Decision
On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated the application of the tax opinions from that date forward. The recovery amount was calculated to be €13.1 billion, plus interest of €1.2 billion. The Company and Ireland appealed the State Aid Decision to the General Court of the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled the State Aid Decision. On September 25, 2020, the European Commission appealed the General Court’s decision to the European Court of Justice. The Company believes that any incremental Irish corporate income taxes potentially due related to the State Aid Decision would be creditable against U.S. taxes, subject to any foreign tax credit limitations in the U.S. Tax Cuts and Jobs Act of 2017.
On an annual basis, the Company may request approval from the Irish Minister for Finance to reduce the recovery amount for certain taxes paid to other countries. As of June 26, 2021, the adjusted recovery amount was €12.7 billion, excluding interest. The adjusted recovery amount plus interest is funded into escrow, where it will remain restricted from general use pending the conclusion of all legal proceedings. Refer to the Cash, Cash Equivalents and Marketable Securities section of Note 3, “Financial Instruments” for more information.
v3.21.2
Debt
 9 Months Ended
Jun. 26, 2021
Debt Disclosure [Abstract]  
Debt 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 June 26, 2021 and September 26, 2020, the Company had $8.0 billion and $5.0 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 0.04% and 0.62% as of June 26, 2021 and September 26, 2020, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the nine months ended June 26, 2021 and June 27, 2020 (in millions):
Nine Months Ended
June 26,
2021		June 27,
2020
Maturities 90 days or less:
Proceeds from commercial paper, net$2,745 $401 
Maturities greater than 90 days:
Proceeds from commercial paper3,993 5,373 
Repayments of commercial paper(3,716)(5,743)
Proceeds from/(Repayments of) commercial paper, net277 (370)
Total proceeds from commercial paper, net$3,022 $31 
In 2020, the Company entered into agreements to sell certain of its marketable securities with a promise to repurchase the securities at a specified time and amount (“Repos”). Due to the Company’s continuing involvement with the marketable securities, the Company accounted for its Repos as collateralized borrowings. As of September 26, 2020, the Repos had been settled.
Term Debt
As of June 26, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate principal amount of $113.2 billion (collectively the “Notes”). The Notes are senior unsecured obligations and interest is payable in arrears. The following table provides a summary of the Company’s term debt as of June 26, 2021 and September 26, 2020:
Maturities
(calendar year)
June 26, 2021September 26, 2020
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2020 debt issuances:
Floating-rate notes
2022
$1,750 
0.51% – 0.66%
$2,250 
0.60% – 1.39%
Fixed-rate 0.000% – 4.650% notes
2021 – 2060
97,443 
0.03% – 4.78%
103,828 
0.03% – 4.78%
2021 debt issuance:
Fixed-rate 0.700% – 2.800% notes
2026 – 2061
14,000 
0.75% – 2.81%
— — %
Total term debt113,193 106,078 
Unamortized premium/(discount) and issuance costs, net
(360)(314)
Hedge accounting fair value adjustments958 1,676 
Less: Current portion of term debt(8,039)(8,773)
Total non-current portion of term debt$105,752 $98,667 
To manage interest rate risk on certain of its U.S. dollar–denominated fixed- or floating-rate notes, the Company has entered into interest rate swaps to effectively convert the fixed interest rates to floating interest rates or the floating interest rates to fixed interest rates on a portion of these notes. Additionally, to manage foreign currency risk on certain 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 $657 million and $1.9 billion of interest cost on its term debt for the three- and nine-month periods ended June 26, 2021, respectively. The Company recognized $664 million and $2.1 billion of interest cost on its term debt for the three- and nine-month periods ended June 27, 2020, respectively.
As of June 26, 2021 and September 26, 2020, the fair value of the Company’s Notes, based on Level 2 inputs, was $120.3 billion and $117.1 billion, respectively.
v3.21.2
Shareholders' Equity
 9 Months Ended
Jun. 26, 2021
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
As of June 26, 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 nine months ended June 26, 2021, the Company repurchased 515 million shares of its common stock for $65.5 billion, including 32 million shares initially delivered under a May 2021 accelerated share repurchase agreement (“ASR”), bringing the total utilization under the Program to $234.1 billion. 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 (the “Exchange Act”).
Under the terms of the Company’s May 2021 ASR, a financial institution committed to deliver shares of the Company’s common stock during the purchase period in exchange for an up-front payment of $5.0 billion. The total number of shares ultimately delivered under the ASR, 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 ASR’s purchase period, which will end in or before August 2021. The shares received are retired in the periods they are delivered, and the up-front payment is accounted for as a reduction to retained earnings in the Company’s Condensed Consolidated Statement of Shareholders’ Equity in the period the payment is made.
v3.21.2
Comprehensive Income
 9 Months Ended
Jun. 26, 2021
Equity [Abstract]  
Comprehensive Income Comprehensive Income
The Company’s OCI consists of foreign currency translation adjustments from those subsidiaries not using the U.S. dollar as their functional currency, net deferred gains and losses on certain derivative instruments accounted for as hedges, and unrealized gains and losses on marketable debt securities classified as available-for-sale.
The following table shows the pre-tax amounts reclassified from AOCI into the Condensed Consolidated Statements of Operations, and the associated financial statement line items, for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
Comprehensive Income ComponentsFinancial Statement Line ItemsJune 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Unrealized (gains)/losses on derivative instruments:
Foreign exchange contractsTotal net sales$60 $(270)$478 $(333)
Total cost of sales101 (362)752 (521)
Other income/(expense), net(155)(760)(590)(212)
Interest rate contractsOther income/(expense), net1 3 6 6 
7 (1,389)646 (1,060)
Unrealized (gains)/losses on marketable debt securities
Other income/(expense), net(70)(14)(284)10 
Total amounts reclassified from AOCI$(63)$(1,403)$362 $(1,050)
The following table shows the changes in AOCI by component for the nine months ended June 26, 2021 (in millions):
Cumulative Foreign
Currency Translation		Unrealized Gains/Losses
on Derivative Instruments		Unrealized Gains/Losses
on Marketable Debt Securities		Total
Balances as of September 26, 2020$(1,375)$(877)$1,846 $(406)
Other comprehensive income/(loss) before reclassifications
659 81 (783)(43)
Amounts reclassified from AOCI— 646 (284)362 
Tax effect— (130)275 145 
Other comprehensive income/(loss)659 597 (792)464 
Balances as of June 26, 2021$(716)$(280)$1,054 $58 
v3.21.2
Benefit Plans
 9 Months Ended
Jun. 26, 2021
Share-based Payment Arrangement [Abstract]  
Benefit Plans Benefit Plans
Stock Plans
The Company had 757 million shares reserved for future issuance under its stock plans as of June 26, 2021. RSUs granted under the Company’s stock plans generally vest over four years, based 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 Company’s stock plans reduce the number of shares available for grant under the plans 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 plans utilizing a factor of two times the number of RSUs canceled or shares withheld.
Rule 10b5-1 Trading Plans
During the three months ended June 26, 2021, Section 16 officers Katherine L. Adams, Timothy D. Cook, Luca Maestri, Deirdre O’Brien and Jeffrey Williams 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 pre-establishes the amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, including shares acquired under the Company’s employee and director equity plans.
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the nine months ended June 26, 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 26, 2020310,778 $51.58 
RSUs granted85,052 $114.68 
RSUs vested(134,462)$51.59 
RSUs canceled(10,396)$67.08 
Balance as of June 26, 2021250,972 $72.31 $33,407 
The fair value as of the respective vesting dates of RSUs was $7.9 billion and $17.3 billion for the three- and nine-month periods ended June 26, 2021, respectively, and was $5.0 billion and $9.8 billion for the three- and nine-month periods ended June 27, 2020, respectively.
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- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Share-based compensation expense$1,960 $1,698 $5,961 $5,105 
Income tax benefit related to share-based compensation expense
$(1,319)$(740)$(3,518)$(1,942)
As of June 26, 2021, the total unrecognized compensation cost related to outstanding RSUs and stock options was $15.3 billion, which the Company expects to recognize over a weighted-average period of 2.7 years.
v3.21.2
Commitments and Contingencies
 9 Months Ended
Jun. 26, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Accrued Warranty and Guarantees
The following table shows changes in the Company’s accrued warranties and related costs for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Beginning accrued warranty and related costs$3,784 $3,923 $3,354 $3,570 
Cost of warranty claims(636)(576)(2,008)(2,180)
Accruals for product warranty384 557 2,186 2,514 
Ending accrued warranty and related costs$3,532 $3,904 $3,532 $3,904 
The Company offers an iPhone Upgrade Program, which is available to customers who purchase a qualifying iPhone in the U.S., the U.K. and China mainland. The iPhone Upgrade Program provides customers the right to trade in that iPhone for a specified amount when purchasing a new iPhone, provided certain conditions are met. The Company accounts for the trade-in right as a guarantee liability and recognizes arrangement revenue net of the fair value of such right, with subsequent changes to the guarantee liability recognized within net sales.
Concentrations in the Available Sources of Supply of Materials and Product
Although most components essential to the Company’s business are generally available from multiple sources, certain components are currently obtained from single or limited sources. The Company also competes for various components with other participants in the markets for smartphones, personal computers, tablets and other electronic devices. Therefore, many components used by the Company, including those that are available from multiple sources, are at times subject to industry-wide shortage and significant commodity pricing fluctuations.
The Company uses some custom components that are not commonly used by its competitors, and new products introduced by the Company 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, may be affected if suppliers decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements.
The Company has entered into agreements for the supply of many components; however, there can be no guarantee that the Company will be able to extend or renew these agreements on similar terms, or at all.
Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are located primarily in Asia, with some Mac computers manufactured in the U.S. and Ireland.
Unconditional Purchase Obligations
The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of payments for content creation, Internet and telecommunications services and supplier arrangements. As of June 26, 2021, the Company’s total future payments under noncancelable unconditional purchase obligations having a remaining term in excess of one year were $8.8 billion.
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. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially adversely affected. 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, except for the following matters:
VirnetX
VirnetX, Inc. (“VirnetX”) filed a lawsuit against the Company alleging that certain of the Company’s products infringe on patents owned by VirnetX. On April 11, 2018, a jury returned a verdict against the Company in the U.S. District Court for the Eastern District of Texas (the “Eastern Texas District Court”). The Company appealed the verdict to the U.S. Court of Appeals for the Federal Circuit, which remanded the case back to the Eastern Texas District Court, where a re-trial was held in October 2020. The jury returned a verdict against the Company and awarded damages of $503 million, which the Company has appealed. The Company has challenged the validity of the patents at issue in the re-trial at the U.S. Patent and Trademark Office (the “PTO”), and the PTO has declared the patents invalid, subject to further appeal by VirnetX.
iOS Performance Management Cases
On April 5, 2018, several U.S. federal actions alleging violation of consumer protection laws, fraud, computer intrusion and other causes of action related to the Company’s performance management feature used in its iPhone operating systems, introduced to certain iPhones in iOS updates 10.2.1 and 11.2, were consolidated through a Multidistrict Litigation process into a single action in the U.S. District Court for the Northern District of California (the “Northern California District Court”). On February 28, 2020, the parties in the Multidistrict Litigation reached a settlement to resolve the U.S. federal and California state class actions. On March 18, 2021, the Northern California District Court granted final approval of the Multidistrict Litigation settlement, which will result in an aggregate payment of $310 million to settle all claims. The Company continues to believe that its iPhones were not defective, that the performance management feature introduced with iOS updates 10.2.1 and 11.2 was intended to, and did, improve customers’ user experience, and that the Company did not make any misleading statements or fail to disclose any material information.
French Competition Authority
On March 16, 2020, the French Competition Authority (“FCA”) announced its decision that aspects of the Company’s sales and distribution practices in France violate French competition law and issued a fine of €1.1 billion. The Company strongly disagrees with the FCA’s decision and has appealed.
Optis
Optis Wireless Technology, LLC and related entities (“Optis”) filed a lawsuit in the U.S. District Court for the Eastern District of Texas against the Company alleging that certain of the Company’s products infringe on patents owned by Optis. On August 11, 2020, a jury returned a verdict against the Company and awarded damages of $506 million. In post-trial proceedings, the damages portion of the verdict was set aside, and a retrial was scheduled for August 2021. The case remains pending further proceedings.
v3.21.2
Segment Information and Geographic Data
 9 Months Ended
Jun. 26, 2021
Segment Reporting [Abstract]  
Segment Information and Geographic Data Segment Information and Geographic Data
The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments.
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company’s customers and distribution partners and the unique market dynamics of each geographic region. The accounting policies of the various segments are the same as those described in Note 1, “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in Part II, Item 8 of the 2020 Form 10-K.
The Company evaluates the performance of its reportable segments based on net sales and operating income. Net sales for geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in those geographic locations. Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. 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, 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 management reporting purposes.
The following table shows information by reportable segment for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Americas:
Net sales$35,870 $27,018 $116,486 $93,858 
Operating income$12,916 $7,974 $40,751 $28,327 
Europe:
Net sales$18,943 $14,173 $68,513 $51,740 
Operating income$7,085 $4,420 $24,939 $16,667 
Greater China:
Net sales$14,762 $9,329 $53,803 $32,362 
Operating income$6,303 $3,414 $22,591 $12,535 
Japan:
Net sales$6,464 $4,966 $22,491 $16,395 
Operating income$3,031 $2,114 $9,962 $7,128 
Rest of Asia Pacific:
Net sales$5,395 $4,199 $21,164 $15,462 
Operating income$2,116 $1,374 $7,805 $5,395 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 is as follows (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Segment operating income$31,451 $19,296 $106,048 $70,052 
Research and development expense(5,717)(4,758)(16,142)(13,774)
Other corporate expenses, net(1,608)(1,447)(4,743)(4,765)
Total operating income$24,126 $13,091 $85,163 $51,513 
v3.21.2
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Jun. 26, 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 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 26, 2020 (the “2020 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 2021 and 2020 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.
Common Stock Split
Common Stock Split
On August 28, 2020, the Company effected a four-for-one stock split to shareholders of record as of August 24, 2020. All share, restricted stock unit (“RSU”) and per share or per RSU information has been retroactively adjusted to reflect the stock split.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
Financial Instruments – Credit Losses
At the beginning of the first quarter of 2021, the Company adopted the Financial Accounting Standards Board’s Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which modifies the measurement of expected credit losses on certain financial instruments. The Company adopted ASU 2016-13 utilizing the modified retrospective transition method. The adoption of ASU 2016-13 did not have a material impact on the Company’s condensed consolidated financial statements.
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 ownership of products or services are transferred to its customers. For most of the Company’s Products net sales, control transfers when products are shipped. For the Company’s Services net sales, control transfers over time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer of control or commencement of delivery of services, as applicable.
The Company records reductions to Products net sales related to future product returns, price protection and other customer incentive programs based on the Company’s expectations and historical experience.
For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, product-specific business objectives and the estimated cost to provide the performance obligation.
The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, Mac, iPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated sales price, is the hardware and bundled software delivered at the time of sale. The second performance obligation is the right to receive certain product-related bundled services, which include iCloud®, Siri® and Maps. The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is based on the Company’s estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled software, including estimated warranty costs, are recognized at the time of sale. Costs incurred to provide product-related bundled services and unspecified software upgrade rights are recognized as cost of sales as incurred.
For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. For these arrangements, the Company does not have a right to bill for the undelivered services. The Company has determined that any unbilled consideration relates entirely to the value of the undelivered services. Accordingly, the Company has not recognized revenue, and has elected not to disclose amounts, related to these undelivered services.
For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when determining whether it obtains control of third-party products including, but not limited to, evaluating if it can establish the price of the product, retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party applications sold through the App Store® and certain digital content sold through the Company’s other digital content stores, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in Services net sales only the commission it retains.
The Company has elected to record revenue net of taxes collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current liabilities until remitted to the relevant government authority.
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.
Derivative Financial Instruments
Derivative Financial Instruments
The Company may use derivatives to partially offset its business exposure to foreign currency and interest rate risk on expected future cash flows, net investments in certain foreign subsidiaries, and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, 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 currency exchange or interest rates.
To protect gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s subsidiaries whose functional currency is the U.S. dollar may hedge a portion of forecasted foreign currency revenue, and subsidiaries whose functional currency is not the U.S. dollar may hedge a portion of forecasted inventory purchases not denominated in the subsidiaries’ functional currencies. The Company may enter into forward contracts, option contracts or other instruments to manage this risk 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 net investment in a foreign operation from fluctuations in foreign currency exchange rates, the Company may enter into foreign currency forward and option contracts to offset a portion of the changes in the carrying amounts of these investments due to fluctuations in foreign currency exchange rates. In addition, the Company may use non-derivative financial instruments, such as its foreign currency–denominated debt, as hedges of its net investments in certain foreign subsidiaries. In both of these cases, the Company designates these instruments as net investment hedges.
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. These instruments may offset a portion of the foreign currency remeasurement gains or losses, or changes in fair value. The Company may designate these instruments as either cash flow or fair value hedges. As of June 26, 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 non-designated foreign currency contracts 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.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. These instruments may offset a portion of the changes in interest income or expense, or changes in fair value. The Company designates these instruments as either cash flow or fair value hedges. As of June 26, 2021, the Company’s hedged interest rate transactions are expected to be recognized within six years.
Cash Flow Hedges
Cash flow hedge amounts that are included in the assessment of hedge effectiveness are deferred in accumulated other comprehensive income/(loss) (“AOCI”) until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of net sales in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of inventory purchases are recognized as a component of cost of sales in the same period as the related costs are recognized. Deferred gains and losses associated with cash flow hedges of interest income or expense are recognized in other income/(expense), net (“OI&E”) in the same period as the related income or expense is recognized. For options designated as cash flow hedges, the time value is excluded from the assessment of hedge effectiveness and recognized in the financial statement line item to which the hedge relates on a straight-line basis over the life of the hedge. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in other comprehensive income/(loss) (“OCI”).
Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into OI&E in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are reflected in OI&E unless they are re-designated as hedges of other transactions.
Net Investment Hedges
Net investment hedge amounts that are included in the assessment of hedge effectiveness are recorded in OCI as a part of the cumulative translation adjustment. For foreign exchange forward contracts designated as net investment hedges, the forward carry component is excluded from the assessment of hedge effectiveness and recognized in OCI on a straight-line basis over the life of the hedge. Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in OCI.
Fair Value Hedges
Fair value hedge gains and losses related to amounts that are included in the assessment of hedge effectiveness are recognized in earnings along with a corresponding loss or gain related to the change in value of the hedged item in the same line in the Condensed Consolidated Statements of Operations. For foreign exchange forward contracts designated as fair value hedges, the forward carry component is excluded from the assessment of hedge effectiveness and recognized in OI&E on a straight-line basis over the life of the hedge.Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in OCI.
Non-Designated Derivatives
Derivatives that are not designated as hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.
The Company records all derivatives in the Condensed Consolidated Balance Sheets at fair value. The Company’s accounting treatment for these derivative instruments is based on its hedge designation.The Company classifies cash flows related to derivative financial instruments as operating activities in its Condensed Consolidated Statements of Cash Flows.
Segment Reporting
The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company’s reportable segments.
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company’s customers and distribution partners and the unique market dynamics of each geographic region. The accounting policies of the various segments are the same as those described in Note 1, “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in Part II, Item 8 of the 2020 Form 10-K.
The Company evaluates the performance of its reportable segments based on net sales and operating income. Net sales for geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in those geographic locations. Operating income for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Advertising expenses are generally included in the geographic segment in which the expenditures are incurred. 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, 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 management reporting purposes.
v3.21.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Jun. 26, 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- and nine-month periods ended June 26, 2021 and June 27, 2020 (net income in millions and shares in thousands):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Numerator:
Net income$21,744 $11,253 $74,129 $44,738 
Denominator:
Weighted-average basic shares outstanding16,629,371 17,250,291 16,772,656 17,450,284 
Effect of dilutive securities152,364 168,863 168,871 168,494 
Weighted-average diluted shares16,781,735 17,419,154 16,941,527 17,618,778 
Basic earnings per share$1.31 $0.65 $4.42 $2.56 
Diluted earnings per share$1.30 $0.65 $4.38 $2.54 
v3.21.2
Revenue Recognition (Tables)
 9 Months Ended
Jun. 26, 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- and nine-month periods ended June 26, 2021 and June 27, 2020 were as follows (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
iPhone (1)
$39,570 $26,418 $153,105 $111,337 
Mac (1)
8,235 7,079 26,012 19,590 
iPad (1)
7,368 6,582 23,610 16,927 
Wearables, Home and Accessories (1)(2)
8,775 6,450 29,582 22,744 
Services (3)
17,486 13,156 50,148 39,219 
Total net sales (4)
$81,434 $59,685 $282,457 $209,817 
(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®, iPod touch® and Apple-branded and third-party accessories.
(3)Services net sales include sales from the Company’s advertising, AppleCare®, digital content and other services. Services net sales also include amortization of the deferred value of Maps, Siri, and free iCloud storage and Apple TV+SM services, which are bundled in the sales price of certain products.
(4)Includes $3.0 billion of revenue recognized in the three months ended June 26, 2021 that was included in deferred revenue as of March 27, 2021, $2.1 billion of revenue recognized in the three months ended June 27, 2020 that was included in deferred revenue as of March 28, 2020, $5.5 billion of revenue recognized in the nine months ended June 26, 2021 that was included in deferred revenue as of September 26, 2020, and $4.0 billion of revenue recognized in the nine months ended June 27, 2020 that was included in deferred revenue as of September 28, 2019.
v3.21.2
Financial Instruments (Tables)
 9 Months Ended
Jun. 26, 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 June 26, 2021 and September 26, 2020 (in millions):
June 26, 2021
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$14,853 $— $— $14,853 $14,853 $— $— 
Level 1 (1):
Money market funds9,568 — — 9,568 9,568 — — 
Mutual funds159 8 — 167 — 167 — 
Subtotal9,727 8 — 9,735 9,568 167 — 
Level 2 (2):
U.S. Treasury securities22,582 133 (112)22,603 1,602 8,083 12,918 
U.S. agency securities7,542 3 (69)7,476 410 1,781 5,285 
Non-U.S. government securities20,007 252 (92)20,167 118 3,537 16,512 
Certificates of deposit and time deposits
7,099 — — 7,099 6,362 466 271 
Commercial paper2,056 — — 2,056 1,137 919 — 
Corporate debt securities85,221 1,444 (276)86,389 — 11,903 74,486 
Municipal securities984 15 — 999 — 128 871 
Mortgage- and asset-backed securities
22,233 191 (157)22,267 — 662 21,605 
Subtotal167,724 2,038 (706)169,056 9,629 27,479 131,948 
Total (3)
$192,304 $2,046 $(706)$193,644 $34,050 $27,646 $131,948 
September 26, 2020
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$17,773 $— $— $17,773 $17,773 $— $— 
Level 1 (1): Money market funds
2,171 — — 2,171 2,171 — — 
Level 2 (2):
U.S. Treasury securities28,439 331 — 28,770 8,580 11,972 8,218 
U.S. agency securities8,604 8 — 8,612 2,009 3,078 3,525 
Non-U.S. government securities19,361 275 (186)19,450 255 3,329 15,866 
Certificates of deposit and time deposits
10,399 — — 10,399 4,043 6,246 110 
Commercial paper11,226 — — 11,226 3,185 8,041 — 
Corporate debt securities76,937 1,834 (175)78,596 — 19,687 58,909 
Municipal securities1,001 22 — 1,023 — 139 884 
Mortgage- and asset-backed securities
13,520 314 (24)13,810 — 435 13,375 
Subtotal169,487 2,784 (385)171,886 18,072 52,927 100,887 
Total (3)
$189,431 $2,784 $(385)$191,830 $38,016 $52,927 $100,887 
(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 June 26, 2021 and September 26, 2020, total marketable securities included $18.9 billion and $18.6 billion, respectively, that was restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) 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 June 26, 2021 (in millions):
Due after 1 year through 5 years$83,577 
Due after 5 years through 10 years26,324 
Due after 10 years22,047 
Total fair value$131,948 
Cash, Cash Equivalents and Restricted Cash Reconciliation
A reconciliation of the Company’s cash and cash equivalents in the Condensed Consolidated Balance Sheets to cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows as of June 26, 2021 and September 26, 2020 is as follows (in millions):
June 26,
2021		September 26,
2020
Cash and cash equivalents$34,050 $38,016 
Restricted cash1,226 1,773 
Cash, cash equivalents and restricted cash$35,276 $39,789 
Derivative Instruments at Gross Fair Value The following tables show the Company’s derivative instruments at gross fair value as of June 26, 2021 and September 26, 2020 (in millions):
June 26, 2021
Fair Value of
Derivatives Designated
as Hedge Instruments		Fair Value of
Derivatives Not Designated
as Hedge Instruments		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$700 $510 $1,210 
Interest rate contracts$891 $— $891 
Derivative liabilities (2):
Foreign exchange contracts$918 $601 $1,519 
September 26, 2020
Fair Value of
Derivatives Designated
as Hedge Instruments		Fair Value of
Derivatives Not Designated
as Hedge Instruments		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$749 $303 $1,052 
Interest rate contracts$1,557 $— $1,557 
Derivative liabilities (2):
Foreign exchange contracts$1,561 $485 $2,046 
(1)The fair value of derivative assets is measured using Level 2 fair value inputs and is included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets.
(2)The fair value of derivative liabilities is measured using Level 2 fair value inputs and is included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets.
Pre-Tax Gains and Losses of Derivative and Non-Derivative Instruments Designated as Cash Flow and Net Investment Hedges
The following table shows the pre-tax gains and losses of the Company’s derivative and non-derivative instruments designated as cash flow and net investment hedges in OCI and the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Gains/(Losses) recognized in OCI – included in effectiveness assessment:
Cash flow hedges:
Foreign exchange contracts$(87)$366 $60 $175 
Interest rate contracts— (6)93 (72)
Total$(87)$360 $153 $103 
Net investment hedges:
Foreign currency debt$— $(20)$— $15 
Gains/(Losses) reclassified from AOCI into net income – included in effectiveness assessment:
Cash flow hedges:
Foreign exchange contracts$9 $1,389 $(562)$1,063 
Interest rate contracts(1)(3)(6)(6)
Total$8 $1,386 $(568)$1,057 
Derivative Instruments Designated as Fair Value Hedges and the Related Hedged Items
The following tables show information about the Company’s derivative instruments designated as fair value hedges and the related hedged items for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 and as of June 26, 2021 and September 26, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Gains/(Losses) on derivative instruments (1):
Foreign exchange contracts$(130)$(675)$(313)$(422)
Interest rate contracts(32)57 (650)1,185 
Total$(162)$(618)$(963)$763 
Gains/(Losses) related to hedged items (1):
Marketable securities$130 $675 $313 $422 
Fixed-rate debt32 (57)650 (1,185)
Total$162 $618 $963 $(763)
June 26,
2021		September 26,
2020
Carrying amounts of hedged assets/(liabilities):
Marketable securities (2)
$16,254 $16,270 
Fixed-rate debt (3)
$(18,384)$(21,033)
Cumulative hedging adjustments included in the carrying amounts of hedged items:
Marketable securities carrying amount increases/(decreases)$538 $493 
Fixed-rate debt carrying amount (increases)/decreases$(891)$(1,541)
(1)Gains and losses related to fair value hedges are included in OI&E in the Condensed Consolidated Statements of Operations.
(2)The carrying amounts of marketable securities that are designated as hedged items in fair value hedges are included in current marketable securities and non-current marketable securities in the Condensed Consolidated Balance Sheets
(3)The carrying amounts of fixed-rate debt instruments that are designated as hedged items in fair value hedges are included in current term debt and non-current term debt in the Condensed Consolidated Balance Sheets.
Notional Amounts of Outstanding Derivative Instruments and Credit Risk Amounts Associated with Outstanding or Unsettled Derivative Instruments
The following table shows the notional amounts of the Company’s outstanding derivative instruments and credit risk amounts associated with outstanding or unsettled derivative instruments as of June 26, 2021 and September 26, 2020 (in millions):
June 26, 2021September 26, 2020
Notional
Amount		Credit Risk
Amount		Notional
Amount		Credit Risk
Amount
Instruments designated as accounting hedges:
Foreign exchange contracts$53,914 $700 $57,410 $749 
Interest rate contracts$17,500 $891 $20,700 $1,557 
Instruments not designated as accounting hedges:
Foreign exchange contracts$95,910 $510 $88,636 $303 
v3.21.2
Condensed Consolidated Financial Statement Details (Tables)
 9 Months Ended
Jun. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
June 26,
2021		September 26,
2020
Land and buildings$19,149 $17,952 
Machinery, equipment and internal-use software78,981 75,291 
Leasehold improvements10,727 10,283 
Gross property, plant and equipment108,857 103,526 
Accumulated depreciation and amortization(70,242)(66,760)
Total property, plant and equipment, net$38,615 $36,766 
Other Non-Current Liabilities
Other Non-Current Liabilities
June 26,
2021		September 26,
2020
Long-term taxes payable$24,923 $28,170 
Other non-current liabilities27,131 26,320 
Total other non-current liabilities$52,054 $54,490 
Other Income/(Expense), Net
Other Income/(Expense), Net
The following table shows the detail of OI&E for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Interest and dividend income$719 $901 $2,184 $2,995 
Interest expense(665)(697)(1,973)(2,239)
Other income/(expense), net189 (158)585 (79)
Total other income/(expense), net$243 $46 $796 $677 
v3.21.2
Debt (Tables)
 9 Months Ended
Jun. 26, 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 nine months ended June 26, 2021 and June 27, 2020 (in millions):
Nine Months Ended
June 26,
2021		June 27,
2020
Maturities 90 days or less:
Proceeds from commercial paper, net$2,745 $401 
Maturities greater than 90 days:
Proceeds from commercial paper3,993 5,373 
Repayments of commercial paper(3,716)(5,743)
Proceeds from/(Repayments of) commercial paper, net277 (370)
Total proceeds from commercial paper, net$3,022 $31 
Summary of Term Debt The following table provides a summary of the Company’s term debt as of June 26, 2021 and September 26, 2020:
Maturities
(calendar year)
June 26, 2021September 26, 2020
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2020 debt issuances:
Floating-rate notes
2022
$1,750 
0.51% – 0.66%
$2,250 
0.60% – 1.39%
Fixed-rate 0.000% – 4.650% notes
2021 – 2060
97,443 
0.03% – 4.78%
103,828 
0.03% – 4.78%
2021 debt issuance:
Fixed-rate 0.700% – 2.800% notes
2026 – 2061
14,000 
0.75% – 2.81%
— — %
Total term debt113,193 106,078 
Unamortized premium/(discount) and issuance costs, net
(360)(314)
Hedge accounting fair value adjustments958 1,676 
Less: Current portion of term debt(8,039)(8,773)
Total non-current portion of term debt$105,752 $98,667 
v3.21.2
Comprehensive Income (Tables)
 9 Months Ended
Jun. 26, 2021
Equity [Abstract]  
Pre-Tax Amounts Reclassified from AOCI into the Condensed Consolidated Statements of Operations
The following table shows the pre-tax amounts reclassified from AOCI into the Condensed Consolidated Statements of Operations, and the associated financial statement line items, for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
Comprehensive Income ComponentsFinancial Statement Line ItemsJune 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Unrealized (gains)/losses on derivative instruments:
Foreign exchange contractsTotal net sales$60 $(270)$478 $(333)
Total cost of sales101 (362)752 (521)
Other income/(expense), net(155)(760)(590)(212)
Interest rate contractsOther income/(expense), net1 3 6 6 
7 (1,389)646 (1,060)
Unrealized (gains)/losses on marketable debt securities
Other income/(expense), net(70)(14)(284)10 
Total amounts reclassified from AOCI$(63)$(1,403)$362 $(1,050)
Changes in AOCI by Component
The following table shows the changes in AOCI by component for the nine months ended June 26, 2021 (in millions):
Cumulative Foreign
Currency Translation		Unrealized Gains/Losses
on Derivative Instruments		Unrealized Gains/Losses
on Marketable Debt Securities		Total
Balances as of September 26, 2020$(1,375)$(877)$1,846 $(406)
Other comprehensive income/(loss) before reclassifications
659 81 (783)(43)
Amounts reclassified from AOCI— 646 (284)362 
Tax effect— (130)275 145 
Other comprehensive income/(loss)659 597 (792)464 
Balances as of June 26, 2021$(716)$(280)$1,054 $58 
v3.21.2
Benefit Plans (Tables)
 9 Months Ended
Jun. 26, 2021
Share-based Payment Arrangement [Abstract]  
Restricted Stock Unit Activity
A summary of the Company’s RSU activity and related information for the nine months ended June 26, 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 26, 2020310,778 $51.58 
RSUs granted85,052 $114.68 
RSUs vested(134,462)$51.59 
RSUs canceled(10,396)$67.08 
Balance as of June 26, 2021250,972 $72.31 $33,407 
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- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Share-based compensation expense$1,960 $1,698 $5,961 $5,105 
Income tax benefit related to share-based compensation expense
$(1,319)$(740)$(3,518)$(1,942)
v3.21.2
Commitments and Contingencies (Tables)
 9 Months Ended
Jun. 26, 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- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Beginning accrued warranty and related costs$3,784 $3,923 $3,354 $3,570 
Cost of warranty claims(636)(576)(2,008)(2,180)
Accruals for product warranty384 557 2,186 2,514 
Ending accrued warranty and related costs$3,532 $3,904 $3,532 $3,904 
v3.21.2
Segment Information and Geographic Data (Tables)
 9 Months Ended
Jun. 26, 2021
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for the three- and nine-month periods ended June 26, 2021 and June 27, 2020 (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Americas:
Net sales$35,870 $27,018 $116,486 $93,858 
Operating income$12,916 $7,974 $40,751 $28,327 
Europe:
Net sales$18,943 $14,173 $68,513 $51,740 
Operating income$7,085 $4,420 $24,939 $16,667 
Greater China:
Net sales$14,762 $9,329 $53,803 $32,362 
Operating income$6,303 $3,414 $22,591 $12,535 
Japan:
Net sales$6,464 $4,966 $22,491 $16,395 
Operating income$3,031 $2,114 $9,962 $7,128 
Rest of Asia Pacific:
Net sales$5,395 $4,199 $21,164 $15,462 
Operating income$2,116 $1,374 $7,805 $5,395 
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- and nine-month periods ended June 26, 2021 and June 27, 2020 is as follows (in millions):
Three Months EndedNine Months Ended
June 26,
2021		June 27,
2020		June 26,
2021		June 27,
2020
Segment operating income$31,451 $19,296 $106,048 $70,052 
Research and development expense(5,717)(4,758)(16,142)(13,774)
Other corporate expenses, net(1,608)(1,447)(4,743)(4,765)
Total operating income$24,126 $13,091 $85,163 $51,513 
v3.21.2
Summary of Significant Accounting Policies - Additional Information (Details)
Aug. 28, 2020
Significant Accounting Policies [Line Items]  
Common stock split ratio 4
v3.21.2
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Numerator:        
Net income $ 21,744 $ 11,253 $ 74,129 $ 44,738
Denominator:        
Weighted-average basic shares outstanding (in shares) 16,629,371 17,250,291 16,772,656 17,450,284
Effect of dilutive securities (in shares) 152,364 168,863 168,871 168,494
Weighted-average diluted shares (in shares) 16,781,735 17,419,154 16,941,527 17,618,778
Basic earnings per share (in dollars per share) $ 1.31 $ 0.65 $ 4.42 $ 2.56
Diluted earnings per share (in dollars per share) $ 1.30 $ 0.65 $ 4.38 $ 2.54
v3.21.2
Revenue Recognition - Additional Information (Details)
$ in Billions
Jun. 26, 2021
USD ($)
obligation
Sep. 26, 2020
USD ($)
Revenue from Contract with Customer [Abstract]    
Performance obligations in arrangements (up to) | obligation 3  
Total deferred revenue | $ $ 12.0 $ 10.2
v3.21.2
Revenue Recognition - Deferred Revenue, Expected Timing of Realization (Details)
Jun. 26, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-06-27  
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]: 2022-06-26  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 26.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-02  
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]: 2024-06-30  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 2.00%
Deferred revenue, expected timing of realization, period
v3.21.2
Revenue Recognition - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Disaggregation of Revenue [Line Items]        
Net sales $ 81,434 $ 59,685 $ 282,457 $ 209,817
Revenue recognized that was included in deferred revenue at the beginning of the period 3,000 2,100 5,500 4,000
iPhone        
Disaggregation of Revenue [Line Items]        
Net sales 39,570 26,418 153,105 111,337
Mac        
Disaggregation of Revenue [Line Items]        
Net sales 8,235 7,079 26,012 19,590
iPad        
Disaggregation of Revenue [Line Items]        
Net sales 7,368 6,582 23,610 16,927
Wearables, Home and Accessories        
Disaggregation of Revenue [Line Items]        
Net sales 8,775 6,450 29,582 22,744
Services        
Disaggregation of Revenue [Line Items]        
Net sales $ 17,486 $ 13,156 $ 50,148 $ 39,219
v3.21.2
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Jun. 26, 2021
Sep. 26, 2020
Debt Securities, Available-for-sale [Line Items]    
Cash and Cash Equivalents $ 34,050 $ 38,016
Current Marketable Securities 27,646 52,927
Non-Current Marketable Securities 131,948 100,887
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost 192,304 189,431
Cash Equivalents and Marketable Securities, Unrealized Gains 2,046 2,784
Cash Equivalents and Marketable Securities, Unrealized Losses 706 385
Cash, Cash Equivalents and Marketable Securities, Fair Value 193,644 191,830
Total marketable securities that were restricted from general use 18,900 18,600
Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 9,727  
Marketable Securities, Equity, Unrealized Gains 8  
Marketable Securities, Equity, Unrealized Losses 0  
Marketable Securities, Equity, Fair Value 9,735  
Cash and Cash Equivalents 9,568  
Current Marketable Securities 167  
Non-Current Marketable Securities 0  
Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 167,724 169,487
Marketable Securities, Debt, Unrealized Gains 2,038 2,784
Marketable Securities, Debt, Unrealized Losses (706) (385)
Marketable Securities, Debt, Fair Value 169,056 171,886
Cash and Cash Equivalents 9,629 18,072
Current Marketable Securities 27,479 52,927
Non-Current Marketable Securities 131,948 100,887
Cash    
Debt Securities, Available-for-sale [Line Items]    
Cash 14,853 17,773
Cash and Cash Equivalents 14,853 17,773
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 9,568 2,171
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 9,568 2,171
Cash and Cash Equivalents 9,568 2,171
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 159  
Marketable Securities, Equity, Unrealized Gains 8  
Marketable Securities, Equity, Unrealized Losses 0  
Marketable Securities, Equity, Fair Value 167  
Cash and Cash Equivalents 0  
Current Marketable Securities 167  
Non-Current Marketable Securities 0  
U.S. Treasury securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 22,582 28,439
Marketable Securities, Debt, Unrealized Gains 133 331
Marketable Securities, Debt, Unrealized Losses (112) 0
Marketable Securities, Debt, Fair Value 22,603 28,770
Cash and Cash Equivalents 1,602 8,580
Current Marketable Securities 8,083 11,972
Non-Current Marketable Securities 12,918 8,218
U.S. agency securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 7,542 8,604
Marketable Securities, Debt, Unrealized Gains 3 8
Marketable Securities, Debt, Unrealized Losses (69) 0
Marketable Securities, Debt, Fair Value 7,476 8,612
Cash and Cash Equivalents 410 2,009
Current Marketable Securities 1,781 3,078
Non-Current Marketable Securities 5,285 3,525
Non-U.S. government securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 20,007 19,361
Marketable Securities, Debt, Unrealized Gains 252 275
Marketable Securities, Debt, Unrealized Losses (92) (186)
Marketable Securities, Debt, Fair Value 20,167 19,450
Cash and Cash Equivalents 118 255
Current Marketable Securities 3,537 3,329
Non-Current Marketable Securities 16,512 15,866
Certificates of deposit and time deposits | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 7,099 10,399
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 7,099 10,399
Cash and Cash Equivalents 6,362 4,043
Current Marketable Securities 466 6,246
Non-Current Marketable Securities 271 110
Commercial paper | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 2,056 11,226
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 2,056 11,226
Cash and Cash Equivalents 1,137 3,185
Current Marketable Securities 919 8,041
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 85,221 76,937
Marketable Securities, Debt, Unrealized Gains 1,444 1,834
Marketable Securities, Debt, Unrealized Losses (276) (175)
Marketable Securities, Debt, Fair Value 86,389 78,596
Cash and Cash Equivalents 0 0
Current Marketable Securities 11,903 19,687
Non-Current Marketable Securities 74,486 58,909
Municipal securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 984 1,001
Marketable Securities, Debt, Unrealized Gains 15 22
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 999 1,023
Cash and Cash Equivalents 0 0
Current Marketable Securities 128 139
Non-Current Marketable Securities 871 884
Mortgage- and asset-backed securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 22,233 13,520
Marketable Securities, Debt, Unrealized Gains 191 314
Marketable Securities, Debt, Unrealized Losses (157) (24)
Marketable Securities, Debt, Fair Value 22,267 13,810
Cash and Cash Equivalents 0 0
Current Marketable Securities 662 435
Non-Current Marketable Securities $ 21,605 $ 13,375
v3.21.2
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details)
$ in Millions
Jun. 26, 2021
USD ($)
Fair value of non-current marketable debt securities by contractual maturity  
Due after 1 year through 5 years $ 83,577
Due after 5 years through 10 years 26,324
Due after 10 years 22,047
Total fair value $ 131,948
v3.21.2
Financial Instruments - Additional Information (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
USD ($)
Vendor
Customer
Dec. 26, 2020
Jun. 27, 2020
USD ($)
Jun. 26, 2021
USD ($)
Vendor
Customer
Jun. 27, 2020
USD ($)
Sep. 26, 2020
USD ($)
Customer
Vendor
Financial Instruments [Line Items]            
Non-marketable equity securities, carrying value $ 2,800     $ 2,800   $ 2,800
Hedged interest rate transactions, expected recognition period       6 years    
Amounts excluded from the effectiveness assessment of fair value hedges and recognized in OI&E, gains/(losses) 57   $ 119 $ 199 $ 373  
Amounts excluded from the effectiveness assessment of the Company’s hedges and recognized in OCI, gains/(losses) 63   $ (220) (34) $ (51)  
Net cash collateral received, derivative instruments 576     576   875
Potential reduction to derivative assets resulting from rights of set-off under master netting arrangements 2,200     2,200   2,800
Potential reduction to derivative liabilities resulting from rights of set-off under master netting arrangements 2,200     2,200   2,800
Net derivative assets/(liabilities) after potential reductions under master netting arrangements $ 6     $ 6   $ (312)
Trade receivables | Credit concentration risk            
Financial Instruments [Line Items]            
Number of customers that individually represented 10% or more of total trade receivables | Customer 0     0   0
Trade receivables | Credit concentration risk | Cellular network carriers            
Financial Instruments [Line Items]            
Concentration risk, percentage       36.00%    
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 | Vendor 2     2   2
Non-trade receivables | Credit concentration risk | Vendor one            
Financial Instruments [Line Items]            
Concentration risk, percentage   57.00%   56.00%    
Non-trade receivables | Credit concentration risk | Vendor two            
Financial Instruments [Line Items]            
Concentration risk, percentage   11.00%   13.00%    
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    
v3.21.2
Financial Instruments - Restricted Cash (Details) - USD ($)
$ in Millions
Jun. 26, 2021
Sep. 26, 2020
Jun. 27, 2020
Sep. 28, 2019
Supplemental Cash Flow Elements [Abstract]        
Cash and cash equivalents $ 34,050 $ 38,016    
Restricted cash $ 1,226 $ 1,773    
Restricted cash and cash equivalents, noncurrent, asset, statement of financial position [Extensible List] Other non-current assets Other non-current assets    
Cash, cash equivalents and restricted cash $ 35,276 $ 39,789 $ 35,039 $ 50,224
v3.21.2
Financial Instruments - Derivative Instruments at Gross Fair Value (Details) - Level 2 - USD ($)
$ in Millions
Jun. 26, 2021
Sep. 26, 2020
Other current assets and other non-current assets | Foreign exchange contracts    
Derivative assets:    
Fair value of derivative assets $ 1,210 $ 1,052
Other current assets and other non-current assets | Interest rate contracts    
Derivative assets:    
Fair value of derivative assets 891 1,557
Other current assets and other non-current assets | Derivatives designated as accounting hedges | Foreign exchange contracts    
Derivative assets:    
Fair value of derivative assets 700 749
Other current assets and other non-current assets | Derivatives designated as accounting hedges | Interest rate contracts    
Derivative assets:    
Fair value of derivative assets 891 1,557
Other current assets and other non-current assets | Derivatives not designated as accounting hedges | Foreign exchange contracts    
Derivative assets:    
Fair value of derivative assets 510 303
Other current assets and other non-current assets | Derivatives not designated as accounting hedges | Interest rate contracts    
Derivative assets:    
Fair value of derivative assets 0 0
Other current liabilities and other non-current liabilities | Foreign exchange contracts    
Derivative liabilities:    
Fair value of derivative liabilities 1,519 2,046
Other current liabilities and other non-current liabilities | Derivatives designated as accounting hedges | Foreign exchange contracts    
Derivative liabilities:    
Fair value of derivative liabilities 918 1,561
Other current liabilities and other non-current liabilities | Derivatives not designated as accounting hedges | Foreign exchange contracts    
Derivative liabilities:    
Fair value of derivative liabilities $ 601 $ 485
v3.21.2
Financial Instruments - Pre-Tax Gains and Losses of Derivative and Non-Derivative Instruments Designated as Cash Flow and Net Investment Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Derivative Instruments, Gain (Loss) [Line Items]        
Gains/(Losses) recognized in OCI – included in effectiveness assessment, cash flow hedges $ (87) $ 360 $ 153 $ 103
Gains/(Losses) reclassified from AOCI into net income – included in effectiveness assessment, cash flow hedges 8 1,386 (568) 1,057
Foreign exchange contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains/(Losses) recognized in OCI – included in effectiveness assessment, cash flow hedges (87) 366 60 175
Gains/(Losses) reclassified from AOCI into net income – included in effectiveness assessment, cash flow hedges 9 1,389 (562) 1,063
Interest rate contracts        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains/(Losses) recognized in OCI – included in effectiveness assessment, cash flow hedges 0 (6) 93 (72)
Gains/(Losses) reclassified from AOCI into net income – included in effectiveness assessment, cash flow hedges (1) (3) (6) (6)
Foreign currency debt        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains/(Losses) recognized in OCI – included in effectiveness assessment, net investment hedges $ 0 $ (20) $ 0 $ 15
v3.21.2
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Sep. 26, 2020
Foreign exchange contracts          
Carrying amounts of hedged assets/(liabilities) and cumulative hedging adjustments:          
Cumulative hedging adjustment increases/(decreases) included in the carrying amount of hedged marketable securities $ 538   $ 538   $ 493
Interest rate contracts          
Carrying amounts of hedged assets/(liabilities) and cumulative hedging adjustments:          
Cumulative hedging adjustment (increases)/decreases included in the carrying amount of hedged fixed-rate debt (891)   (891)   (1,541)
Current marketable securities and non-current marketable securities | Foreign exchange contracts          
Carrying amounts of hedged assets/(liabilities) and cumulative hedging adjustments:          
Carrying amount of hedged marketable securities 16,254   16,254   16,270
Current term debt and non-current term debt | Interest rate contracts          
Carrying amounts of hedged assets/(liabilities) and cumulative hedging adjustments:          
Carrying amount of hedged fixed-rate debt (18,384)   (18,384)   $ (21,033)
OI&E          
Gains/(Losses) related to derivative instruments and hedged items:          
Gains/(Losses) on derivative instruments (162) $ (618) (963) $ 763  
Gains/(Losses) related to hedged items 162 618 963 (763)  
OI&E | Foreign exchange contracts          
Gains/(Losses) related to derivative instruments and hedged items:          
Gains/(Losses) on derivative instruments (130) (675) (313) (422)  
Gains/(Losses) related to hedged items 130 675 313 422  
OI&E | Interest rate contracts          
Gains/(Losses) related to derivative instruments and hedged items:          
Gains/(Losses) on derivative instruments (32) 57 (650) 1,185  
Gains/(Losses) related to hedged items $ 32 $ (57) $ 650 $ (1,185)  
v3.21.2
Financial Instruments - Notional Amounts and Credit Risk Amounts Associated with Derivative Instruments (Details) - USD ($)
$ in Millions
Jun. 26, 2021
Sep. 26, 2020
Derivatives designated as accounting hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivatives, notional amount $ 53,914 $ 57,410
Derivatives, credit risk amount 700 749
Derivatives designated as accounting hedges | Interest rate contracts    
Derivative [Line Items]    
Derivatives, notional amount 17,500 20,700
Derivatives, credit risk amount 891 1,557
Derivatives not designated as accounting hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivatives, notional amount 95,910 88,636
Derivatives, credit risk amount $ 510 $ 303
v3.21.2
Condensed Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Jun. 26, 2021
Sep. 26, 2020
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment $ 108,857 $ 103,526
Accumulated depreciation and amortization (70,242) (66,760)
Total property, plant and equipment, net 38,615 36,766
Land and buildings    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment 19,149 17,952
Machinery, equipment and internal-use software    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment 78,981 75,291
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment $ 10,727 $ 10,283
v3.21.2
Condensed Consolidated Financial Statement Details - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 26, 2021
Sep. 26, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Long-term taxes payable $ 24,923 $ 28,170
Other non-current liabilities 27,131 26,320
Total other non-current liabilities $ 52,054 $ 54,490
v3.21.2
Condensed Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest and dividend income $ 719 $ 901 $ 2,184 $ 2,995
Interest expense (665) (697) (1,973) (2,239)
Other income/(expense), net 189 (158) 585 (79)
Total other income/(expense), net $ 243 $ 46 $ 796 $ 677
v3.21.2
Income Taxes - Additional Information (Details)
€ in Billions, $ in Billions
Aug. 30, 2016
EUR (€)
Subsidiary
Jun. 26, 2021
USD ($)
Jun. 26, 2021
EUR (€)
Income Tax Contingency [Line Items]      
Gross unrecognized tax benefits   $ 16.8  
Gross unrecognized tax benefits that would impact effective tax rate, if recognized   7.6  
Gross interest and penalties accrued   1.6  
Reasonably possible decrease in gross unrecognized tax benefits over next 12 months   $ 2.4  
Unfavorable investigation outcome, EU State Aid rules      
Income Tax Contingency [Line Items]      
Number of subsidiaries impacted by European Commission tax ruling | Subsidiary 2    
Maximum potential loss related to European Commission tax ruling | € € 13.1   € 12.7
Unfavorable investigation outcome, EU State Aid rules - interest component      
Income Tax Contingency [Line Items]      
Maximum potential loss related to European Commission tax ruling | € € 1.2    
v3.21.2
Debt - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Sep. 26, 2020
Debt Instrument [Line Items]          
Commercial paper $ 8,000   $ 8,000   $ 4,996
Floating- and fixed-rate notes, aggregate principal amount 113,193   113,193   106,078
Interest cost on term debt 657 $ 664 1,900 $ 2,100  
Commercial paper          
Debt Instrument [Line Items]          
Commercial paper $ 8,000   $ 8,000   $ 5,000
Commercial paper, general maturity period (less than)     9 months    
Commercial paper, weighted-average interest rate 0.04%   0.04%   0.62%
Level 2          
Debt Instrument [Line Items]          
Floating- and fixed-rate notes, aggregate fair value $ 120,300   $ 120,300   $ 117,100
v3.21.2
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Maturities 90 days or less:    
Proceeds from commercial paper, net $ 2,745 $ 401
Maturities greater than 90 days:    
Proceeds from commercial paper 3,993 5,373
Repayments of commercial paper (3,716) (5,743)
Proceeds from/(Repayments of) commercial paper, net 277 (370)
Total proceeds from commercial paper, net $ 3,022 $ 31
v3.21.2
Debt - Summary of Term Debt (Details) - USD ($)
$ in Millions
 9 Months Ended
Jun. 26, 2021
Sep. 26, 2020
Debt Instrument [Line Items]    
Total term debt $ 113,193 $ 106,078
Unamortized premium/(discount) and issuance costs, net (360) (314)
Hedge accounting fair value adjustments 958 1,676
Less: Current portion of term debt (8,039) (8,773)
Total non-current portion of term debt 105,752 98,667
2013 – 2020 debt issuances | Floating-rate notes    
Debt Instrument [Line Items]    
Total term debt $ 1,750 $ 2,250
Debt instrument, maturity year (calendar), start 2022  
Debt instrument, maturity year (calendar), end 2022  
2013 – 2020 debt issuances | Floating-rate notes | Minimum    
Debt Instrument [Line Items]    
Debt instrument, effective interest rate 0.51% 0.60%
2013 – 2020 debt issuances | Floating-rate notes | Maximum    
Debt Instrument [Line Items]    
Debt instrument, effective interest rate 0.66% 1.39%
2013 – 2020 debt issuances | Fixed-rate notes    
Debt Instrument [Line Items]    
Total term debt $ 97,443 $ 103,828
Debt instrument, maturity year (calendar), start 2021  
Debt instrument, maturity year (calendar), end 2060  
2013 – 2020 debt issuances | Fixed-rate notes | Minimum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 0.00%  
Debt instrument, effective interest rate 0.03% 0.03%
2013 – 2020 debt issuances | Fixed-rate notes | Maximum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 4.65%  
Debt instrument, effective interest rate 4.78% 4.78%
2021 debt issuance | Fixed-rate notes    
Debt Instrument [Line Items]    
Total term debt $ 14,000 $ 0
Debt instrument, maturity year (calendar), start 2026  
Debt instrument, maturity year (calendar), end 2061  
Debt instrument, effective interest rate   0.00%
2021 debt issuance | Fixed-rate notes | Minimum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 0.70%  
Debt instrument, effective interest rate 0.75%  
2021 debt issuance | Fixed-rate notes | Maximum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 2.80%  
Debt instrument, effective interest rate 2.81%  
v3.21.2
Shareholders' Equity - Additional Information (Details)
shares in Millions
 9 Months Ended
Jun. 26, 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 515
Amount of share repurchases $ 65,500,000,000
Share repurchase program, amount utilized $ 234,100,000,000
May 2021 accelerated share repurchase agreement  
Share Repurchase Program [Line Items]  
Number of shares repurchased (in shares) | shares 32
Amount of share repurchases, accelerated share repurchase agreement $ 5,000,000,000.0
v3.21.2
Comprehensive Income - Pre-tax Amounts Reclassified from AOCI into the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total cost of sales $ 46,179 $ 37,005 $ 164,795 $ 129,550
Other income/(expense), net (243) (46) (796) (677)
Total amounts reclassified from AOCI (24,369) (13,137) (85,959) (52,190)
Reclassifications out of AOCI        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total amounts reclassified from AOCI (63) (1,403) 362 (1,050)
Reclassifications out of AOCI | Unrealized (gains)/losses on derivative instruments        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total amounts reclassified from AOCI 7 (1,389) 646 (1,060)
Reclassifications out of AOCI | Unrealized (gains)/losses on derivative instruments | Foreign exchange contracts        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Total net sales 60 (270) 478 (333)
Total cost of sales 101 (362) 752 (521)
Other income/(expense), net (155) (760) (590) (212)
Reclassifications out of AOCI | Unrealized (gains)/losses on derivative instruments | Interest rate contracts        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other income/(expense), net 1 3 6 6
Reclassifications out of AOCI | Unrealized (gains)/losses on marketable debt securities        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other income/(expense), net $ (70) $ (14) $ (284) $ 10
v3.21.2
Comprehensive Income - Change in AOCI by Component (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances $ 69,178 $ 78,425 $ 65,339 $ 90,488
Total other comprehensive income/(loss) 344 2,239 464 (102)
Ending balances 64,280 72,282 64,280 72,282
Cumulative Foreign Currency Translation        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances     (1,375)  
Other comprehensive income/(loss) before reclassifications     659  
Amounts reclassified from AOCI     0  
Tax effect     0  
Total other comprehensive income/(loss)     659  
Ending balances (716)   (716)  
Unrealized Gains/Losses on Derivative Instruments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances     (877)  
Other comprehensive income/(loss) before reclassifications     81  
Amounts reclassified from AOCI     646  
Tax effect     (130)  
Total other comprehensive income/(loss)     597  
Ending balances (280)   (280)  
Unrealized Gains/Losses on Marketable Debt Securities        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances     1,846  
Other comprehensive income/(loss) before reclassifications     (783)  
Amounts reclassified from AOCI     (284)  
Tax effect     275  
Total other comprehensive income/(loss)     (792)  
Ending balances 1,054   1,054  
Accumulated other comprehensive income/(loss)        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balances (286) (2,789) (406) (584)
Other comprehensive income/(loss) before reclassifications     (43)  
Amounts reclassified from AOCI     362  
Tax effect     145  
Total other comprehensive income/(loss) 344 2,239 464 (102)
Ending balances $ 58 $ (550) $ 58 $ (550)
v3.21.2
Benefit Plans - Additional Information (Details)
shares in Millions, $ in Billions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
USD ($)
shares
Jun. 27, 2020
USD ($)
Jun. 26, 2021
USD ($)
shares
Jun. 27, 2020
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares reserved for future issuance under stock plans (in shares) | shares 757   757  
Total unrecognized compensation cost related to RSUs and stock options $ 15.3   $ 15.3  
Total unrecognized compensation cost related to RSUs and stock options, weighted-average recognition period     2 years 8 months 12 days  
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
RSUs granted, vesting period     4 years  
Number of shares of common stock issued per RSU upon vesting     1  
Factor by which each RSU granted reduces, and each RSU canceled or share withheld for taxes increases, the number of shares available for grant     2  
Fair value of RSUs as of the respective vesting dates $ 7.9 $ 5.0 $ 17.3 $ 9.8
v3.21.2
Benefit Plans - Restricted Stock Units Activity and Related Information (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Millions
 9 Months Ended
Jun. 26, 2021
USD ($)
$ / shares
shares
Number of Restricted Stock Units  
Beginning balance (in shares) | shares 310,778
RSUs granted (in shares) | shares 85,052
RSUs vested (in shares) | shares (134,462)
RSUs canceled (in shares) | shares (10,396)
Ending balance (in shares) | shares 250,972
Weighted-Average Grant Date Fair Value Per RSU  
Beginning balance (in dollars per share) | $ / shares $ 51.58
RSUs granted (in dollars per share) | $ / shares 114.68
RSUs vested (in dollars per share) | $ / shares 51.59
RSUs canceled (in dollars per share) | $ / shares 67.08
Ending balance (in dollars per share) | $ / shares $ 72.31
Aggregate Fair Value  
Aggregate fair value of RSUs | $ $ 33,407
v3.21.2
Benefit Plans - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Share-based Payment Arrangement [Abstract]        
Share-based compensation expense $ 1,960 $ 1,698 $ 5,961 $ 5,105
Income tax benefit related to share-based compensation expense $ (1,319) $ (740) $ (3,518) $ (1,942)
v3.21.2
Commitments and Contingencies - Changes in Accrued Warranties and Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Changes in Accrued Warranties and Related Costs [Roll Forward]        
Beginning accrued warranty and related costs $ 3,784 $ 3,923 $ 3,354 $ 3,570
Cost of warranty claims (636) (576) (2,008) (2,180)
Accruals for product warranty 384 557 2,186 2,514
Ending accrued warranty and related costs $ 3,532 $ 3,904 $ 3,532 $ 3,904
v3.21.2
Commitments and Contingencies - Additional Information (Details)
$ in Millions, € in Billions
 1 Months Ended
Mar. 18, 2021
USD ($)
Aug. 11, 2020
USD ($)
Mar. 16, 2020
EUR (€)
Oct. 31, 2020
USD ($)
Jun. 26, 2021
USD ($)
Commitments and Contingencies Disclosure [Line Items]          
Unconditional purchase obligations         $ 8,800
VirnetX | Pending litigation          
Commitments and Contingencies Disclosure [Line Items]          
Award from legal proceeding, due to other party       $ 503  
iOS Performance Management | Litigation, final court approval          
Commitments and Contingencies Disclosure [Line Items]          
Award from legal proceeding, due to other party $ 310        
French Competition Authority | Pending litigation          
Commitments and Contingencies Disclosure [Line Items]          
Award from legal proceeding, due to other party | €     € 1.1    
Optis | Pending litigation          
Commitments and Contingencies Disclosure [Line Items]          
Award from legal proceeding, due to other party   $ 506      
v3.21.2
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Segment Reporting Information [Line Items]        
Net sales $ 81,434 $ 59,685 $ 282,457 $ 209,817
Operating income 24,126 13,091 85,163 51,513
Americas        
Segment Reporting Information [Line Items]        
Net sales 35,870 27,018 116,486 93,858
Operating income 12,916 7,974 40,751 28,327
Europe        
Segment Reporting Information [Line Items]        
Net sales 18,943 14,173 68,513 51,740
Operating income 7,085 4,420 24,939 16,667
Greater China        
Segment Reporting Information [Line Items]        
Net sales 14,762 9,329 53,803 32,362
Operating income 6,303 3,414 22,591 12,535
Japan        
Segment Reporting Information [Line Items]        
Net sales 6,464 4,966 22,491 16,395
Operating income 3,031 2,114 9,962 7,128
Rest of Asia Pacific        
Segment Reporting Information [Line Items]        
Net sales 5,395 4,199 21,164 15,462
Operating income $ 2,116 $ 1,374 $ 7,805 $ 5,395
v3.21.2
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 26, 2021
Jun. 27, 2020
Jun. 26, 2021
Jun. 27, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ 24,126 $ 13,091 $ 85,163 $ 51,513
Research and development expense (5,717) (4,758) (16,142) (13,774)
Operating segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income 31,451 19,296 106,048 70,052
Segment reconciling items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Research and development expense (5,717) (4,758) (16,142) (13,774)
Corporate non-segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Other corporate expenses, net $ (1,608) $ (1,447) $ (4,743) $ (4,765)