APPLE INC., 10-K filed on 11/3/2023
Annual Report
v3.23.3
Cover Page - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Sep. 30, 2023
Oct. 20, 2023
Mar. 31, 2023
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --09-30    
Document Period End Date Sep. 30, 2023    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 2,591,165
Entity Common Stock, Shares Outstanding (in shares)   15,552,752  
Documents Incorporated by Reference Portions of the Registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant’s definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.    
Amendment Flag false    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000320193    
Common Stock, $0.00001 par value per share      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, $0.00001 par value per share    
Trading Symbol AAPL    
Security Exchange Name NASDAQ    
1.375% Notes due 2024      
Entity Information [Line Items]      
Title of 12(b) Security 1.375% Notes due 2024    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
0.000% Notes due 2025      
Entity Information [Line Items]      
Title of 12(b) Security 0.000% Notes due 2025    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
0.875% Notes due 2025      
Entity Information [Line Items]      
Title of 12(b) Security 0.875% Notes due 2025    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
1.625% Notes due 2026      
Entity Information [Line Items]      
Title of 12(b) Security 1.625% Notes due 2026    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
2.000% Notes due 2027      
Entity Information [Line Items]      
Title of 12(b) Security 2.000% Notes due 2027    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
1.375% Notes due 2029      
Entity Information [Line Items]      
Title of 12(b) Security 1.375% Notes due 2029    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
3.050% Notes due 2029      
Entity Information [Line Items]      
Title of 12(b) Security 3.050% Notes due 2029    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
0.500% Notes due 2031      
Entity Information [Line Items]      
Title of 12(b) Security 0.500% Notes due 2031    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
3.600% Notes due 2042      
Entity Information [Line Items]      
Title of 12(b) Security 3.600% Notes due 2042    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
v3.23.3
Auditor Information
 12 Months Ended
Sep. 30, 2023
Auditor Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location San Jose, California
Auditor Firm ID 42
v3.23.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Net sales $ 383,285 $ 394,328 $ 365,817
Cost of sales 214,137 223,546 212,981
Gross margin 169,148 170,782 152,836
Operating expenses:      
Research and development 29,915 26,251 21,914
Selling, general and administrative 24,932 25,094 21,973
Total operating expenses 54,847 51,345 43,887
Operating income 114,301 119,437 108,949
Other income/(expense), net (565) (334) 258
Income before provision for income taxes 113,736 119,103 109,207
Provision for income taxes 16,741 19,300 14,527
Net income $ 96,995 $ 99,803 $ 94,680
Earnings per share:      
Basic (in dollars per share) $ 6.16 $ 6.15 $ 5.67
Diluted (in dollars per share) $ 6.13 $ 6.11 $ 5.61
Shares used in computing earnings per share:      
Basic (in shares) 15,744,231 16,215,963 16,701,272
Diluted (in shares) 15,812,547 16,325,819 16,864,919
Products      
Net sales $ 298,085 $ 316,199 $ 297,392
Cost of sales 189,282 201,471 192,266
Services      
Net sales 85,200 78,129 68,425
Cost of sales $ 24,855 $ 22,075 $ 20,715
v3.23.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Statement of Comprehensive Income [Abstract]      
Net income $ 96,995 $ 99,803 $ 94,680
Other comprehensive income/(loss):      
Change in foreign currency translation, net of tax (765) (1,511) 501
Change in unrealized gains/losses on derivative instruments, net of tax:      
Change in fair value of derivative instruments 323 3,212 32
Adjustment for net (gains)/losses realized and included in net income (1,717) (1,074) 1,003
Total change in unrealized gains/losses on derivative instruments (1,394) 2,138 1,035
Change in unrealized gains/losses on marketable debt securities, net of tax:      
Change in fair value of marketable debt securities 1,563 (12,104) (694)
Adjustment for net (gains)/losses realized and included in net income 253 205 (273)
Total change in unrealized gains/losses on marketable debt securities 1,816 (11,899) (967)
Total other comprehensive income/(loss) (343) (11,272) 569
Total comprehensive income $ 96,652 $ 88,531 $ 95,249
v3.23.3
CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Thousands, $ in Millions
Sep. 30, 2023
Sep. 24, 2022
Current assets:    
Cash and cash equivalents $ 29,965 $ 23,646
Marketable securities 31,590 24,658
Accounts receivable, net 29,508 28,184
Vendor non-trade receivables 31,477 32,748
Inventories 6,331 4,946
Other current assets 14,695 21,223
Total current assets 143,566 135,405
Non-current assets:    
Marketable securities 100,544 120,805
Property, plant and equipment, net 43,715 42,117
Other non-current assets 64,758 54,428
Total non-current assets 209,017 217,350
Total assets 352,583 352,755
Current liabilities:    
Accounts payable 62,611 64,115
Other current liabilities 58,829 60,845
Deferred revenue 8,061 7,912
Commercial paper 5,985 9,982
Term debt 9,822 11,128
Total current liabilities 145,308 153,982
Non-current liabilities:    
Term debt 95,281 98,959
Other non-current liabilities 49,848 49,142
Total non-current liabilities 145,129 148,101
Total liabilities 290,437 302,083
Commitments and contingencies
Common stock, shares outstanding (in shares) 15,550,061 15,943,425
Common stock, shares issued (in shares) 15,550,061 15,943,425
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively $ 73,812 $ 64,849
Accumulated deficit (214) (3,068)
Accumulated other comprehensive loss (11,452) (11,109)
Total shareholders’ equity 62,146 50,672
Total liabilities and shareholders’ equity $ 352,583 $ 352,755
v3.23.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2023
Sep. 24, 2022
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) 15,550,061,000 15,943,425,000
Common stock, shares outstanding (in shares) 15,550,061,000 15,943,425,000
v3.23.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common stock and additional paid-in capital
Retained earnings/(Accumulated deficit)
Accumulated other comprehensive income/(loss)
Beginning balances at Sep. 26, 2020 $ 65,339 $ 50,779 $ 14,966 $ (406)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   1,105    
Common stock withheld related to net share settlement of equity awards   (2,627) (4,151)  
Share-based compensation   8,108    
Net income 94,680   94,680  
Dividends and dividend equivalents declared     (14,431)  
Common stock repurchased     (85,502)  
Other comprehensive income/(loss) 569     569
Ending balances at Sep. 25, 2021 $ 63,090 57,365 5,562 163
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.85      
Common stock issued   1,175    
Common stock withheld related to net share settlement of equity awards   (2,971) (3,454)  
Share-based compensation   9,280    
Net income $ 99,803   99,803  
Dividends and dividend equivalents declared     (14,793)  
Common stock repurchased     (90,186)  
Other comprehensive income/(loss) (11,272)     (11,272)
Ending balances at Sep. 24, 2022 $ 50,672 64,849 (3,068) (11,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.90      
Common stock issued   1,346    
Common stock withheld related to net share settlement of equity awards   (3,521) (2,099)  
Share-based compensation   11,138    
Net income $ 96,995   96,995  
Dividends and dividend equivalents declared     (14,996)  
Common stock repurchased (76,600)   (77,046)  
Other comprehensive income/(loss) (343)     (343)
Ending balances at Sep. 30, 2023 $ 62,146 $ 73,812 $ (214) $ (11,452)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.94      
v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Statement of Cash Flows [Abstract]      
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929 $ 39,789
Operating activities:      
Net income 96,995 99,803 94,680
Adjustments to reconcile net income to cash generated by operating activities:      
Depreciation and amortization 11,519 11,104 11,284
Share-based compensation expense 10,833 9,038 7,906
Other (2,227) 1,006 (4,921)
Changes in operating assets and liabilities:      
Accounts receivable, net (1,688) (1,823) (10,125)
Vendor non-trade receivables 1,271 (7,520) (3,903)
Inventories (1,618) 1,484 (2,642)
Other current and non-current assets (5,684) (6,499) (8,042)
Accounts payable (1,889) 9,448 12,326
Other current and non-current liabilities 3,031 6,110 7,475
Cash generated by operating activities 110,543 122,151 104,038
Investing activities:      
Purchases of marketable securities (29,513) (76,923) (109,558)
Proceeds from maturities of marketable securities 39,686 29,917 59,023
Proceeds from sales of marketable securities 5,828 37,446 47,460
Payments for acquisition of property, plant and equipment (10,959) (10,708) (11,085)
Other (1,337) (2,086) (385)
Cash generated by/(used in) investing activities 3,705 (22,354) (14,545)
Financing activities:      
Payments for taxes related to net share settlement of equity awards (5,431) (6,223) (6,556)
Payments for dividends and dividend equivalents (15,025) (14,841) (14,467)
Repurchases of common stock (77,550) (89,402) (85,971)
Proceeds from issuance of term debt, net 5,228 5,465 20,393
Repayments of term debt (11,151) (9,543) (8,750)
Proceeds from/(Repayments of) commercial paper, net (3,978) 3,955 1,022
Other (581) (160) 976
Cash used in financing activities (108,488) (110,749) (93,353)
Increase/(Decrease) in cash, cash equivalents and restricted cash 5,760 (10,952) (3,860)
Cash, cash equivalents and restricted cash, ending balances 30,737 24,977 35,929
Supplemental cash flow disclosure:      
Cash paid for income taxes, net 18,679 19,573 25,385
Cash paid for interest $ 3,803 $ 2,865 $ 2,687
v3.23.3
Summary of Significant Accounting Policies
 12 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries. The preparation of these consolidated financial statements and accompanying notes in conformity with GAAP requires the use of management estimates. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation.
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, which occurred in the first fiscal quarter of 2023. The Company’s fiscal year 2023 spanned 53 weeks, whereas fiscal years 2022 and 2021 spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Revenue
The Company records revenue net of taxes collected from customers that are remitted to governmental authorities.
Share-Based Compensation
The Company recognizes share-based compensation expense on a straight-line basis for its estimate of equity awards that will ultimately vest.
Cash Equivalents
All highly liquid investments with maturities of three months or less at the date of purchase are treated as cash equivalents.
Marketable Securities
The cost of securities sold is determined using the specific identification method.
Inventories
Inventories are measured using the first-in, first-out method.
Property, Plant and Equipment
Depreciation on property, plant and equipment is recognized on a straight-line basis.
Derivative Instruments
The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets.
Income Taxes
The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings created by the Act.
Leases
The Company combines and accounts for lease and nonlease components as a single lease component for leases of corporate, data center and retail facilities.
v3.23.3
Revenue
 12 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
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.
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 does not 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 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, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for all third-party application–related sales on a net basis by recognizing in Services net sales only the commission it retains.
Net sales disaggregated by significant products and services for 2023, 2022 and 2021 were as follows (in millions):
202320222021
iPhone (1)
$200,583 $205,489 $191,973 
Mac (1)
29,357 40,177 35,190 
iPad (1)
28,300 29,292 31,862 
Wearables, Home and Accessories (1)
39,845 41,241 38,367 
Services (2)
85,200 78,129 68,425 
Total net sales$383,285 $394,328 $365,817 
(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)Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.
Total net sales include $8.2 billion of revenue recognized in 2023 that was included in deferred revenue as of September 24, 2022, $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021, and $6.7 billion of revenue recognized in 2021 that was included in deferred revenue as of September 26, 2020.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 13, “Segment Information and Geographic Data” for 2023, 2022 and 2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of September 30, 2023 and September 24, 2022, the Company had total deferred revenue of $12.1 billion and $12.4 billion, respectively. As of September 30, 2023, the Company expects 67% of total deferred revenue to be realized in less than a year, 25% within one-to-two years, 7% within two-to-three years and 1% in greater than three years.
v3.23.3
Earnings Per Share
 12 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for 2023, 2022 and 2021 (net income in millions and shares in thousands):
202320222021
Numerator:
Net income$96,995 $99,803 $94,680 
Denominator:
Weighted-average basic shares outstanding15,744,231 16,215,963 16,701,272 
Effect of dilutive share-based awards68,316 109,856 163,647 
Weighted-average diluted shares15,812,547 16,325,819 16,864,919 
Basic earnings per share$6.16 $6.15 $5.67 
Diluted earnings per share$6.13 $6.11 $5.61 
Approximately 24 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for 2023 because their effect would have been antidilutive.
v3.23.3
Financial Instruments
 12 Months Ended
Sep. 30, 2023
Financial Instruments [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 September 30, 2023 and September 24, 2022 (in millions):
2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$28,359 $— $— $28,359 $28,359 $— $— 
Level 1:
Money market funds481 — — 481 481 — — 
Mutual funds and equity securities442 12 (26)428 — 428 — 
Subtotal923 12 (26)909 481 428 — 
Level 2 (1):
U.S. Treasury securities19,406 — (1,292)18,114 35 5,468 12,611 
U.S. agency securities5,736 — (600)5,136 36 271 4,829 
Non-U.S. government securities17,533 6 (1,048)16,491 — 11,332 5,159 
Certificates of deposit and time deposits1,354 — — 1,354 1,034 320 — 
Commercial paper608 — — 608 — 608 — 
Corporate debt securities76,840 6 (5,956)70,890 20 12,627 58,243 
Municipal securities628 — (26)602 — 192 410 
Mortgage- and asset-backed securities22,365 6 (2,735)19,636 — 344 19,292 
Subtotal144,470 18 (11,657)132,831 1,125 31,162 100,544 
Total (2)
$173,752 $30 $(11,683)$162,099 $29,965 $31,590 $100,544 
2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$18,546 $— $— $18,546 $18,546 $— $— 
Level 1:
Money market funds2,929 — — 2,929 2,929 — — 
Mutual funds274 — (47)227 — 227 — 
Subtotal3,203 — (47)3,156 2,929 227 — 
Level 2 (1):
U.S. Treasury securities25,134 — (1,725)23,409 338 5,091 17,980 
U.S. agency securities5,823 — (655)5,168 — 240 4,928 
Non-U.S. government securities16,948 2 (1,201)15,749 — 8,806 6,943 
Certificates of deposit and time deposits2,067 — — 2,067 1,805 262 — 
Commercial paper718 — — 718 28 690 — 
Corporate debt securities87,148 9 (7,707)79,450 — 9,023 70,427 
Municipal securities921 — (35)886 — 266 620 
Mortgage- and asset-backed securities22,553 — (2,593)19,960 — 53 19,907 
Subtotal161,312 11 (13,916)147,407 2,171 24,431 120,805 
Total (2)
$183,061 $11 $(13,963)$169,109 $23,646 $24,658 $120,805 
(1)The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.
(2)As of September 30, 2023 and September 24, 2022, total marketable securities included $13.8 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 7, “Income Taxes”) and other agreements.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of September 30, 2023 (in millions):
Due after 1 year through 5 years$74,427 
Due after 5 years through 10 years9,964 
Due after 10 years16,153 
Total fair value$100,544 
The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies marketable debt securities as either current or non-current based solely on each instrument’s underlying contractual maturity date.
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. However, the Company may choose not to hedge certain exposures for a variety of reasons including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates.
The Company classifies cash flows related to derivative instruments in the same section of the Consolidated Statements of Cash Flows as the items being hedged, which are generally classified as operating activities.
Foreign Exchange Rate Risk
To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of September 30, 2023, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 19 years.
The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may use interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.
The notional amounts of the Company’s outstanding derivative instruments as of September 30, 2023 and September 24, 2022 were as follows (in millions):
20232022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$74,730 $102,670 
Interest rate contracts$19,375 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$104,777 $185,381 
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
2022
Fair Value of
Derivatives Designated
as Accounting Hedges		Fair Value of
Derivatives Not Designated
as Accounting Hedges		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$4,317 $2,819 $7,136 
Derivative liabilities (2):
Foreign exchange contracts$2,205 $2,547 $4,752 
Interest rate contracts$1,367 $— $1,367 
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Consolidated Balance Sheet.
(2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Consolidated Balance Sheet.
The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. To mitigate credit risk, the Company generally uses collateral security arrangements that provide for collateral to be received or posted when the net fair values of certain derivatives fluctuate from contractually established thresholds. To further limit credit risk, the Company generally uses master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. As of September 24, 2022, the potential effects of these rights of set-off associated with the Company’s derivative contracts, including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting in a net derivative asset of $412 million.
The carrying amounts of the Company’s hedged items in fair value hedges as of September 30, 2023 and September 24, 2022 were as follows (in millions):
20232022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,433 $13,378 
Current and non-current term debt$(18,247)$(18,739)
Accounts Receivable
Trade Receivables
As of September 24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 10%. The Company’s third-party cellular network carriers accounted for 41% and 44% of total trade receivables as of September 30, 2023 and September 24, 2022, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit risk.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. The Company does not reflect the sale of these components in products net sales. Rather, the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company. As of September 30, 2023, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 48% and 23%. As of September 24, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 13%.
v3.23.3
Property, Plant and Equipment
 12 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
The following table shows the Company’s gross property, plant and equipment by major asset class and accumulated depreciation as of September 30, 2023 and September 24, 2022 (in millions):
20232022
Land and buildings$23,446 $22,126 
Machinery, equipment and internal-use software78,314 81,060 
Leasehold improvements12,839 11,271 
Gross property, plant and equipment114,599 114,457 
Accumulated depreciation
(70,884)(72,340)
Total property, plant and equipment, net$43,715 $42,117 
Depreciation expense on property, plant and equipment was $8.5 billion, $8.7 billion and $9.5 billion during 2023, 2022 and 2021, respectively.
v3.23.3
Consolidated Financial Statement Details
 12 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Financial Statement Details Consolidated Financial Statement Details
The following tables show the Company’s consolidated financial statement details as of September 30, 2023 and September 24, 2022 (in millions):
Other Non-Current Assets
20232022
Deferred tax assets$17,852 $15,375 
Other non-current assets46,906 39,053 
Total other non-current assets$64,758 $54,428 
Other Current Liabilities
20232022
Income taxes payable$8,819 $6,552 
Other current liabilities50,010 54,293 
Total other current liabilities$58,829 $60,845 
Other Non-Current Liabilities
20232022
Long-term taxes payable$15,457 $16,657 
Other non-current liabilities34,391 32,485 
Total other non-current liabilities$49,848 $49,142 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions):
202320222021
Interest and dividend income$3,750 $2,825 $2,843 
Interest expense(3,933)(2,931)(2,645)
Other income/(expense), net(382)(228)60 
Total other income/(expense), net$(565)$(334)$258 
v3.23.3
Income Taxes
 12 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Provision for Income Taxes and Effective Tax Rate
The provision for income taxes for 2023, 2022 and 2021, consisted of the following (in millions):
202320222021
Federal:
Current$9,445 $7,890 $8,257 
Deferred(3,644)(2,265)(7,176)
Total5,801 5,625 1,081 
State:
Current1,570 1,519 1,620 
Deferred(49)84 (338)
Total1,521 1,603 1,282 
Foreign:
Current8,750 8,996 9,424 
Deferred669 3,076 2,740 
Total9,419 12,072 12,164 
Provision for income taxes$16,741 $19,300 $14,527 
The foreign provision for income taxes is based on foreign pretax earnings of $72.9 billion, $71.3 billion and $68.7 billion in 2023, 2022 and 2021, respectively.
A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate (21% in 2023, 2022 and 2021) to income before provision for income taxes for 2023, 2022 and 2021, is as follows (dollars in millions):
202320222021
Computed expected tax$23,885 $25,012 $22,933 
State taxes, net of federal effect1,124 1,518 1,151 
Earnings of foreign subsidiaries(5,744)(4,366)(4,715)
Research and development credit, net(1,212)(1,153)(1,033)
Excess tax benefits from equity awards(1,120)(1,871)(2,137)
Foreign-derived intangible income deduction— (296)(1,372)
Other(192)456 (300)
Provision for income taxes$16,741 $19,300 $14,527 
Effective tax rate14.7 %16.2 %13.3 %
Deferred Tax Assets and Liabilities
As of September 30, 2023 and September 24, 2022, the significant components of the Company’s deferred tax assets and liabilities were (in millions):
20232022
Deferred tax assets:
Tax credit carryforwards$8,302 $6,962 
Accrued liabilities and other reserves6,365 6,515 
Capitalized research and development6,294 1,267 
Deferred revenue4,571 5,742 
Unrealized losses2,447 2,913 
Lease liabilities2,421 2,400 
Other2,343 3,407 
Total deferred tax assets32,743 29,206 
Less: Valuation allowance(8,374)(7,530)
Total deferred tax assets, net24,369 21,676 
Deferred tax liabilities:
Right-of-use assets2,179 2,163 
Depreciation1,998 1,582 
Minimum tax on foreign earnings1,940 1,983 
Unrealized gains511 942 
Other490 469 
Total deferred tax liabilities7,118 7,139 
Net deferred tax assets$17,251 $14,537 
As of September 30, 2023, the Company had $5.2 billion in foreign tax credit carryforwards in Ireland and $3.0 billion in California R&D credit carryforwards, both of which can be carried forward indefinitely. A valuation allowance has been recorded for the credit carryforwards and a portion of other temporary differences.
Uncertain Tax Positions
As of September 30, 2023, the total amount of gross unrecognized tax benefits was $19.5 billion, of which $9.5 billion, if recognized, would impact the Company’s effective tax rate. As of September 24, 2022, the total amount of gross unrecognized tax benefits was $16.8 billion, of which $8.0 billion, if recognized, would have impacted the Company’s effective tax rate.
The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2023, 2022 and 2021, is as follows (in millions):
202320222021
Beginning balances$16,758 $15,477 $16,475 
Increases related to tax positions taken during a prior year2,044 2,284 816 
Decreases related to tax positions taken during a prior year(1,463)(1,982)(1,402)
Increases related to tax positions taken during the current year2,628 1,936 1,607 
Decreases related to settlements with taxing authorities(19)(28)(1,838)
Decreases related to expiration of the statute of limitations(494)(929)(181)
Ending balances$19,454 $16,758 $15,477 
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 2017 for the U.S. federal jurisdiction, and after 2014 in certain major foreign jurisdictions, remain subject to examination. Although the timing of resolution 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 $4.5 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 “ECJ”) and a hearing was held on May 23, 2023. A decision from the ECJ is expected in calendar year 2024. The Company believes it would be eligible to claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to the State Aid Decision.
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 September 30, 2023, 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 4, “Financial Instruments” for more information.
v3.23.3
Leases
 12 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, some of which are reasonably certain of exercise.
Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating leases were $2.0 billion, $1.9 billion and $1.7 billion for 2023, 2022 and 2021, respectively. Lease costs associated with variable payments on the Company’s leases were $13.9 billion, $14.9 billion and $12.9 billion for 2023, 2022 and 2021, respectively.
The Company made $1.9 billion, $1.8 billion and $1.4 billion of fixed cash payments related to operating leases in 2023, 2022 and 2021, respectively. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.1 billion, $2.8 billion and $3.3 billion for 2023, 2022 and 2021, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 30, 2023 and September 24, 2022 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20232022
Right-of-use assets:
Operating leasesOther non-current assets$10,661 $10,417 
Finance leasesProperty, plant and equipment, net1,015 952 
Total right-of-use assets$11,676 $11,369 
Lease liabilities:
Operating leasesOther current liabilities$1,410 $1,534 
Other non-current liabilities10,408 9,936 
Finance leasesOther current liabilities165 129 
Other non-current liabilities859 812 
Total lease liabilities$12,842 $12,411 
Lease liability maturities as of September 30, 2023, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2024$1,719 $196 $1,915 
20251,875 151 2,026 
20261,732 120 1,852 
20271,351 52 1,403 
20281,181 34 1,215 
Thereafter5,983 872 6,855 
Total undiscounted liabilities13,841 1,425 15,266 
Less: Imputed interest(2,023)(401)(2,424)
Total lease liabilities$11,818 $1,024 $12,842 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September 30, 2023 and September 24, 2022 was 10.6 years and 10.1 years, respectively. The discount rate related to the Company’s lease liabilities as of September 30, 2023 and September 24, 2022 was 3.0% and 2.3%, respectively. The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.
As of September 30, 2023, the Company had $544 million of future payments under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases will commence between 2024 and 2026, with lease terms ranging from 1 year to 21 years.
Leases Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, some of which are reasonably certain of exercise.
Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating leases were $2.0 billion, $1.9 billion and $1.7 billion for 2023, 2022 and 2021, respectively. Lease costs associated with variable payments on the Company’s leases were $13.9 billion, $14.9 billion and $12.9 billion for 2023, 2022 and 2021, respectively.
The Company made $1.9 billion, $1.8 billion and $1.4 billion of fixed cash payments related to operating leases in 2023, 2022 and 2021, respectively. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $2.1 billion, $2.8 billion and $3.3 billion for 2023, 2022 and 2021, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 30, 2023 and September 24, 2022 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20232022
Right-of-use assets:
Operating leasesOther non-current assets$10,661 $10,417 
Finance leasesProperty, plant and equipment, net1,015 952 
Total right-of-use assets$11,676 $11,369 
Lease liabilities:
Operating leasesOther current liabilities$1,410 $1,534 
Other non-current liabilities10,408 9,936 
Finance leasesOther current liabilities165 129 
Other non-current liabilities859 812 
Total lease liabilities$12,842 $12,411 
Lease liability maturities as of September 30, 2023, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2024$1,719 $196 $1,915 
20251,875 151 2,026 
20261,732 120 1,852 
20271,351 52 1,403 
20281,181 34 1,215 
Thereafter5,983 872 6,855 
Total undiscounted liabilities13,841 1,425 15,266 
Less: Imputed interest(2,023)(401)(2,424)
Total lease liabilities$11,818 $1,024 $12,842 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September 30, 2023 and September 24, 2022 was 10.6 years and 10.1 years, respectively. The discount rate related to the Company’s lease liabilities as of September 30, 2023 and September 24, 2022 was 3.0% and 2.3%, respectively. The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.
As of September 30, 2023, the Company had $544 million of future payments under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases will commence between 2024 and 2026, with lease terms ranging from 1 year to 21 years.
v3.23.3
Debt
 12 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Commercial Paper
The Company issues unsecured short-term promissory notes pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of September 30, 2023 and September 24, 2022, the Company had $6.0 billion and $10.0 billion of commercial paper outstanding, respectively, with maturities generally less than nine months. The weighted-average interest rate of the Company’s commercial paper was 5.28% and 2.31% as of September 30, 2023 and September 24, 2022, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for 2023, 2022 and 2021 (in millions):
202320222021
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(1,333)$5,264 $(357)
Maturities greater than 90 days:
Proceeds from commercial paper— 5,948 7,946 
Repayments of commercial paper(2,645)(7,257)(6,567)
Proceeds from/(Repayments of) commercial paper, net(2,645)(1,309)1,379 
Total proceeds from/(repayments of) commercial paper, net$(3,978)$3,955 $1,022 
Term Debt
The Company has outstanding Notes, which are senior unsecured obligations with interest payable in arrears. The following table provides a summary of the Company’s term debt as of September 30, 2023 and September 24, 2022:
Maturities
(calendar year)
20232022
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2022 debt issuances:
Fixed-rate 0.000% – 4.650% notes
2024 – 2062
$101,322 
0.03% – 6.72%
$111,824 
0.03% – 4.78%
Third quarter 2023 debt issuance:
Fixed-rate 4.000% – 4.850% notes
2026 – 2053
5,250 
4.04% – 4.88%
— 
Total term debt principal
106,572 111,824 
Unamortized premium/(discount) and issuance costs, net
(356)(374)
Hedge accounting fair value adjustments(1,113)(1,363)
Total term debt
105,103 110,087 
Less: Current portion of term debt(9,822)(11,128)
Total non-current portion of term debt$95,281 $98,959 
To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company uses interest rate swaps to effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to manage foreign exchange rate risk on certain of its foreign currency–denominated notes, the Company uses cross-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 $3.7 billion, $2.8 billion and $2.6 billion of interest expense on its term debt for 2023, 2022 and 2021, respectively.
The future principal payments for the Company’s Notes as of September 30, 2023, are as follows (in millions):
2024$9,943 
202510,775 
202612,265 
20279,786 
20287,800 
Thereafter56,003 
Total term debt principal$106,572 
As of September 30, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $90.8 billion and $98.8 billion, respectively.
v3.23.3
Shareholders' Equity
 12 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
During 2023, the Company repurchased 471 million shares of its common stock for $76.6 billion, excluding excise tax due under the Inflation Reduction Act of 2022. The Company’s share repurchase programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
Shares of Common Stock
The following table shows the changes in shares of common stock for 2023, 2022 and 2021 (in thousands):
202320222021
Common stock outstanding, beginning balances15,943,425 16,426,786 16,976,763 
Common stock repurchased(471,419)(568,589)(656,340)
Common stock issued, net of shares withheld for employee taxes78,055 85,228 106,363 
Common stock outstanding, ending balances15,550,061 15,943,425 16,426,786 
v3.23.3
Share-Based Compensation
 12 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
2022 Employee Stock Plan
The Apple Inc. 2022 Employee Stock Plan (the “2022 Plan”) is a shareholder-approved plan that provides for broad-based equity grants to employees, including executive officers, and permits the granting of RSUs, stock grants, performance-based awards, stock options and stock appreciation rights. RSUs granted under the 2022 Plan generally vest over four years, based on continued employment, and are settled upon vesting in shares of the Company’s common stock on a one-for-one basis. All RSUs granted under the 2022 Plan have dividend equivalent rights, which entitle holders of RSUs to the same dividend value per share as holders of common stock. A maximum of approximately 1.3 billion shares were authorized for issuance pursuant to 2022 Plan awards at the time the plan was approved on March 4, 2022.
2014 Employee Stock Plan
The Apple Inc. 2014 Employee Stock Plan (the “2014 Plan”) is a shareholder-approved plan that provided for broad-based equity grants to employees, including executive officers. The 2014 Plan permitted the granting of substantially the same types of equity awards with substantially the same terms as the 2022 Plan. The 2014 Plan also permitted the granting of cash bonus awards. In the third quarter of 2022, the Company terminated the authority to grant new awards under the 2014 Plan.
Restricted Stock Units
A summary of the Company’s RSU activity and related information for 2023, 2022 and 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 granted89,363 $116.33 
RSUs vested(145,766)$50.71 
RSUs canceled(13,948)$68.95 
Balance as of September 25, 2021240,427 $75.16 
RSUs granted91,674 $150.70 
RSUs vested(115,861)$72.12 
RSUs canceled(14,739)$99.77 
Balance as of September 24, 2022201,501 $109.48 
RSUs granted88,768 $150.87 
RSUs vested(101,878)$97.31 
RSUs canceled(8,144)$127.98 
Balance as of September 30, 2023180,247 $135.91 $30,860 
The fair value as of the respective vesting dates of RSUs was $15.9 billion, $18.2 billion and $19.0 billion for 2023, 2022 and 2021, respectively. The majority of RSUs that vested in 2023, 2022 and 2021 were net share settled such that the Company withheld shares with a value equivalent to the employees’ obligation for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities. The total shares withheld were approximately 37 million, 41 million and 53 million for 2023, 2022 and 2021, respectively, and were based on the value of the RSUs on their respective vesting dates as determined by the Company’s closing stock price. Total payments to taxing authorities for employees’ tax obligations were $5.6 billion, $6.4 billion and $6.8 billion in 2023, 2022 and 2021, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Consolidated Statements of Operations for 2023, 2022 and 2021 (in millions):
202320222021
Share-based compensation expense$10,833 $9,038 $7,906 
Income tax benefit related to share-based compensation expense$(3,421)$(4,002)$(4,056)
As of September 30, 2023, the total unrecognized compensation cost related to outstanding RSUs was $18.6 billion, which the Company expects to recognize over a weighted-average period of 2.5 years.
v3.23.3
Commitments, Contingencies and Supply Concentrations
 12 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Supply Concentrations Commitments, Contingencies and Supply Concentrations
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 supplier arrangements, licensed intellectual property and content, and distribution rights. Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of September 30, 2023, are as follows (in millions):
2024$4,258 
20252,674 
20263,434 
20271,277 
20285,878 
Thereafter3,215 
Total$20,736 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.
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, wearables and accessories. 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.
Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam.
v3.23.3
Segment Information and Geographic Data
 12 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Information and Geographic Data Segment Information and Geographic Data
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 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 consists of net sales to third parties, related cost of sales, and operating expenses directly attributable to the segment. The information provided to the Company’s chief operating decision maker for purposes of making decisions and assessing segment performance excludes asset information.
The following table shows information by reportable segment for 2023, 2022 and 2021 (in millions):
202320222021
Americas:
Net sales$162,560 $169,658 $153,306 
Operating income$60,508 $62,683 $53,382 
Europe:
Net sales$94,294 $95,118 $89,307 
Operating income$36,098 $35,233 $32,505 
Greater China:
Net sales$72,559 $74,200 $68,366 
Operating income$30,328 $31,153 $28,504 
Japan:
Net sales$24,257 $25,977 $28,482 
Operating income$11,888 $12,257 $12,798 
Rest of Asia Pacific:
Net sales$29,615 $29,375 $26,356 
Operating income$12,066 $11,569 $9,817 
A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2023, 2022 and 2021 is as follows (in millions):
202320222021
Segment operating income$150,888 $152,895 $137,006 
Research and development expense(29,915)(26,251)(21,914)
Other corporate expenses, net (1)
(6,672)(7,207)(6,143)
Total operating income$114,301 $119,437 $108,949 
(1)Includes corporate marketing expenses, certain share-based compensation expenses, various nonrecurring charges, and other separately managed general and administrative costs.
The U.S. and China were the only countries that accounted for more than 10% of the Company’s net sales in 2023, 2022 and 2021. Net sales for 2023, 2022 and 2021 and long-lived assets as of September 30, 2023 and September 24, 2022 were as follows (in millions):
202320222021
Net sales:
U.S.$138,573 $147,859 $133,803 
China (1)
72,559 74,200 68,366 
Other countries172,153 172,269 163,648 
Total net sales$383,285 $394,328 $365,817 
20232022
Long-lived assets:
U.S.$33,276 $31,119 
China (1)
5,778 7,260 
Other countries4,661 3,738 
Total long-lived assets$43,715 $42,117 
(1)China includes Hong Kong and Taiwan.
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Pay vs Performance Disclosure      
Net income $ 96,995 $ 99,803 $ 94,680
v3.23.3
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2023
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Deirdre O'Brien [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On August 30, 2023, Deirdre O’Brien, the Company’s Senior Vice President, Retail, and Jeff Williams, the Company’s Chief Operating Officer, each entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plans provide for the sale of all shares vested during the duration of the plans pursuant to certain equity awards granted to Ms. O’Brien and Mr. Williams, respectively, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Ms. O’Brien’s plan will expire on October 15, 2024, and Mr. Williams’ plan will expire on December 15, 2024, subject to early termination for certain specified events set forth in the plans.
Name Deirdre O’Brien  
Title Senior Vice President, Retail  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 30, 2023  
Arrangement Duration 412 days  
Jeff Williams [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On August 30, 2023, Deirdre O’Brien, the Company’s Senior Vice President, Retail, and Jeff Williams, the Company’s Chief Operating Officer, each entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plans provide for the sale of all shares vested during the duration of the plans pursuant to certain equity awards granted to Ms. O’Brien and Mr. Williams, respectively, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Ms. O’Brien’s plan will expire on October 15, 2024, and Mr. Williams’ plan will expire on December 15, 2024, subject to early termination for certain specified events set forth in the plans.
Name Jeff Williams  
Title Chief Operating Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 30, 2023  
Arrangement Duration 473 days  
v3.23.3
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of Presentation and Preparation
Basis of Presentation and Preparation
The consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries. The preparation of these consolidated financial statements and accompanying notes in conformity with GAAP requires the use of management estimates. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation.
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, which occurred in the first fiscal quarter of 2023. The Company’s fiscal year 2023 spanned 53 weeks, whereas fiscal years 2022 and 2021 spanned 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Revenue
Revenue
The Company records revenue net of taxes collected from customers that are remitted to governmental authorities.
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.
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 does not 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 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, the Company does not obtain control of the product before transferring it to the customer. Therefore, the Company accounts for all third-party application–related sales on a net basis by recognizing in Services net sales only the commission it retains.
Share-Based Compensation
Share-Based Compensation
The Company recognizes share-based compensation expense on a straight-line basis for its estimate of equity awards that will ultimately vest.
Cash Equivalents
Cash Equivalents
All highly liquid investments with maturities of three months or less at the date of purchase are treated as cash equivalents.
Marketable Securities
Marketable Securities
The cost of securities sold is determined using the specific identification method.
The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies marketable debt securities as either current or non-current based solely on each instrument’s underlying contractual maturity date.
Inventories
Inventories
Inventories are measured using the first-in, first-out method.
Property, Plant and Equipment
Property, Plant and Equipment
Depreciation on property, plant and equipment is recognized on a straight-line basis.
Derivative Instruments
Derivative Instruments
The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets.
The Company classifies cash flows related to derivative instruments in the same section of the Consolidated Statements of Cash Flows as the items being hedged, which are generally classified as operating activities.
Income Taxes
Income Taxes
The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings created by the Act.
Leases
Leases
The Company combines and accounts for lease and nonlease components as a single lease component for leases of corporate, data center and retail facilities.
The discount rates related to the Company’s lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.
Fair Value Measurements The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.
Segment Reporting
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 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 consists of net sales to third parties, related cost of sales, and operating expenses directly attributable to the segment. The information provided to the Company’s chief operating decision maker for purposes of making decisions and assessing segment performance excludes asset information.
v3.23.3
Revenue (Tables)
 12 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Net Sales Disaggregated by Significant Products and Services
Net sales disaggregated by significant products and services for 2023, 2022 and 2021 were as follows (in millions):
202320222021
iPhone (1)
$200,583 $205,489 $191,973 
Mac (1)
29,357 40,177 35,190 
iPad (1)
28,300 29,292 31,862 
Wearables, Home and Accessories (1)
39,845 41,241 38,367 
Services (2)
85,200 78,129 68,425 
Total net sales$383,285 $394,328 $365,817 
(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)Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.
v3.23.3
Earnings Per Share (Tables)
 12 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for 2023, 2022 and 2021 (net income in millions and shares in thousands):
202320222021
Numerator:
Net income$96,995 $99,803 $94,680 
Denominator:
Weighted-average basic shares outstanding15,744,231 16,215,963 16,701,272 
Effect of dilutive share-based awards68,316 109,856 163,647 
Weighted-average diluted shares15,812,547 16,325,819 16,864,919 
Basic earnings per share$6.16 $6.15 $5.67 
Diluted earnings per share$6.13 $6.11 $5.61 
v3.23.3
Financial Instruments (Tables)
 12 Months Ended
Sep. 30, 2023
Financial Instruments [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 September 30, 2023 and September 24, 2022 (in millions):
2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$28,359 $— $— $28,359 $28,359 $— $— 
Level 1:
Money market funds481 — — 481 481 — — 
Mutual funds and equity securities442 12 (26)428 — 428 — 
Subtotal923 12 (26)909 481 428 — 
Level 2 (1):
U.S. Treasury securities19,406 — (1,292)18,114 35 5,468 12,611 
U.S. agency securities5,736 — (600)5,136 36 271 4,829 
Non-U.S. government securities17,533 6 (1,048)16,491 — 11,332 5,159 
Certificates of deposit and time deposits1,354 — — 1,354 1,034 320 — 
Commercial paper608 — — 608 — 608 — 
Corporate debt securities76,840 6 (5,956)70,890 20 12,627 58,243 
Municipal securities628 — (26)602 — 192 410 
Mortgage- and asset-backed securities22,365 6 (2,735)19,636 — 344 19,292 
Subtotal144,470 18 (11,657)132,831 1,125 31,162 100,544 
Total (2)
$173,752 $30 $(11,683)$162,099 $29,965 $31,590 $100,544 
2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$18,546 $— $— $18,546 $18,546 $— $— 
Level 1:
Money market funds2,929 — — 2,929 2,929 — — 
Mutual funds274 — (47)227 — 227 — 
Subtotal3,203 — (47)3,156 2,929 227 — 
Level 2 (1):
U.S. Treasury securities25,134 — (1,725)23,409 338 5,091 17,980 
U.S. agency securities5,823 — (655)5,168 — 240 4,928 
Non-U.S. government securities16,948 2 (1,201)15,749 — 8,806 6,943 
Certificates of deposit and time deposits2,067 — — 2,067 1,805 262 — 
Commercial paper718 — — 718 28 690 — 
Corporate debt securities87,148 9 (7,707)79,450 — 9,023 70,427 
Municipal securities921 — (35)886 — 266 620 
Mortgage- and asset-backed securities22,553 — (2,593)19,960 — 53 19,907 
Subtotal161,312 11 (13,916)147,407 2,171 24,431 120,805 
Total (2)
$183,061 $11 $(13,963)$169,109 $23,646 $24,658 $120,805 
(1)The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.
(2)As of September 30, 2023 and September 24, 2022, total marketable securities included $13.8 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 7, “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 September 30, 2023 (in millions):
Due after 1 year through 5 years$74,427 
Due after 5 years through 10 years9,964 
Due after 10 years16,153 
Total fair value$100,544 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of September 30, 2023 and September 24, 2022 were as follows (in millions):
20232022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$74,730 $102,670 
Interest rate contracts$19,375 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$104,777 $185,381 
Gross Fair Values of Derivative Assets and Liabilities
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
2022
Fair Value of
Derivatives Designated
as Accounting Hedges		Fair Value of
Derivatives Not Designated
as Accounting Hedges		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$4,317 $2,819 $7,136 
Derivative liabilities (2):
Foreign exchange contracts$2,205 $2,547 $4,752 
Interest rate contracts$1,367 $— $1,367 
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Consolidated Balance Sheet.
(2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Consolidated Balance Sheet.
Carrying Amounts of Hedged Items in Fair Value Hedges
The carrying amounts of the Company’s hedged items in fair value hedges as of September 30, 2023 and September 24, 2022 were as follows (in millions):
20232022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,433 $13,378 
Current and non-current term debt$(18,247)$(18,739)
v3.23.3
Property, Plant and Equipment (Tables)
 12 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Gross Property, Plant and Equipment by Major Asset Class and Accumulated Depreciation
The following table shows the Company’s gross property, plant and equipment by major asset class and accumulated depreciation as of September 30, 2023 and September 24, 2022 (in millions):
20232022
Land and buildings$23,446 $22,126 
Machinery, equipment and internal-use software78,314 81,060 
Leasehold improvements12,839 11,271 
Gross property, plant and equipment114,599 114,457 
Accumulated depreciation
(70,884)(72,340)
Total property, plant and equipment, net$43,715 $42,117 
v3.23.3
Consolidated Financial Statement Details (Tables)
 12 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Non-Current Assets
Other Non-Current Assets
20232022
Deferred tax assets$17,852 $15,375 
Other non-current assets46,906 39,053 
Total other non-current assets$64,758 $54,428 
Other Current Liabilities
Other Current Liabilities
20232022
Income taxes payable$8,819 $6,552 
Other current liabilities50,010 54,293 
Total other current liabilities$58,829 $60,845 
Other Non-Current Liabilities
Other Non-Current Liabilities
20232022
Long-term taxes payable$15,457 $16,657 
Other non-current liabilities34,391 32,485 
Total other non-current liabilities$49,848 $49,142 
Other Income/(Expense), Net
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions):
202320222021
Interest and dividend income$3,750 $2,825 $2,843 
Interest expense(3,933)(2,931)(2,645)
Other income/(expense), net(382)(228)60 
Total other income/(expense), net$(565)$(334)$258 
v3.23.3
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Provision for Income Taxes
The provision for income taxes for 2023, 2022 and 2021, consisted of the following (in millions):
202320222021
Federal:
Current$9,445 $7,890 $8,257 
Deferred(3,644)(2,265)(7,176)
Total5,801 5,625 1,081 
State:
Current1,570 1,519 1,620 
Deferred(49)84 (338)
Total1,521 1,603 1,282 
Foreign:
Current8,750 8,996 9,424 
Deferred669 3,076 2,740 
Total9,419 12,072 12,164 
Provision for income taxes$16,741 $19,300 $14,527 
Reconciliation of Provision for Income Taxes to Amount Computed by Applying the Statutory Federal Income Tax Rate to Income Before Provision for Income Taxes
A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate (21% in 2023, 2022 and 2021) to income before provision for income taxes for 2023, 2022 and 2021, is as follows (dollars in millions):
202320222021
Computed expected tax$23,885 $25,012 $22,933 
State taxes, net of federal effect1,124 1,518 1,151 
Earnings of foreign subsidiaries(5,744)(4,366)(4,715)
Research and development credit, net(1,212)(1,153)(1,033)
Excess tax benefits from equity awards(1,120)(1,871)(2,137)
Foreign-derived intangible income deduction— (296)(1,372)
Other(192)456 (300)
Provision for income taxes$16,741 $19,300 $14,527 
Effective tax rate14.7 %16.2 %13.3 %
Significant Components of Deferred Tax Assets and Liabilities
As of September 30, 2023 and September 24, 2022, the significant components of the Company’s deferred tax assets and liabilities were (in millions):
20232022
Deferred tax assets:
Tax credit carryforwards$8,302 $6,962 
Accrued liabilities and other reserves6,365 6,515 
Capitalized research and development6,294 1,267 
Deferred revenue4,571 5,742 
Unrealized losses2,447 2,913 
Lease liabilities2,421 2,400 
Other2,343 3,407 
Total deferred tax assets32,743 29,206 
Less: Valuation allowance(8,374)(7,530)
Total deferred tax assets, net24,369 21,676 
Deferred tax liabilities:
Right-of-use assets2,179 2,163 
Depreciation1,998 1,582 
Minimum tax on foreign earnings1,940 1,983 
Unrealized gains511 942 
Other490 469 
Total deferred tax liabilities7,118 7,139 
Net deferred tax assets$17,251 $14,537 
Aggregate Changes in Gross Unrecognized Tax Benefits
The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2023, 2022 and 2021, is as follows (in millions):
202320222021
Beginning balances$16,758 $15,477 $16,475 
Increases related to tax positions taken during a prior year2,044 2,284 816 
Decreases related to tax positions taken during a prior year(1,463)(1,982)(1,402)
Increases related to tax positions taken during the current year2,628 1,936 1,607 
Decreases related to settlements with taxing authorities(19)(28)(1,838)
Decreases related to expiration of the statute of limitations(494)(929)(181)
Ending balances$19,454 $16,758 $15,477 
v3.23.3
Leases (Tables)
 12 Months Ended
Sep. 30, 2023
Leases [Abstract]  
ROU Assets and Lease Liabilities
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 30, 2023 and September 24, 2022 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20232022
Right-of-use assets:
Operating leasesOther non-current assets$10,661 $10,417 
Finance leasesProperty, plant and equipment, net1,015 952 
Total right-of-use assets$11,676 $11,369 
Lease liabilities:
Operating leasesOther current liabilities$1,410 $1,534 
Other non-current liabilities10,408 9,936 
Finance leasesOther current liabilities165 129 
Other non-current liabilities859 812 
Total lease liabilities$12,842 $12,411 
Lease Liability Maturities
Lease liability maturities as of September 30, 2023, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2024$1,719 $196 $1,915 
20251,875 151 2,026 
20261,732 120 1,852 
20271,351 52 1,403 
20281,181 34 1,215 
Thereafter5,983 872 6,855 
Total undiscounted liabilities13,841 1,425 15,266 
Less: Imputed interest(2,023)(401)(2,424)
Total lease liabilities$11,818 $1,024 $12,842 
Lease Liability Maturities
Lease liability maturities as of September 30, 2023, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2024$1,719 $196 $1,915 
20251,875 151 2,026 
20261,732 120 1,852 
20271,351 52 1,403 
20281,181 34 1,215 
Thereafter5,983 872 6,855 
Total undiscounted liabilities13,841 1,425 15,266 
Less: Imputed interest(2,023)(401)(2,424)
Total lease liabilities$11,818 $1,024 $12,842 
v3.23.3
Debt (Tables)
 12 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Summary of Cash Flows Associated with Issuance and Maturities of Commercial Paper The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for 2023, 2022 and 2021 (in millions):
202320222021
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(1,333)$5,264 $(357)
Maturities greater than 90 days:
Proceeds from commercial paper— 5,948 7,946 
Repayments of commercial paper(2,645)(7,257)(6,567)
Proceeds from/(Repayments of) commercial paper, net(2,645)(1,309)1,379 
Total proceeds from/(repayments of) commercial paper, net$(3,978)$3,955 $1,022 
Summary of Term Debt The following table provides a summary of the Company’s term debt as of September 30, 2023 and September 24, 2022:
Maturities
(calendar year)
20232022
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2022 debt issuances:
Fixed-rate 0.000% – 4.650% notes
2024 – 2062
$101,322 
0.03% – 6.72%
$111,824 
0.03% – 4.78%
Third quarter 2023 debt issuance:
Fixed-rate 4.000% – 4.850% notes
2026 – 2053
5,250 
4.04% – 4.88%
— 
Total term debt principal
106,572 111,824 
Unamortized premium/(discount) and issuance costs, net
(356)(374)
Hedge accounting fair value adjustments(1,113)(1,363)
Total term debt
105,103 110,087 
Less: Current portion of term debt(9,822)(11,128)
Total non-current portion of term debt$95,281 $98,959 
Future Principal Payments for Notes
The future principal payments for the Company’s Notes as of September 30, 2023, are as follows (in millions):
2024$9,943 
202510,775 
202612,265 
20279,786 
20287,800 
Thereafter56,003 
Total term debt principal$106,572 
v3.23.3
Shareholders' Equity (Tables)
 12 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Changes in Shares of Common Stock
The following table shows the changes in shares of common stock for 2023, 2022 and 2021 (in thousands):
202320222021
Common stock outstanding, beginning balances15,943,425 16,426,786 16,976,763 
Common stock repurchased(471,419)(568,589)(656,340)
Common stock issued, net of shares withheld for employee taxes78,055 85,228 106,363 
Common stock outstanding, ending balances15,550,061 15,943,425 16,426,786 
v3.23.3
Share-Based Compensation (Tables)
 12 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Unit Activity
A summary of the Company’s RSU activity and related information for 2023, 2022 and 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 granted89,363 $116.33 
RSUs vested(145,766)$50.71 
RSUs canceled(13,948)$68.95 
Balance as of September 25, 2021240,427 $75.16 
RSUs granted91,674 $150.70 
RSUs vested(115,861)$72.12 
RSUs canceled(14,739)$99.77 
Balance as of September 24, 2022201,501 $109.48 
RSUs granted88,768 $150.87 
RSUs vested(101,878)$97.31 
RSUs canceled(8,144)$127.98 
Balance as of September 30, 2023180,247 $135.91 $30,860 
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 Consolidated Statements of Operations for 2023, 2022 and 2021 (in millions):
202320222021
Share-based compensation expense$10,833 $9,038 $7,906 
Income tax benefit related to share-based compensation expense$(3,421)$(4,002)$(4,056)
v3.23.3
Commitments, Contingencies and Supply Concentrations (Tables)
 12 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Future Payments Under Noncancelable Unconditional Purchase Obligations Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of September 30, 2023, are as follows (in millions):
2024$4,258 
20252,674 
20263,434 
20271,277 
20285,878 
Thereafter3,215 
Total$20,736 
v3.23.3
Segment Information and Geographic Data (Tables)
 12 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for 2023, 2022 and 2021 (in millions):
202320222021
Americas:
Net sales$162,560 $169,658 $153,306 
Operating income$60,508 $62,683 $53,382 
Europe:
Net sales$94,294 $95,118 $89,307 
Operating income$36,098 $35,233 $32,505 
Greater China:
Net sales$72,559 $74,200 $68,366 
Operating income$30,328 $31,153 $28,504 
Japan:
Net sales$24,257 $25,977 $28,482 
Operating income$11,888 $12,257 $12,798 
Rest of Asia Pacific:
Net sales$29,615 $29,375 $26,356 
Operating income$12,066 $11,569 $9,817 
Reconciliation of Segment Operating Income to the Consolidated Statements of Operations
A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2023, 2022 and 2021 is as follows (in millions):
202320222021
Segment operating income$150,888 $152,895 $137,006 
Research and development expense(29,915)(26,251)(21,914)
Other corporate expenses, net (1)
(6,672)(7,207)(6,143)
Total operating income$114,301 $119,437 $108,949 
(1)Includes corporate marketing expenses, certain share-based compensation expenses, various nonrecurring charges, and other separately managed general and administrative costs.
Net Sales and Long-lived Assets Net sales for 2023, 2022 and 2021 and long-lived assets as of September 30, 2023 and September 24, 2022 were as follows (in millions):
202320222021
Net sales:
U.S.$138,573 $147,859 $133,803 
China (1)
72,559 74,200 68,366 
Other countries172,153 172,269 163,648 
Total net sales$383,285 $394,328 $365,817 
20232022
Long-lived assets:
U.S.$33,276 $31,119 
China (1)
5,778 7,260 
Other countries4,661 3,738 
Total long-lived assets$43,715 $42,117 
(1)China includes Hong Kong and Taiwan.
v3.23.3
Revenue - Additional Information (Details)
$ in Billions
 12 Months Ended
Sep. 30, 2023
USD ($)
performanceObligation
Sep. 24, 2022
USD ($)
Sep. 25, 2021
USD ($)
Revenue from Contract with Customer [Abstract]      
Performance obligations in arrangements (up to) | performanceObligation 3    
Revenue recognized that was included in deferred revenue at the beginning of the period $ 8.2 $ 7.5 $ 6.7
Total deferred revenue $ 12.1 $ 12.4  
v3.23.3
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Disaggregation of Revenue [Line Items]      
Net sales $ 383,285 $ 394,328 $ 365,817
iPhone      
Disaggregation of Revenue [Line Items]      
Net sales 200,583 205,489 191,973
Mac      
Disaggregation of Revenue [Line Items]      
Net sales 29,357 40,177 35,190
iPad      
Disaggregation of Revenue [Line Items]      
Net sales 28,300 29,292 31,862
Wearables, Home and Accessories      
Disaggregation of Revenue [Line Items]      
Net sales 39,845 41,241 38,367
Services      
Disaggregation of Revenue [Line Items]      
Net sales $ 85,200 $ 78,129 $ 68,425
v3.23.3
Revenue - Deferred Revenue, Expected Timing of Realization (Details)
Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 67.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 25.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-28  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 7.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-09-27  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 1.00%
Deferred revenue, expected timing of realization, period
v3.23.3
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Numerator:      
Net income $ 96,995 $ 99,803 $ 94,680
Denominator:      
Weighted-average basic shares outstanding (in shares) 15,744,231 16,215,963 16,701,272
Effect of dilutive share-based awards (in shares) 68,316 109,856 163,647
Weighted-average diluted shares (in shares) 15,812,547 16,325,819 16,864,919
Basic earnings per share (in dollars per share) $ 6.16 $ 6.15 $ 5.67
Diluted earnings per share (in dollars per share) $ 6.13 $ 6.11 $ 5.61
v3.23.3
Earnings Per Share - Additional Information (Details)
shares in Millions
 12 Months Ended
Sep. 30, 2023
shares
Restricted stock units  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Restricted stock units excluded from the computation of diluted earnings per share because their effect would have been antidilutive (in shares) 24
v3.23.3
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Marketable Securities [Line Items]    
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost $ 173,752 $ 183,061
Cash Equivalents and Marketable Securities, Unrealized Gains 30 11
Cash Equivalents and Marketable Securities, Unrealized Loss (11,683) (13,963)
Cash, Cash Equivalents and Marketable Securities, Fair Value 162,099 169,109
Cash and Cash Equivalents 29,965 23,646
Current Marketable Securities 31,590 24,658
Non-Current Marketable Securities 100,544 120,805
Total marketable securities that were restricted from general use 13,800 12,700
Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 923 3,203
Marketable Securities, Equity, Unrealized Gains 12 0
Marketable Securities, Equity, Unrealized Losses (26) (47)
Marketable Securities, Equity, Fair Value 909 3,156
Cash and Cash Equivalents 481 2,929
Current Marketable Securities 428 227
Non-Current Marketable Securities 0 0
Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 144,470 161,312
Marketable Securities, Debt, Unrealized Gains 18 11
Marketable Securities, Debt, Unrealized Losses (11,657) (13,916)
Marketable Securities, Debt, Fair Value 132,831 147,407
Cash and Cash Equivalents 1,125 2,171
Current Marketable Securities 31,162 24,431
Non-Current Marketable Securities 100,544 120,805
Cash    
Marketable Securities [Line Items]    
Cash 28,359 18,546
Cash and Cash Equivalents 28,359 18,546
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Money market funds | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 481 2,929
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 481 2,929
Cash and Cash Equivalents 481 2,929
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Mutual funds and equity securities | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 442  
Marketable Securities, Equity, Unrealized Gains 12  
Marketable Securities, Equity, Unrealized Losses (26)  
Marketable Securities, Equity, Fair Value 428  
Cash and Cash Equivalents 0  
Current Marketable Securities 428  
Non-Current Marketable Securities 0  
Mutual funds | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost   274
Marketable Securities, Equity, Unrealized Gains   0
Marketable Securities, Equity, Unrealized Losses   (47)
Marketable Securities, Equity, Fair Value   227
Cash and Cash Equivalents   0
Current Marketable Securities   227
Non-Current Marketable Securities   0
U.S. Treasury securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 19,406 25,134
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (1,292) (1,725)
Marketable Securities, Debt, Fair Value 18,114 23,409
Cash and Cash Equivalents 35 338
Current Marketable Securities 5,468 5,091
Non-Current Marketable Securities 12,611 17,980
U.S. agency securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 5,736 5,823
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (600) (655)
Marketable Securities, Debt, Fair Value 5,136 5,168
Cash and Cash Equivalents 36 0
Current Marketable Securities 271 240
Non-Current Marketable Securities 4,829 4,928
Non-U.S. government securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 17,533 16,948
Marketable Securities, Debt, Unrealized Gains 6 2
Marketable Securities, Debt, Unrealized Losses (1,048) (1,201)
Marketable Securities, Debt, Fair Value 16,491 15,749
Cash and Cash Equivalents 0 0
Current Marketable Securities 11,332 8,806
Non-Current Marketable Securities 5,159 6,943
Certificates of deposit and time deposits | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 1,354 2,067
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 1,354 2,067
Cash and Cash Equivalents 1,034 1,805
Current Marketable Securities 320 262
Non-Current Marketable Securities 0 0
Commercial paper | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 608 718
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 608 718
Cash and Cash Equivalents 0 28
Current Marketable Securities 608 690
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 76,840 87,148
Marketable Securities, Debt, Unrealized Gains 6 9
Marketable Securities, Debt, Unrealized Losses (5,956) (7,707)
Marketable Securities, Debt, Fair Value 70,890 79,450
Cash and Cash Equivalents 20 0
Current Marketable Securities 12,627 9,023
Non-Current Marketable Securities 58,243 70,427
Municipal securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 628 921
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (26) (35)
Marketable Securities, Debt, Fair Value 602 886
Cash and Cash Equivalents 0 0
Current Marketable Securities 192 266
Non-Current Marketable Securities 410 620
Mortgage- and asset-backed securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 22,365 22,553
Marketable Securities, Debt, Unrealized Gains 6 0
Marketable Securities, Debt, Unrealized Losses (2,735) (2,593)
Marketable Securities, Debt, Fair Value 19,636 19,960
Cash and Cash Equivalents 0 0
Current Marketable Securities 344 53
Non-Current Marketable Securities $ 19,292 $ 19,907
v3.23.3
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details)
$ in Millions
Sep. 30, 2023
USD ($)
Fair value of non-current marketable debt securities by contractual maturity  
Due after 1 year through 5 years $ 74,427
Due after 5 years through 10 years 9,964
Due after 10 years 16,153
Total fair value $ 100,544
v3.23.3
Financial Instruments - Additional Information (Details)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Vendor
Sep. 24, 2022
USD ($)
Customer
Vendor
Financial Instruments [Line Items]    
Potential reduction to derivative assets resulting from rights of set-off under master netting arrangements, including the effects of collateral   $ 7,800
Potential reduction to derivative liabilities resulting from rights of set-off under master netting arrangements, including the effects of collateral   7,800
Net derivative assets/(liabilities) after potential reductions under master netting arrangements   412
Credit concentration risk    
Financial Instruments [Line Items]    
Derivative, credit risk amount   $ 7,136
Trade receivables | Credit concentration risk    
Financial Instruments [Line Items]    
Number of customers that individually represented 10% or more of total trade receivables | Customer   1
Trade receivables | Credit concentration risk | Customer One    
Financial Instruments [Line Items]    
Concentration risk, percentage   10.00%
Trade receivables | Credit concentration risk | Cellular network carriers    
Financial Instruments [Line Items]    
Concentration risk, percentage 41.00% 44.00%
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
Non-trade receivables | Credit concentration risk | Vendor one    
Financial Instruments [Line Items]    
Concentration risk, percentage 48.00% 54.00%
Non-trade receivables | Credit concentration risk | Vendor two    
Financial Instruments [Line Items]    
Concentration risk, percentage 23.00% 13.00%
Hedges of foreign currency exposure associated with revenue and inventory purchases    
Financial Instruments [Line Items]    
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions 12 months  
Hedges of foreign currency exposure associated with term debt    
Financial Instruments [Line Items]    
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions 19 years  
v3.23.3
Financial Instruments - Notional Amounts Associated with Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Derivatives designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 74,730 $ 102,670
Derivatives designated as accounting hedges | Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount 19,375 20,125
Derivatives not designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 104,777 $ 185,381
v3.23.3
Financial Instruments - Gross Fair Values of Derivative Assets and Liabilities (Details) - Level 2
$ in Millions
Sep. 24, 2022
USD ($)
Other current assets and other non-current assets | Foreign exchange contracts  
Derivative assets:  
Fair value of derivative assets $ 7,136
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives designated as accounting hedges  
Derivative assets:  
Fair value of derivative assets 4,317
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives not designated as accounting hedges  
Derivative assets:  
Fair value of derivative assets 2,819
Other current liabilities and other non-current liabilities | Foreign exchange contracts  
Derivative liabilities:  
Fair value of derivative liabilities 4,752
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 2,205
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives not designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 2,547
Other current liabilities and other non-current liabilities | Interest rate contracts  
Derivative liabilities:  
Fair value of derivative liabilities 1,367
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 1,367
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives not designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities $ 0
v3.23.3
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Carrying amount of hedged marketable securities $ 14,433 $ 13,378
Hedged asset, statement of financial position [Extensible Enumeration] Marketable securities, Marketable securities Marketable securities, Marketable securities
Carrying amount of hedged term debt $ (18,247) $ (18,739)
Hedged liability, statement of financial position [Extensible Enumeration] Term debt, Term debt Term debt, Term debt
v3.23.3
Property, Plant and Equipment - Gross Property, Plant and Equipment by Major Asset Class and Accumulated Depreciation (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment $ 114,599 $ 114,457
Accumulated depreciation (70,884) (72,340)
Total property, plant and equipment, net 43,715 42,117
Land and buildings    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment 23,446 22,126
Machinery, equipment and internal-use software    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment 78,314 81,060
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment $ 12,839 $ 11,271
v3.23.3
Property, Plant, and Equipment - Additional Information (Details) - USD ($)
$ in Billions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Property, Plant and Equipment [Abstract]      
Depreciation expense on property, plant and equipment $ 8.5 $ 8.7 $ 9.5
v3.23.3
Consolidated Financial Statement Details – Other Non-Current Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Deferred tax assets $ 17,852 $ 15,375
Other non-current assets 46,906 39,053
Total other non-current assets $ 64,758 $ 54,428
v3.23.3
Consolidated Financial Statement Details – Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Income taxes payable $ 8,819 $ 6,552
Other current liabilities 50,010 54,293
Total other current liabilities $ 58,829 $ 60,845
v3.23.3
Consolidated Financial Statement Details - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Long-term taxes payable $ 15,457 $ 16,657
Other non-current liabilities 34,391 32,485
Total other non-current liabilities $ 49,848 $ 49,142
v3.23.3
Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Interest and dividend income $ 3,750 $ 2,825 $ 2,843
Interest expense (3,933) (2,931) (2,645)
Other income/(expense), net (382) (228) 60
Total other income/(expense), net $ (565) $ (334) $ 258
v3.23.3
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Federal:      
Current $ 9,445 $ 7,890 $ 8,257
Deferred (3,644) (2,265) (7,176)
Total 5,801 5,625 1,081
State:      
Current 1,570 1,519 1,620
Deferred (49) 84 (338)
Total 1,521 1,603 1,282
Foreign:      
Current 8,750 8,996 9,424
Deferred 669 3,076 2,740
Total 9,419 12,072 12,164
Provision for income taxes $ 16,741 $ 19,300 $ 14,527
v3.23.3
Income Taxes - Additional Information (Details)
$ in Millions, € in Billions
 12 Months Ended
Aug. 30, 2016
EUR (€)
Subsidiary
Sep. 30, 2023
USD ($)
Sep. 24, 2022
USD ($)
Sep. 25, 2021
USD ($)
Sep. 30, 2023
EUR (€)
Sep. 26, 2020
USD ($)
Income Tax Contingency [Line Items]            
Foreign pre-tax earnings   $ 72,900 $ 71,300 $ 68,700    
U.S. statutory federal income tax rate   21.00% 21.00% 21.00%    
Foreign tax credit carryforwards   $ 5,200        
Research and development tax credit carryforwards   3,000        
Gross unrecognized tax benefits   19,454 $ 16,758 $ 15,477   $ 16,475
Gross unrecognized tax benefits that would impact effective tax rate, if recognized   9,500 $ 8,000      
Reasonably possible decrease in gross unrecognized tax benefits over next 12 months   $ 4,500        
Unfavorable investigation outcome, EU State Aid rules            
Income Tax Contingency [Line Items]            
Number of subsidiaries impacted by the 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          
v3.23.3
Income Taxes - Reconciliation of Provision for Income Taxes to Amount Computed by Applying the Statutory Federal Income Tax Rate to Income Before Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Income Tax Disclosure [Abstract]      
Computed expected tax $ 23,885 $ 25,012 $ 22,933
State taxes, net of federal effect 1,124 1,518 1,151
Earnings of foreign subsidiaries (5,744) (4,366) (4,715)
Research and development credit, net (1,212) (1,153) (1,033)
Excess tax benefits from equity awards (1,120) (1,871) (2,137)
Foreign-derived intangible income deduction 0 (296) (1,372)
Other (192) 456 (300)
Provision for income taxes $ 16,741 $ 19,300 $ 14,527
Effective tax rate 14.70% 16.20% 13.30%
v3.23.3
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Deferred tax assets:    
Tax credit carryforwards $ 8,302 $ 6,962
Accrued liabilities and other reserves 6,365 6,515
Capitalized research and development 6,294 1,267
Deferred revenue 4,571 5,742
Unrealized losses 2,447 2,913
Lease liabilities 2,421 2,400
Other 2,343 3,407
Total deferred tax assets 32,743 29,206
Less: Valuation allowance (8,374) (7,530)
Total deferred tax assets, net 24,369 21,676
Deferred tax liabilities:    
Right-of-use assets 2,179 2,163
Depreciation 1,998 1,582
Minimum tax on foreign earnings 1,940 1,983
Unrealized gains 511 942
Other 490 469
Total deferred tax liabilities 7,118 7,139
Net deferred tax assets $ 17,251 $ 14,537
v3.23.3
Income Taxes - Aggregate Changes in Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balances $ 16,758 $ 15,477 $ 16,475
Increases related to tax positions taken during a prior year 2,044 2,284 816
Decreases related to tax positions taken during a prior year (1,463) (1,982) (1,402)
Increases related to tax positions taken during the current year 2,628 1,936 1,607
Decreases related to settlements with taxing authorities (19) (28) (1,838)
Decreases related to expiration of the statute of limitations (494) (929) (181)
Ending balances $ 19,454 $ 16,758 $ 15,477
v3.23.3
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Lessee, Lease, Description [Line Items]      
Typical term of leases (not exceeding) 10 years    
Fixed operating lease costs $ 2,000 $ 1,900 $ 1,700
Variable lease costs 13,900 14,900 12,900
Fixed operating lease payments 1,900 1,800 1,400
Right-of-use assets obtained in exchange for operating and finance lease liabilities $ 2,100 $ 2,800 $ 3,300
Weighted-average remaining lease term 10 years 7 months 6 days 10 years 1 month 6 days  
Weighted-average discount rate 3.00% 2.30%  
Leases not yet commenced, future payments $ 544    
Minimum      
Lessee, Lease, Description [Line Items]      
Leases not yet commenced, lease term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Leases not yet commenced, lease term 21 years    
v3.23.3
Leases - ROU Assets and Lease Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Lease-Related Assets and Liabilities    
Operating lease right-of-use assets $ 10,661 $ 10,417
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration] Other non-current assets Other non-current assets
Finance lease right-of-use assets $ 1,015 $ 952
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Total right-of-use assets $ 11,676 $ 11,369
Operating lease liabilities, current $ 1,410 $ 1,534
Operating lease, liability, current, statement of financial position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating lease liabilities, non-current $ 10,408 $ 9,936
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Finance lease liabilities, current $ 165 $ 129
Finance lease, liability, current, statement of financial position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance lease liabilities, non-current $ 859 $ 812
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Total lease liabilities $ 12,842 $ 12,411
v3.23.3
Leases - Lease Liability Maturities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Operating Leases    
2024 $ 1,719  
2025 1,875  
2026 1,732  
2027 1,351  
2028 1,181  
Thereafter 5,983  
Total undiscounted liabilities 13,841  
Less: Imputed interest (2,023)  
Total lease liabilities 11,818  
Finance Leases    
2024 196  
2025 151  
2026 120  
2027 52  
2028 34  
Thereafter 872  
Total undiscounted liabilities 1,425  
Less: Imputed interest (401)  
Total lease liabilities 1,024  
Total    
2024 1,915  
2025 2,026  
2026 1,852  
2027 1,403  
2028 1,215  
Thereafter 6,855  
Total undiscounted liabilities 15,266  
Less: Imputed interest (2,424)  
Total lease liabilities $ 12,842 $ 12,411
v3.23.3
Debt - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Debt Instrument [Line Items]      
Commercial paper $ 5,985 $ 9,982  
Interest expense on term debt 3,700 2,800 $ 2,600
Level 2      
Debt Instrument [Line Items]      
Fixed-rate notes, aggregate fair value 90,800 98,800  
Commercial paper      
Debt Instrument [Line Items]      
Commercial paper $ 6,000 $ 10,000  
Commercial paper, general maturity period (less than) 9 months 9 months  
Commercial paper, weighted-average interest rate 5.28% 2.31%  
v3.23.3
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Maturities 90 days or less:      
Proceeds from/(Repayments of) commercial paper, net $ (1,333) $ 5,264 $ (357)
Maturities greater than 90 days:      
Proceeds from commercial paper 0 5,948 7,946
Repayments of commercial paper (2,645) (7,257) (6,567)
Proceeds from/(Repayments of) commercial paper, net (2,645) (1,309) 1,379
Total proceeds from/(repayments of) commercial paper, net $ (3,978) $ 3,955 $ 1,022
v3.23.3
Debt - Summary of Term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Debt Instrument [Line Items]    
Total term debt principal $ 106,572 $ 111,824
Unamortized premium/(discount) and issuance costs, net (356) (374)
Hedge accounting fair value adjustments (1,113) (1,363)
Total term debt 105,103 110,087
Less: Current portion of term debt (9,822) (11,128)
Total non-current portion of term debt 95,281 98,959
2013 – 2022 debt issuances | Fixed-rate notes    
Debt Instrument [Line Items]    
Total term debt principal $ 101,322 $ 111,824
Debt instrument, maturity year (calendar), start 2024  
Debt instrument, maturity year (calendar), end 2062  
2013 – 2022 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 – 2022 debt issuances | Fixed-rate notes | Maximum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 4.65%  
Debt instrument, effective interest rate 6.72% 4.78%
Third quarter 2023 debt issuance | Fixed-rate notes    
Debt Instrument [Line Items]    
Total term debt principal $ 5,250 $ 0
Debt instrument, maturity year (calendar), start 2026  
Debt instrument, maturity year (calendar), end 2053  
Third quarter 2023 debt issuance | Fixed-rate notes | Minimum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 4.00%  
Debt instrument, effective interest rate 4.04%  
Third quarter 2023 debt issuance | Fixed-rate notes | Maximum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 4.85%  
Debt instrument, effective interest rate 4.88%  
v3.23.3
Debt - Future Principal Payments for Term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Debt Disclosure [Abstract]    
2024 $ 9,943  
2025 10,775  
2026 12,265  
2027 9,786  
2028 7,800  
Thereafter 56,003  
Total term debt principal $ 106,572 $ 111,824
v3.23.3
Shareholders' Equity - Additional Information (Details)
shares in Millions, $ in Billions
 12 Months Ended
Sep. 30, 2023
USD ($)
shares
Stockholders' Equity Note [Abstract]  
Number of shares repurchased (in shares) | shares 471
Amount of share repurchases, excluding excise tax | $ $ 76.6
v3.23.3
Shareholders' Equity - Shares of Common Stock (Details) - shares
shares in Thousands
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward]      
Common stock outstanding, beginning balances (in shares) 15,943,425    
Common stock repurchased (in shares) (471,000)    
Common stock outstanding, ending balances (in shares) 15,550,061 15,943,425  
Common stock      
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward]      
Common stock outstanding, beginning balances (in shares) 15,943,425 16,426,786 16,976,763
Common stock repurchased (in shares) (471,419) (568,589) (656,340)
Common stock issued, net of shares withheld for employee taxes (in shares) 78,055 85,228 106,363
Common stock outstanding, ending balances (in shares) 15,550,061 15,943,425 16,426,786
v3.23.3
Share-Based Compensation - Additional Information (Details)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 30, 2023
USD ($)
shares
Sep. 24, 2022
USD ($)
shares
Sep. 25, 2021
USD ($)
shares
Mar. 04, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total payments to taxing authorities for employees' tax obligations related to vesting of RSUs $ 5,431 $ 6,223 $ 6,556  
Total unrecognized compensation cost related to RSUs $ 18,600      
Total unrecognized compensation cost related to RSUs, weighted-average recognition period 2 years 6 months      
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of RSUs as of the respective vesting dates $ 15,900 $ 18,200 $ 19,000  
Total shares withheld upon vesting of RSUs (in shares) | shares 37 41 53  
Total payments to taxing authorities for employees' tax obligations related to vesting of RSUs $ 5,600 $ 6,400 $ 6,800  
2022 Employee Stock Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for issuance pursuant to plan awards (in shares) | shares       1,300
2022 Employee Stock Plan | Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based award, vesting period 4 years      
Number of shares of common stock issued per RSU upon vesting 1      
v3.23.3
Share-Based Compensation - Restricted Stock Unit Activity and Related Information (Details) - Restricted stock units - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Number of Restricted Stock Units      
Beginning balance (in shares) 201,501 240,427 310,778
RSUs granted (in shares) 88,768 91,674 89,363
RSUs vested (in shares) (101,878) (115,861) (145,766)
RSUs canceled (in shares) (8,144) (14,739) (13,948)
Ending balance (in shares) 180,247 201,501 240,427
Weighted-Average Grant Date Fair Value Per RSU      
Beginning balance (in dollars per share) $ 109.48 $ 75.16 $ 51.58
RSUs granted (in dollars per share) 150.87 150.70 116.33
RSUs vested (in dollars per share) 97.31 72.12 50.71
RSUs canceled (in dollars per share) 127.98 99.77 68.95
Ending balance (in dollars per share) $ 135.91 $ 109.48 $ 75.16
Aggregate Fair Value      
Aggregate fair value of RSUs $ 30,860    
v3.23.3
Share-Based Compensation - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Share-Based Payment Arrangement [Abstract]      
Share-based compensation expense $ 10,833 $ 9,038 $ 7,906
Income tax benefit related to share-based compensation expense $ (3,421) $ (4,002) $ (4,056)
v3.23.3
Commitments, Contingencies and Supply Concentrations - Future Payments Under Unconditional Purchase Obligations (Details)
$ in Millions
Sep. 30, 2023
USD ($)
Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]  
2024 $ 4,258
2025 2,674
2026 3,434
2027 1,277
2028 5,878
Thereafter 3,215
Total $ 20,736
v3.23.3
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Segment Reporting Information [Line Items]      
Net sales $ 383,285 $ 394,328 $ 365,817
Operating income 114,301 119,437 108,949
Americas      
Segment Reporting Information [Line Items]      
Net sales 162,560 169,658 153,306
Operating income 60,508 62,683 53,382
Europe      
Segment Reporting Information [Line Items]      
Net sales 94,294 95,118 89,307
Operating income 36,098 35,233 32,505
Greater China      
Segment Reporting Information [Line Items]      
Net sales 72,559 74,200 68,366
Operating income 30,328 31,153 28,504
Japan      
Segment Reporting Information [Line Items]      
Net sales 24,257 25,977 28,482
Operating income 11,888 12,257 12,798
Rest of Asia Pacific      
Segment Reporting Information [Line Items]      
Net sales 29,615 29,375 26,356
Operating income $ 12,066 $ 11,569 $ 9,817
v3.23.3
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Operating income $ 114,301 $ 119,437 $ 108,949
Research and development expense (29,915) (26,251) (21,914)
Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Operating income 150,888 152,895 137,006
Segment reconciling items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Research and development expense (29,915) (26,251) (21,914)
Corporate non-segment      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Other corporate expenses, net $ (6,672) $ (7,207) $ (6,143)
v3.23.3
Segment Information and Geographic Data - Net Sales (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 383,285 $ 394,328 $ 365,817
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 138,573 147,859 133,803
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 72,559 74,200 68,366
Other countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 172,153 $ 172,269 $ 163,648
v3.23.3
Segment Information and Geographic Data - Long-Lived Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Sep. 24, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 43,715 $ 42,117
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 33,276 31,119
China    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 5,778 7,260
Other countries    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 4,661 $ 3,738