What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2020-10-30 compared with 2019-10-31 · 31 added, 18 removed, 44 unchanged (53% of the section changed)

1 unchanged sentence

The Company’s common stock is traded on The Nasdaq Stock Market LLC under the symbol AAPL.

Common Stock Split

On August 28, 2020, the Company effected a four-for-one stock split to shareholders of record as of August 24, 2020.

All share, restricted stock unit (“RSU”) and per share or per RSU information has been retroactively adjusted to reflect the stock split.

As of October 16, 2020, there were 22,797 shareholders of record.

1 unchanged sentence

Share repurchase activity during the three months ended September 26, 2020 was as follows (in millions, except number of shares, which are reflected in thousands, and per share amounts):

of Shares Purchased

Average Price

Paid Per Share

Total Number of Shares

Periods Total Number

of Shares Purchased Average Price

Paid Per Share Total Number of Shares

Purchased as Part of Publicly

Announced Plans or Programs

Approximate Dollar Value of

Announced Plans or Programs Approximate Dollar Value of

Shares That May Yet Be Purchased

3 unchanged sentences

August 2, 2020 to August 29, 2020:

February 2019 ASR

May 2020 ASR 3,115 (2)

Open market and privately negotiated purchases 40,004 $ 115.99 40,004

September 1, 2019 to September 28, 2019:

August 30, 2020 to September 26, 2020:

Open market and privately negotiated purchases 60,725 $ 114.00 60,725

On April 30, 2019, the Company announced the Board of Directors increased the current share repurchase program authorization from $100 billion to $175 billion of the Company’s common stock, of which $96.1 billion had been utilized as of September 28, 2019 .

Total 171,834 $ 56,353

(1) As of September 26, 2020, the Company was authorized to purchase up to $225 billion of the Company’s common stock under a share repurchase program announced on April 30, 2020, of which $168.6 billion had been utilized.

The remaining $56.4 billion in the table represents the amount available to repurchase shares under the authorized repurchase program as of September 26, 2020.

1 unchanged sentence

Under this program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.

In February 2019, the Company entered into an accelerated share repurchase arrangement (“ASR”) to purchase up to $12.0 billion of the Company’s common stock.

(2) In May 2020, the Company entered into an accelerated share repurchase arrangement (“ASR”) to purchase up to $6.0 billion of the Company’s common stock.

In August 2020, the purchase period for this ASR ended and an additional 3 million shares were delivered and retired.

6 unchanged sentences

Technology Supersector Index as of the market close on September 25, 2015.

Note that historic stock price performance is not necessarily indicative of future stock price performance.

Note that past stock price performance is not necessarily indicative of future stock price performance.

* $100 invested on September 25, 2015 in stock or index, including reinvestment of dividends.

4 unchanged sentences

September 2014

September 2015

September 2016

September 2017

September 2018

September 2019

September 2015 September 2016 September 2017 September 2018 September 2019 September 2020

$ 100 $ 100 $ 140 $ 208 $ 204 $ 424

S&P 500 Index

$ 100 $ 115 $ 137 $ 161 $ 168 $ 194

S&P Information Technology Index

$ 100 $ 123 $ 158 $ 208 $ 226 $ 333

Dow Jones U.S.

Technology Supersector Index

$ 100 $ 122 $ 156 $ 205 $ 218 $ 325

| 2020 Form 10-K | 18

Selected Financial Data

The information set forth below for the five years ended September 28, 2019 , is not necessarily indicative of results of future operations, and should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and accompanying notes thereto included in Part II, Item 8 of this Form 10-K to fully understand factors that may affect the comparability of the information presented below (in millions, except number of shares, which are reflected in thousands, and per share amounts).

The information set forth below for the five years ended September 26, 2020, is not necessarily indicative of results of future operations, and should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K to fully understand factors that may affect the comparability of the information presented below (in millions, except number of shares, which are reflected in thousands, and per share amounts).

2020 2019 2018 2017 2016

Total net sales

$ 274,515 $ 260,174 $ 265,595 $ 229,234 $ 215,639

$ 57,411 $ 55,256 $ 59,531 $ 48,351 $ 45,687

Earnings per share:

$ 3.31 $ 2.99 $ 3.00 $ 2.32 $ 2.09

$ 3.28 $ 2.97 $ 2.98 $ 2.30 $ 2.08

Cash dividends declared per share

$ 0.795 $ 0.75 $ 0.68 $ 0.60 $ 0.545

Shares used in computing earnings per share:

17,352,119 18,471,336 19,821,510 20,868,968 21,883,281

17,528,214 18,595,651 20,000,435 21,006,767 22,001,126

Total cash, cash equivalents and marketable securities

$ 191,830 $ 205,898 $ 237,100 $ 268,895 $ 237,585

$ 323,888 $ 338,516 $ 365,725 $ 375,319 $ 321,686

Non-current portion of term debt

$ 98,667 $ 91,807 $ 93,735 $ 97,207 $ 75,427

Other non-current liabilities

$ 54,490 $ 50,503 $ 48,914 $ 44,212 $ 39,986

| 2020 Form 10-K | 19

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity