Summary
This Form 8-K filed by Apple Inc. on April 24, 2013, primarily serves to update certain financial information previously reported in their Annual Report on Form 10-K for the fiscal year ended September 29, 2012. The company has made changes to how it reports its operating segments and product-level net sales, establishing a new 'Greater China' segment that was previously part of 'Asia-Pacific'. Additionally, Apple has begun allocating certain manufacturing costs and variances directly to its operating segments, rather than classifying them under corporate expenses. Furthermore, Apple has adopted amended accounting standards that alter the presentation of comprehensive income, requiring it to be shown in a single or two consecutive statements rather than as part of shareholders' equity. Importantly, these accounting changes are purely presentational and do not impact Apple's net income, financial position, or overall results of operations. The updated financial information is furnished for informational purposes related to these reporting changes.
Key Highlights
- 1Apple Inc. is updating its previously filed 2012 10-K with revised segment reporting and financial presentation details.
- 2A new reportable operating segment, 'Greater China', has been established, previously part of the 'Asia-Pacific' segment.
- 3Manufacturing costs and variances are now being allocated to operating segments instead of being categorized as other corporate expenses.
- 4The company has adopted new accounting standards for the presentation of comprehensive income, requiring a separate statement.
- 5These changes are primarily presentational and do not affect Apple's historical financial results or position.
- 6Updated Management's Discussion and Analysis (MD&A) and Financial Statements are included as exhibits.
- 7The filing includes consents from Ernst & Young LLP and XBRL-related documents.