8-KOther EventsExhibits & Filings

Apple Inc. 8-K Report, Corporate Update (Apr 24, 2013)

Filed April 24, 2013For Securities:AAPL

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.

Frequently Asked Questions

The main purpose of this 8-K filing is to update and re-present certain financial information from Apple's 2012 Annual Report (10-K). This includes changes to how the company reports its operating segments and the presentation of comprehensive income, driven by the establishment of a new 'Greater China' segment and adoption of new accounting standards.

No, Apple explicitly states that these changes are primarily presentational. The adoption of new accounting standards for comprehensive income and the reclassification of certain costs do not alter the company's previously reported consolidated financial statements (Statements of Operations, Balance Sheets, Shareholders' Equity, and Cash Flows) or its overall financial position and results of operations.

The creation of a distinct 'Greater China' reportable operating segment signifies Apple's recognition of this region's importance as a distinct market. Previously, this region was aggregated within the broader 'Asia-Pacific' segment. This change allows for more specific reporting and analysis of Apple's performance in the Greater China region.

This 8-K doesn't introduce entirely new financial statements. Instead, it provides updated versions of specific parts of the 2012 10-K (Item 7: MD&A and Item 8: Financial Statements) to reflect the changes in segment reporting and comprehensive income presentation. The core consolidated financial statements from the original 10-K remain unchanged.