Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 29: 
Apple Inc.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)
|    |                                                                              |                   |        |                   |          |                   |        |       |    |        |
|---:|:-----------------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:------|:---|:-------|
|  1 |                                                                              | Years ended       |        |                   |          |                   |        |       |    |        |
|  2 |                                                                              | September 30,2023 |        | September 24,2022 |          | September 25,2021 |        |       |    |        |
|  3 | Net income                                                                   | $                 | 96,995 |                   |          | $                 | 99,803 |       | $  | 94,680 |
|  4 | Other comprehensive income/(loss):                                           |                   |        |                   |          |                   |        |       |    |        |
|  5 | Change in foreign currency translation, net of tax                           | (765)             |        |                   | (1,511)  |                   |        | 501   |    |        |
|  7 | Change in unrealized gains/losses on derivative instruments, net of tax:     |                   |        |                   |          |                   |        |       |    |        |
|  8 | Change in fair value of derivative instruments                               | 323               |        |                   | 3,212    |                   |        | 32    |    |        |
|  9 | Adjustment for net (gains)/losses realized and included in net income        | (1,717)           |        |                   | (1,074)  |                   |        | 1,003 |    |        |
| 10 | Total change in unrealized gains/losses on derivative instruments            | (1,394)           |        |                   | 2,138    |                   |        | 1,035 |    |        |
| 12 | Change in unrealized gains/losses on marketable debt securities, net of tax: |                   |        |                   |          |                   |        |       |    |        |
| 13 | Change in fair value of marketable debt securities                           | 1,563             |        |                   | (12,104) |                   |        | (694) |    |        |
| 14 | Adjustment for net (gains)/losses realized and included in net income        | 253               |        |                   | 205      |                   |        | (273) |    |        |
| 15 | Total change in unrealized gains/losses on marketable debt securities        | 1,816             |        |                   | (11,899) |                   |        | (967) |    |        |
| 17 | Total other comprehensive income/(loss)                                      | (343)             |        |                   | (11,272) |                   |        | 569   |    |        |
| 18 | Total comprehensive income                                                   | $                 | 96,652 |                   |          | $                 | 88,531 |       | $  | 95,249 |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 29





, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 30: 
Apple Inc.


CONSOLIDATED BALANCE SHEETS

(In millions, except number of shares, which are reflected in thousands, and par value)
|    |                                                                                                                                                                      |                   |         |                   |          |    |         |
|---:|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------|:------------------|:--------|:------------------|:---------|:---|:--------|
|  1 |                                                                                                                                                                      | September 30,2023 |         | September 24,2022 |          |    |         |
|  2 | ASSETS:                                                                                                                                                              |                   |         |                   |          |    |         |
|  3 | Current assets:                                                                                                                                                      |                   |         |                   |          |    |         |
|  4 | Cash and cash equivalents                                                                                                                                            | $                 | 29,965  |                   |          | $  | 23,646  |
|  5 | Marketable securities                                                                                                                                                | 31,590            |         |                   | 24,658   |    |         |
|  6 | Accounts receivable, net                                                                                                                                             | 29,508            |         |                   | 28,184   |    |         |
|  7 | Vendor non-trade receivables                                                                                                                                         | 31,477            |         |                   | 32,748   |    |         |
|  8 | Inventories                                                                                                                                                          | 6,331             |         |                   | 4,946    |    |         |
|  9 | Other current assets                                                                                                                                                 | 14,695            |         |                   | 21,223   |    |         |
| 10 | Total current assets                                                                                                                                                 | 143,566           |         |                   | 135,405  |    |         |
| 12 | Non-current assets:                                                                                                                                                  |                   |         |                   |          |    |         |
| 13 | Marketable securities                                                                                                                                                | 100,544           |         |                   | 120,805  |    |         |
| 14 | Property, plant and equipment, net                                                                                                                                   | 43,715            |         |                   | 42,117   |    |         |
| 15 | Other non-current assets                                                                                                                                             | 64,758            |         |                   | 54,428   |    |         |
| 16 | Total non-current assets                                                                                                                                             | 209,017           |         |                   | 217,350  |    |         |
| 17 | Total assets                                                                                                                                                         | $                 | 352,583 |                   |          | $  | 352,755 |
| 19 | LIABILITIES AND SHAREHOLDERS' EQUITY:                                                                                                                                |                   |         |                   |          |    |         |
| 20 | Current liabilities:                                                                                                                                                 |                   |         |                   |          |    |         |
| 21 | Accounts payable                                                                                                                                                     | $                 | 62,611  |                   |          | $  | 64,115  |
| 22 | Other current liabilities                                                                                                                                            | 58,829            |         |                   | 60,845   |    |         |
| 23 | Deferred revenue                                                                                                                                                     | 8,061             |         |                   | 7,912    |    |         |
| 24 | Commercial paper                                                                                                                                                     | 5,985             |         |                   | 9,982    |    |         |
| 25 | Term debt                                                                                                                                                            | 9,822             |         |                   | 11,128   |    |         |
| 26 | Total current liabilities                                                                                                                                            | 145,308           |         |                   | 153,982  |    |         |
| 28 | Non-current liabilities:                                                                                                                                             |                   |         |                   |          |    |         |
| 29 | Term debt                                                                                                                                                            | 95,281            |         |                   | 98,959   |    |         |
| 30 | Other non-current liabilities                                                                                                                                        | 49,848            |         |                   | 49,142   |    |         |
| 31 | Total non-current liabilities                                                                                                                                        | 145,129           |         |                   | 148,101  |    |         |
| 32 | Total liabilities                                                                                                                                                    | 290,437           |         |                   | 302,083  |    |         |
| 34 | Commitments and contingencies                                                                                                                                        |                   |         |                   |          |    |         |
| 36 | Shareholders' equity:                                                                                                                                                |                   |         |                   |          |    |         |
| 37 | 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   |    |         |
| 38 | Accumulated deficit                                                                                                                                                  | (214)             |         |                   | (3,068)  |    |         |
| 39 | Accumulated other comprehensive loss                                                                                                                                 | (11,452)          |         |                   | (11,109) |    |         |
| 40 | Total shareholders' equity                                                                                                                                           | 62,146            |         |                   | 50,672   |    |         |
| 41 | Total liabilities and shareholders' equity                                                                                                                           | $                 | 352,583 |                   |          | $  | 352,755 |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 30





, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 31: 
Apple Inc.


CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In millions, except per-share amounts)
|    |                                                                        |                   |        |                   |          |                   |        |          |    |        |
|---:|:-----------------------------------------------------------------------|:------------------|:-------|:------------------|:---------|:------------------|:-------|:---------|:---|:-------|
|  1 |                                                                        | Years ended       |        |                   |          |                   |        |          |    |        |
|  2 |                                                                        | September 30,2023 |        | September 24,2022 |          | September 25,2021 |        |          |    |        |
|  3 | Total shareholders' equity, beginning balances                         | $                 | 50,672 |                   |          | $                 | 63,090 |          | $  | 65,339 |
|  5 | Common stock and additional paid-in capital:                           |                   |        |                   |          |                   |        |          |    |        |
|  6 | Beginning balances                                                     | 64,849            |        |                   | 57,365   |                   |        | 50,779   |    |        |
|  7 | Common stock issued                                                    | 1,346             |        |                   | 1,175    |                   |        | 1,105    |    |        |
|  8 | Common stock withheld related to net share settlement of equity awards | (3,521)           |        |                   | (2,971)  |                   |        | (2,627)  |    |        |
|  9 | Share-based compensation                                               | 11,138            |        |                   | 9,280    |                   |        | 8,108    |    |        |
| 10 | Ending balances                                                        | 73,812            |        |                   | 64,849   |                   |        | 57,365   |    |        |
| 12 | Retained earnings/(Accumulated deficit):                               |                   |        |                   |          |                   |        |          |    |        |
| 13 | Beginning balances                                                     | (3,068)           |        |                   | 5,562    |                   |        | 14,966   |    |        |
| 14 | Net income                                                             | 96,995            |        |                   | 99,803   |                   |        | 94,680   |    |        |
| 15 | Dividends and dividend equivalents declared                            | (14,996)          |        |                   | (14,793) |                   |        | (14,431) |    |        |
| 16 | Common stock withheld related to net share settlement of equity awards | (2,099)           |        |                   | (3,454)  |                   |        | (4,151)  |    |        |
| 17 | Common stock repurchased                                               | (77,046)          |        |                   | (90,186) |                   |        | (85,502) |    |        |
| 18 | Ending balances                                                        | (214)             |        |                   | (3,068)  |                   |        | 5,562    |    |        |
| 20 | Accumulated other comprehensive income/(loss):                         |                   |        |                   |          |                   |        |          |    |        |
| 21 | Beginning balances                                                     | (11,109)          |        |                   | 163      |                   |        | (406)    |    |        |
| 22 | Other comprehensive income/(loss)                                      | (343)             |        |                   | (11,272) |                   |        | 569      |    |        |
| 23 | Ending balances                                                        | (11,452)          |        |                   | (11,109) |                   |        | 163      |    |        |
| 25 | Total shareholders' equity, ending balances                            | $                 | 62,146 |                   |          | $                 | 50,672 |          | $  | 63,090 |
| 27 | Dividends and dividend equivalents declared per share or RSU           | $                 | 0.94   |                   |          | $                 | 0.90   |          | $  | 0.85   |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 31





, Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 32: 
Apple Inc.


CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)
|    |                                                                                |                   |        |                   |           |                   |        |           |    |        |
|---:|:-------------------------------------------------------------------------------|:------------------|:-------|:------------------|:----------|:------------------|:-------|:----------|:---|:-------|
|  1 |                                                                                | Years ended       |        |                   |           |                   |        |           |    |        |
|  2 |                                                                                | September 30,2023 |        | September 24,2022 |           | September 25,2021 |        |           |    |        |
|  3 | Cash, cash equivalents and restricted cash, beginning balances                 | $                 | 24,977 |                   |           | $                 | 35,929 |           | $  | 39,789 |
|  5 | Operating activities:                                                          |                   |        |                   |           |                   |        |           |    |        |
|  6 | Net income                                                                     | 96,995            |        |                   | 99,803    |                   |        | 94,680    |    |        |
|  7 | Adjustments to reconcile net income to cash generated by operating activities: |                   |        |                   |           |                   |        |           |    |        |
|  8 | Depreciation and amortization                                                  | 11,519            |        |                   | 11,104    |                   |        | 11,284    |    |        |
|  9 | Share-based compensation expense                                               | 10,833            |        |                   | 9,038     |                   |        | 7,906     |    |        |
| 11 | Other                                                                          | (2,227)           |        |                   | 1,006     |                   |        | (4,921)   |    |        |
| 12 | Changes in operating assets and liabilities:                                   |                   |        |                   |           |                   |        |           |    |        |
| 13 | Accounts receivable, net                                                       | (1,688)           |        |                   | (1,823)   |                   |        | (10,125)  |    |        |
| 14 | Vendor non-trade receivables                                                   | 1,271             |        |                   | (7,520)   |                   |        | (3,903)   |    |        |
| 15 | Inventories                                                                    | (1,618)           |        |                   | 1,484     |                   |        | (2,642)   |    |        |
| 16 | Other current and non-current assets                                           | (5,684)           |        |                   | (6,499)   |                   |        | (8,042)   |    |        |
| 17 | Accounts payable                                                               | (1,889)           |        |                   | 9,448     |                   |        | 12,326    |    |        |
| 18 | Other current and non-current liabilities                                      | 3,031             |        |                   | 6,110     |                   |        | 7,475     |    |        |
| 19 | Cash generated by operating activities                                         | 110,543           |        |                   | 122,151   |                   |        | 104,038   |    |        |
| 21 | Investing activities:                                                          |                   |        |                   |           |                   |        |           |    |        |
| 22 | Purchases of marketable securities                                             | (29,513)          |        |                   | (76,923)  |                   |        | (109,558) |    |        |
| 23 | Proceeds from maturities of marketable securities                              | 39,686            |        |                   | 29,917    |                   |        | 59,023    |    |        |
| 24 | Proceeds from sales of marketable securities                                   | 5,828             |        |                   | 37,446    |                   |        | 47,460    |    |        |
| 25 | Payments for acquisition of property, plant and equipment                      | (10,959)          |        |                   | (10,708)  |                   |        | (11,085)  |    |        |
| 27 | Other                                                                          | (1,337)           |        |                   | (2,086)   |                   |        | (385)     |    |        |
| 28 | Cash generated by/(used in) investing activities                               | 3,705             |        |                   | (22,354)  |                   |        | (14,545)  |    |        |
| 30 | Financing activities:                                                          |                   |        |                   |           |                   |        |           |    |        |
| 31 | Payments for taxes related to net share settlement of equity awards            | (5,431)           |        |                   | (6,223)   |                   |        | (6,556)   |    |        |
| 32 | Payments for dividends and dividend equivalents                                | (15,025)          |        |                   | (14,841)  |                   |        | (14,467)  |    |        |
| 33 | Repurchases of common stock                                                    | (77,550)          |        |                   | (89,402)  |                   |        | (85,971)  |    |        |
| 34 | Proceeds from issuance of term debt, net                                       | 5,228             |        |                   | 5,465     |                   |        | 20,393    |    |        |
| 35 | Repayments of term debt                                                        | (11,151)          |        |                   | (9,543)   |                   |        | (8,750)   |    |        |
| 36 | Proceeds from/(Repayments of) commercial paper, net                            | (3,978)           |        |                   | 3,955     |                   |        | 1,022     |    |        |
| 37 | Other                                                                          | (581)             |        |                   | (160)     |                   |        | 976       |    |        |
| 38 | Cash used in financing activities                                              | (108,488)         |        |                   | (110,749) |                   |        | (93,353)  |    |        |
| 40 | Increase/(Decrease) in cash, cash equivalents and restricted cash              | 5,760             |        |                   | (10,952)  |                   |        | (3,860)   |    |        |
| 41 | Cash, cash equivalents and restricted cash, ending balances                    | $                 | 30,737 |                   |           | $                 | 24,977 |           | $  | 35,929 |
| 43 | Supplemental cash flow disclosure:                                             |                   |        |                   |           |                   |        |           |    |        |
| 44 | Cash paid for income taxes, net                                                | $                 | 18,679 |                   |           | $                 | 19,573 |           | $  | 25,385 |
| 45 | Cash paid for interest                                                         | $                 | 3,803  |                   |           | $                 | 2,865  |           | $  | 2,687  |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 32







Question: How does the solvency position of Apple Inc. look based on the balance sheet data for 2023?
Answer: The solvency position of Apple Inc. for 2023 can be assessed using the balance sheet data:
- Total Assets: $352,583 million
- Total Liabilities: $290,437 million
- Total Shareholders' Equity: $62,146 million
The company's total liabilities are significantly higher than its total shareholders' equity, indicating a higher reliance on debt financing. However, the company has substantial total assets, which can cover its total liabilities. The term debt for 2023 is $105,103 million (current and non-current), and the company's cash and cash equivalents are $29,965 million, with additional marketable securities of $31,590 million (current) and $100,544 million (non-current). This indicates that Apple Inc. has sufficient liquidity to meet its debt obligations. Overall, while the company has a high level of debt, its strong asset base and liquidity position suggest a stable solvency position.